TCREUR_Public/100524.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 24, 2010, Vol. 11, No. 100


C Z E C H   R E P U B L I C

MORAVAN AVIATION: Brno Court Approves Sale of Assets


BOEWE SYSTEC: Files for Insolvency in Augsburg Court
CONTINENTAL AG: Faces Higher Interest Costs After S&P Rating Cut
GENERAL MOTORS: Opel Still Seeks Loan Guarantees From Germany
PROVIDE-VR 2003-1: S&P Lowers Rating on Class E Notes to D


BANK OF IRELAND: Shareholders Approve EUR3.56BB Capital Raising
GRAND HOTEL: Owners Agree to Write Off Debt; Examinership Ends


ALITALIA SPA: CEO Rules Out Capital Increase & Stake Sale
CORDUSIO RMBS: Moody's Confirms Ba2 Rating on EUR19.5MM E Notes


FONDO DE TITULIZACION: Moody's Puts Ba1 Rating on Class D Notes

U N I T E D   K I N G D O M

AQUILA PLC: Fitch Affirms BB Rating on Class E Notes; Outlook Neg.
BRADFORD & BINGLEY: Former Shareholders Seek Chancellor's Help
BRIGHOUSE TEXTILES: Increased Competition Prompts Liquidation
BRITISH AIRWAYS: Cabin Crew Strike to Start Today
CMYK: In Administration; 19 Jobs Affected

LAMMAS SCHOOL: Goes Into Administration
LONDON WALL: Fitch Affirms B Rating on Class E Notes; Outlook Neg.
MORRIS SINGER: In Administration; MCR Seeks Potential Buyers


* BOND PRICING: For the Week May 17 to May 21, 2010


C Z E C H   R E P U B L I C

MORAVAN AVIATION: Brno Court Approves Sale of Assets
The Regional Court in Brno has allowed the sale of Moravan
Aviation's assets, CTK reports, citing the court's spokeswoman
Miroslava Sedlackova.

According to the report, among the assets to be sold are plots of
land, buildings, Internet domains and a combined trademark.

The report notes that the insolvency administrator said that a
CZK28.3 million claim of the company's owner, Irish firm QucomHaps
Holding, was not justified.

Moravan Aviation has been in bankruptcy since end of March, the
report discloses.  The company, the report says, owes around
CZK100 million to some 90 creditors.

Moravan Aviation s.r.o. is an aircraft manufacturer based in
Otrokovice, Czech Republic.


BOEWE SYSTEC: Files for Insolvency in Augsburg Court
Ben Livesey at Bloomberg News reports that Boewe Systec AG said it
filed for the opening of an insolvency proceeding with the local
Augsburg court because of "impending illiquidity and over-

Boewe Systec AG develops, manufactures, markets, installs and
maintains paper management systems.  It has operations in Europe,
North America and Asia.

CONTINENTAL AG: Faces Higher Interest Costs After S&P Rating Cut
Cornelius Rahn at Bloomberg News, citing Handelsblatt, reports
that Continental AG's debt rating cut to "B" from "B+" at Standard
& Poor's will cost the company a "two-digit million-euro" amount
in added annual interest payments.

According to Bloomberg, the newspaper said the downgrade means
Continental would have to pay at least 9% interest on a high-yield
bond of as much as EUR2 billion (US$2.52 billion) the company
plans to sell in coming weeks.

As reported by the Troubled Company Reporter-Europe on Feb. 25,
2010, the Financial Times said that about EUR8 billion of
Continental's debt load is due in 2012, leaving it with a
refinancing risk and increasing the urgency for bond issues to
improve maturities.  The FT disclosed Continental said it did not
expect to further bring down its net debt pile this year.

                       About Continental AG

Hanover, Germany-based Continental AG (OTC:CTTAY) -- is an automotive industry
supplier.  The Company focuses its activities on the development,
production and distribution of products that improve driving
safety, driving dynamics and ride comfort.  It operates in six
divisions.  Chassis and Safety provides active and passive driving
safety, safety and chassis sensor systems, as well as chassis
components.  Powertrain focuses on engine systems, hybrid electric
drives, injection technology, and sensors and actuators, among
others.  Interior manufactures information management modules and
wireless mobile devices.  Passenger and Light Truck Tires provides
tires for passenger cars, motorcycles and bicycles.  Commercial
Vehicle Tires offers tires for trucks, as well as industrial and
off-the-road vehicles.  ContiTech specializes in the rubber and
plastics technology, offering parts, components and systems for
the automotive industry and other sectors.  In January 2009,
Schaeffler KG acquired 49.9% interest in the Company.

