TCREUR_Public/100517.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, May 17, 2010, Vol. 11, No. 095

                            Headlines



I R E L A N D

ALLIED IRISH: Irish Government's Stake Increases By 18.6%
INTERNATIONAL SECURITIES: Breaks Ties with Collins Stewart
IRISH LIFE: May Need to Raise EUR900 Mil. By Yearend
MIZA PHARMA: High Court Upholds Restriction Order v. 2 Directors
QUINN INSURANCE: Owner's Close Family Member Mulls Acquisition


L U X E M B O U R G

INTELSAT SA: BC Partners, Silver Lake Funds to Sell $1.4BB Notes
INTELSAT SA: Reports US$102.6 Million Net Loss for Q1 2010


U N I T E D   K I N G D O M

ASCOT MINWORTH: Cashflow Problems Prompt Administration
BRITISH AIRWAYS: Seeks Injunction to Halt Cabin Crew Strike
COVERZONES: Bought Out of Administration By Management Team
CREST NICHOLSON: Taps Morgan Stanley to Advise on Potential Sale
EATONFIELD GROUP: Calls Meeting to Avert Administration

EMI GROUP: Investors Agree to Inject Cash to Meet Debt Covenants
INTELLEGO GROUP: Implements CVA; Owes Roughly GBP1 Mil.
LUMINAR GROUP: Warns of Possible Covenant Breach
OCTAVIAN INT'L: In Administration; KPMG Appointed
PIGGOTT BLACK: Buyer of Assets Faces Liquidation

PLYMOUTH ARGYLE: Says No Plans to Go Into Administration
R&W CUSHWAY: Enters Into Administration
RAYMARINE PLC: In Administration; Sold to FLIR Systems
SEA AND LAND: Sold to Zefier UK; 17 Jobs Secured
TPT CONSTRUCTION: Faces Two Winding-Up Petitions for Non-Payment

* UK: Business Insolvencies Down 15% Year-On-Year in April


X X X X X X X X

* BOND PRICING: For the Week May 10 to May 14, 2010




                         *********



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


ALLIED IRISH: Irish Government's Stake Increases By 18.6%
---------------------------------------------------------
Simon Carswell at The Irish Times reports that the Irish
government's shareholding in Allied Irish Banks increased to 18.6%
as the bank was forced to give shares to the state instead of a
EUR280 million dividend due under last year's EUR3.5 billion
bailout of the bank.

The report relates AIB had to give 198 million ordinary shares, or
a stake of 18.3%, to the government after the European Commission
placed a "dividend stopper" pending a review of the state aid
support.

The shares were issued to the National Pension Reserve Fund, which
already held 0.3% of the bank, the report says.  Warrants taken by
the state under last year's bailout could increase the stake to
about 40%, if exercised, the report states.

The bank must raise EUR7.4 billion in capital this year to absorb
mounting losses, which could lead to the state increasing its
interest to a majority stake if AIB cannot raise enough cash on
its own, the report notes.

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

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Dec. 10,
2009, Fitch Ratings affirmed Allied Irish Banks plc's individual
Rating at 'D/E'.


INTERNATIONAL SECURITIES: Breaks Ties with Collins Stewart
----------------------------------------------------------
Emmet Oliver at Irish Independent reports that International
Securities Trading Corporation will no longer form part of Collins
Stewart, the broker and wealth manager that bought the company two
years ago for EUR5 million.

According to Irish Independent, it is understood Collins no longer
regards the company as core to its operations and ISTC founder
Tiarnan O'Mahoney and a group of other staff now intend to
re-establish the company as an independent entity.

Collins, Irish Independent says, is not likely to recover all the
EUR5 million invested in the company, but is hoping to recover a
large portion of it.

Irish Independent recalls ISTC was forced to seek court protection
from its own creditors when the U.S. subprime crisis began to take
its toll on financial markets.  Irish Independent recounts it was
forced to petition for examinership after a warning from Dresdner
Bank, a German creditor, that the bank would seek to have the
company wound up unless it paid back a EUR176,000 debt.  The last
set of accounts filed by the company, covering 2008, show a loss
of EUR160 million, on interest income of EUR145.5 million, Irish
Independent notes.

AS reported by the Troubled Company Reporter-Europe on March 7,
2008, Irish Independent said unsecured creditors of ISTC approved
the scheme of arrangement drafted by court-appointed examiner John
McStay.  Irish Independent disclosed under the scheme, unsecured
creditors, which include banks, were expected to recover 12% of
their EUR439 million investment, while subordinated creditors --
including 125 small investors who invested EUR43 million in bonds
in ISTC -- and Asian investors, who bought EUR160 million, worth
of preference share-like instruments, would see no return.

Headquartered in Dublin, Ireland, International Securities
Trading Corporation Plc -- http://www.istcorporation.com/--
provides investment grade Tier 1 and Tier II hybrid bank capital
via private placement issues and primary market participation.
Acting as principal in private placement transactions, ISTC is
uniquely positioned to offer bespoke solutions and certainty of
execution to issuers.


IRISH LIFE: May Need to Raise EUR900 Mil. By Yearend
----------------------------------------------------
Dara Doyle and Louisa Fahy at Independent.ie report that
Irish Life & Permanent may seek to raise money by the end of the
year if it decides to split its banking and life insurance units.

The report relates Irish Life Chief Executive Officer Kevin Murphy
said Friday the company would need to raise EUR900 million.

According to the report, the European Commission is reviewing
plans submitted by Irish banks after the government bailed them
out as the financial system came close to collapse amid surging
bad debts and a credit freeze.

Irish Life this year created a new holding company that would
allow it to split, the report relates.  Mr. Murphy, as cited in
the report, said he's "confident" the Irish bank industry will be
restructured.

"We are ready to participate in that," the report quoted
Mr. Murphy as saying.

Headquartered in Dublin, Irish Life & Permanent plc --
http://www.irishlifepermanent.ie/-- is a provider of personal
financial services to the Irish market.  Its business segments
include banking, which provides retail banking services; insurance
and investment, which includes individual and group life assurance
and investment contracts, pensions and annuity business written in
Irish Life Assurance plc and Irish Life International, and the
investment management business written in Irish Life Investment
Managers Limited; general insurance, which includes property and
casualty insurance carried out through its associate, Allianz-
Irish Life Holdings plc, and other, which includes a number of
small business units.  On June 30, 2008, it acquired the rest of
the 50% interest in Joint Mortgage Holdings No. 1 Limited (the
parent of Springboard Mortgages Limited), resulting in Springboard
Mortgages becoming a wholly owned subsidiary.  On December 23,
2008, it acquired an additional 23% of Cornmarket Group Financial
Services Ltd, bringing its interest to 98%.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on April 8,
2010, Fitch Ratings downgraded Irish Life & Permanent's Individual
rating to 'D' from 'C'.  Fitch said the downgrade reflects Fitch's
concerns about ILP's profitability in the next two years, its
ability to absorb increased provisioning charges in the banking
business through operating profits, the standalone capital
position of the bank and its large share of wholesale funding.
According to Fitch, while the insurance business, Irish Life,
continues to be profitable at an operating level, its
profitability was not sufficient to compensate for losses in the
banking business, permanent tsb, in 2009.


