TCREUR_Public/100329.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, March 29, 2010, Vol. 11, No. 061



CAT OIL: S&P Affirms Long-Term Corporate Credit Rating at 'B+'

C Z E C H   R E P U B L I C

BENUGA SRO: Prague Rejects Vav Energie's Insolvency Petition
ODEVNI PODNIK: Wants Creditors to Propose Restructuring Plan

* CZECH REPUBLIC: One Fifth of Cos. Struggled with Insolvency


TRUVO SUBSIDIARY: Gets Consent to Commence Debt Restructuring


CAPINORDIC BANK: Bankruptcy to Cost DKK800-Mil. to Guarantee Fund
EBH BANK: Accused of Share Manipulation by FSA Before Bankruptcy


HYPO REAL ESTATE: Net Loss Narrows to EUR2.24 Billion in 2009
HYPO REAL ESTATE: CEO Steps Down Following Owner Dispute


INDEPENDENT NEWS: Completes Sale of Newspaper Titles to Lebedev
MURRAY O'LAOIRE: In Liquidation; 127 Jobs Affected
ONSIDE LTD: Creditors' Meeting to Wind Up Business Set for April 8
RESIDENCE MEMBERS CLUB: Judge Reserved Judgment on Examiner Fees


SANTANDER CONSUMER: Moody's Withdraws 'D+' Bank Strength Rating
SEAT PAGINE: To Generate 40% of Revenue From Internet in 2012
UNIONFIDI PIEMONTE: Fitch Cuts Issuer Default Rating to 'BB-'


HALYK BANK: Assets Increase to KZT2.04 Trillion in February


SLS CAPITAL: Luxembourg Court Orders Liquidation


BEST BRANDS: Moody's Withdraws 'Caa1' Corporate Family Rating
BEST BRANDS: S&P Withdraws 'B-' Corporate Credit Rating
DUTCH MBS: Moody's Assigns 'Ba1' Rating on Class E Notes
LYONDELL CHEMICAL: Parent Prices US$2.275-Bil. Sr. Secured Notes


ISTRABENZ GROUP: Hires BNP Paribas to Handle Droga Kolinska Sale


AYT ANDALUCIA: Fitch Assigns 'B' Rating on EUR21MM Class D Notes

U N I T E D   K I N G D O M

BIRMINGHAM DEVELOPMENT: Lloyds Appoints PwC as Administrators
BRITISH AIRWAYS: No Sign of Deal with Cabin Crew Over Pay Row
BRITISH AIRWAYS: Expands Codeshare Partnership with Japan Air
CORSAIR NO 4: Moody's Junks Rating on US$43 Mil. Notes From Ba1
HIGHLAND AIRWAYS: In Administration; Up to 100 Jobs At Risk

JARVIS PLC: Faces Administration After Lender Talks Fail
KEITH EVANS: In Administration; Harris Lipman On Board
MATHON FINANCE: In Administration; Assets Sold to Juniper
NORTEL NETWORKS: Wins OK for LinkLaters as U.K. Counsel
ROYAL BANK: S&P Downgrades Ratings on Tier 1 Securities to 'C'

* Greenberg Traurig's UK Unit Expands Restructuring Practice


* BOND PRICING: For the Week March 22 to March 26, 2010



CAT OIL: S&P Affirms Long-Term Corporate Credit Rating at 'B+'
Standard & Poor's Ratings Services said that it had affirmed its
'B+' long-term and 'B' short-term corporate credit ratings on oil
field services operator C.A.T. oil AG and revised the outlook to
positive from stable.

The affirmation reflects S&P's view that C.A.T. oil AG's market
positions in Russia's hydraulic fracturing (hydrofracturing) and
sidetracking markets remain favorable, while its significant
operating flexibility -- thanks to its small proportion of fixed
costs and discretionary capital expenditures -- helps the company
maintain high profitability and positive free operating cash flow
generation, even in the weak market environment.

"The outlook revision reflects S&P's expectation that the company
should be able to maintain its moderate leverage in the near to
medium term, as well as the improving conditions in the Russian
oilfield services market because of higher oil prices," said
Standard & Poor's credit analyst Andrey Nikolaev.

The positive outlook reflects the possibility of a one-notch
upgrade in the next 12 months or so, after C.A.T. oil decides on
its dividend policy and determines the scope and funding of its
potential expansionary capital-expenditure program.

"S&P believes that, based on its currently low leverage, the
company has some flexibility to accommodate increased investment
levels or dividends," said Mr. Nikolaev.

In S&P's view, a ratio of adjusted debt to EBITDA of about 1x on a
sustainable basis could be commensurate with a 'BB-' rating.

S&P might revise the outlook to stable if S&P believes that C.A.T.
oil's investment program and dividend policy would lead to a
substantial increase in leverage, such as that the debt-to-EBITDA
ratio approached 2x.

C Z E C H   R E P U B L I C

BENUGA SRO: Prague Rejects Vav Energie's Insolvency Petition
CTK, citing the insolvency register, reports that the Municipal
Court in Prague has rejected the insolvency petition filed by
construction company Vav Energie against Benuga s. r. o.

According to the report, the court said Vav Energie neither proved
that its claim on Benuga really exists, nor that the the developer
owes money to other companies.  The report notes Vav Energie
claimed that Benuga owes it CZK6.3 million, but the developer's
lawyer said the proposal is unjustified.

Based in Prague, Czech Republic, Benuga s.r.o is 50% owned by the
fund EdR Real Estate (Eastern Europe) Participations from LCF
Rothschild Group.

ODEVNI PODNIK: Wants Creditors to Propose Restructuring Plan
The management of Odevni podnik has given up the right to draft a
restructuring plan as it has failed to secure money for operation,
CTK reports citing the company's PR agent Karel Samec.  According
to the report, OP now suggests that creditors propose their own
restructuring plan.

OP, which has been insolvent since January, owes around CZK1.6
billion to its creditors, the report notes.

The report recalls the restructuring, which would prevent the
company from going bankrupt and enable production to continue, was
approved by creditors in early March.

Odevni podnik, a.s. is a textile company based in Prostejov, Czech

* CZECH REPUBLIC: One Fifth of Cos. Struggled with Insolvency
CTK, citing a poll by Deloitte, reports that nearly a fifth of
Czech companies had to grapple with their own insolvency last
year, citing worse financing conditions, not a lack of orders, as
the main reason.

According to the report, as many as 89% of the respondents feel
the negative impacts of the current crisis and only 4% see its
positive effect.  As for short-term insolvency, 87% of companies
are optimistic about this year, the report notes.

Deloitte conducted the poll among 200 largest domestic companies,
the report discloses.


TRUVO SUBSIDIARY: Gets Consent to Commence Debt Restructuring
Elliott Associates, L.P., said that it welcomes the announcement
by Truvo Subsidiary Corp. that it has obtained consent under the
Senior Facilities Agreement to commence debt restructuring
negotiations with holders of its notes.

Elliott holds 32% of the Notes and also holds a significant
position in Truvo's Senior loans and is a significant holder of
credit default swap protection referencing Truvo Subsidiary Corp.
Elliott's positions in Truvo are subject to change without notice.

                           About Elliott

Elliott's two funds, Elliott Associates, L.P. and Elliott
International, L.P., together have more than $16 billion of assets
under management.  The funds' investors include institutions,
foundations, endowments, pensions, high net worth individuals, and
family offices.  The 33-year-old trading firm is one of the oldest
of its kind under continuous management.

                       About Truvo Subsidiary

Truvo Intermediate Corp., the parent of Truvo Subsidiary Corp.,
is, through its subsidiaries, the leading directory publisher in
Belgium, Ireland and Romania.  Through its joint venture with
Portugal Telecom, the company is the leading directory publisher
in Portugal and, through its minority interests, holds leading
positions in the directory markets in South Africa and Puerto
Rico.  In 2008, the group generated consolidated revenues of
EUR318.5 million and EBITDA of EUR159.9 million under IFRS.

                           *     *     *

As reported in the Troubled Company Reporter on December 18, 2009,
Moody's Investors Service downgraded the Corporate Family Rating
of Truvo Subsidiary Corp to Caa3 from Caa2, and its Probability of
Default Rating to Caa2 from Caa1.  At the same time, Moody's
downgraded to Ca from Caa3 the ratings of the EUR395 million and
US$200 million senior notes due 2014 issued by Truvo.  The outlook
for all the ratings is negative.  The downgrade reflects Moody's
concerns about the group's challenging operating environment and
the resulting continuing impact on its financial risk profile,
together with the decreased recovery prospects for debt holders in
the case of distress.


CAPINORDIC BANK: Bankruptcy to Cost DKK800-Mil. to Guarantee Fund
Gelu Sulugiuc at Bloomberg News, citing Copenhagen-based Borsen
newspaper, reports that the bankruptcy of Capinordic Bank A/S will
cost the deposit guarantee fund DKK800 million (US$144 million).
Bloomberg notes that the deposit guarantee fund is funded by
Danish banks.

On Feb. 15, 2010, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that the Financial Stability agency on
Feb. 12 said in an e-mail that Capinordic A/S account holders at
Capinordic Bank's Swedish branch are not covered by the full
deposit guarantee Denmark has bestowed as part of its first bank
aid package.  According to Bloomberg, the agency said the Swedish
deposits will instead be covered up to EUR50,000 provided through
the Danish guarantee fund for depositors and investors.

The Troubled Company Reporter-Europe, citing Reuters, reported
that Capinordic A/S said on Feb. 11 that the Danish Financial
Supervisory Authority filed a bankruptcy petition against its
subsidiary Capinordic Bank under section 234 of the Danish
Financial Business Act.  Reuters disclosed the company said in a
statement Capinordic Bank on Feb. 10 filed for a suspension of
payments".  The company, as cited by Reuters, said "Capinordic
Bank is considered to be insolvent".   According to Reuters, the
company said the bankruptcy division of the Maritime and
Commercial Court subsequently commenced bankruptcy proceedings
against Capinordic Bank.  The company added that it expected the
bankruptcy estate and the state company formed to administer
failed banks, Finansiel Stabilitet A/S, to agree on the transfer
of Capinordic Bank assets and liabilities or some of them to
Finansiel Stabilitet, Reuters noted.

Capinordic Bank -- provides
investment brokerage  services.  As of February 23, 2006,
Capinordic Bank is a subsidiary of Capinordic A/S.

EBH BANK: Accused of Share Manipulation by FSA Before Bankruptcy
Gelu Sulugiuc at Bloomberg News reports that EBH Bank A/S and
EBH-Fonden have been accused by the Danish FSA of manipulating EBH
Bank's share price before the bank's collapse in 2008.

According to Bloomberg, the FSA has reported EBN Bank, EBH-Fonden
as well as Dexia Bank Denmark to the police in connection with
"illegal" purchases of EBH Bank shares amounting to DKK300 million
(US$54 million) "to prop up the share price."

Selskabet af 27. november 2008 a/s (formerly ebh bank a/s) is a
Denmark-based company.  On December 1, 2008, the Danish Financial
Supervisory Authority gave its final approval of the conditional
transfer agreement whereby all of the assets and liabilities --
with the exception of the share capital and other subordinated
capital -- of Selskabet af 27. november 2008 a/s are to be
transferred to EBH Bank A/S, formerly Bankaktieselskabet af 21.
november 2008.  The object of Selskabet af 27. november 2008 a/s
is to wind up the Company after the sale of its banking business
under the conditional agreement entered into between the Company
and Afviklingsselskabet til Sikring af Finansiel Stabilitet A/S.
Following the Danish FSA's final approval of the conditional
transfer agreement, the authorization permitting Selskabet af 27.
november 2008 a/s to carry on banking activities was revoked,
effective as of December 1, 2008.


HYPO REAL ESTATE: Net Loss Narrows to EUR2.24 Billion in 2009
Oliver Suess at Bloomberg News reports that Hypo Real Estate
Holding AG's net loss in 2009 narrowed to EUR2.24 billion (US$3
billion) from EUR5.46 billion a year earlier.

According to Bloomberg, the bank reported a full-year loss as it
set aside more money for risky loans and on costs for its
government-led bailout.  The bank is wholly owned by the German
government's Soffin bank-rescue fund.