GENERAL MOTORS: Opel Still Seeks Loan Guarantees From Germany
Angela Cullen at Bloomberg News, citing Focus magazine, reports
that General Motors Co.'s Opel unit still wants EUR1.3 billion
(US$1.64 billion) in loan guarantees from Germany even after the
U.S. carmaker returned to a profit in the first quarter.

According to Bloomberg, the German magazine, citing a letter from
Opel head Nick Reilly to German Economy Minister Rainer Bruederle,
reported that GM's liquidity of US$35.7 million is intended to
finance the company's non-European business and its restructuring
in North America.

                       About General Motors

General Motors Company -- is one of the
world's largest automakers, tracing its roots back to 1908.  With
its global headquarters in Detroit, GM employs 209,000 people in
every major region of the world and does business in some 140
countries.  GM and its strategic partners produce cars and trucks
in 34 countries, and sell and service these vehicles through these
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Opel,
Vauxhall and Wuling.  GM's largest national market is the United
States, followed by China, Brazil, the United Kingdom, Canada,
Russia and Germany.  GM's OnStar subsidiary is the industry leader
in vehicle safety, security and information services.

GM acquired its operations from General Motors Company, n/k/a
Motors Liquidation Company, on July 10, 2009, pursuant to a sale
under Section 363 of the Bankruptcy Code.  Motors Liquidation or
Old GM is the subject of a pending Chapter 11 reorganization case
before the U.S. Bankruptcy Court for the Southern District of New

At December 31, 2009, GM had total assets of US$136.295 billion
against total liabilities of US$107.340 billion.  At December 31,
2009, total equity was US$21.249 million.

                   About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.

The Honorable Robert E. Gerber presides over the Chapter 11 cases.
Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors
in their restructuring efforts.  Al Koch at AP Services, LLC, an
affiliate of AlixPartners, LLP, serves as the Chief Executive
Officer for Motors Liquidation Company.  GM is also represented by
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel.  Cravath, Swaine, & Moore LLP is providing legal advice
to the GM Board of Directors.  GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP.

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

PROVIDE-VR 2003-1: S&P Lowers Rating on Class E Notes to D
Standard & Poor's Ratings Services lowered its credit ratings on
PROVIDE-VR 2003-1 PLC's class C, D, and E notes following a
further increase of allocated losses on the mortgage loan
collateral backing the notes.  At the same time, S&P affirmed its
ratings on the class A+, A, and B notes.

S&P said, "These rating actions follow the full loss allocation to
the unrated class F notes and the allocation of losses to the
class E notes.  The main cause of the increasing losses is the low
recovery rates (33.5%) we are witnessing."

"Total loss allocation in the transaction is 6.3 million to date,
representing more than the total amount of the 6.1 million class F
notes, which act as the first-loss piece.  We have based our
decision to downgrade the class E notes to 'D' from 'CCC-' on the
allocation of 261,000 losses to these notes.  Furthermore, the
current default claims in the reference portfolio are at ?6.6

"PROVIDE VR 2003-1 is a partially-funded synthetic German RMBS
transaction.  It is a second-lien securitization almost entirely
made up of loan parts that aren't eligible for covered bond
issuance.  Such transactions are generally more prone to producing
realized losses than first-lien securitizations, in our opinion.

"Given our analysis of the loss experience to date in this
particular portfolio, we have assessed the likelihood of future
losses for both the performing and nonperforming parts of the
pool.  The required enhancement levels at the various ratings
indicate that the class C and D notes have insufficient support to
maintain their current ratings, in our view, and as a result we
have downgraded these notes.  Furthermore, we have downgraded the
class E notes to 'D' following the allocation of losses," said

Rating List

Class                   Rating
                 To                 From

75.75 Million Floating-Rate Credit-Linked Notes

Ratings Lowered
C               BB                 BBB-
D               CCC-               B-
E               D                  CCC-

Ratings Affirmed
A+              AAA
A               AAA
B               AA


BANK OF IRELAND: Shareholders Approve EUR3.56BB Capital Raising
Joe Brennan at Irish Independent reports that Bank of Ireland's
shareholders have approved the bank's EUR3.56 billion capital

The report relates at a May 19 extraordinary general meeting,
shareholders voted by a majority of at least 98.5% on all eight
resolutions, paving the way for the fundraising deal.  The report
says the aim is to raise cash to plug the hole in the bank's
balance sheet, following the discounted sale of loans to the
National Asset Management Agency, and to make sure that it has
enough capital to hit new regulatory targets.