MIZA PHARMA: High Court Upholds Restriction Order v. 2 Directors
----------------------------------------------------------------
Mary Carolan at The Irish Times reports that Mr. Justice Nial
Fennelly at the Supreme Court upheld a restriction order on two
directors who allowed EUR2.8 million (which should have been paid
to creditors here) to be taken from insolvent Irish companies in
the Miza pharmaceutical group and transferred to other group
companies abroad.

According to the report, the judge said directors must inform
themselves about the business and affairs of companies, and their
own duties, in order to discharge their responsibilities.

The report relates he was delivering the three-judge court's
unanimous judgment dismissing an appeal by Jack Kachkar and Robert
McClellan Carrigan against a 2005 High Court order, under section
150 of the Companies Act, restricting them for a five-year period
from acting as directors of companies, except under certain
conditions.

Dr. Kachkar was chief executive, president and majority
shareholder of Miza Inc., a Canadian pharmaceutical company, and
McClennan Carrigan was vice-president, the report discloses.

The report recalls various arms of the Miza group in Britain, the
US and Canada were placed in administration, sold or not active by
mid-2003.  The restriction orders were sought by Tom Grace,
liquidator of five companies which were formerly part of the Irish
Antigen group, which were sold out of examinership in 2001 in a
joint venture between the Miza group and the UK group, Goldshield,
the report relates.


QUINN INSURANCE: Owner's Close Family Member Mulls Acquisition
--------------------------------------------------------------
Belfast Telegraph reports that a close family member of Sean Quinn
is planning to purchase Quinn Insurance.  According to the report,
it is understood the plan, if successful, is the only way to keep
the troubled firm in the Quinn family.

The report notes sources say serious negotiations have been under
way for a "considerable time" about a deal involving members of
Mr. Quinn's family and American investors.

It is believed several potential investors in the United States
have been approached by representatives acting on behalf of the
Quinn family regarding a takeover bid, the report states.

As reported by the Troubled Company Reporter-Europe on April 19,
2010, The Financial Times said Quinn Insurance was put into
administration on April 15 after Sean Quinn abandoned attempts to
keep control of the family-owned company.  The FT disclosed the
administrators were instructed by the High Court to run the
company as a going concern "with a view to placing it on a sound
commercial footing".

Quinn Insurance is owned by Sean Quinn, Ireland's richest man, and
his family.  The company has just more than 20% of the motor and
health insurance market in Ireland.  It has more than one million
customers in the country.  Employing almost 2,800 people in
Britain and Ireland, it was founded in 1996 and entered the UK
market in 2004, according to The Times.


===================
L U X E M B O U R G
===================


INTELSAT SA: BC Partners, Silver Lake Funds to Sell $1.4BB Notes
----------------------------------------------------------------
Intelsat S.A. disclosed that funds advised by BC Partners and
funds advised by Silver Lake intend to sell up to:

      US$281,810,000 aggregate principal amount of Intelsat
                   (Luxembourg) S.A.'s 11-1/4% Senior Notes due
                   2017 and

    US$1,121,692,472 aggregate principal amount of Intelsat
                   (Luxembourg) S.A.'s 11-1/2%/12-1/2% Senior PIK
                   Election Notes due 2017.

The 11-1/4% Senior Notes due 2017 and the 11-1/2%/12-1/2% Senior
PIK Election Notes due 2017 were originally issued on June 27,
2008 pursuant to Rule 144A and Regulation S and the new notes were
issued in exchange for the original notes on January 20, 2010.
Intelsat said the selling securityholders are affiliates of the
Company.  Intelsat has filed with the U.S. Securities and Exchange
Commission a prospectus to register the new notes held by the
selling securityholders for resale.  Intelsat will not receive any
proceeds from the sale of the new notes in the offer.

A full-text copy of the prospectus is available at no charge at
http://ResearchArchives.com/t/s?6223

                          About Intelsat

Based in Luxembourg, Intelsat S.A. provides fixed satellite
services worldwide.

As of March 31, 2010, the Company had US$17.266 billion in total
assets against total current liabilities of US$669.358 million;
long-term debt, net of current portion of US$15.367 billion;
deferred satellite performance incentives, net of current portion
of US$125.350 million; deferred revenue, net of current portion of
US$296.110 million; deferred income taxes of US$540.775 million;
accrued retirement benefits of US$239.026 million; other long-term
liabilities of US$337.141 million; redeemable noncontrolling
interest of US$16.604 million.  The Company had non-controlling
interest of US$1.917 million and total Intelsat S.A. shareholder's
deficit of US$327.839 million.


INTELSAT SA: Reports US$102.6 Million Net Loss for Q1 2010
----------------------------------------------------------
Intelsat S.A. reported revenue of US$621.1 million and a net loss
of US$102.6 million for the three months ended March 31, 2010.
Intelsat S.A. reported revenue of US$631.8 million and a net loss
of US$557.6 million for the three months ended March 31, 2009.

The company also reported Intelsat S.A. EBITDAi, or earnings
before net interest, loss on early extinguishment of debt, taxes
and depreciation and amortization, of US$445.8 million, and
Intelsat Luxembourg Adjusted EBITDAi of US$483.1 million, or 78%
of revenue, for the three months ended March 31, 2010.

On April 21, 2010, Intelsat S.A. completed a consent solicitation
to amend certain terms of Intelsat S.A.'s 7-5/8% Senior Notes due
2012 and 6-1/2% Senior Notes due 2013.  The most significant
amendments replaced the limitation on secured debt covenant, which
limited secured debt of Intelsat S.A. and its restricted
subsidiaries to 15% of their consolidated net tangible assets
(subject to certain restrictions), with a new limitation on liens
covenant, which generally limits such secured debt to two times
the adjusted EBITDA of Intelsat S.A plus certain general baskets
(subject to certain exceptions), and made certain corresponding
changes to the sale and leaseback covenant as a result of the
addition of the new limitation on liens covenant.

"First quarter 2010 performance was as anticipated in light of the
previously reported events that are restraining our growth in the
first half of 2010," said Intelsat CEO, David McGlade. "Our
confidence in our business is well-founded. Our attractive
contract backlog, which increased to US$9.5 billion at the end of
the first quarter, provides stability to our business and
visibility into our future revenue streams."

Mr. McGlade continued, "Our goal is to deliver sustainable growth
over the long term. With new capacity entering service on our
network and solid demand for the services we provide, we will
continue to execute on our business plan. As we progress, we look
forward to an improving growth profile in the second half of
2010."