Bloomberg relates Hypo Real Estate said the bank set aside EUR2.09
billion in provisions for doubtful loans in 2009, compared with
EUR1.66 billion a year earlier, and paid EUR741 million for
guarantees in connection with liquidity support provided by Soffin
and the German government.  The bank reduced its balance sheet by
14% to EUR359.7 billion last year, Bloomberg notes.

"In 2010, we intend to further reduce the losses compared with
2009," Bloomberg quoted Hypo Real Estate Chief Risk Officer
Manuela Better as saying in Friday's statement.

                     About Hypo Real Estate

Germany-based Hypo Real Estate Holding AG (FRA:HRXG) -- is a German holding company for
the Hypo Real Estate Group.  It is an international real estate
financing company, combining commercial real estate financing
products with investment banking.  The Company divides its
operations into three business units: Commercial Real Estate,
which provides real estate financing on the international and
German market; Public Sector & Infrastructure Finance, and Capital
Markets & Asset Management.  Hypo Real Estate Group operates
through a number of subsidiaries, including, among others, Hypo
Real Estate Bank International AG that focuses on Pfandbrief-based
commercial real estate financing in all international markets, and
offers large-volume investment banking and structured finance
transactions; Hypo Real Estate Bank AG that focuses on the
commercial real estate financing and refinancing business in
Germany, and DEPFA Bank plc in Dublin, Ireland, which is a
provider of public finance.

HYPO REAL ESTATE: CEO Steps Down Following Owner Dispute
Oliver Suess at Bloomberg News reports that Hypo Real Estate
Holding AG said Thursday that Chief Executive Officer Axel Wieandt
has stepped down with immediate effect because of "differing
views" with the bank's owner.

The bank is wholly owned by the German government's Soffin bank-
rescue fund, Bloomberg notes.

According to Bloomberg, management board member and Chief Risk
Officer Manuela Better has taken over his responsibilities until
further notice.

Bloomberg relates Hypo Real Estate Supervisory Board Chairman
Bernd Thiemann said that at a press conference in Munich on
Friday, Mr. Wieandt and Soffin couldn't agree on management pay as
the bank's government-owner "had to treat a publicly sensible
topic such as manager bonuses with special care".  Mr. Thiemann,
as cited by Bloomberg, said Mr. Wieandt and Soffin also disagreed
on strategic questions, such as primarily using capital to pay
back government aid or to grow the business.

Bloomberg recalls Soffin got full ownership of Hypo Real Estate in
2009 following a squeeze-out that forced minority investors,
including U.S. investor J. Christopher Flowers, to sell their
remaining shares.

                      About Hypo Real Estate

Germany-based Hypo Real Estate Holding AG (FRA:HRXG) -- is a German holding company for
the Hypo Real Estate Group.  It is an international real estate
financing company, combining commercial real estate financing
products with investment banking.  The Company divides its
operations into three business units: Commercial Real Estate,
which provides real estate financing on the international and
German market; Public Sector & Infrastructure Finance, and Capital
Markets & Asset Management.  Hypo Real Estate Group operates
through a number of subsidiaries, including, among others, Hypo
Real Estate Bank International AG that focuses on Pfandbrief-based
commercial real estate financing in all international markets, and
offers large-volume investment banking and structured finance
transactions; Hypo Real Estate Bank AG that focuses on the
commercial real estate financing and refinancing business in
Germany, and DEPFA Bank plc in Dublin, Ireland, which is a
provider of public finance.


INDEPENDENT NEWS: Completes Sale of Newspaper Titles to Lebedev
Esther Bintliff and Ben Fenton at The Financial Times report that
the sale of The Independent newspaper to Alexander Lebedev was
completed on Thursday, for a nominal fee of GBP1.

According to the FT, Independent News & Media, the Dublin-based
owner of The Independent and its Sunday sister title, was
determined to unload the two newspapers, which lose about GBP1
million a month.

The FT relates two people familiar with the business said it could
have cost INM between GBP28 million and GBP40 million to close the
two UK titles, because of long-term deals for printing and other

The FT says talks with Mr. Lebedev have been protracted and INM
had to make substantial concessions, including a promise to pay
the former KGB lieutenant-colonel GBP9.25 million over the next 10
months.  The FT notes INM said this payment was "in exchange" for
Independent Print Limited, Mr. Lebedev's company, assuming "all
future trading liabilities and obligations".  However, INM, which
was advised by Nicholas Shott of Lazards, had guaranteed a 12-year
printing contract with Trinity Mirror, which had proved one of the
sticking points, the FT states.  Mr. Lebedev's company has signed
a five-year contract with Trinity Mirror, leaving INM to take on a
contingent liability beyond that point, the FT discloses.

                       Debt-For-Equity Swap

Citing the Financial Times, the Troubled Company Reporter-Europe
on Nov. 12, 2009, reported INM secured approval of a proposed
debt-for-equity swap refinancing from bondholders.  The FT
disclosed the plan involves the exchange of EUR123 million (US$184
million, GBP110 million) of bonds for a 46% stake in the new
company.  According to the FT, under the plan approved by
bondholders, existing IN&M shareholders would be diluted to around

                  About Independent News & Media

Headquartered in Dublin, Ireland, Independent News & Media PLC
(ISE:IPD) -- is engaged in printing and
publishing of metropolitan, national, provincial and regional
newspapers in Australia, India, Ireland, New Zealand, South Africa
and the United Kingdom.  It also has radio operations in Australia
and New Zealand, and outdoor advertising operations in Australia,
New Zealand, South-East Asia and across Africa.  The Company also
has online operations across each of its principal markets.  The
Company has three business segments: printing, publishing, online
and distribution of newspapers and magazines and commercial
printing; radio, and outdoor advertising.  INM publishes over 200
newspaper and magazine titles, delivering a combined weekly
circulation of over 32 million copies with a weekly audience of
over 100 million consumers.  In March 2008, it acquired The Sligo
Champion.  During the year ended December 31, 2007, the Company
acquired the remaining 50% interest in Toowoomba Newspapers Pty

MURRAY O'LAOIRE: In Liquidation; 127 Jobs Affected
Paul Melia at Irish Independent reports that Murray O'Laoire
Architects has gone into liquidation, resulting in the loss of 127
jobs.  According to Irish Independent, the company blamed problems
getting paid and the slowdown in the construction sector.

Irish Independent relates in a statement Friday the company
confirmed it would cease trading because of difficulties getting

Formed in 1979 by Hugh Murray and Sean O'Laoire, Murray O'Laoire
had offices in Dublin, Cork and Limerick and was one of the
biggest firms in the country, according to Irish Independent.

ONSIDE LTD: Creditors' Meeting to Wind Up Business Set for April 8
Laura Noonan at Irish Independent reports that Onside Ltd., is to
be wound up at a creditors' meeting on April 8.  According to
Irish Independent, a leading liquidator has already been
approached ahead of the creditors' meeting.

Onside Ltd., the company behind teenage fashion chain No Name.
Irish Independent notes the most recent accounts for Onside put
average staff numbers at 75 for the year ended January 2009, down
from 88 the previous year.  Gross profits for the most recent year
accounted for came in at almost EUR4.3 million, but Onside still
ended up marginally in the red after tax and interest bills, Irish
Independent discloses.

Founded in 1994, No Name initially traded from just one store in
Henry Street.  The portfolio has since grown to 15 outlets dotted
across Dublin, Limerick, Louth, Waterford, Cork, Wexford and
Carlow, according to Irish Independent.

RESIDENCE MEMBERS CLUB: Judge Reserved Judgment on Examiner Fees
Mary Carolan at The Irish Times reports that the High Court's
Mr. Justice Kelly has reserved judgment on whether to approve fees
sought by an examiner who investigated the viability of the
insolvent Dublin "Residence" private members club.

According to the report, examiner Jim Stafford's fees were based
on an hourly charge of some EUR425.

The report recalls Mr. Justice Kelly queried whether a bill of
more than EUR111,000 made up of EUR61,857 examinership costs and
EUR50,000 legal costs -- related to three court appearances -- was
acceptable in this economic climate.

The report relates the judge was provided Friday with further
documents outlining the basis of the charges and heard legal

Brian Kennedy, who is representing Mr. Stafford, of Friel Stafford
Corporate Recovery, said the EUR425 an hour fee was fixed three
years ago and was still accepted, the report notes.

Mr. Stafford had rounded the number of hours worked in the
Residence examinership, 60 hours, down to 56 which effectively
left a fee of EUR396 per hour and had incurred significant
overheads as detailed in documents, the report states.  The
counsel said Mr. Stafford does a certain amount of unpaid work and
was not receiving a EUR425 per hour fee for every hour in the
working week, the report discloses.

Citing The Irish Times, the Troubled Company Reporter-Europe
reported on Jan. 22, 2010, that Zurich Bank appointed a receiver
to the club after the High Court refused to extend it court
protection.  The Irish Times disclosed the bank is owed EUR2.3
million secured on charges over the club premises, insurance
policies and personal guarantees of brothers Christian and
Simon Stokes, the club's former owners.  The club racked up
liabilities of more than EUR4 million, according to the Irish

Residence -- is a modern members club
for men and women.  The club is situated at number 41 St.
Stephen's Green, Dublin 2, in a listed building dating back to the


SANTANDER CONSUMER: Moody's Withdraws 'D+' Bank Strength Rating
Moody's Investors Service has withdrawn all ratings of Santander
Consumer Bank SpA for business reasons.  This rating action does
not reflect a change in the bank's creditworthiness.  Santander
Consumer Bank had no rated debt outstanding at the time of the

These ratings of Santander Consumer Bank were withdrawn:

  -- Long-term deposit ratings of Baa1 (negative outlook);

  -- Short-term deposit ratings of Prime-2;

  -- Bank financial strength rating (BFSR) of D+ (negative

  -- Long-term senior unsecured MTN rating of Baa1;

  -- Long-term subordinate MTN rating of Baa2;

  -- Long-term junior subordinate MTN rating of Baa3.

Moody's last rating action on Santander Consumer Bank was in
September 2009 when Moody's downgraded its BFSR to D+ from C,
while the long-term deposit rating was lowered to Baa1 from A1 and
the short-term deposit rating was downgraded to Prime-2 from
Prime-1.  The multi-notch downgrade of Santander Consumer Bank's
ratings was driven by Moody's expectation in the current operating
environment of further asset quality deterioration in the context
of the riskier consumer finance business compared to traditional
retail banking, leading to higher credit losses than previously
incorporated in the institution's ratings and straining its
profitability and already modest capitalization.  In addition, the
expectation of weaker revenue generation capacity should also
affect Santander Consumer Bank's profitability going forward.

Santander Consumer Bank is headquartered in Turin, Italy.  At
December 31, 2009, it had total assets of about EUR8 billion.

SEAT PAGINE: To Generate 40% of Revenue From Internet in 2012
Chiara Remondini and Jerrold Colten at Bloomberg News, citing
Italian daily La Stampa, report that Seat Pagine Gialle SpA Chief
Executive Officer Alberto Cappellini projected the company will
generate 40% of revenue from the Internet in 2012.

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

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Dec. 7,
2009, Moody's Investors Service downgraded the Corporate Family
Rating and the Probability of Default Rating of SEAT Pagine Gialle
SpA to B2 from B1.  At the same time, Moody's downgraded the
rating on the company's EUR1.3 billion 8% senior notes due 2014
issued by Lighthouse International Company SA to Caa1 from B3.
The outlook for the ratings is negative.  The negative outlook
reflects Moody's increased concerns, in light of the limited
visibility, regarding the company's ability to comfortably remain
in compliance with its senior credit facility covenants,
particularly to December 2010.

UNIONFIDI PIEMONTE: Fitch Cuts Issuer Default Rating to 'BB-'
Fitch Ratings has downgraded Unionfidi Piemonte's Long-term Issuer
Default Rating to 'BB-' from 'BB'.  The Outlook on the Long-term
IDR is Negative.  UPI's Short-term IDR has been affirmed at 'B'.

The rating action reflects its continued scarce capitalization and
its operating losses in the past two years, combined with Fitch's
expectation that asset quality will deteriorate further.  Although
UPI's ratings also reflect its improved internal organization, low
market risk exposure and extensive use of counter guarantees from
third parties, recovery prospects for the domestic economy remain

Fitch expects problem guarantees to continue to increase and UPI's
cost of credit to rise, putting profitability, and, ultimately,
UPI's already low capital under pressure.  Despite a EUR14 million
capital injection during 2009, UPI's capitalization remains
scarce, having been eroded by net losses reported in 2008 and
9M09.  At end-September 2009 its core capital to total guarantees
and core capital plus loan credit impairment reserves ratios were
low at 1.93% and 4.73%, respectively.  For end-2009, the confidi
estimates a total regulatory capital ratio only just above the
minimum 6% regulatory requirement.  UPI expects to qualify as a
financial intermediary under Article 107 of the Italian Banking
Act in 2010, which would mean supervision from Banca d'Italia.