According to the report, the meeting approved the Irish
government's conversion of EUR1 billion of its EUR3.5 billion of
preference shares into ordinary stock and the recent placing of
EUR500 million of BoI stock with a group of institutional

Shareholders also gave the go-ahead for a EUR1.7 billion rights
issue share sale within the next three weeks -- EUR630 million of
which is coming from the State through the National Pension
Reserve Fund, the report notes.  As a result of the whole
transaction, existing shareholders will end up owning 48% of the
bank, the report states.

The report recounts BoI Chairman Pat Molloy revealed Wednesday
that the group did not have an agreement on how the government
would eventually go about selling down the 36% stake it is taking
in the bank.

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

                           *     *     *

As reported by the Troubled Company Reporter-Europe on April 7,
2010, Fitch Ratings affirmed the rating on Bank of Ireland's Tier
1 notes at 'CCC' (ISINs: XS0268599999, US055967AA11 and

At the same time, Moody's Investors Service placed Bank of
Ireland's D bank financial strength rating (BFSR -- mapping to a
baseline credit assessment of Ba2) on review for possible upgrade,
previously they had a developing outlook.

GRAND HOTEL: Owners Agree to Write Off Debt; Examinership Ends
Laura Noonan at Irish Independent reports that Grand Hotel's
owners have agreed to write off EUR2 million owed to them and
inject another EUR200,000 into the business as part of a rescue
package approved by the High Court last week.

According to the report, the deal will also see KBC Bank accept
interest-only payments on its EUR4.5 million debt for the next 12
months, while other creditors have agreed to write off 90% of the
EUR667,000 they're owed.

The report relates the package was approved by Judge Mary Finlay
Geoghegan on May 18 and marks the end of the Grand's three-month
examinership process under insolvency expert Neil Hughes.

The report notes an independent accountant's report prepared for
the court showed the hotel would have left debts of EUR4.3 million
had it been liquidated, while 45 jobs would have been lost.

The Grand Hotel is located in Wicklow.


ALITALIA SPA: CEO Rules Out Capital Increase & Stake Sale
Tommaso Ebhardt at Bloomberg News reports that Alitalia SpA Chief
Executive Officer Rocco Sabelli told Il Sole 24 Ore in an
interview that the airline is not planning a capital increase and
Italian investors can't sell their stake before 2013.

According to Bloomberg, Mr. Sabelli also said Alitalia postponed
its target to reach a net profit to 2012 from 2011.

Based in Rome, Alitalia S.p.A. --
provides air travel services for passengers and air transport of
cargo on national, international and inter-continental routes,
including United States, Canada, Japan and Argentina.  The Italian
government owns 49.9% of Alitalia.

As reported in the Troubled Company Reporter-Europe on November 7,
2008, Alitalia S.p.A. filed for Chapter 15 protection with the
U.S. Bankruptcy Court in the Southern District of New York.
Italy's national airline experienced financial difficulties for a
number of years caused, in large measure, by a combination of
competition from low-cost air carriers, poor management and
onerous union obligations, according to papers filed with the

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million in
2000 and 2001 respectively.  Alitalia posted EUR93 million in net
profits in 2002 after a EUR1.4 billion capital injection.  The
carrier booked annual net losses of EUR520 million in 2003,
EUR813 million in 2004, EUR168 million in 2005, EUR625.6 million
in 2006, and EUR494.64 million in 2007.

In the petition filed October 29, 2008, Prof. Augusto Fantozzi,
the appointed administrator, said the airline's financial
difficulties had been and exacerbated by spiraling fuel prices.

On August 29, 2008, Alitalia declared insolvency and filed for
commencement of extraordinary administration procedure at the
Tribunal of Rome.  Italian Prime Minister Silvio Berlusconi
appointed Mr. Fantozzi as extraordinary commissioner.
Under the Bankruptcy Bill, the Administrator has supplanted the
directors and other management of Alitalia.

CORDUSIO RMBS: Moody's Confirms Ba2 Rating on EUR19.5MM E Notes
Moody's Investors Service confirmed the ratings of these notes
issued by Cordusio RMBS Securitisation S.r.l. -- Series 2007:

- EUR102MM D Notes, Confirmed at Baa2; previously on October 14,
   2009, Baa2 Placed Under Review for Possible Downgrade;

- EUR19.5MM E Notes, Confirmed at Ba2; previously on October 14,
   2009, Ba2 Placed Under Review for Possible Downgrade;

At the same time, Moody's has affirmed the ratings of the Class A2
(Aaa), Class A3 (Aaa), Class B (Aa1) and Class C (A1) notes, which
were assigned at closing on 25 May 2007 and not under review.