As of March 31, 2010, the Company had US$17.266 billion in total
assets against total current liabilities of US$669.358 million;
long-term debt, net of current portion of US$15.367 billion;
deferred satellite performance incentives, net of current portion
of US$125.350 million; deferred revenue, net of current portion of
US$296.110 million; deferred income taxes of US$540.775 million;
accrued retirement benefits of US$239.026 million; other long-term
liabilities of US$337.141 million; redeemable noncontrolling
interest of US$16.604 million.  The Company had non-controlling
interest of US$1.917 million and total Intelsat S.A. shareholder's
deficit of US$327.839 million.

A full-text copy of the Company's earnings release is available at
no charge at http://ResearchArchives.com/t/s?6222

A full-text copy of the Company's quarterly report on Form 10-Q is
available at no charge at http://ResearchArchives.com/t/s?6221

                          About Intelsat

Based in Luxembourg, Intelsat S.A. provides fixed satellite
services worldwide.


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


ASCOT MINWORTH: Cashflow Problems Prompt Administration
-------------------------------------------------------
Birmingham Post.net reports that Ascot Minworth has gone into
administration.  According to the report, the company is now in
the hands of administrators PKF after it encountered cashflow
problems stemming from a drop in turnover.

The report says administrators Edward Kerr of PKF in Nottingham
and Ian Gould of the firm's Birmingham office are now keeping the
business going while they seek a buyer for the firm.

Ascot Minworth makes labels and emblems for Jaguar.  The company's
other clients include Ford, BMW and Nokia.  It has an operation
based at the Minworth Industrial Park in Sutton Coldfield and
employs 41 members of staff, according to Birmingham Post.net.


BRITISH AIRWAYS: Seeks Injunction to Halt Cabin Crew Strike
-----------------------------------------------------------
Kenneth Wong and Steve Rothwell at Bloomberg News report that
British Airways Plc is seeking an injunction to block 12,000 cabin
crew members from a five-day strike starting May 18.

According to Bloomberg, BA said in an e-mailed statement the
airline has applied to the High Court for the injunction.  A
hearing is scheduled for May 17, Bloomberg says.

Bloomberg relates the airline and Unite on Friday both said that
they would take part in talks initiated by Advisory, Conciliation
and Arbitration Service, the national mediator.

"The Trade Union and Labour Relations (Consolidation) Act 1992
requires unions to send everyone eligible to vote details of the
exact breakdown of the ballot result," Bloomberg quoted BA as
saying in its statement.  "We do not believe Unite properly
complied with this requirement."

Pilita Clark at The Financial Times reports lawyers for the
airline, which is expected to report record losses next week,
wrote to the Unite union representing its flight attendants on
Thursday, May 13, about the validity of the February 22 ballot
result on which the unusually long walkout is based.

The FT notes the airline gave Unite a deadline of 1:00 p.m. on
Friday, May 14, to respond to questions on whether the union
obeyed legal requirements to advertise adequately the outcome of
the ballot to all its members.  Unions are legally bound to take
all reasonable steps necessary to ensure anyone entitled to vote
in a ballot is quickly informed of the full result, including the
number of votes cast; the size of the yes and no votes; and the
number of spoilt ballots, the FT states.

"We will be vigorously defending our ballot and members against
this move by BA, the FT quoted Unite as saying Friday night.  "We
have already responded to the company and notified them that we
have fully complied with the law.  The only way to settle this
long-running dispute is through negotiation.  A solution is not to
be found in the courtroom."

If BA's legal move is successful, it could lead to an injunction
against the stoppage, even though it is over the validity of a
ballot that Unite has already used for two walkouts over seven
days in March, the FT says.

                        Contingency Plan

Separately, the FT's Bob Sherwood reports that BA is to mount a
complex contingency plan to limit the effect of a five-day cabin
crew strike but tens of thousands of passengers are still likely
to be unable to fly each day.

According to the FT, the airline plans to fly more than 60,000
passengers each day -- more than 70% of its customers -- but about
40% of its long-haul flights and 50% of short-haul flights from
Heathrow airport will be cancelled.

BA, the FT says, plans to lease up to eight aircraft with pilots
and cabin crew from five different airlines in the UK and Europe
to help cope with the first of four five-day strikes due to begin
on Tuesday.

The carrier has also struck deals with more than 50 rival airlines
to fill any spare seats with passengers from cancelled BA flights,
the FT notes.

                          Strike Action

As reported by the Troubled Company Reporter-Europe on May 12,
2010, the FT said British Airways cabin crew are to hold nearly
three weeks of strikes after flight attendants rejected the
airline's latest offer in a dispute over staffing levels.  The FT
disclosed the first action, the third wave of strikes by BA staff
this year, will begin on May 18 and run until May 22.  There will
be further five-day stoppages starting on May 24, May 30 and June
5, broken by three 24-hour "breather" days, the FT said.

According to Bloomberg News, the Unite union says the
carrier must reinstate free travel and take back fired workers to
win consideration for a pay plan that's "an improvement" on
previous offers.  Bloomberg noted the strike may cost GBP150
million (US$223 million), including business lost on the single
days between walkouts, based on the GBP45-million expense of seven
days of stoppages in March.

                      About British Airways

Headquartered in Harmondsworth, England, British Airways Plc,
along with its subsidiaries, (LON:BAY) -- http://www.ba.com/-- 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,
L'Avion.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on March 19,
2010, Moody's Investors Service lowered to B1 from Ba3 the
Corporate Family and Probability of Default Ratings of British
Airways plc; and the senior unsecured and subordinate ratings to
B2 and B3, respectively.  Moody's said the outlook is stable.
This concludes the review that was initiated on November 10, 2009.

The rating action reflects Moody's view that credit metrics will
not be commensurate with the previous rating category in the
medium term.  Moody's expect furthermore that metrics will be
burdened in the foreseeable future by the company's significant
pension deficit, which was at GBP2.6 billion for the APS and NAPS
schemes combined as of September 2009 (under IAS).  Moody's
nevertheless understand that under the current agreement with the
trade unions, the cash contributions to these deficits will be
frozen at GBP330 million per year for three years, subject to
approval by the Pensions Regulator and the trustees.


COVERZONES: Bought Out of Administration By Management Team
-----------------------------------------------------------
Leigh Jackson at Post Online reports that the assets of Coverzones
have been bought out of administration by its management team
backed by a private investor.

The report says Coverzones, which had been backed by French
insurer MMA, the business will be relaunched with "universal
support" from its existing panel.

The report recalls the management team had been in discussions
with a "global financial services brand" in January last year, but
following the collapse of the takeover in February 2010 Coverzones
was unable to secure the working capital needed to avoid going
into administration.

According to the report, discussions on fresh investment capital
are already underway with a number of prospective investors from
both the insurance industry and investment community.

The report states in its last filed accounts for the year ending
April 30, 2009, Coverzones reported a loss after tax of GBP3.2
million (2008: GBP780 881 loss).  The report notes that while the
directors said they were "satisfied" with the performance of the
company, which had net assets of GBP1.02 million (2008: GBP755
000), Coverzones admitted it would need further finance.

Coverzones is an online commercial aggregator.