UPI is a regional confidi headquartered in Turin that provides
credit guarantees to small- and medium-sized companies.  It is
expanding its geographical coverage outside its home region of
Piedmont and cooperates with other regional confidi.


HALYK BANK: Assets Increase to KZT2.04 Trillion in February
Nariman Gizitdinov at Bloomberg News reports that Kazakhstan's
Financial Supervision Agency said Halyk Savings Bank surpassed
defaulted BTA Bank last month as the nation's second-largest
lender by assets.

Bloomberg relates the financial regulator said on its Web site
Halyk Savings increased its assets to KZT2.04 trillion (US$13.9
billion) in February from KZT1.96 trillion a year earlier, while
BTA Bank's assets dropped to KZT1.99 trillion through February
from KZT3.02 trillion a year earlier.

According to Bloomberg, the regulator said Almaty-based Halyk
Savings increased its profit to KZT2.14 billion as of March 1
compared with a loss of KZT6.12 billion a year earlier.  The
regulator uses preliminary, not consolidated data in accordance
with Kazakh standards, Bloomberg notes.

Kazakhstan-based Halyk Bank AO (Halyk National Savings Bank of
Kazakhstan JSC or Halyk Bank JSC) (KAS:HSBK) -- offers banking services to private and
corporate clients.  Its services include cash-settlements, loans,
deposits, pensions, insurance, leasing, brokerage and asset
management, safe deposit boxes, American Express checks, debit and
credit cards, Internet banking and other services in national and
foreign currencies.  As of December 31, 2008, the Bank operated
through 15 branches (13 wholly owned) located on the territory of
Kazakhstan, Russia, Kyrgyzstan, Mongolia, Kyrgyzstan, Georgia and
the Netherlands.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Jan. 26,
2010, Fitch Ratings revised Halyk Bank's Outlook to Stable from
Negative.  Fitch affirmed the bank's long-term foreign currency
IDR and Long-term local currency IDR at 'B+'.  It affirmed the
bank's Short-term foreign currency IDR and Short-term local
currency IDR at 'B'.  The bank's individual rating was affirmed at

Fitch said Halyk's asset quality remains weak, with NPLs (loans
more than 90 days overdue) reaching 16.7% at end-November 2009
according to regulatory data, and restructured loans comprising
23% of the loan book at end-9M09 (all end-9M09 data is according
to IFRS).  According to Fitch, Asset quality performance is
undermined by the significant exposure to the troubled
construction and real estate sectors (end-9M09: 20% of the loan
book), while exposure to the 20 largest borrowers (26% of the loan
book) and the share of FX lending (53%) are also high.  However,
reported loan impairment numbers have shown some signs of
stabilization in H209, with NPLs rising only 2pp during the five
months to end-November.  Furthermore, Halyk has built up
considerable loss absorption capacity, and at end-November 2009
could have increased its impairment reserves to 31% of loans (from
the actual level of 18.8%) before its total regulatory capital
adequacy ratio would have fallen to the minimum 10% level, Fitch

Accrued (but not received) interest was a sizable 43% of equity
(based on local accounts) at end-2009, which significantly
undermines the quality of capital; however, this ratio was still
notably lower than at peers, according to Fitch.  Halyk has a
moderate share of foreign funding (end-2009: 15% of total
liabilities) with distant large ticket repayments (from 2013).
Liquidity is currently comfortable, with cash and bank placements
up to one month comprising 21% of assets at end-2009; however,
funding is heavily reliant on deposits from state-owned companies,
Fitch said.


SLS CAPITAL: Luxembourg Court Orders Liquidation
Hannah Stodell at Money Marketing reports that the Luxembourg
District Court has ordered the liquidation and winding-up of SLS
Capital SA and Life Settlements Capital SA.  The report relates
Maitre Yann Baden of Baden and Baden has been appointed as
liquidator tasked with the responsibility of recovering any
remaining assets and pursuing any claims on behalf of the
companies or its creditors/investors.  There does not appear to be
any remaining assets, the report says, citing an update from Baden
and Baden Friday.

"As the situation of SLS and LSC is a complex one, the
liquidator's first duty must be to gather all available facts and
information while cooperating with judicial and criminal
authorities both in Luxembourg and abroad.  This process is
ongoing," the report quoted Baden and Baden as saying.

Baden and Baden has invited all investors and bondholders who have
not done so already to file their interest through its website,
the report notes.

The report recalls around 5,500 clients of Keydata invested GBP103
million in Luxembourg-incorporated SLS Capital through its secure
income bonds.  Administrator PricewaterhouseCoopers discovered
information last year that suggested underlying assets had been
liquidated and may have been misappropriated, the report recounts.

SLS Capital SA and Life Settlements Capital SA are companies owned
by David Elias.


BEST BRANDS: Moody's Withdraws 'Caa1' Corporate Family Rating
Moody's Investors Service has withdrawn all ratings of Best Brands
Corporation, including the Caa1 corporate family rating, following
the completion of the $510 million acquisition of Best Brands by
Dutch bakery supplier CSM NV (not rated by Moody's) and repayment
of all Best Brands' debt.

Moody's has taken these ratings actions:

* Corporate Family Rating, withdrawn, previously rated Caa1;

* Probability of Default Rating, withdrawn, previously rated

* First lien revolving credit facility and term loan B --
  withdrawn, previously rated B3 (LGD3, 33%); and

* Second lien term loan C -- Withdrawn, previously rated Caa2
  (LGD5, 81%).

The last rating action on Best Brands was the October 13, 2009
upgrade of the corporate family rating to Caa1 from Caa3.

Headquartered in Minnetonka, Minnesota, Best Brands Corporation is
a manufacturer and distributor of specialty bakery products in the
U.S., specializing in frozen laminated dough, frozen baked cakes,
frozen muffins and bakery mixes, as well as other value-added
services sold to in-store bakeries and institutional baking

BEST BRANDS: S&P Withdraws 'B-' Corporate Credit Rating
Standard & Poor's Ratings Services said that it withdrew its 'B-'
corporate credit rating and other ratings on Minnetonka, Minn.-
based Best Brands Corp. (B-/Stable/--) following its acquisition
by CSM nv (unrated) for US$510 million.

                            Ratings List

                          Not Rated Action

                          Best Brands Corp.

                                        To          From
                                        --          ----
   Corporate Credit Rating              NR/--       B-/Stable/--
   Senior Secured                       NR          B-
     Recovery Rating                    NR          3
   Senior Secured                       NR          CCC
     Recovery Rating                    NR          6

DUTCH MBS: Moody's Assigns 'Ba1' Rating on Class E Notes
Moody's Investors Service assigned definitive credit ratings to
these classes of Notes issued by Dutch MBS XV B.V.:

  -- Aaa to EUR182,100,000 Class A1 Mortgage-Backed Notes 2010
     due 2042

  -- Aaa to EUR530,600,000 Class A2 Mortgage-Backed Notes 2010
     due 2042

  -- Aa2 to EUR11,200,000 Class B Mortgage-Backed Notes 2010 due

  -- A1 to EUR10,450,000 Class C Mortgage-Backed Notes 2010 due

  -- Baa2 to EUR10,400,000 Class D Mortgage-Backed Notes 2010
     due 2042

  -- Ba1 to EUR1,500,000 Class E Mortgage-Backed Notes 2010 due

EUR3,750,000 Class F Notes 2010 due 2042 is not rated by Moody's.

The transaction represents the securitization of Dutch residential
mortgage loans originated or acquired by the subsidiaries of NIBC
Bank N.V. (Baa2/P-2).  The assets supporting the Notes are prime
mortgage loans secured by residential properties located in the
Netherlands and the security assignments closely follow the
security structure observed in other Dutch Residential Mortgage-
Backed transactions.  The portfolio will be serviced by NIBC Bank
N.V., who also arranged the transaction.

The non-amortizing reserve fund will be funded at 0.50 per cent of
the total class A, B, C, D and E notes outstanding at closing and
the total credit enhancement for the Aaa rated notes is 5.00 per
cent.  Apart from the reserve fund, the transaction benefits from
an excess margin of 50bps through the swap agreement.  The swap
counterparty is Cr‚dit Agricole CIB.

The expected portfolio loss of 0.6% and the MILAN Aaa required
credit enhancement of 5.4% serve as input parameters for Moody's
cash flow model and tranching model, which is based on a
probabilistic lognormal distribution as described in the report
"The Lognormal Method Applied to ABS Analysis", published in
September 2000.

Key drivers for the MILAN Aaa CE number, which is lower than in
other prime Dutch RMBS transactions, include the relatively low
portion of loans with LTfV above 100% (47.4% of the pool), limited
possibility for the seller to substitute new loans into the
subject structure, and relatively high seasoning of the
securitized pool (above five years on average).  The current
economic conditions in the Netherlands, with rising unemployment,
currently at 5.2% and forecast to increase to 7.9% in 2010, is
likely to drive delinquencies up in the short to medium term.
Additionally house prices have fallen by 3.4% from their peak in
2008 which could especially impact the proportion of loans with a
loan to foreclosure value of more than 100% (47.4% of the pool).
Nevertheless, given the historic performance in the Dutch market
and of the originator's precedent transactions (in which pools
with similar risk characteristics have been securitized); Moody's
believes the assumed expected loss is appropriate for this
transaction.  Another key characteristic of this transaction is
that approximately 31.5% of the portfolio is linked to life
insurance policies (life mortgage loans), which are exposed to the
risk of set-off if an insurance company should go bankrupt.  The
seller has provided loan-by-loan insurance company counterparty
data, whereby 52.6% of all insurance-linked products are linked to
the insurance policies provided by Allianz Nederland N.V, which is
not rated by Moody's.  Moody's has factored the rating of the
parent company, Allianz SE (Aa3), as a proxy to assess this risk,
and tested this with more stressful rating levels to measure the
impact on the ratings of the notes.

The V-Score for this transaction is Low/Medium, which is in line
with the V-Score assigned for the Dutch RMBS sector, in large part
because it is a standard Dutch prime RMBS structure for which
Moody's have over 10 years of historical performance data.  The
primary source of assumption uncertainty is the current
macroeconomic environment, in which property values are falling
and unemployment continues to rise.  To account for this
macroeconomic uncertainty, Moody's has increased the expected loss
assumption by almost 50% from 40bps in the previous transaction
(Dutch MBS XIV B.V.) to 60bps in the current transaction.  V-
Scores are a relative assessment of the quality of available
credit information and of the degree of dependence on various
assumptions used in determining the rating.  High variability in
key assumptions could expose a rating to more likelihood of rating
changes.  The V-Score has been assigned accordingly to the report
"V-Scores and Parameter Sensitivities in the Major EMEA RMBS
Sectors" published in April 2009.

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

LYONDELL CHEMICAL: Parent Prices US$2.275-Bil. Sr. Secured Notes
LyondellBasell priced approximately $2,750 million of senior
secured notes due 2017 in a private placement under Rule 144A and
Regulation S.  The senior secured notes are comprised of
$2,250 million of 8 percent senior secured notes and
EUR375 million of 8 percent senior secured notes (the "euro
notes"), both issued at par, maturing in 2017.  The closing of the
issuance of the notes is scheduled for April 8, 2010.

The notes will be issued by LBI Escrow Corporation, which will
merge with and into Lyondell Chemical Company in connection with
Lyondell Chemical's emergence from bankruptcy, which is expected
to occur on or about April 30, 2010, subject to confirmation of a
Plan of Reorganization.

LyondellBasell entities also are arranging a senior term loan
facility of approximately $500 million and a $1,750 million asset-
based revolving credit facility for working capital and general
corporate purposes.

Proceeds of the notes offering and term loan will be placed in
escrow until the approval of the Plan of Reorganization.  The net
proceeds from the sale of the notes, together with borrowings
under the term loan and a new European securitization facility and
proceeds from a $2,800 million rights offering, will be used upon
emergence from bankruptcy to repay and replace certain existing
debt, including debtor-in-possession credit facilities and an
existing European securitization facility and to make certain
related payments.