The ratings of the Class D and Class E notes were placed on review
on October 14, 2009, due to worse-than-expected performance.  The
rating actions conclude the review and take into account increased
loss expectations for the mortgage portfolio backing the notes.
All tranches of rated notes have sufficient credit enhancement to
support the current ratings of the notes.

The transaction has not been performing in line with Moody's
expectations at closing and the reserve fund has been drawn
substantially. Cumulative defaults have reached 1.29% of original
balance as of March 2010.  On the latest payment date, mortgage
loans more than 60 and 90 days in arrears had reached
approximately 1.45% and 1.18% of current pool balance.  As of the
last payment date, the reserve fund amounted to EUR930,840, which
is only about 15% of its target amount of EUR6.3 million.

As part of its analysis, Moody's has assessed updated loan-by-loan
information to determine the credit support consistent with target
rating levels and the volatility of the distribution of future
losses.  As a result, Moody's has updated its MILAN Aaa CE
assumptions to 5.5% of the current pool balance. Taking into
account the cumulative amount of defaulted loans and applying a
roll-rate and severity analysis on the rest of the portfolio,
Moody's has increased its loss expectations for the portfolio to
1.25% of original balance.  (Subordination under the Aaa-rated
notes is 9.3%.)  The loss expectation and the MILAN Aaa CE are the
two key parameters Moody's uses to calibrate its loss distribution
curve, which is one of the core inputs in the cash flow model it
uses to rate RMBS transactions.  These updated assumptions reflect
the collateral performance to date well as Moody's expectations
for this transaction, in the context of a weakening macro-economic
environment in Italy.

Moody's concluded that, in spite of the increased loss
expectation, all tranches of rated notes have sufficient credit
enhancement to support the current ratings of the notes.  In
addition to the reserve fund, which provides both liquidity and
credit support, and the subordination of less senior classes, each
tranche of notes can count on a healthy level of portfolio yield
after swap.  In August 2009, when Moody's was provided with loan-
by-loan portfolio data, the portfolio yielded approximately
1.2% spread after swap of current balance.

The review also took into account set-off risk.  On the basis of
data available for the Italian market, Moody's has made
assumptions on the amount of deposits that debtors had when
mortgage loans were assigned to Cordusio 2007 at closing. Using
the originator's rating (UniCredit Family Financing Bank S.pA,
A1/P-1) in its cash flow analysis, Moody's has assessed the impact
of set-off on the notes if the originator became insolvent at
different time horizons.  Moody's notes that if the originator was
downgraded, the transaction could be exposed to higher set-off
risk than currently assumed and therefore the ratings of the notes
could be also impacted.

Operational and servicing risks are mitigated by the financial
strength of performing-loan servicer UniCredit Banca S.p.A.
belonging to UniCredit S.pA. (Aa3/P-1), delinquent-loan servicer
CURE/UniCredit (Aa3/P-1) and defaulted-loan servicer UCMB (not
rated) as well as back-up servicer appointment triggers at loss of
Baa3.  In addition to the remaining reserve fund, the main source
of liquidity still in the structure is the availability of
principal funds to pay note interest.

Cordusio 2007 was the third RMBS transaction launched by Unicredit
Banca SpA (100% owned retail bank of Unicredit SpA (Aa3/P-1) and
the fourth of Unicredit group.  All the loans were originated by
Unicredit Banca SpA.  The portfolio consisted of EUR3,908,102,838
of prime residential mortgage loans guaranteed by first economic
lien on residential properties.  All loans were in bonis
(performing) and all of them benefited from an economic first-lien
mortgage (ipoteca) on the actual property.  The collateral
portfolio had a WA current LTV of 60.54% per cent and a WA
seasoning of approximately 34 months.


FONDO DE TITULIZACION: Moody's Puts Ba1 Rating on Class D Notes
Moody's Investors Service assigns definitive credit ratings to
these classes of Notes issued by Fondo de Titulizacion de Activos
Santander Hipotecario 6:

- Aaa to the EUR 871,500,000 Class A due 2053;

- Aa1 to the EUR 63,000,000 Class B due 2053;

- A1 to the EUR 52,500,000 Class C due 2053;

- Ba1 to the EUR 42,000,000 Class D due 2053;

- B2 to the EUR 21,000,000 Class E due 2053;

- C to the EUR 210,000,000 Class F due 2053;

Moody's assigned provisional ratings to these notes on May 17,

The transaction represents the securitization of Spanish High LTV
mortgage loans originated by Santander.  For the provisional pool
as of 15 February 2010, 96.89% of loans are above 80% LTV, 38.95%
of loans above 90% LTV, and 4.58% of loans above 100% LTV.  The
weighted-average current LTV (based on valuation at origination)
is 89.10%.  Delinquencies reported on prior transactions of this
issuer are worse than the average delinquency reported in the
Spain index.  The portfolio will be serviced by Santander.