CREST NICHOLSON: Taps Morgan Stanley to Advise on Potential Sale
----------------------------------------------------------------
Ed Hammond at The Financial Times reports that the board of Crest
Nicholson has appointed Morgan Stanley to advise it on the
potential sale of the business.

Crest, as cited by the FT, said the bank would assist it "in
reviewing its options for the future with its stakeholders".

The FT relates one person close to Crest said the move to appoint
the bank was a "strong indication" that the company was keen to
launch an auction in the coming months.

"There are a significant number of stakeholders who will want the
authority of a bank to ensure that they get the best possible
return for whatever piece of debt or equity they hold," the FT
quoted the source as saying.

The FT notes that a person familiar with Horizon, which opened
talks surrounding a possible GBP400 million takeover of the
housebuilder weeks ago, said the Hugh Osmond-backed acquisition
vehicle disputed the idea that an auction was in the offing and
suggested the appointment was likely to speed up any discussions
between the company and Crest.

                         Horizon Bid

As reported by the Troubled Company Reporter-Europe on April 27,
2010, the FT said Horizon made a bid approach for Crest Nicholson.
The FT disclosed the approach with an offer for Crest of GBP350
million to GBP400 million, a small discount to estimates of the
value of the company's land bank last year.  Horizon would acquire
the group via the debt, paying down a large chunk at par and
asking lenders, including Lloyds and HSBC, to write down the
remainder, the FT said.  The FT noted one hurdle to the deal would
be the losses that Crest's creditors would have to bear were it to
go ahead.

The FT recalled in February last year Crest completed a GBP630
million debt for equity swap that left its lenders holding 90% of
the stock, with the remaining 10% going to management.  The
restructuring helped the housebuilder slash its borrowings from
GBP1.09 billion to just GBP620 million, set to mature in 2012,
according to the FT.

Crest Nicholson -- http://www.crestnicholson.com/-- is a
residential development company with property interests primarily
in central and southern England.  The firm focuses on developing
sustainable master-planned communities and mixed-use developments,
along with urban regeneration and commercial property
developments.


EATONFIELD GROUP: Calls Meeting to Avert Administration
-------------------------------------------------------
James Chapelard at Crain's Manchester Business reports that
Eatonfield Group Plc has called a meeting of its shareholders
later this month to enable it to draw more of its equity facility
and avoid going into administration.

According to the report, directors of the Taporley-based company
have been forced to take the step because they are unable to draw
down the remaining GBP650,000 of the facility, which has been
provided by a joint venture partner Jenard Properties.

The report says the meeting is needed to secure authorization to
issue more shares to Jenard.

The report notes in a statement, Eatonfield admitted that if its
latest attempts to improve its cash flow failed it may be forced
into administration.

The general meeting will be held at 10:00 a.m. on May 28 at
Haycroft Farm, Peckforton Hall Lane, Spurstow, Tarporley, Cheshire
CW6 9TF, the report discloses.

Eatonfield Group Plc -- http://www.eatonfield.co.uk/-- is a
United kingdom-based company.  The Company is engaged in the
development and sale of commercial and investment properties and
real estate.  It focuses on the commercial and residential
property development in Wales and the North of England.  The
Company's subsidiary, Eatonfield Developments Limited, is engaged
in the property investment and development.


EMI GROUP: Investors Agree to Inject Cash to Meet Debt Covenants
----------------------------------------------------------------
Kristen Schweizer at Bloomberg News reports that EMI Group's
investors agreed to inject enough cash to maintain banking
agreements.  Bloomberg relates EMI said in a statement Friday Guy
Hands' Terra Firma Capital Partners Ltd. will put more cash into
the label.  According to Bloomberg, the investment will take place
by June 14 and Citigroup Inc., the principal lender, has been
informed.

Without Friday's funding, EMI could have ended up in the hands of
Citigroup, Bloomberg states.

Bloomberg notes a person familiar with the matter said money
raised came from current investors in Terra Firma and no outside
funds were involved.

The cash will allow EMI to meet its debt agreements until March,
Bloomberg says, citing an April 27 presentation to investors.
According to Bloomberg, the document showed Mr. Hands is also
trying to raise GBP255 million to help EMI meet its covenants
until March 2015.

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


INTELLEGO GROUP: Implements CVA; Owes Roughly GBP1 Mil.
-------------------------------------------------------
Business Financial Newswire reports that Intellego Group's
directors decided to implement a creditors voluntary arrangement
for the company to be able to trade profitably for the future.

According to the report, the company has accumulated liabilities,
including loans, of roughly GBP1 million.

The report says the effect of the company voluntary arrangement
will be to formalize arrangements to satisfy those liabilities for
roughly GBP400,000 payable over five years.

Intellego Group is the main operating company of Intellego
Holdings Plc -- http://www.intellego.co.uk/-- a United Kingdom-
based holding company.  The Company operates in three business
segments: distribution, services and publishing.  The distribution
segment includes the resale of software developed by the third
parties.  The services segment includes consultancy,
customization, including development of content, and integration
of e-learning systems.  The publishing segment includes the sale
of internally generated documents.  The Company's subsidiaries
include Intellego Group Limited, Copia Limited and Professional
Development Partnership Limited.  The principal activities of the
Company's subsidiaries are that of e-learning specialists,
consultants and training.  On May 9, 2008, the Company completed
the acquisition of Zenosis Limited.


LUMINAR GROUP: Warns of Possible Covenant Breach
------------------------------------------------
Pan Kwan Yuk at The Financial Times reports that Luminar Group
Holdings plc warned it could breach borrowing covenants should
trading deteriorate further.

According to the FT, Luminar has suffered as rising youth
unemployment kept more of its core customer market of 18- to 24-
year-olds at home.

The FT relates having issued three profit warnings in the past 12
months, the group on Thursday reported a pre-tax loss of GBP110.2
million for the year to February 25, compared with a GBP10.5
million profit the year before, following GBP114.6 million in
asset writedowns.

Trading has continued to worsen, with like-for-like sales down
19.4% in the first 10 weeks of the new financial year, the FT
discloses.

"Should the spending propensity of young people reduce further,
there is a risk that the group's sales and profitability could
worsen to the extent that it would no longer be able to meet the
requirements placed upon it by its lenders," the FT quoted the
company as saying.

Based in Milton Keynes, United Kingdom, Luminar Group Holdings plc
-- http://www.luminar.co.uk/-- is engaged in the ownership,
development and operation of nightclubs and themed bars.  Its main
branded venues are Oceana, Liquid, and Lava & Ignite.  The
Company's product brands include Big Night Out, Vibe, Red Carpet
Moments and UK Club Culture (UKCC).  Oceana has five bars, two
clubs, and one amazing night.  The Liquid brand has a main room
with lighting, sound and laser technology.  Liquids also have a
secondary room called envy.  Envys provide clubbers with music
varying from disco to rhythm and blues (RnB) and the like.  Lava &
Ignite has a classic twin-scene format.  The main room includes
sound and lighting technology, and can be transformed to a venue
for corporate events, live music and televised sporting events.
Life caters to local pub, local club and local people.  Life is a
bar and club concept.  It is designed to fit into smaller towns.
The Company's subsidiaries include Luminar Holdings Limited,
Luminar Oceana Limited, and Luminar Lava Ignite Limited.