Upon emergence from bankruptcy, the notes and term loan will be
senior secured obligations of Lyondell Chemical and will be
guaranteed by LyondellBasell Industries N.V. and, subject to
certain exceptions, substantially all wholly owned U.S. restricted
subsidiaries of LyondellBasell Industries N.V.

The notes and the guarantees of the notes will not be registered
under the Securities Act of 1933, as amended, or any state
securities laws, and may not be offered or sold in the United
States or to U.S. persons absent registration or an applicable
exemption from the registration requirements.  The notes are
offered only to "qualified institutional buyers" in accordance
with Rule 144A under the Securities Act and to non-"U.S. persons"
in accordance with Regulation S under the Securities Act.

                     About Lyondell Chemical

LyondellBasell Industries is one of the world's largest polymers,
petrochemicals and fuels companies.  It is the global leader in
polyolefins technology, production and marketing; a pioneer in
propylene oxide and derivatives; and a significant producer of
fuels and refined products, including biofuels.  Through research
and development, LyondellBasell develops innovative materials and
technologies that deliver exceptional customer value and products
that improve quality of life for people around the world.
Headquartered in The Netherlands, LyondellBasell -- is privately owned by Access

Basell AF and Lyondell Chemical Company merged operations in 2007
to form LyondellBasell Industries, the world's third largest
independent chemical company.  LyondellBasell became saddled with
debt as part of the US$12.7 billion merger.  On January 6, 2009,
LyondellBasell Industries' U.S. operations and one of its European
holding companies -- Basell Germany Holdings GmbH -- filed
voluntary petitions to reorganize under Chapter 11 of the U.S.
Bankruptcy Code to facilitate a restructuring of the company's
debts.  The case is In re Lyondell Chemical Company, et al.,
Bankr. S.D.N.Y. Lead Case No. 09-10023).  Seventy-nine Lyondell
entities, including Equistar Chemicals, LP, Lyondell Chemical
Company, Millennium Chemicals Inc., and Wyatt Industries, Inc.
filed for Chapter 11.  In May 2009, one of the cases was dismissed
-- Case No. 09-10068 -- because it is duplicative of Case No. 09-
10040 relating to Debtor Glidden Latin America Holdings.

The Hon. Robert E. Gerber presides over the case.  Deryck A.
Palmer, Esq., at Cadwalader, Wickersham & Taft LLP, in New York,
serves as the Debtors' bankruptcy counsel.  Evercore Partners
serves as financial advisors, and Alix Partners and its subsidiary
AP Services LLC, serves as restructuring advisors.  AlixPartners'
Kevin M. McShea acts as the Debtors' Chief Restructuring Officer.
Clifford Chance LLP serves as restructuring advisors to the
European entities.  Lyondell Chemical estimated that consolidated
assets total US$27.12 billion and debts total US$19.34 billion as
of the bankruptcy filing date.

Lyondell has obtained approximately US$8 billion in DIP financing
to fund continuing operations.  The DIP financing includes two
credit agreements: a US$6.5 billion term loan, which comprises a
US$3.25 billion in new loans and a US$3.25 billion roll-up of
existing loans; and a US$1.57 billion asset-backed lending

LyondellBasell Industries AF S.C.A. and another affiliate were
voluntarily added to Lyondell Chemical's reorganization filing
under Chapter 11 on April 24, 2009, in order to seek protection
against claims by certain financial and U.S. trade creditors.  On
May 8, 2009, LyondellBasell Industries added 13 non-operating
entities to Lyondell Chemical Company's reorganization filing
under Chapter 11 of the U.S. Bankruptcy Code.  All of the entities
are U.S. companies and were added to the original Chapter 11
filing for administrative purposes.

Bankruptcy Creditors' Service, Inc., publishes Lyondell Bankruptcy
News.  The newsletter tracks the Chapter 11 proceeding undertaken
by Lyondell Chemical Company and its various affiliates.
( 215/945-7000)


ISTRABENZ GROUP: Hires BNP Paribas to Handle Droga Kolinska Sale
Boris Cerni at Bloomberg News reports that Istrabenz Group d.d.
hired BNP Paribas SA to handle the sale of its food-making unit as
it sells assets to repay debt.

According to Bloomberg, the company said in a statement to the
Ljubljana stock exchange Friday that investors are being asked to
submit non-binding bids for Droga Kolinska d.d. by the end of
April.  Istrabenz will take the final decision on the sale after
it studies the offers, Bloomberg says citing the statement.

Bloomberg recalls Istrabenz declared insolvency in 2009 and went
into receivership this year after it struggled to repay debt
accumulated before the global financial crisis.  The company is
selling assets to repay loans to 19 banks, including the two of
Slovenia's largest lenders Nova Ljubljanska Banka d.d. and Nova
Kreditna Banka Maribor d.d., Bloomberg notes.

As reported by the Troubled Company Reporter-Europe on March 11,
2010, Bloomberg News said Istrabenz forecasts net income of
EUR44.5 million (US$60.3 million) this year as it aims to sell
assets valued at EUR100 million.  Bloomberg disclosed Istrabenz on
March 9 said in a statement to the Ljubljana stock exchange the
debt to the banks will be lowered by EUR85 million in 2010 with
Istrabenz still owing EUR364 million by the end of the year.
Istrabenz said the divestiture was approved by creditor banks,
Bloomberg noted.

Istrabenz dd -- is a Slovenia-based
holding responsible for the asset management and supervision of
the Istrabenz Group members.  The Company has developed
investments in the number of divisions: Energy, which covers the
gas business, production and distribution of energy, transshipment
and storage of oil derivatives; Tourism, which offers hotel,
catering, wellness and congress services; Investments, which deals
with advertising, financial services and technical consulting;
Food, which markets food products, and Information Technology that
provides information support to the companies of the Istrabenz
Group.  As of December 31, 2008 Istrabenz Group comprised 77
companies.  The Company operates a number of subsidiaries,
including wholly owned Istrabenz Turizem dd and Istrabenz Marina
Invest doo.


AYT ANDALUCIA: Fitch Assigns 'B' Rating on EUR21MM Class D Notes
Fitch Ratings has assigned ratings to AyT ANDALUCIA FTEMPRESA
CAJAMAR, Fondo de Titulizacion de Activos' CDO notes, totalling
EUR300 million and due in December 2051:

  -- EUR45 million Class A: 'AAA'; Outlook Stable; Loss Severity

  -- EUR179 million Class A(G): 'AAA'; Outlook Stable; Loss
     Severity 'LS-1'

  -- EUR27.5 million Class B: 'A'; Outlook Stable; Loss Severity

  -- EUR27.5 million Class C: 'BBB'; Outlook Stable; Loss Severity

  -- EUR21 million Class D: 'B'; Outlook Stable; Loss Severity

The transaction is a cash flow securitization of a EUR300 million
static pool of secured and unsecured loans granted by Cajamar Caja
Rural, Sociedad Cooperativa de Credito (Cajamar, rated
'A'/Negative/'F1'), a Spanish savings bank, to small- and medium-
sized Spanish enterprises for the purpose of financing business
activity and new investments.

The ratings are based on the quality of the collateral, the
underwriting and servicing of the loans, available credit
enhancement, the characteristics and integrity of the
transaction's legal and financial structure and Ahorro y
Titulizacion, SGFT, S.A.'s (the Sociedad Gestora) administrative
capabilities.  The ratings incorporate Fitch's view of Spanish SME
credit risk.  (For further information, please see the criteria
report entitled "Rating Criteria for European Granular Corporate
Balance-Sheet Securitizations (SME CLOs)", dated 23 July 2009,
which is available on

Fitch did not take into account the guarantee from the Autonomous
Community of Andalusia (Andalusia, rated 'AA'/Negative/'F1+') with
respect to the A2(G) notes in assigning a 'AAA' rating.  The
guarantee provides for Andalusia to cover the timely payment of
interest and principal of this note class.

The ratings address the payment of interest on the notes according
to the terms and conditions of the documentation, subject to a
deferral trigger for the classes B, C and D, and the repayment of
principal by legal maturity in December 2051.

The underlying portfolio consists of a granular pool of 3,467
loans to SMEs, with the top 10 obligors representing 9.2% of the
collateral value.  Of the collateral value 60% is concentrated in
Cajamar's home region of Andalucia and 61.7% of the pool volume
consists of mortgages secured on commercial and residential

AyT ANDALUCIA FTEMPRESA CAJAMAR, Fondo de Titulizacion de Activos
is the fourth single-seller SME securitization transaction
originated by Cajamar and rated by Fitch.  The issuer is legally
represented and managed by Ahorro y Titulizacion, SGFT, S.A., a
special-purpose management company with limited liability
incorporated under the laws of Spain.

U N I T E D   K I N G D O M

BIRMINGHAM DEVELOPMENT: Lloyds Appoints PwC as Administrators
Daniel Thomas at The Financial Times reports that Lloyds Banking
Group on Friday appointed PricewaterhouseCoopers as administrators
for Birmingham Development Company.  The company's construction
subsidiary, BuildAbility, has also gone into administration, the
FT notes.

The FT relates the company was behind the construction of the
Cube, a mixed-use building designed by Ken Shuttleworth's Make
Architects that included residential, office, retail, and
restaurant and hotel space in Birmingham.

According to the FT, the administrators have been holding
discussions with the principal stakeholders behind the Cube on how
to complete the development, but said that they "do not intend to
market the development in its current state".

Other assets developed by the Birmingham Development Company --
such as the Mailbox in Birmingham -- are held in different
companies and are unaffected, the FT states.

BRITISH AIRWAYS: No Sign of Deal with Cabin Crew Over Pay Row
Steve Rothwell at Bloomberg News reports that British Airways Plc
cabin crew members were in the third day of a four-day strike with
no sign of a deal being reached in the dispute over pay and
staffing levels.

According to Bloomberg, BA estimates about 60,000 customers will
be prevented from flying with the airline during the walkout,
which began March 27 and runs through tomorrow, March 30.
Bloomberg says cancellations will wipe out 30% of long-haul
services from London's Heathrow airport.

Bloomberg relates the latest strike follows a three-day walkout by
BA's 12,000 cabin crew that ended on March 22.  The airline said
the walkout cost GBP21 million (US$31 million), Bloomberg notes.
Bloomberg recalls BA Chief Executive Officer Willie Walsh last met
with Unite union leader Tony Woodley on March 19 and efforts by
arbiters to bring the men together for fresh talks have failed.


Bloomberg recounts Rob Holdsworth, a spokesman for the umbrella
group for U.K. unions, said in an interview March 26 Brendan
Barber, general secretary of the Trades Union Congress, which
facilitated earlier talks, is still talking with both sides,
though "things seem to be getting worse rather than better."

According to Bloomberg, Unite has reiterated that any settlement
must include the restoration of travel perks that Mr. Walsh said
last week had been forfeited by all striking workers, a move that
may make work journeys unviable for 1,500 flight attendants
employed in the U.K. but resident abroad.  The CEO has also
withdrawn a previous pay offer, saying any proposal must now be
modified to account for the cost of the walkout, Bloomberg states.

                       About British Airways

Headquartered in Harmondsworth, England, British Airways Plc,
along with its subsidiaries, (LON:BAY) -- is
engaged in the operation of international and domestic scheduled
air services for the carriage of passengers, freight and mail and
the provision of ancillary services.  The Company's principal
place of business is Heathrow.  It also operates a worldwide air
cargo business, in conjunction with its scheduled passenger
services.  The Company operates international scheduled airline
route networks together with its codeshare and franchise partners,
and flies to more than 300 destinations worldwide.  During the
fiscal year ended March 31, 2009 (fiscal 2009), the Company
carried more than 33 million passengers.  It carried 777,000 tons
of cargo to destinations in Europe, the Americas and throughout
the world.  In July 2008, the Company's subsidiary, BA European
Limited (trading as OpenSkies), acquired the French airline,

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Nov. 12,
2009, Moody's Investors Service placed the Ba3 Corporate Family
and Probability of Default Ratings of British Airways plc and the
senior unsecured and subordinate ratings of B1 and B2 under review
for possible downgrade.  Moody's said the rating action reflects
the continued weakening in profitability in the first half of
FY2010 (to September 2009), with an operating loss of GBP111
million reported versus a profit of GBP140 million a year earlier
(post restructuring charges), and Moody's view that losses in
FY2010 will likely be higher than in FY2009.  This comes in spite
of lower operating costs, notably for fuel, as demand in the
industry remains very depressed, while the company has
successfully reduced its employee and selling costs.  Reported net
debt remained constant during the period, partly benefiting from a
positive exchange rate impact, although Moody's debt metrics also
incorporate the full value of the convertible notes issued in
August 2009.