U N I T E D   K I N G D O M

AQUILA PLC: Fitch Affirms BB Rating on Class E Notes; Outlook Neg.
Fitch Ratings has upgraded Aquila (Eclipse 2005-1) plc's class C
notes, whilst simultaneously affirming all other note classes.
The rating actions are as follows:

-- GBP61.9m class A (XS0213759425): affirmed at 'AAA'; Outlook
-- GBP10.1m class B (XS0213759854): affirmed at 'AAA'; Outlook
-- GBP10.3m class C (XS0213759938): upgraded to 'AA' from 'A+';
    Outlook Stable;
-- GBP10m class D (XS0213760274): affirmed at 'BBB'; Outlook
-- GBP1.7m class E (XS0213760431): affirmed at 'BB'; Outlook

The rating actions follow a satisfactory review of the most recent
investor reports and further analysis of the transaction's
performance to date.

Aquila (Eclipse 2005-1) plc closed in March 2005 and is a
securitization of initially 10 UK commercial mortgage loans
originated by Barclays Bank plc (Barclays, rated 'AA-'/Outlook
Stable/'F1+').  Since the agency's last review of the transaction
in April 2009, two loans, Brighton Marina and Podium & St Georges,
have repaid, and the pool presently consists of three loans with a
current balance of GBP93.9 million.

The paydown of Podium & St Georges and Brighton Marina loans has
caused a significant reduction in advance rates and a significant
increase in credit enhancement, which formed the basis for the
note class C upgrade.  The exit Fitch advance rate for note class
C has decreased since the last review to 51.5% from 61.7% and
caused the associated credit enhancement to increase to 12.4% from

Fitch views the Cardiff Retail Park loan as the weakest in the
transaction with all the class C subordination relating to this
loan.  The asset re-valuation to GBP23.5 million in October 2009,
down from GBP34.5 million, caused a loan-to-value (LTV) breach.
This, however, had no bearing on Fitch's analysis as the agency
had already revised its estimate of the asset's market value down
to GBP23.4 million in July 2008.  The performance of the loan has
remained stable in the past year, and continues to benefit from a
full cash sweep.

The two other loans, Great Victoria and Northumberland, continue
to show stable performance and benefit from low LTVs and strong
coverage ratios.

BRADFORD & BINGLEY: Former Shareholders Seek Chancellor's Help
Philip Aldrick at The Daily Telegraph reports that former Bradford
& Bingley retail shareholders have called on the Chancellor to
help their bid for compensation after losing everything in the
buy-to-let mortgage bank's nationalization.

The report relates in a letter to George Osborne, the B&B Action
Group (B&BAG) has requested more detail on the decisions that led
to the bank's seizure in September 2008.  According to the report,
B&BAG chairman David Blundell said the treatment of B&B, Royal
Bank of Scotland and HBOS was not consistent, claiming that one
million shareholders were "robbed" for "political reasons."

The UK government has appointed an independent valuer to decide
whether shareholders are eligible for compensation, but B&BAG
claims it has been refused information to help prepare its case,
the report notes.

B&BAG wants "full details of the sequence of events in the 12
months prior and post nationalization together with [the valuer's]
terms of reference" to help build its case, the report states.

B&BAG, the report says, claims the bank was "a solvent profitable
bank with adequate liquidity and one of the best capital ratios in
the UK" at nationalization.


As reported by the Troubled Company Reporter-Europe on Jan. 26,
2010, the European Commission approved under EU state aid rules
government measures granted for the liquidation of Bradford &
Bingley.  Following Bradford & Bingley's split-up and
nationalization of the part containing the impaired assets in
2008, the UK authorities notified a liquidation plan for the bank.
The Commission authorized the measures, because they are
appropriate and necessary for an orderly winding down of the bank
while taking into account the necessity to preserve the confidence
of creditors in the financial system and remedy a serious
disturbance of the UK economy.  The Commission therefore concluded
that the plan is compatible with Article 107(3)(b) of the Treaty
on the Functioning of the European Union, that allows aid to
remedy a serious disturbance in a Member State's economy.