OCTAVIAN INT'L: In Administration; KPMG Appointed
-------------------------------------------------
Mark Orton and Allan Graham were appointed Joint Administrators of
Octavian International Limited on May 7, 2010.

The Company is the holding vehicle for a group that operates in
the development and distribution of gaming software, systems and
lottery solutions.  The Company owns intellectual property and
share capital in subsidiaries and partners that provide the group
with a global presence, operating in more than 30 national gaming
markets.

Mr. Graham commented, "The global economic downturn combined with
specific gaming industry factors, including delays in expected
regulatory and legislative change, have adversely impacted on
Octavian's trading conditions and working capital requirements.

"The Company's products and systems are recognized and highly
regarded within the global gaming market and the company will
continue to trade in administration while we seek a purchaser.  A
number of parties have already expressed interest, and based on
early stage discussions we believe there is a realistic prospect
of finding a buyer.

"Unfortunately a small number of redundancies have been made since
appointment."

The Company operates under the OctaGames, OctaSystems and
OctaLotto brands and is well established in markets such as Italy,
Argentina and Colombia, alongside research and development
facilities in Russia.  The group consists of 169 employees
worldwide and last year had turnover of US$11.7 million.  The
company's European headquarters are based in Guildford, Surrey.


PIGGOTT BLACK: Buyer of Assets Faces Liquidation
------------------------------------------------
Helen Morris at PrintWeek reports that creditors of Piggott Black
Bear (Cambridge) are facing more uncertainty as Celinco, the
company that bought PBB's assets, is set to be liquidated.

The report relates that a notice in the London Gazette said a
meeting of Celinco's creditors will be held at the Southgate,
north London, office of insolvency practitioner Bond Partners on
May 25.

A spokesman for Bond Partners confirmed that Celinco was set to be
liquidated, but could not comment further, the report notes.

The report recalls PBB originally called in administrators in
September last year.  However, print consortium Celinco bought the
business and assets two weeks later and continued to trade the
company under its PBB name, the report recounts.

Celinco had not paid either the GBP95,000 purchase price for the
company's assets or money owed to suppliers as part of the deal,
the report says, citing the administrator's March 29 report.

Piggott Black Bear (Cambridge) is a B1 magazine printer.


PLYMOUTH ARGYLE: Says No Plans to Go Into Administration
--------------------------------------------------------
BBC News reports that Plymouth Argyle's executive director Keith
Todd said there are no plans to take the club into administration.
The report relates Mr. Todd told BBC Spotlight, "Any business
theoretically could [go into administration], but there's no plans
to do such a thing at all.

"We need to take this business forward, we know what actions need
to be taken and those steps are being taken.

"Throughout last season the shareholder group provided access to
further funding and that situation will need to happen over a
period of time."

According to BBC News, the relegated Championship club are set to
lose GBP3 million as a result of dropping into League One.

Plymouth's financial troubles have been reflected in a wide range
of areas in recent months, BBC News notes.

BBC News relates unpaid debts to Her Majesty's Revenue and Customs
saw the Football League place Argyle under a transfer embargo at
the end of 2009.

Meanwhile, a GBP2.8 million loss for the financial year 2008-09
was countered by plans for Argyle to sell their Home Park ground
to a holding company, BBC News states.  The club attributed the
loss to an unsustainable wage bill, coupled with a drop in
attendances, BBC News says.

Plymouth Argyle Football Club, commonly known as Argyle, or by its
nickname, The Pilgrims, is an English professional football club
based in Central Park, Plymouth.


R&W CUSHWAY: Enters Into Administration
---------------------------------------
R&W Cushway & Co. Limited, specialists in resistance welding
components, was placed into administration on May 6, 2010.

Jason Baker and Geoff Rowley, Client Partners at Vantis Business
Recovery Services, a division of Vantis, the UK accounting, tax
and business advisory group, have been appointed as Joint
Administrators.

R&W Cushway & Co is a family-run business dating over three
generations.  Based in Waltham Abbey, Essex, the company has been
supplying specialist resistance welding consumables to the
automotive industry for over 70 years.

Commenting on the administration, Jason Baker said, "The continued
decline of the automotive industry has badly affected R&W Cushway
& Co Limited and, consequently, the Directors had no alternative
other than to place the company into administration.  We are
working closely with the management team and continuing to trade
the business with a view to achieving a sale of the business as a
going concern".

Steve Herrington, a Director at R&W Cushway & Co., said, "The
recent economic downturn and subsequent tough business environment
has made it extremely difficult for the business to trade
sustainably.  The volume of work required in keeping the business
viable has not been available."

R&W Cushway & Co. continues to trade in order to complete work in
progress, while the Joint Administrators concentrate on marketing
the business with a view to a sale.  Twelve redundancies were made
shortly following the appointment of the Joint Administrators who
are continuing to keep the situation under review.

Interested parties should contact Chris Pearce (07908 411758)
and/or Alastair Massey (07894 093 760) at Vantis BRS for further
details.


RAYMARINE PLC: In Administration; Sold to FLIR Systems
------------------------------------------------------
ShareCast reports that Raymarine plc has been placed into
administration with FTI Consulting.

The report relates FTI sold the business to thermal imaging
company FLIR Systems Inc. for an undisclosed price.

According to the report, Raymarine's lenders demanded their money
back so administration was inevitable.  Shares in the marine
electronics company were suspended at 4:05 p.m. on Friday May 14,
at 17.5p each and the listing will be cancelled, the report
discloses.

The report notes FTI says that the transaction should enable a
return to shareholders of 20p a share before administration costs
and any creditor claims.  FTI has to advertise for creditor claims
before it can confirm the precise amount, the report states.

Raymarine plc -- http://www.raymarine.co.uk/-- is engaged in the
manufacture and marketing of navigation equipment within the
marine market.  Raymarine designs, manufactures and distributes
worldwide electronic goods and related software for use in the
leisure boating market.  The Company also develops and
manufactures the comprehensive range of electronic equipment for
the recreational boating and light commercial marine markets.  In
February 2008, the Company acquired Deck Marine S.p.A., which is
the distributor of Raymarome products in Italy.  The Company's
main United Kingdom subsidiary, Raymarine UK Limited, has a branch
in Italy (Raymarine UKLimited Italian branch).


SEA AND LAND: Sold to Zefier UK; 17 Jobs Secured
------------------------------------------------
Stephen Oldfield, Chris Pillar and Mark Shires, partners at
PricewaterhouseCoopers LLP and joint administrators of SLP
Engineering Limited, have sold the business and assets of Sea and
Land Power and Energy Limited, a subsidiary of SLP Engineering
Limited based in Lowestoft to Zefier UK II Limited, a subsidiary
of the Smulders Group.  The buyer is a subsidiary of the Smulders
Group which is active in the renewables industry.  The sale
secures 17 jobs and Smulders has confirmed it will continue to
operate this business from Lowestoft.