BRITISH AIRWAYS: Expands Codeshare Partnership with Japan Air
Japan Airlines Corp. and British Airways, both members of leading
quality airline alliance oneworld, have reached an agreement to
expand their codeshare partnership.  Beginning March 28, 2010, JAL
will codeshare with BA on nine new routes and from April 28, 2010,
four new routes, all in the European region.  Including current
codeshare flights within the United Kingdom and within Europe, the
total number of codeshare flights between the two airlines will be
23, broadening JAL's Europe network to cover 36 cities with 54

JAL and BA first started to codeshare in February, 2004.  At
present, "JL" indicators are placed on BA-operated flights plying
ten routes from London (Heathrow) to such destinations as
Manchester and Vienna among others.  Of the latest 13 routes,
Brussels -- the capital of Belgium, and Geneva in Switzerland are
cities well-known to Japanese travelers and that will be brand new
additions to JAL's network while Athens gets placed back on the
map after a 20 year absence since the airline suspended operations
there in 1990.

With this expansion, JAL can now provide more convenience to
customers traveling to popular tourist destinations like Madrid
and Barcelona in Spain, to business cities in Germany like Berlin
and Munich, as well as several other cities in Northern Europe.

oneworld partners Japan Airlines and British Airways are in
discussions to further augment their bilateral partnership beyond
codeshare arrangements, details of which will be announced as soon
as developments are finalized.  Customers of the alliance-partners
can be certain to look forward to exciting new products offered in
the near future.

                       About Japan Airlines

Japan Airlines Corporation -- is a
Japan-based company mainly engaged in the provision of air
transport services.  The Company is active in five business
segments through its 203 subsidiaries and 83 associated companies.
JAL International Co. Ltd. is a wholly owned operating subsidiary
of Japan Airlines Corporation.

Japan Airlines Corporation, Japan Airlines International Co., Ltd.
and JAL Capital Co., Ltd., on January 19, 2010, filed the
petitions to commenced corporate reorganization proceedings with
the Tokyo District Court.  The Court appointed the Enterprise
Turnaround Initiative Corporation of Japan and Eiji Katayama,
Esq., as reorganization trustees.

Japan Airlines Corp. filed for reorganization January 19 in the
Tokyo District Court and filed a Chapter 15 petition in New York
(Bankr. S.D.N.Y. Case No. 10-10198).  The Company said debt is
US$28 billion.

Bankruptcy Creditors' Service, Inc., publishes Japan Airlines
Bankruptcy News.  The newsletter tracks the Chapter 15 proceedings
and the bankruptcy proceedings in Tokyo undertaken by Japan
Airlines Corp. and its various affiliates.
( 215/945-7000)

                       About British Airways

Headquartered in Harmondsworth, England, British Airways Plc,
along with its subsidiaries, (LON:BAY) -- is
engaged in the operation of international and domestic scheduled
air services for the carriage of passengers, freight and mail and
the provision of ancillary services.  The Company's principal
place of business is Heathrow.  It also operates a worldwide air
cargo business, in conjunction with its scheduled passenger
services.  The Company operates international scheduled airline
route networks together with its codeshare and franchise partners,
and flies to more than 300 destinations worldwide.  During the
fiscal year ended March 31, 2009 (fiscal 2009), the Company
carried more than 33 million passengers.  It carried 777,000 tons
of cargo to destinations in Europe, the Americas and throughout
the world.  In July 2008, the Company's subsidiary, BA European
Limited (trading as OpenSkies), acquired the French airline,

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Nov. 12,
2009, Moody's Investors Service placed the Ba3 Corporate Family
and Probability of Default Ratings of British Airways plc and the
senior unsecured and subordinate ratings of B1 and B2 under review
for possible downgrade.  Moody's said the rating action reflects
the continued weakening in profitability in the first half of
FY2010 (to September 2009), with an operating loss of GBP111
million reported versus a profit of GBP140 million a year earlier
(post restructuring charges), and Moody's view that losses in
FY2010 will likely be higher than in FY2009.  This comes in spite
of lower operating costs, notably for fuel, as demand in the
industry remains very depressed, while the company has
successfully reduced its employee and selling costs.  Reported net
debt remained constant during the period, partly benefiting from a
positive exchange rate impact, although Moody's debt metrics also
incorporate the full value of the convertible notes issued in
August 2009.

CORSAIR NO 4: Moody's Junks Rating on US$43 Mil. Notes From Ba1
Moody's Investors Service has taken these rating actions on notes
issued by Corsair (Jersey) No. 4 Limited, a CDO square referencing
seven static portfolios of corporate entities.

Issuer: Corsair (Jersey) No. 4 Limited - Series 5

  -- US$43,000,000 Cross-Contingent Step-down Portfolio Credit-
     Linked Notes due 2024, Downgraded to Caa1; previously on
     March 6, 2009 Downgraded to Ba1

Moody's explained that the rating action taken is the result of
i) the deterioration of the credit quality of the reference
portfolio and ii) Moody's views on the expected maturity of the

The credit deterioration of the portfolio is reflected by several
factors.  The 10 year weighted average rating factor("WARF") of
the inner CDO portfolios currently ranges between 674 and 917,
equivalent to an average rating of Ba1.  In the last rating
action, the portfolio WARF for each inner CDO ranged between 533
and 725, equivalent to average rating of Baa3 and Ba1.  The
Insurance, Telecommunications and Banking industry sectors are the
most represented in the inner portfolios.  Since the last rating
action in March 2009, several corporate entities experienced
multi-notch rating downgrades, including Toppan Printing Co. Ltd
and Deutsche Postbank AG.  In addition, the transaction is exposed
to reference entities that suffered credit events since last
rating action date, in particular Thomson SA, CIT Group Inc.,
Syncora Guarantee Inc. and Aiful Corporation.  These entities are
referenced in several inner CDOs and therefore have a significant
impact on the expected loss of the outer CDO tranche.

Moody's explained that notwithstanding the legal final maturity of
the notes being in 2024, note holders have a put option to redeem
their notes in 2014 at the then current notional amount.  In the
event note holders choose not to exercise the option in 2014, the
note coupon will drop to US$-Libor minus 20 bps from US$-Libor
plus 50 bps.  The rating action also reflects a low likelihood of
such option not being exercised and is therefore based on the
expected loss to the optional redemption date of 2014 rather than
to the legal final maturity of 2024.  The impact of such reduced
expected maturity is approximately 3 notches.

HIGHLAND AIRWAYS: In Administration; Up to 100 Jobs At Risk
Andrew Bolger at The Financial Times reports that Highland Airways
has been placed in administration, putting at risk up to 100 jobs.
The FT relates the company ceased operations on Wednesday evening
after its directors requested the appointment of administrators.

According to the FT, Highland, which was established in 1991 as
Air Alba, had experienced a period of difficult trading that was
further exacerbated by the recent bad weather, which grounded the
fleet for a significant period, and the loss of three contracted
routes in the last six months of trading.

The FT notes Bruce Cartwright of PwC, joint administrator, said
the directors had been in discussion with a number of parties, but
had concluded that maintaining operations while introducing a new
investor was no longer feasible.

Highland Airways -- was an
airline based in Inverness, Scotland.  The airline operated
passenger and freight charters as well as scheduled services from
its main base at Inverness Airport.  Other services included
newspaper distribution to the northern and Western Isles and,
until recently, charter services for corporate clients.

JARVIS PLC: Faces Administration After Lender Talks Fail
The Associated Press reports that Jarvis PLC said Thursday that it
is going into administration, a form of bankruptcy protection,
after failing to reach agreements with lenders to support its

According to the report, Jarvis said it had been hit by cutbacks
in railway maintenance work.

The report relates trading in Jarvis shares was suspended
Wednesday on the London Stock Exchange.

"Following negotiations with the company's secured lenders, it has
today become clear that sufficient support will not be extended to
the company to enable it to continue trading as a going concern,"
the report quoted Jarvis as saying in an announcement to the Stock

Jarvis plc -- is a United Kingdom-
based company engaged in rail infrastructure renewal and
enhancement, plant hire, freight and facilities management.  The
Company is organized into three segments: Rail, Plant and
Accommodation Services.  Rail segment provides rail infrastructure
works to the United Kingdom rail industry, including rail renewal,
major track development, electrical and signaling services.  Plant
segment provides on-track machinery, small plant equipment and
manages a fleet of purpose-built vehicles for the rail and other
industries; provides bulk haulage and container freight services.
Accommodation Services segment undertakes facilities management
operations.  Jarvis Rail Limited (Jarvis Rail) is the rail
engineering arm of the business, which undertakes rail enhancement
projects, signaling and telecommunications, overhead line and
track renewals nationwide.

KEITH EVANS: In Administration; Harris Lipman On Board
Cabinet Maker reports that Keith Evans Contract Furnishers Ltd.
has been put into administration.  According to the report, John
Cullen and Freddy Khalastchi of Harris Lipman have been appointed
as administrators of the company.

The report recalls the company revealed it made around 48
redundancies at the beginning of February, after admitting its
intentions to appoint administrators.

Keith Evans Contract Furnishers Ltd. is a furniture manufacturer
based in Bridgend, Wales.

MATHON FINANCE: In Administration; Assets Sold to Juniper
Natalie Martin at Mortgage Strategy reports that Mathon Finance
has gone into administration.  The report relates Bryan Jackson
and Anne Buchanan, of accountants and business advisers PKF, were
appointed joint administrators of Mathon Limited on February 17,

"The reasons for the failure of Mathon are fairly obvious given
the enormous decline in commercial property values over the last
three years in its two key markets in the UK and Ireland.  The
firm had previously operated successfully for several years but
the drop in values was too great to sustain and consequently made
the company unable to continue," the report quotes Mr. Jackson as

According to the report, the firm has entered into an agreement to
assign its loan book enabling it to discharge all secured debt.
The report says if the company had been placed into liquidation
then this could have destabilized the value of the loan book and
would not have been in the interest of all creditors.

The report relates the remaining business and assets of the
company were sold to Juniper Property Finance Company Limited by
the administrators immediately following their appointment which
also secured the jobs of the remaining employees.  As a result of
these transactions the administrators received sufficient funds to
enable all creditors to be paid in full with statutory interest,
the report notes.

Mathon Finance was established in 2004 as an asset based lending
company in the commercial property sector providing short term
finance, according to Mortgage Strategy.

NORTEL NETWORKS: Wins OK for LinkLaters as U.K. Counsel
Nortel Networks Inc. and its affiliated debtors obtained approval
from the U.S. Bankruptcy Court to employ Linklaters LLP as their
U.K. counsel, effective January 26, 2010.

The Debtors tapped the services of Linklaters in light of the
proofs of claim that were filed against NNI and some of its
affiliates by the Board of the Pension Protection Fund.

NNUK Pension Trust serves as trustee of the pension scheme of
Nortel Networks UK Ltd. while the PPF Board manages U.K.'s
Pension Protection Fund.

The amount of claim asserted by the Pension Trustee and the PPF
Board has not yet been determined.  It is, however, believed to
be over GBP2.1 billion, which is the estimated NNUK's pension
scheme deficit as of January 13, 2009.

"Linklaters' resources and capabilities are crucial to the multi-
jurisdictional issues confronting the Debtors' success including
asserted potential pension obligations under U.K. law," says the
Debtors' counsel, Ann Cordo, Esq., at Morris Nichols Arsht &
Tunnell LLP, in Wilmington, Delaware.

"The services of Linklaters are necessary and essential to enable
the Debtors to defend the claims of the trustee and the PPF," Ms.
Cordo says in court papers.

As the Debtors' U.K. counsel, Linklaters will be tasked to
provide advice to the Debtors about U.K. law and other legal
services in connection with the alleged pension obligations and
the proofs of claim filed by the Pension Trustee and the PPF.