The decision in the case of Bradford & Bingley, together with the
decision taken on Dunfermline, is closing the chapter of UK bank
restructuring prompted by State aid in the context of the
financial crisis.

Bradford and Bingley provided specialist mortgages and savings
products.  It operated 197 branches and 141 agencies spread across
the UK.  Its market share of net new mortgage lending at the end
of the 2007 was 7.7%.

By September 2008, the bank had fallen into difficulties due to
its dependence on wholesale funding and its risky loan portfolio,
which resulted in the withdrawal of its license to accept deposits
by the UK Financial Services Authority.  The UK authorities
decided to nationalize and wind down the bank while it was still
solvent, sell its retail deposit book and branches to Abbey
National and provide the remaining part of the business with a
working capital facility and guarantee arrangements.  These
measures were authorized by the Commission as rescue aid on
October 1, 2008, under which the UK was obliged to submit
liquidation or restructuring plan for Bradford & Bingley.

The liquidation plan submitted by the UK foresees a prolongation
of the rescue measures previously authorized, which are now
extended for the liquidation of the bank, and a potential capital

The Commission concluded that the liquidation plan ensures an
orderly winding down of Bradford & Bingley in a manner which
maintains financial stability.  The liquidation period covers more
that 10 years.  However, once the bank is no longer active in the
market, competitive distortions are limited.  The wind-down can be
accelerated by a sale of the remaining assets when market
conditions improve.

                     About Bradford & Bingley

Headquartered in Bingley, United Kingdom, Bradford & Bingley plc
-- offers residential mortgages, and
focuses on a range of areas providing mortgages for individuals.
It focuses on its savings business and provides a range of
savings products through 197 branches and network of 140
third-party branch-type agents, by phone, post and Online.

BRIGHOUSE TEXTILES: Increased Competition Prompts Liquidation
Cabinet Maker reports that Brighouse Textiles (Wholesale) Ltd. has
gone into liquidation.  The report relates corporate insolvency
practitioners O'Hara & Co. were appointed liquidators of the

"The reason why it went into liquidation was because they were
getting priced out of the market by increased competition from the
bigger retailers who could go direct with more purchasing power,"
the report quoted Peter O'Hara, insolvency expert at O'Hara & Co,
as saying.  "As a consequence, the profits made from previous
years has been eroded and had no alternative than to seek my

Brighouse Textiles (Wholesale) Ltd. is a home textiles and
accessories company based in West Yorkshire.

BRITISH AIRWAYS: Cabin Crew Strike to Start Today
Philip Pank at The Times reports that the Court of Appeal
overturned an injunction that was blocking a British Airways cabin
crew strike.  The Times relates the Unite union said that cabin
crew would stop work for five days from today, May 24, with
further five-day walkouts due to start on May 30 and June 5.

The Times notes BA on Thursday night said that it was considering
an appeal to the Supreme Court.

The Times recounts joint union general secretaries, Derek Simpson
and Tony Woodley, issued an ultimatum to Willie Walsh, the BA
chief executive, to meet their demands on travel concessions and
suspended union members or face the longest strike in the
airline's history.

The Times says no negotiations are planned and BA is forging ahead
with contingency plans to keep as many flights as possible

According to The Times, the Appeal Court judges who overturned the
injunction said that the dispute could be settled only through

On May 19, 2010, the Troubled Company Reporter-Europe, citing
Times Online, reported that BA was granted an injunction to stop
the Unite union from carrying out cabin crew strikes that had been
due to start on May 17.  Times Online disclosed the High Court
found that the union failed to comply with the legal requirement
to "send everyone eligible to vote details of the exact breakdown
of the ballot result".

The Times notes the Lord Chief Justice, Lord Judge, and Justice
Lady Smith overturned the decision and found that by posting
results on its Web site, notice boards at Heathrow and Gatwick,
and in a newsletter, the union had complied.

                      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 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.

CMYK: In Administration; 19 Jobs Affected
Ben Bold at PrintWeek reports that CMYK has gone into
administration and ceased trading, resulting in the loss of 19

The report relates the company went into administration on May 17.
The administration process is being handled by RSM Tenon in
Manchester, the report discloses.

CMYK is the print business of Blackpool-based CMYK Group.

LAMMAS SCHOOL: Goes Into Administration
--------------------------------------- reports that The Lammas School in Sutton has gone into
administration.  According to the report, the administration
process is being handled by the Leicester office of administrators

The Lammas School is an independent co-educational day school for
children aged five to 16.