The deal also includes agreeing an exclusivity period for Smulders
to complete due diligence on SLP Engineering with a view to
purchasing that business as well.

Mr. Oldfield, joint administrator and Advisory partner at
PricewaterhouseCoopers LLP in East Anglia, said: "The
administration of SLP has been very challenging.  Our first
priority was to secure the continuance of 'business as usual' on
the yard which was achieved before Christmas.  We then focused on
finding a buyer in order to ensure the future of the business
which is a longstanding and significant employer in East Anglia.
It was always going to be difficult given the lack of a future
order book at SLP Engineering and we have consistently stated that
any buyer would need to grasp the significant opportunities that
the Round 3 wind farms off the East coast will offer

"Smulder's purchase of the Energy business and indicating its
intention to buy SLP Engineering it keeps the synergy of the two
businesses co-existing in Lowestoft intact.  Our priority now is
seeing the proposed SLP Engineering deal with Smulders through to
completion."

Albert Smulders, Chief Executive of Smulders said: "The
acquisition of the business and assets of Sea and Land Power and
Energy Limited is a first but important step into the United
Kingdom by the Smulders Group.  We are a committed supplier to the
wind energy business in Europe and aim to expand our activities in
the United Kingdom as well."

The Administrators continue to consult fully with the employees of
SLP Engineering through the Employee and Union Consultative
Committee.

Mr. Oldfield continued: "The news of the Energy deal and the entry
into exclusive discussions with Smulders on SLP Engineering has
been greeted positively by the committee although it is recognized
that as the current order book for the yard is completed,
redundancies will occur.  We have stressed that nothing is certain
until a deal is done and until that time, business will continue
as normal on the Lowestoft yard.

"The key is to get a new owner to start the process of refilling
the order book to rebuild the business back to historic levels as
soon as possible.  The Smulders exclusivity agreement is a
positive step towards that."


TPT CONSTRUCTION: Faces Two Winding-Up Petitions for Non-Payment
----------------------------------------------------------------
Michael Glackin at Building magazine reports that TPT Construction
is facing two winding-up petitions.  The report relates the
petitions, which could lead to the firm being placed in
administration, come amid a number of complaints about its payment
record since Darbyshire bought the company out of administration
for GBP7 million last year.

According to the report, the first petition was brought by Tyco
Fire & Integrated Solutions and will be heard on Thursday, June
20, at Bristol county court.  The second was brought by Leeds
lender Industrial & Corporate Finance and is due to be heard on
June 15 at Leeds county court, the report discloses.  Both amounts
are undisclosed, the report notes.

TPT Construction is a Pembrokeshire-based contractor owned by
Gareth Darbyshire.  It has a turnover of GBP20 million.


* UK: Business Insolvencies Down 15% Year-On-Year in April
----------------------------------------------------------
The latest Insolvency Index from Experian(R), the global
information services company, has revealed a year-on-year fall in
business insolvencies in the U.K. during April.

The total number of insolvencies fell by 15.1% during April
compared to the same month last year (from 2,274 in April 2009 to
1,818 in April 2010).  As a result, this brought the year-on-year
insolvency rate down from 0.11% to 0.10 %in April.

The overall financial strength score of UK businesses also
improved, from 80.02 in April 2009 to 80.76 in April this year.

Mid-sized businesses suffered the most in April.  Companies with
26-50, 51-100 and 101-500 employees experienced the highest rate
of insolvencies in April 2010 at 0.22%, 0.26% and 0.24%
respectively.

Rolf Hickmann, Managing Director of pH, an Experian company, said:
"Our analysis shows that it continues to be vital for businesses
to understand the circumstances of those they are doing business
with and the risks they could expose their company to."

"It is easier for the smallest businesses, with just one or two
employees, to make adjustments to their operations and pull in the
reins when times are challenging.  For the largest business, there
is the flexibility that comes with economies of scale, so
insolvency rates among these businesses are also low.  Mid-sized
businesses do not typically have the luxury of either of these
benefits and can face the most pressure."

Other key highlights include:

    * The North East region saw the highest rate of insolvencies
for the third consecutive month and was joined in April by
Yorkshire and the West Midlands, all with a rate of 0.13%

    * The East Midlands was the region to see the highest
improvement, from an insolvency rate of 0.11% in April 2010
compared to 0.15% in April 2009.

    * Scotland remained the region with the lowest rate of
insolvency, although did see a slight increase on last year's
figure up to 0.07% from 0.05% in April 2009

    * The Greater London region continued to be the region where
businesses had the lowest financial strength score compared to
other regions.  However, it was also, along with Yorkshire, one of
the regions that saw the biggest year-on-year improvement from
78.45 in April 2009 to 79.59 in April 2010.

    * Although they are among the companies with the highest
insolvency rate, companies with 11-25 employees saw the greatest
improvement year-on-year in the insolvency rate (from 0.32% in
April 2009 to 0.22%).

    * The smallest businesses (with 1 to 2 employees) saw the most
improvement in their financial strength scores -- from 80.33 in
April 2009 to 81.95 in April 2010.

    * The financial strength of businesses in the IT industry rose
from 81.46 in April 2009 to 83.25 -- the biggest improvement
compared to other sectors.

    * Businesses in the oil industry held the highest financial
strength score during April -- 85.61.


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


* BOND PRICING: For the Week May 10 to May 14, 2010
---------------------------------------------------

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

AUSTRIA
-------
HTM SPORT FREIZE      8.500     2/1/2014       EUR    65.38
HTM SPORT FREIZE      8.500     2/1/2014       EUR    65.38
KOMMUNALKREDIT        4.440   12/20/2030       EUR    50.38
KOMMUNALKREDIT        5.430    2/13/2024       EUR    62.63
KOMMUNALKREDIT        4.900    6/23/2031       EUR    51.88
KOMMUNALKREDIT        6.080   12/13/2018       EUR    70.38
KOMMUNALKREDIT        6.460    3/27/2022       EUR    70.38
OESTER VOLKSBK        5.270     2/8/2027       EUR    97.23

BELGIUM
-------
FORTIS BANK           8.750    12/7/2010       EUR    15.53

BULGARIA
--------
PETROL AD-SOFIA       8.375   10/26/2011       EUR    51.75

CYPRUS
------
INTERPIPE LTD         8.750     8/2/2010       USD    77.49

DENMARK
-------
TRYG FORSIKRING       4.500   12/19/2025       EUR    76.08

FINLAND
-------
MUNI FINANCE PLC      0.500    9/24/2020       CAD    64.91
MUNI FINANCE PLC      0.250    6/28/2040       CAD    23.04
MUNI FINANCE PLC      1.000   11/21/2016       NZD    65.77
MUNI FINANCE PLC      1.000   10/30/2017       AUD    66.07
MUNI FINANCE PLC      0.500    3/17/2025       CAD    51.03
MUNI FINANCE PLC      1.000    2/27/2018       AUD    64.81