Linklaters will be paid for its services on an hourly basis and
will also be reimbursed of its necessary and reasonable expenses.
The firm's hourly rates are:

      Partners                  GBP650
      Counsel                   GBP600
      Managing Associates       GBP550
      Associates                GBP465
      Trainee Solicitors        GBP280
      Paralegals                GBP125

The Debtors will also be charged of fees and expenses of Paul
Newman QC and James Walmsley of Wilberforce Chambers, the
barristers instructed by Linklaters to represent NNI and Nortel
Networks (CALA) Inc. in their Chapter 11 cases or to defend their
rights under U.K. law.  The hourly rates of Messrs. Newman and
Walmsley are GBP500 and GBP175, respectively.

In a declaration filed with the Court, Mark Blyth, Esq., a
partner at Linklaters, assures the Court that his firm does not
have interests adverse to the interest of the Debtors or their
creditors.  He asserts that Linklaters is a "disinterested
person" as the term is defined under Section 101(14) of the
Bankruptcy Code.

                       About Nortel Networks

Nortel Networks (OTCBB:NRTLQ) --
delivers communications capabilities that make the promise of
Business Made Simple a reality for the Company's customers.  The
Company's next-generation technologies, for both service provider
and enterprise networks, support multimedia and business-critical
applications.  Nortel's technologies are designed to help
eliminate the barriers to efficiency, speed and performance by
simplifying networks and connecting people to the information they
need, when they need it.

Nortel Networks Corp., Nortel Networks Inc., and other affiliated
corporations in Canada sought insolvency protection under the
Companies' Creditors Arrangement Act in the Ontario Superior Court
of Justice (Commercial List).  Ernst & Young was appointed to
serve as monitor and foreign representative of the Canadian Nortel

The Monitor sought recognition of the CCAA Proceedings in the U.S.
by filing a bankruptcy petition under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 09-10164).  Mary Caloway,
Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll & Rooney
PC, in Wilmington, Delaware, serves as the Chapter 15 petitioner's

Nortel Networks Inc. and 14 affiliates filed separate Chapter 11
petitions on January 14, 2009 (Bankr. D. Del. Case No. 09-10138).
Judge Kevin Gross presides over the case.  James L. Bromley, Esq.,
at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serves as
general bankruptcy counsel; Derek C. Abbott, Esq., at Morris
Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware
counsel.  The Chapter 11 Debtors' other professionals are Lazard
Freres & Co. LLC as financial advisors; and Epiq Bankruptcy
Solutions LLC as claims and notice agent.

Certain of Nortel's European subsidiaries also made consequential
filings for creditor protection.  The Nortel Companies related in
a press release that Nortel Networks UK Limited and certain
subsidiaries of the Nortel group incorporated in the EMEA region
have each obtained an administration order from the English High
Court of Justice under the Insolvency Act 1986.  The applications
were made by the EMEA Subsidiaries under the provisions of the
European Union's Council Regulation (EC) No. 1346/2000 on
Insolvency Proceedings and on the basis that each EMEA
Subsidiary's centre of main interests is in England.  Under the
terms of the orders, representatives of Ernst & Young LLP have
been appointed as administrators of each of the EMEA Companies and
will continue to manage the EMEA Companies and operate their
businesses under the jurisdiction of the English Court and in
accordance with the applicable provisions of the Insolvency Act.

Several entities, particularly, Nortel Government Solutions
Incorporated have material operations and are not part of the
bankruptcy proceedings.

As of September 30, 2008, Nortel Networks Corp. reported
consolidated assets of US$11.6 billion and consolidated
liabilities of US$11.8 billion.  The Nortel Companies' U.S.
businesses are primarily conducted through Nortel Networks Inc.,
which is the parent of majority of the U.S. Nortel Companies.  As
of September 30, 2008, NNI had assets of about US$9 billion and
liabilities of US$3.2 billion, which do not include NNI's
guarantee of some or all of the Nortel Companies' about
US$4.2 billion of unsecured public debt.

Bankruptcy Creditors' Service, Inc., publishes Nortel Networks
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
and ancillary foreign proceedings undertaken by Nortel Networks
Corp. and its various affiliates.  (
or 215/945-7000)

ROYAL BANK: S&P Downgrades Ratings on Tier 1 Securities to 'C'
Standard & Poor's Ratings Services said that it lowered its
ratings on "may pay" Tier 1 securities issued or guaranteed by The
Royal Bank of Scotland Group PLC (A/Stable/A-1) to 'C' from 'CC'.
At the same time, the rating on the RBSG-related security issued
by Argon Capital PLC was similarly lowered to 'C' from 'CC'.  The
counterparty credit ratings and stand-alone credit profiles of
RBSG and subsidiaries, and the ratings on other debt securities
issued by these entities, are unaffected.

These rating actions follow the statement by RBSG regarding a
planned liability management exercise.  RBSG announced that it
will offer to exchange existing Upper Tier 2 securities into
senior unsecured notes, and to buy back existing Tier 1 securities
for cash.  The prices to be offered by RBSG range between 55% and
100% of par.  The primary rationale for the offers is to generate
core Tier 1 capital, and RBSG expects its core Tier 1 ratio to
increase by 30 basis points (bps), based on the projected post-tax
gain from the offers and RBSG's proportional capital position at
year-end 2009.  RBSG expects its Tier 1 ratio to decline modestly
as a result of the offers.

The downgrade of the "may pay" Tier 1 securities issued or
guaranteed by RBSG reflects S&P's view that the tender offer for
these securities is a "distressed exchange" under its criteria.
This conclusion reflects two main factors.  First, S&P note that
the holders would receive a material discount to par if they
choose to participate in the tender offer.  Second, coupons on the
"may pay" securities are due to be deferred during a two-year
period beginning no later than April 30, 2010, and S&P consider
that the tender offer for these issues would essentially be
equivalent to a payment deferral from S&P's rating perspective.

S&P categorizes the exchange offer for the Upper Tier 2 securities
and the tender offer for the "must pay" Tier 1 securities as an
"opportunistic exchange" under its criteria.  In S&P's view, the
offers do not affect the probability of continued coupon payments
on these securities, and S&P would still see payment deferral as
relatively unlikely.  As a result, the ratings on the Upper Tier 2
securities and the "must pay" Tier 1 securities are unaffected.

The counterparty credit ratings and stand-alone credit profiles of
RBSG and subsidiaries are unaffected because, while S&P sees the
core capital generated through the offers as a net positive
development, this does not in itself materially change its view of
the group's credit profile.

* Greenberg Traurig's UK Unit Expands Restructuring Practice
Greenberg Traurig Maher LLP, the firm established in London by
international law firm Greenberg Traurig, LLP, disclosed the
addition of two new shareholders, Paul Atherton and Jason Salman,
to its expanding UK Restructuring Practice.  In addition, Helena
Potts has joined the firm as an associate in the practice.

Atherton joins Greenberg Traurig Maher from Kirkland & Ellis LLP,
and brings with him comprehensive experience in restructuring,
corporate recovery, and insolvency.  He has acted for financial
institutions as well as for directors, creditors, debtors and
insolvency practitioners on a variety of global restructuring

Mr. Salman also joins Greenberg Traurig Maher from Kirkland &
Ellis LLP.  He has extensive experience in restructuring matters,
having focused on intricate international financial
restructurings, acting for corporate debtors, financial creditors,
directors and insolvency practitioners.

Ms. Potts has joined Greenberg Traurig Maher from Kirkland & Ellis
LLP.  She is experienced in complex cross-border restructuring and
insolvency matters, with a particular expertise in the employment
and pension implications of business restructurings and

"Paul, Jason and Helena are important additions to our
Restructuring Practice in London.  Their hiring furthers our
ability to meet the needs of our clients in today's uncertain
global economy," said Paul Maher, Chairman of Greenberg Traurig
Maher.  "Under the strong leadership of Lyndon Norley, our UK
Restructuring head, we are putting together a team that can
provide guidance to creditors and debtors in complex
restructurings and insolvencies."

"We are excited to welcome Paul, Jason and Helena to our global
team," said Bruce R. Zirinsky, Co-Chair of Greenberg Traurig's
Business Reorganization and Bankruptcy Practice.  "Their presence
in London strengthens our transatlantic restructuring capabilities
and I look forward to working with them."

                      About Greenberg Traurig

Greenberg Traurig Maher LLP was established in 2009 in the UK by
international law firm Greenberg Traurig, LLP.  Greenberg Traurig
Maher's rapidly expanding office provides shareholder-led advice
to domestic and international clients on a range of matters across
the legal spectrum.  Lawyers at Greenberg Traurig Maher advise UK
and multinational clients operating in many different sectors,
including chemicals, pharmaceuticals, life sciences, energy, real
estate, financial services, information services, automotive,
entertainment, retail and communications.

                      About Greenberg Traurig

Greenberg Traurig, LLP is an international, full-service law firm
with approximately 1775 attorneys serving clients from more than
30 offices in the United States, Europe and Asia.  In the U.S.,
the firm has more offices than any other among the Top 20 on The
National Law Journal's 2009 NLJ 250.  In the U.K., the firm
operates as Greenberg Traurig Maher LLP. Additionally, Greenberg
Traurig has strategic alliances with the following independent law
firms: Studio Santa Maria in Milan and Rome, TA Lawyers GKJ in
Tokyo, and Weber Law Office in Zurich.  The firm was Chambers and
Partners' USA Law Firm of the Year in 2007 and among the Top 3 in
the International Law Firm of the Year.