LONDON WALL: Fitch Affirms B Rating on Class E Notes; Outlook Neg.
Fitch Ratings has affirmed six classes of notes from London Wall
2006-1, Ltd. (London Wall).  A complete list of rating actions
follows at the end of this press release.

The affirmations reflect the minimal deterioration in portfolio
credit quality since the last review in May 2009.  The portfolio's
current Fitch derived weighted average rating is 'BBB-', with
15.1% carrying a Fitch derived rating below investment-grade.
Fitch maintains a Negative Outlook on all classes reflecting the
expectation of further deterioration in portfolio credit quality
and additional credit events over the next one to two years,
particularly in the European portion of the reference portfolio

Loss Severity (LS) ratings were assigned to all six classes,
indicating each tranche's potential loss severity given default,
as evidenced by the ratio of tranche size to the expected loss for
the collateral under the 'B' stress.  LS ratings should always be
considered in conjunction with probability of default indicated by
a class' long-term credit rating.

London Wall is a managed synthetic collateralized debt obligation
(CDO) predominately referencing a diverse portfolio of 276 senior
unsecured corporate loans.  The trust gains access to the credit
risk of the portfolio via a credit default swap between the issuer
and Deutsche Bank AG, as swap counterparty (rated 'AA-/F1+' with a
Negative Outlook by Fitch).  Deutsche Bank AG, in its role as the
portfolio manager, can trade through the end of the revolving
period in July 2010.

Approximately 41.1% of London Wall's reference portfolio does not
carry a public rating.  In this review analysis, Fitch used
derived ratings from a mapping system based on Deutsche Bank's
internal credit assessment.  Prior to closing the transaction,
Deutsche Bank provided Fitch with a large sample of entities
internally rated by the bank and publicly rated by at least one of
the major rating agencies.  These ratings and their default
probabilities were run through a linear regression analysis to
facilitate the creation of a mapping scale.  Fitch's view of the
mapping scale has not changed since closing.  The resulting mapped
Fitch ratings were applied to London Wall's privately rated loans
for use in the PCM.

Fitch affirms and assigns Loss Severity Ratings to the following

--EUR124,000,000 class A notes at 'AA/LS3'; Outlook Negative;
--EUR76,000,000 class B1 notes at 'A/LS4'; Outlook Negative;
--US$30,000,000 class B2 notes at 'A/LS4'; Outlook Negative;
--EUR36,000,000 class C notes at 'BBB/LS5'; Outlook Negative;
--EUR36,000,000 class D notes at 'BB/LS5'; Outlook Negative;
--EUR28,000,000 class E notes at 'B/LS5'; Outlook Negative.

MORRIS SINGER: In Administration; MCR Seeks Potential Buyers
Simon de Bruxelles at The Times reports that Morris Singer Art
Foundry has gone into administration.  The report relates the
foundry went into administration on May 20.

According to the report, Matt Bond of the administrator MCR said
it would be "business as usual" while it tried to find a new owner
to take over the foundry and its 15 staff.

"We are currently looking for a buyer for the business and assets
as soon as possible.  Unfortunately, despite its heritage and
customer base, the business has fallen into a loss-making position
and is unable to continue in its current form," the report quoted
Mr. Bond as saying.

The report relates that in 2005 the company went into
receivership, owed hundreds of thousands of pounds by the Iraqi
Government for a 36-foot high bronze statue of a flag, and the
name was sold to its current owners.  It now produces bronzes for
a number of contemporary sculptors but the rising cost of raw
materials has hit business hard, the report notes.

Morris Singer Art Foundry is based in Braintree, Essex.


* BOND PRICING: For the Week May 17 to May 21, 2010

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

BA CREDITANSTALT        5.470  8/28/2013     EUR    72.25
KOMMUNALKREDIT          4.900  6/23/2031     EUR    47.88
KOMMUNALKREDIT          5.430  2/13/2024     EUR    58.63
KOMMUNALKREDIT          6.460  3/27/2022     EUR    65.88
OESTER VOLKSBK          5.270   2/8/2027     EUR    97.60

FORTIS BANK             8.750  12/7/2010     EUR    14.30

INTERPIPE LTD           8.750   8/2/2010     USD    77.49

MUNI FINANCE PLC        0.500  3/17/2025     CAD    41.37
MUNI FINANCE PLC        0.500  9/24/2020     CAD    55.77
MUNI FINANCE PLC        1.000  2/27/2018     AUD    64.77
MUNI FINANCE PLC        0.250  6/28/2040     CAD    20.30