FRANCE
------
AIR FRANCE-KLM        4.970     4/1/2015       EUR    13.99
ALCATEL SA            4.750     1/1/2011       EUR    16.26
ALCATEL-LUCENT        5.000     1/1/2015       EUR     3.17
ALTRAN TECHNOLOG      6.720     1/1/2015       EUR     4.93
ATOS ORIGIN SA        2.500     1/1/2016       EUR    53.09
CALYON                6.000    6/18/2047       EUR    48.52
CAP GEMINI SOGET      3.500     1/1/2014       EUR    43.62
CAP GEMINI SOGET      1.000     1/1/2012       EUR    44.93
CLUB MEDITERRANE      4.375    11/1/2010       EUR    49.25
DEXIA MUNI AGNCY      1.000   12/23/2024       EUR    63.13
EURAZEO               6.250    6/10/2014       EUR    57.99
FAURECIA              4.500     1/1/2015       EUR    19.63
GROUPE VIAL           2.500     1/1/2014       EUR    18.78
MAUREL ET PROM        7.125    7/31/2014       EUR    17.60
NEXANS SA             4.000     1/1/2016       EUR    63.62
PEUGEOT SA            4.450     1/1/2016       EUR    28.99
PUBLICIS GROUPE       1.000    1/18/2018       EUR    46.19
PUBLICIS GROUPE       3.125    7/30/2014       EUR    37.07
RHODIA SA             0.500     1/1/2014       EUR    46.12
SOC AIR FRANCE        2.750     4/1/2020       EUR    20.51
SOITEC                6.250     9/9/2014       EUR    11.19
TEM                   4.250     1/1/2015       EUR    54.92
THEOLIA               2.000     1/1/2014       EUR    13.39
VALEO                 2.375     1/1/2011       EUR    46.55
ZLOMREX INT FIN       8.500     2/1/2014       EUR    47.50
ZLOMREX INT FIN       8.500     2/1/2014       EUR    47.50

GERMANY
-------
L-BANK FOERDERBK      0.500    5/10/2027       CAD    46.11
LB BADEN-WUERTT       2.500    1/30/2034       EUR    71.63
LB BADEN-WUERTT       5.250   10/20/2015       EUR    33.90
QIMONDA FINANCE       6.750    3/22/2013       USD     3.50
RENTENBANK            1.000    3/29/2017       NZD    70.78
SOLON AG SOLAR        1.375    12/6/2012       EUR    43.10

GREECE
------
HELLENIC REP I/L      2.300    7/25/2030       EUR    56.88
HELLENIC REP I/L      2.900    7/25/2025       EUR    57.77
HELLENIC REPUB        4.500    11/8/2016       JPY    72.93
HELLENIC REPUB        4.500     7/3/2017       JPY    70.11
HELLENIC REPUB        3.800     8/8/2017       JPY    66.63
HELLENIC REPUB        3.000    4/30/2019       JPY    55.74
HELLENIC REPUB        5.000    8/22/2016       JPY    72.74
HELLENIC REPUBLI      5.300    3/20/2026       EUR    72.72
HELLENIC REPUBLI      4.500    9/20/2037       EUR    62.49
HELLENIC REPUBLI      4.600    9/20/2040       EUR    62.74
HELLENIC REPUBLI      4.700    3/20/2024       EUR    72.05
YIOULA GLASSWORK      9.000    12/1/2015       EUR    54.88
YIOULA GLASSWORK      9.000    12/1/2015       EUR    56.11

IRELAND
-------
ALLIED IRISH BKS      5.625   11/29/2030       GBP    67.50
ALLIED IRISH BKS      5.250    3/10/2025       GBP    63.66
DEPFA ACS BANK        1.920     5/9/2020       JPY    73.38
DEPFA ACS BANK        4.900    8/24/2035       CAD    71.24
DEPFA ACS BANK        0.500     3/3/2025       CAD    31.84
DEPFA ACS BANK        5.250    3/31/2025       CAD    74.53
DEPFA ACS BANK        5.125    3/16/2037       USD    71.48
DEPFA ACS BANK        5.125    3/16/2037       USD    71.48
IRISH NATIONWIDE      6.250    6/26/2012       GBP   105.28
IRISH NATIONWIDE      5.500    1/10/2018       GBP    59.87

ITALY
-----
BANCA INTESA SPA      6.984     2/7/2035       EUR    57.88
BEATRICE FOODS        1.000   11/19/2026       USD    43.00

LUXEMBOURG
----------
ARCELORMITTAL         7.250     4/1/2014       EUR    30.99
BREEZE FINANCE        4.524    4/19/2027       EUR    68.75
GALLERY CAPITAL      10.125    5/15/2013       USD    19.95
GLOBAL YATIRIM H      9.250    7/31/2012       USD    71.63
HELLAS III            8.500   10/15/2013       EUR    26.58
LIGHTHOUSE INTL       8.000    4/30/2014       EUR    64.27
LIGHTHOUSE INTL       8.000    4/30/2014       EUR    64.54

NETHERLANDS
-----------
APP INTL FINANCE     11.750    10/1/2005       USD     0.08
BK NED GEMEENTEN      0.500    6/27/2018       CAD    72.94
BK NED GEMEENTEN      0.500    2/24/2025       CAD    50.44
BLT FINANCE BV        7.500    5/15/2014       USD    73.25
BLT FINANCE BV        7.500    5/15/2014       USD    73.25
BRIT INSURANCE        6.625    12/9/2030       GBP    73.79
DGS INTL FIN BV      10.000     6/1/2007       USD     0.01
ELEC DE CAR FIN       8.500    4/10/2018       USD    54.00
ENERGY GROUP O/S      7.550   10/15/2027       USD    18.38
ENERGY GROUP O/S      7.425   10/15/2017       USD    18.38
INDAH KIAT INTL      11.875    6/15/2002       USD     0.01
INDAH KIAT INTL      12.500    6/15/2006       USD     0.01
IVG FINANCE BV        1.750    3/29/2017       EUR    73.53
NATL INVESTER BK     25.983     5/7/2029       EUR    43.66
NED WATERSCHAPBK      0.500    3/11/2025       CAD    49.51
NIB CAPITAL BANK      4.790   12/17/2043       EUR    73.91
Q-CELLS INTERNAT      5.750    5/26/2014       EUR    64.73
Q-CELLS INTERNAT      1.375    2/28/2012       EUR    66.21
RBS NV EX-ABN NV      2.910    6/21/2036       JPY    73.58
TEMIR CAPITAL         9.000   11/24/2011       USD    30.50
TEMIR CAPITAL         9.500    5/21/2014       USD    33.00
TURANALEM FIN BV      8.250    1/22/2037       USD    49.13
TURANALEM FIN BV      8.500    2/10/2015       USD    50.86
TURANALEM FIN BV      7.750    4/25/2013       USD    47.53
TURANALEM FIN BV      6.250    9/27/2011       EUR    49.45
TURANALEM FIN BV      7.125   12/21/2009       GBP    46.29
TURANALEM FIN BV      8.000    3/24/2014       USD    47.00