* BOND PRICING: For the Week March 22 to March 26, 2010

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

A-TEC INDUSTRIES        8.750   10/27/2014        EUR     87.32

BA CRED WOHNBAUB        4.000     3/8/2018        EUR    102.57
BA CRED WOHNBAUB        4.125    9/15/2017        EUR    103.79
BA CRED WOHNBAUB        4.000   10/19/2019        EUR    102.82
BA CRED WOHNBAUB        4.000    9/25/2014        EUR    104.27
BA CRED WOHNBAUB        4.250     1/2/2014        EUR    105.80
BANK AUST WOHNBK        5.000     7/5/2012        EUR    106.06
BANK AUST WOHNBK        4.875     7/1/2010        ATS    100.50
BANK AUST WOHNBK        4.375    8/16/2011        EUR    102.63
CA IMMO ANLAGEN         4.125    11/9/2014        EUR     97.80
CONWERT IMMO INV        5.250     2/1/2016        EUR    100.08
CONWERT IMMO INV        1.500   11/12/2014        EUR     94.06
IMMO-BANK AG            5.000     1/1/2012        EUR    102.38
IMMO-BANK AG            4.000    5/29/2020        EUR     99.88
IMMO-BANK AG            4.000     1/1/2012        ATS    101.25
IMMO-BANK AG            5.000     1/1/2013        ATS    102.38
IMMO-BANK AG            4.750     1/1/2013        EUR    102.38
IMMO-BANK AG            4.000   12/20/2019        EUR     90.55
IMMO-BANK AG            4.000    1/25/2019        EUR     96.38
IMMO-BANK AG            4.000     1/1/2018        EUR    102.38
IMMO-BANK AG            3.800     1/1/2018        EUR     92.48
IMMO-BANK AG            4.200    7/14/2020        EUR    102.38
IMMO-BANK AG            4.200   12/28/2023        EUR    102.14
IMMO-BANK AG            4.000     1/1/2017        EUR    102.38
IMMO-BANK AG            4.000     1/1/2016        EUR    102.38
IMMO-BANK AG            4.000     1/1/2016        EUR    102.38
IMMO-BANK AG            4.625     1/1/2015        EUR    102.38
IMMO-BANK AG            4.000     1/1/2015        EUR    102.38
IMMO-BANK AG            4.500     1/1/2014        EUR    101.25
IMMO-BANK AG            4.250     1/1/2021        EUR    102.38
IMMO-BANK AG            4.000    3/27/2023        EUR     99.50
IMMO-BANK AG            4.100    3/27/2023        EUR    100.43
IMMO-BANK AG            4.450    7/21/2023        EUR    102.38
IMMO-BANK AG            4.400   11/28/2023        EUR    102.68
IMMO-BANK AG            4.625     1/1/2011        ATS    102.21
IMMOFINANZ              1.250   11/19/2017        EUR     89.09
IMMOFINANZ              7.000   12/22/2011        EUR    140.03
IMMOFINANZ IMMOB        2.750    1/20/2014        EUR     88.38
KOMMUNALKREDIT          4.440   12/20/2030        EUR     66.25
KOMMUNALKREDIT          4.900    6/23/2031        EUR     68.88
OESTER VOLKSBK          5.450     8/2/2019        EUR     68.63
OESTER VOLKSBK          5.270     2/8/2027        EUR     96.88
RAIFF WOHNBAUBK         4.000   12/30/2013        EUR    103.41
RAIFF ZENTRALBK         4.500    9/28/2035        EUR     90.42
S-WOHNBAUBANK AG        4.000     2/6/2015        EUR    105.07
S-WOHNBAUBANK AG        3.600   10/14/2013        EUR    103.09
S-WOHNBAUBANK AG        3.800     6/2/2016        EUR    103.17
S-WOHNBAUBANK AG        4.200     2/1/2023        EUR    102.85
S-WOHNBAUBANK AG        3.500    1/28/2020        EUR     97.78
S-WOHNBAUBANK AG        4.400   10/22/2011        EUR    103.39
S-WOHNBAUBANK AG        3.625     6/5/2012        ATS    102.59
S-WOHNBAUBANK AG        4.875    2/11/2012        EUR    104.68
S-WOHNBAUBANK AG        4.300     1/2/2020        EUR    104.72
S-WOHNBAUBANK AG        3.800   10/29/2017        EUR    102.37
S-WOHNBAUBANK AG        4.250   10/15/2012        EUR    104.40
S-WOHNBAUBANK AG        4.000     2/1/2019        EUR    103.18
S-WOHNBAUBANK AG        4.500     1/5/2013        EUR    105.22
S-WOHNBAUBANK AG        3.800    4/30/2017        EUR    102.79
S-WOHNBAUBANK AG        4.000     5/8/2013        EUR    104.38
S-WOHNBAUBANK AG        4.875    11/7/2010        ATS    101.43
S-WOHNBAUBANK AG        4.000    2/15/2023        EUR    100.67
S-WOHNBAUBANK AG        4.300    6/30/2023        EUR    103.45
S-WOHNBAUBANK AG        4.400    6/30/2021        EUR    105.02
S-WOHNBAUBANK AG        4.000    2/15/2021        EUR    101.50
S-WOHNBAUBANK AG        3.550    1/28/2022        EUR     97.64
S-WOHNBAUBANK AG        4.250     2/1/2021        EUR    103.81
S-WOHNBAUBANK AG        3.500    1/20/2021        EUR     97.70
S-WOHNBAUBANK AG        4.000   10/20/2021        EUR     97.90
S-WOHNBAUBANK AG        4.250    1/26/2022        EUR    100.80
S-WOHNBAUBANK AG        3.800    4/10/2014        EUR    103.75
S-WOHNBAUBANK AG        4.000    1/28/2022        EUR    101.43
S-WOHNBAUBANK AG        4.000     1/2/2021        EUR    101.53
S-WOHNBAUBANK AG        3.500     2/4/2020        EUR     97.77
S-WOHNBAUBANK AG        3.700     2/2/2022        EUR     97.83
S-WOHNBAUBANK AG        4.400   10/22/2011        EUR    103.21
S-WOHNBAUBANK AG        5.000   12/29/2010        EUR    101.90
S-WOHNBAUBANK AG        3.900    1/28/2020        EUR    101.18
S-WOHNBAUBANK AG        4.625    4/13/2011        ATS    102.60
S-WOHNBAUBANK AG        4.500    1/15/2012        EUR    103.89

EURONAV SA              6.500    1/31/2015        USD    113.94
NYRSTAR                 7.000    7/10/2014        EUR    166.61
SAGERPAR                2.950    4/27/2012        EUR    104.23
UCB SA                  4.500   10/22/2015        EUR    114.57

PETROL AD-SOFIA         8.375   10/26/2011        EUR     47.11

INTERPIPE LTD           8.750     8/2/2010        USD     75.48

CZECH REPUBLIC          2.750    1/16/2036        JPY     54.43

DANMARK SKIBSKRD        2.000   11/15/2024        DKK     74.86
TRYG FORSIKRING         4.500   12/19/2025        EUR     74.15

MUNI FINANCE PLC        0.250    6/28/2040        CAD     22.29
MUNI FINANCE PLC        0.500    3/17/2025        CAD     49.64
MUNI FINANCE PLC        1.000   10/30/2017        AUD     65.52
MUNI FINANCE PLC        1.000   11/21/2016        NZD     71.29
MUNI FINANCE PLC        0.500    9/24/2020        CAD     63.90
MUNI FINANCE PLC        1.000    2/27/2018        AUD     64.24
TALVIVAARA              5.250    5/20/2013        EUR     99.13

AIR FRANCE-KLM          4.970     4/1/2015        EUR     15.95
ALCATEL SA              4.750     1/1/2011        EUR     16.23
ALCATEL-LUCENT          5.000     1/1/2015        EUR      3.49
ALTRAN TECHNOLOG        6.720     1/1/2015        EUR      5.06
ARTEMIS CONSEIL         2.000    7/31/2011        EUR    147.42
ATOS ORIGIN SA          2.500     1/1/2016        EUR     53.21
AXA SA                  3.750     1/1/2017        EUR    237.26
CALYON                  6.000    6/18/2047        EUR     45.67
CAP GEMINI SOGET        3.500     1/1/2014        EUR     44.13
CAP GEMINI SOGET        1.000     1/1/2012        EUR     44.14
CLUB MEDITERRANE        4.375    11/1/2010        EUR     49.27
CMA CGM                 5.500    5/16/2012        EUR     64.04
CMA CGM SA              7.250     2/1/2013        USD     61.38
DEXIA MUNI AGNCY        1.000   12/23/2024        EUR     61.34
ESSILOR INT'L           1.500     7/2/2010        EUR     92.80
EURAZEO                 6.250    6/10/2014        EUR     58.57
FAURECIA                4.500     1/1/2015        EUR     20.80
GROUPE VIAL             2.500     1/1/2014        EUR     18.38
ILIAD SA                2.200     1/1/2012        EUR     90.22
MAUREL ET PROM          7.125    7/31/2014        EUR     18.40
NEOPOST SA              3.750     2/1/2015        EUR     86.33
NEXANS SA               4.000     1/1/2016        EUR     71.14
NEXANS SA               1.500     1/1/2013        EUR     85.51
PEUGEOT SA              4.450     1/1/2016        EUR     31.81
PUBLICIS GROUPE         1.000    1/18/2018        EUR     46.01
PUBLICIS GROUPE         3.125    7/30/2014        EUR     36.87
RALLYE SA               3.250     7/1/2013        EUR     94.27
RHODIA SA               0.500     1/1/2014        EUR     45.60
SOC AIR FRANCE          2.750     4/1/2020        EUR     21.16
SOITEC                  6.250     9/9/2014        EUR     12.88
TEM                     4.250     1/1/2015        EUR     59.14
THEOLIA                 2.000     1/1/2014        EUR     14.16
UNIBAIL RODAM SE        3.500     1/1/2015        EUR    184.02
VALEO                   2.375     1/1/2011        EUR     46.50
ZLOMREX INT FIN         8.500     2/1/2014        EUR     40.88
ZLOMREX INT FIN         8.500     2/1/2014        EUR     40.88

CELESIO FINANCE         3.750   10/29/2014        EUR    125.85
DEPFA PFANDBRIEF        6.759    2/22/2019        EUR     65.39
DEUTSCHE BK LOND        1.000    3/31/2027        USD     44.64
DT LUFTHANSA AG         1.250     1/4/2012        EUR    100.40
ESCADA AG               7.500     4/1/2012        EUR     17.74
EUROHYPO AG             5.000    5/15/2027        EUR     94.16
HSH NORDBANK AG         4.375    2/14/2017        EUR     75.01
KFW                     3.250    6/27/2013        EUR    105.08
KFW                     1.500    7/30/2014        EUR    115.11
L-BANK FOERDERBK        0.500    5/10/2027        CAD     44.76
LB BADEN-WUERTT         2.500    1/30/2034        EUR     64.18
LB BADEN-WUERTT         5.250   10/20/2015        EUR     34.02
QIMONDA FINANCE         6.750    3/22/2013        USD      4.13
RENTENBANK              1.000    3/29/2017        NZD     71.07
SGL CARBON AG           0.750    5/16/2013        EUR     92.97
SGL CARBON SE           3.500    6/30/2016        EUR    110.22
SOLON AG SOLAR          1.375    12/6/2012        EUR     44.74
TUI AG                  2.750     9/1/2012        EUR     87.43
TUI AG                  5.500   11/17/2014        EUR     96.91

HELLENIC REP I/L        2.300    7/25/2030        EUR     73.44
HELLENIC REPUB          3.000    4/30/2019        JPY     71.23
HELLENIC REPUBLI        4.500    9/20/2037        EUR     75.23
YIOULA GLASSWORK        9.000    12/1/2015        EUR     54.38
YIOULA GLASSWORK        9.000    12/1/2015        EUR     55.84

HUNGARIAN STATE         4.400    9/25/2014        EUR    108.68
REP OF HUNGARY          2.110   10/26/2017        JPY     72.43

ALLIED IRISH BKS        5.625   11/29/2030        GBP     74.26
ALLIED IRISH BKS        5.250    3/10/2025        GBP     74.78
BANK OF IRELAND         4.875    1/22/2018        GBP     78.24
DEPFA ACS BANK          4.900    8/24/2035        CAD     70.31
DEPFA ACS BANK          5.125    3/16/2037        USD     75.31
DEPFA ACS BANK          0.500     3/3/2025        CAD     34.49
DEPFA ACS BANK          5.125    3/16/2037        USD     75.11
IRISH PERM PLC          7.284    2/15/2035        EUR     65.84
UT2 FUNDING PLC         5.321    6/30/2016        EUR     75.64

BANCA INTESA SPA        6.984     2/7/2035        EUR     57.88
BANCO POPOLARE          4.750     6/1/2010        EUR    100.29
BEATRICE FOODS          1.000   11/19/2026        USD     29.00
BENI STABILI            2.500   10/27/2011        EUR     98.75
BULGARI SPA             5.375     7/8/2014        EUR    137.05
IGD                     2.500    6/28/2012        EUR     92.87
RISANAMENTO             1.000    5/10/2014        EUR     89.56
UBI BANCA SPCA          5.750    7/10/2013        EUR    110.90

ACERGY SA               2.250   10/11/2013        USD    107.04
ARCELORMITTAL           7.250     4/1/2014        EUR     37.05
ARCELORMITTAL           5.000    5/15/2014        USD    157.75
BREEZE                  6.708    4/19/2027        EUR     62.75
BREEZE                  4.524    4/19/2027        EUR     85.73
CONTROLINVESTE          3.000    1/28/2015        EUR    103.92
EVRAZ GROUP SA          7.250    7/13/2014        USD    209.56
FINMECCANICA FIN        0.375     8/8/2010        EUR     99.18
GALLERY CAPITAL        10.125    5/15/2013        USD     19.95
GLOBAL YATIRIM H        9.250    7/31/2012        USD     69.50
HELLAS III              8.500   10/15/2013        EUR     30.42
INTRALOT LUX SA         2.250   12/20/2013        EUR     90.34
IT HOLDING FIN          9.875   11/15/2012        EUR     14.98
KLOCKNER & CO           1.500    7/27/2012        EUR     91.82
KLOECKNER & CO          6.000     6/9/2014        EUR    139.01
KUD FIN SERV HLD        1.625    10/5/2012        CHF     97.05
LIGHTHOUSE INTL         8.000    4/30/2014        EUR     67.19
LIGHTHOUSE INTL         8.000    4/30/2014        EUR     68.24
QIAGEN FINANCE          3.250    5/16/2026        USD    132.42
QIAGEN FINANCE          1.500    8/18/2024        USD    184.02
SONATA SECURIT          1.500    12/9/2010        CHF    107.36
SWATCH GP FIN LU        2.625   10/15/2010        CHF    130.02
TEMENOS LUX             1.500    3/21/2013        CHF    168.87
TMK BONDS SA            5.250    2/11/2015        USD    111.76
UBI BANCA INT           8.750   10/29/2012        EUR     96.70

AIR BERLIN FINAN        1.500    4/11/2027        EUR     80.10
AIR BERLIN FINAN        9.000    8/25/2014        EUR    110.85
APP INTL FINANCE       11.750    10/1/2005        USD      1.05
ARPENI PR INVEST        8.750     5/3/2013        USD     64.88
ARPENI PR INVEST        8.750     5/3/2013        USD     66.55
ASM INTL NV             6.500    11/6/2014        EUR    135.25
ASM INTL NV             4.250    12/6/2011        USD    132.55
ASM INTL NV             4.250    12/6/2011        USD    118.36
ASTANA FINANCE          9.000   11/16/2011        USD     25.97
BK NED GEMEENTEN        0.500    6/27/2018        CAD     71.79
BK NED GEMEENTEN        0.500    2/24/2025        CAD     49.01
BRIT INSURANCE          6.625    12/9/2030        GBP     72.50
DGS INTL FIN BV        10.000     6/1/2007        USD      0.01
ELEC DE CAR FIN         8.500    4/10/2018        USD     60.55
EM.TV FINANCE BV        5.250     5/8/2013        EUR      5.19
ENERGY GROUP O/S        7.425   10/15/2017        USD     18.00
ENERGY GROUP O/S        7.550   10/15/2027        USD     18.00
INDAH KIAT INTL        12.500    6/15/2006        USD      0.01
INDAH KIAT INTL        11.875    6/15/2002        USD      0.01
INFINEON TECH           7.500    5/26/2014        EUR    238.13
IVG FINANCE BV          1.750    3/29/2017        EUR     74.33
KPN NV                  5.750    9/17/2029        GBP     99.66
LEHMAN BROS TSY         8.250    3/16/2035        EUR     11.45
MTU AERO ENGINES        2.750     2/1/2012        EUR    105.92
NATL INVESTER BK       25.983     5/7/2029        EUR     41.11
NED WATERSCHAPBK        0.500    3/11/2025        CAD     49.30
PARGESA                 1.750    6/15/2014        CHF     93.47
PARGESA                 1.700    4/27/2013        CHF     95.57
PORTUGAL TEL FIN        4.125    8/28/2014        EUR    106.07
PRAKTIKER BV            2.250    9/28/2011        EUR     95.22
Q-CELLS INTERNAT        1.375    2/28/2012        EUR     66.50
Q-CELLS INTERNAT        5.750    5/26/2014        EUR     65.21
RABOBANK                0.250   12/18/2014        CHF     98.63
RABOBANK                0.125    12/4/2014        CHF     99.60
RBS NV EX-ABN NV        1.875   10/27/2010        EUR     99.26
SALZGITTER FIN B        1.125    10/6/2016        EUR    109.21
SUEDZUCKER INT          2.500    6/30/2016        EUR    115.57
TEMIR CAPITAL           9.500    5/21/2014        USD     29.50
TEMIR CAPITAL           9.000   11/24/2011        USD     30.50
TURANALEM FIN BV        8.000    3/24/2014        USD     43.64
TURANALEM FIN BV        7.750    4/25/2013        USD     43.92
TURANALEM FIN BV        7.875     6/2/2010        USD     43.75
TURANALEM FIN BV        8.250    1/22/2037        USD     44.29
TURANALEM FIN BV        6.250    9/27/2011        EUR     43.97
TURANALEM FIN BV        8.250    1/22/2037        USD     44.83
TURANALEM FIN BV        8.000    3/24/2014        USD     43.25
TURANALEM FIN BV        8.500    2/10/2015        USD     43.93
USG PEOPLE              3.000   10/18/2012        EUR    100.77
WERELDHAVE NV           2.500    3/23/2011        EUR     99.23
WERELDHAVE NV           4.375    9/16/2014        EUR    114.11

EKSPORTFINANS           0.500     5/9/2030        CAD     38.25
MARINE HARVEST          4.500    2/23/2015        EUR    103.52
NORSKE SKOGIND          7.000    6/26/2017        EUR     68.73

POLAND-REGD-RSTA        2.810   11/16/2037        JPY     66.67
REP OF POLAND           2.620   11/13/2026        JPY     72.46
REP OF POLAND           3.300    6/16/2038        JPY     71.26
REP OF POLAND           2.648    3/29/2034        JPY     63.74
REP OF POLAND           3.220     8/4/2034        JPY     72.71

PARPUBLICA              2.690   12/16/2010        EUR    100.54
PARPUBLICA              3.250   12/18/2014        EUR     99.38

MOESK OAO               8.050     9/6/2011        RUB     59.18
MRSK URALA              8.150    5/22/2012        RUB     55.80

ABENGOA SA              4.500     2/3/2017        EUR     99.56
ABENGOA SA              6.875    7/24/2014        EUR    124.21
BANCAJA EMI SA          2.755    5/11/2037        JPY     66.29
BBVA SUB CAP UNI        2.750   10/22/2035        JPY     70.62
FCC FOM CONST           6.500   10/30/2014        EUR    100.91
LA CAIXA                3.500    6/19/2011        EUR    101.28
MINICENTRALES           4.810   11/29/2034        EUR     65.96
PESCANOVA SA            6.750     3/5/2015        EUR    102.40
SOL MELIA SA            5.000   12/18/2014        EUR    108.99

INDUSTRIVARDEN          2.500    2/27/2015        EUR    110.66
SWEDISH EXP CRED        0.500   12/17/2027        USD     48.24

ALLREAL HOLDING         1.875     6/2/2010        CHF     99.91
ALLREAL HOLDING         2.125    10/9/2014        CHF    101.96
BALOISE HOLDING         1.500   11/17/2016        CHF    108.92
CLARIANT AG             3.000     7/7/2014        CHF    173.78
GEBERIT AG              1.000    6/14/2010        CHF    192.57
GRAUBUNDNER KANT        2.000     5/8/2014        CHF    106.73
GRAUBUNDNER KANT        1.000     7/3/2013        CHF    103.45
SWISS LIFE HOLD         0.625    6/10/2010        CHF     99.42
SWISS PRIME SITE        1.875    1/20/2015        CHF    105.29
UBS AG JERSEY          10.140   12/30/2011        USD     14.55
UBS AG JERSEY           3.220    7/31/2012        EUR     58.26
UBS AG JERSEY          12.800    2/28/2011        USD     35.16
UBS AG JERSEY           8.250    2/28/2011        USD     70.78
UBS AG JERSEY          10.000    2/11/2011        USD     61.60
UBS AG JERSEY          15.250    2/11/2011        USD     12.30
UBS AG JERSEY          14.640    1/31/2011        USD     38.81
UBS AG JERSEY          16.170    1/31/2011        USD     13.85
UBS AG JERSEY          13.900    1/31/2011        USD     36.20
UBS AG JERSEY          11.030    4/21/2011        USD     21.50
UBS AG JERSEY          10.500    6/16/2011        USD     72.18
UBS AG JERSEY          10.650    4/29/2011        USD     16.12
UBS AG JERSEY          11.150    8/31/2011        USD     40.50
UBS AG JERSEY           9.000     7/2/2010        USD     60.55
UBS AG JERSEY           9.000    6/11/2010        USD     60.29
UBS AG JERSEY           9.000    5/18/2010        USD     61.73
UBS AG JERSEY           9.000    8/13/2010        USD     65.30
UBS AG JERSEY          10.360    8/19/2011        USD     54.00
UBS AG JERSEY          10.990    3/31/2011        USD     30.88
UBS AG JERSEY          11.400    3/18/2011        USD     25.78
UBS AG JERSEY          11.330    3/18/2011        USD     18.08
UBS AG JERSEY          10.820    4/21/2011        USD     22.37
UBS AG JERSEY           9.000    7/19/2010        USD     60.25
UBS AG JERSEY           9.350    7/27/2010        USD     60.95
UBS AG JERSEY          16.160    3/31/2011        USD     45.16
UBS AG JERSEY          10.000   10/25/2010        USD     66.60
UBS AG JERSEY           9.350    9/21/2011        USD     67.10
UBS AG JERSEY           9.500    8/31/2010        USD     67.05

3I GROUP PLC            3.625    5/29/2011        GBP    100.40
ALPHA CREDIT GRP        2.940     3/4/2035        JPY     64.45
AMDOCS LIMITED          0.500    3/15/2024        USD     75.00
ANGLO AMERICAN          4.000     5/7/2014        USD    163.73
AUTONOMY CORP           3.250     3/4/2015        GBP    114.87
BANK OF SCOTLAND        6.984     2/7/2035        EUR     74.44
BANK OF SCOTLAND        2.359    3/27/2029        JPY     73.11
BARCLAYS BK PLC         7.610    6/30/2011        USD     54.33
BARCLAYS BK PLC        11.650    5/20/2010        USD     49.11
BARCLAYS BK PLC         8.550    1/23/2012        USD     11.41
BARCLAYS BK PLC        10.600    7/21/2011        USD     42.19
BARCLAYS BK PLC         9.000    6/30/2011        USD     44.71
BRADFORD&BIN BLD        5.750   12/12/2022        GBP     32.66
BRADFORD&BIN BLD        5.500    1/15/2018        GBP     33.17
BRADFORD&BIN PLC        7.625    2/16/2049        GBP     33.37
BRADFORD&BIN PLC        6.625    6/16/2023        GBP     32.96
BRITISH AIRWAYS         5.800    8/13/2014        GBP    147.18
BROADGATE FINANC        5.098     4/5/2033        GBP     74.87
CABLE & WIRELESS        5.750   11/24/2014        GBP     88.35
CHELSEA BUILDING        5.875     3/7/2019        GBP     52.51
EFG HELLAS PLC          2.760    5/11/2035        JPY     69.53
EMS INTL FINANCE        2.500    4/23/2010        CHF    100.12
ENTERPRISE INNS         6.375    9/26/2031        GBP     74.82
F&C ASSET MNGMT         6.750   12/20/2026        GBP     67.76
GLOBAL CROSS FIN       10.750   12/15/2014        USD    104.76
HBOS PLC                4.500    3/18/2030        EUR     72.46
HOCHSCHILD MININ        5.750   10/20/2014        USD    105.65
INEOS GRP HLDG          7.875    2/15/2016        EUR     76.71
INMARSAT                1.750   11/16/2017        USD    118.50
ITV PLC                 4.000    11/9/2016        GBP    118.91
LIBERTY INTERNAT        3.950    9/30/2010        GBP     99.28
NATL GRID GAS           1.754   10/17/2036        GBP     48.94
NATL GRID GAS           1.771    3/30/2037        GBP     45.47
NBG FINANCE PLC         2.755    6/28/2035        JPY     67.89
NOMURA BANK INTL        0.800   12/21/2020        EUR     59.13
NORTHERN ROCK           9.375   10/17/2021        GBP     72.60
NORTHERN ROCK           4.574    1/13/2015        GBP     70.45
NORTHERN ROCK           5.750    2/28/2017        GBP     62.33
NORTHERN ROCK          10.375    3/25/2018        GBP     73.75
OJSC BANK NADRA         9.250    6/28/2010        USD     28.50
PENNON GROUP PLC        4.625    8/20/2014        GBP    112.06
PETROPAVLOVSK 20        4.000    2/18/2015        USD    109.82
PUNCH TAVERNS           6.468    4/15/2033        GBP     71.65
ROYAL BK SCOTLND        4.243    1/12/2046        EUR     60.82
ROYAL BK SCOTLND        7.472     6/9/2025        EUR     74.89
ROYAL BK SCOTLND        9.500     4/4/2025        USD     59.42
ROYAL BK SCOTLND        4.700     7/3/2018        USD     73.00
RSL COMM PLC            9.875   11/15/2009        USD      3.00
SAINSBURY PLC           4.250    7/16/2014        GBP    114.63
SALAMANDER              5.000    3/30/2015        USD    100.20
SPIRIT ISSUER           5.472   12/28/2028        GBP     73.29
TUI TRAVEL PLC          6.000    10/5/2014        GBP    112.67
TXU EASTERN FNDG        6.450    5/15/2005        USD      2.25
TXU EASTERN FNDG        6.750    5/15/2009        USD      2.50
UNIQUE PUB FIN          6.464    3/30/2032        GBP     66.16
VEDANTA RESOURCE        4.000    3/30/2017        USD    106.10
VEDANTA RESOURCE        5.500    7/13/2016        USD    129.00
WESSEX WATER FIN        1.369    7/31/2057        GBP     21.60


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

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  Go to order any title today.


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

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Valerie C. Udtuhan, Marites O. Claro, Rousel Elaine
C. Tumanda-Fernandez, Joy A. Agravante and Peter A. Chapman,

Copyright 2010.  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.

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