NORWAY
------
EKSPORTFINANS         0.500     5/9/2030       CAD    39.74
NORSKE SKOGIND        6.125   10/15/2015       USD    65.75
NORSKE SKOGIND        7.000    6/26/2017       EUR    65.43
NORSKE SKOGIND        7.125   10/15/2033       USD    56.63
NORSKE SKOGIND        7.125   10/15/2033       USD    56.63
NORSKE SKOGIND        6.125   10/15/2015       USD    65.75

POLAND
------
POLAND-REGD-RSTA      2.810   11/16/2037       JPY    62.37
REP OF POLAND         3.300    6/16/2038       JPY    70.90
REP OF POLAND         2.648    3/29/2034       JPY    63.58
REP OF POLAND         2.620   11/13/2026       JPY    73.42
REP OF POLAND         3.220     8/4/2034       JPY    72.48

RUSSIA
------
FORTUM OJSC           7.600    6/17/2010       RUB    60.00
MOESK OAO             8.050     9/6/2011       RUB    69.92

SPAIN
-----
BANCAJA EMI SA        2.755    5/11/2037       JPY    44.90
BBVA SUB CAP UNI      2.750   10/22/2035       JPY    74.46
MINICENTRALES         4.810   11/29/2034       EUR    67.04

SWEDEN
------
SWEDISH EXP CRED      0.500   12/17/2027       USD    51.16

SWITZERLAND
-----------
UBS AG JERSEY        11.400    3/18/2011       USD    25.67
UBS AG JERSEY         3.220    7/31/2012       EUR    50.55
UBS AG JERSEY        10.140   12/30/2011       USD    14.90
UBS AG JERSEY         9.230   12/30/2011       USD    13.36
UBS AG JERSEY        11.150    8/31/2011       USD    39.45
UBS AG JERSEY        10.360    8/19/2011       USD    54.38
UBS AG JERSEY        13.000    6/16/2011       USD    50.87
UBS AG JERSEY        10.650    4/29/2011       USD    16.25
UBS AG JERSEY        11.030    4/21/2011       USD    21.12
UBS AG JERSEY        10.820    4/21/2011       USD    21.95
UBS AG JERSEY        16.160    3/31/2011       USD    44.96
UBS AG JERSEY        10.990    3/31/2011       USD    30.99
UBS AG JERSEY        11.330    3/18/2011       USD    18.08
UBS AG JERSEY        12.800    2/28/2011       USD    35.14
UBS AG JERSEY         8.250    2/28/2011       USD    70.78
UBS AG JERSEY        15.250    2/11/2011       USD    11.98
UBS AG JERSEY        10.000    2/11/2011       USD    61.78
UBS AG JERSEY        16.170    1/31/2011       USD    13.66
UBS AG JERSEY        14.640    1/31/2011       USD    38.31
UBS AG JERSEY        13.900    1/31/2011       USD    35.92
UBS AG JERSEY        10.000   10/25/2010       USD    60.15
UBS AG JERSEY         9.500    8/31/2010       USD    60.70
UBS AG JERSEY         9.000    6/11/2010       USD    55.12
UBS AG JERSEY         9.000     7/2/2010       USD    55.30
UBS AG JERSEY         9.000    7/19/2010       USD    54.85
UBS AG JERSEY         9.350    7/27/2010       USD    55.45
UBS AG JERSEY         9.000    8/13/2010       USD    59.50
UBS AG LONDON        17.550    6/28/2010       EUR    73.80
UBS AG LONDON        17.350    6/28/2010       EUR    73.85
UBS AG LONDON        17.000    6/28/2010       EUR    73.75
UBS AG LONDON        16.430    6/28/2010       EUR    73.70

UNITED KINGDOM
--------------
BANK OF SCOTLAND      6.984     2/7/2035       EUR    75.38
BARCLAYS BK PLC       8.550    1/23/2012       USD    11.55
BARCLAYS BK PLC       7.610    6/30/2011       USD    53.06
BARCLAYS BK PLC      10.600    7/21/2011       USD    41.27
BARCLAYS BK PLC       9.000    6/30/2011       USD    44.71
BARCLAYS BK PLC      10.650    1/31/2012       USD    44.80
BARCLAYS BK PLC      11.650    5/20/2010       USD    43.15
BRADFORD&BIN BLD      5.500    1/15/2018       GBP    34.86
BRADFORD&BIN BLD      2.875   10/16/2031       CHF    74.05
BRADFORD&BIN BLD      4.910     2/1/2047       EUR    64.75
BRADFORD&BIN BLD      5.750   12/12/2022       GBP    33.68
BRADFORD&BIN PLC      7.625    2/16/2049       GBP    35.03
BRADFORD&BIN PLC      6.625    6/16/2023       GBP    34.79
BROADGATE FINANC      5.098     4/5/2033       GBP    74.87
EFG HELLAS PLC        6.010     1/9/2036       EUR    43.00
EFG HELLAS PLC        4.375    2/11/2013       EUR    77.82
ENTERPRISE INNS       6.375    9/26/2031       GBP    75.60
F&C ASSET MNGMT       6.750   12/20/2026       GBP    72.36
HBOS PLC              4.500    3/18/2030       EUR    74.48
NATL GRID GAS         1.754   10/17/2036       GBP    47.93
NATL GRID GAS         1.771    3/30/2037       GBP    46.48
NBG FINANCE PLC       2.755    6/28/2035       JPY    46.21
NOMURA BANK INTL      0.800   12/21/2020       EUR    60.83
NORTHERN ROCK         5.750    2/28/2017       GBP    62.25
NORTHERN ROCK         4.574    1/13/2015       GBP    74.11
OJSC BANK NADRA       9.250    6/28/2010       USD    34.50
PUNCH TAVERNS         6.468    4/15/2033       GBP    72.76
ROYAL BK SCOTLND      7.540    6/29/2030       EUR    70.72
ROYAL BK SCOTLND      4.243    1/12/2046       EUR    66.31
RSL COMM PLC          9.875   11/15/2009       USD     3.90
RSL COMM PLC         10.500   11/15/2008       USD     3.90
SPIRIT ISSUER         5.472   12/28/2028       GBP    74.84
TXU EASTERN FNDG      6.750    5/15/2009       USD     2.38
TXU EASTERN FNDG      6.450    5/15/2005       USD     2.38
UNIQUE PUB FIN        6.464    3/30/2032       GBP    68.92
WESSEX WATER FIN      1.369    7/31/2057       GBP    23.17


                            *********

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

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

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

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

                            *********


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

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

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.


                 * * * End of Transmission * * *