AIR FRANCE-KLM          4.970   4/1/2015     EUR    12.96
ALCATEL SA              4.750   1/1/2011     EUR    16.20
ALCATEL-LUCENT          5.000   1/1/2015     EUR     3.04
ALTRAN TECHNOLOG        6.720   1/1/2015     EUR     4.72
ATOS ORIGIN SA          2.500   1/1/2016     EUR    51.20
CALYON                  6.000  6/18/2047     EUR    49.47
CAP GEMINI SOGET        1.000   1/1/2012     EUR    43.58
CAP GEMINI SOGET        3.500   1/1/2014     EUR    41.83
CLUB MEDITERRANE        4.375  11/1/2010     EUR    49.32
EURAZEO                 6.250  6/10/2014     EUR    56.43
FAURECIA                4.500   1/1/2015     EUR    19.03
GROUPE VIAL             2.500   1/1/2014     EUR    18.33
MAUREL ET PROM          7.125  7/31/2014     EUR    17.13
NEXANS SA               4.000   1/1/2016     EUR    61.03
PEUGEOT SA              4.450   1/1/2016     EUR    28.25
PUBLICIS GROUPE         1.000  1/18/2018     EUR    46.31
PUBLICIS GROUPE         3.125  7/30/2014     EUR    35.67
RHODIA SA               0.500   1/1/2014     EUR    45.56
SOC AIR FRANCE          2.750   4/1/2020     EUR    19.99
SOITEC                  6.250   9/9/2014     EUR     9.93
TEM                     4.250   1/1/2015     EUR    53.40
THEOLIA                 2.000   1/1/2014     EUR    13.04
VALEO                   2.375   1/1/2011     EUR    46.46
ZLOMREX INT FIN         8.500   2/1/2014     EUR    46.38
ZLOMREX INT FIN         8.500   2/1/2014     EUR    46.38
DEUTSCHE BK LOND        1.000  3/31/2027     USD    48.10
DEUTSCHE BK LOND        3.000  5/18/2012     CHF    64.50
ESCADA AG               7.500   4/1/2012     EUR    16.61
EUROHYPO AG             5.000  5/15/2027     EUR    93.94
HSH NORDBANK AG         4.375  2/14/2017     EUR    71.56
HYPO REAL ESTATE        5.440  4/13/2034     EUR    80.51

L-BANK FOERDERBK        0.500  5/10/2027     CAD    46.36
LB BADEN-WUERTT         2.500  1/30/2034     EUR    71.40
LB BADEN-WUERTT         2.935  7/14/2036     JPY    76.20
QIMONDA FINANCE         6.750  3/22/2013     USD     3.50
RENTENBANK              1.000  3/29/2017     NZD    70.94
SOLON AG SOLAR          1.375  12/6/2012     EUR    38.74

HELLENIC REP I/L        2.300  7/25/2030     EUR    52.55
HELLENIC REP I/L        2.900  7/25/2025     EUR    54.93
HELLENIC REPUB          5.000  8/22/2016     JPY    72.75
HELLENIC REPUB          5.250   2/1/2016     JPY    75.02
HELLENIC REPUB          4.500  11/8/2016     JPY    63.94
HELLENIC REPUB          4.500   7/3/2017     JPY    61.24
HELLENIC REPUB          3.800   8/8/2017     JPY    57.89
HELLENIC REPUB          3.000  4/30/2019     JPY    47.77
HELLENIC REPUB          7.000  7/13/2020     EUR    65.16
HELLENIC REPUB          5.200  7/17/2034     EUR    72.15
HELLENIC REPUB          5.250   2/1/2016     JPY    83.75
HELLENIC REPUB          5.800  7/14/2015     JPY    77.29
HELLENIC REPUB          5.000  8/22/2016     JPY    73.21
HELLENIC REPUBLI        5.300  3/20/2026     EUR    72.60
HELLENIC REPUBLI        4.700  3/20/2024     EUR    71.67
HELLENIC REPUBLI        4.500  9/20/2037     EUR    61.25
HELLENIC REPUBLI        4.600  9/20/2040     EUR    61.08
YIOULA GLASSWORK        9.000  12/1/2015     EUR    53.88
YIOULA GLASSWORK        9.000  12/1/2015     EUR    55.11

ALLIED IRISH BKS        5.250  3/10/2025     GBP    66.75
DEPFA ACS BANK          4.900  8/24/2035     CAD    70.38
DEPFA ACS BANK          1.920   5/9/2020     JPY    73.06
DEPFA ACS BANK          0.500   3/3/2025     CAD    33.96
DEPFA ACS BANK          5.125  3/16/2037     USD    72.81
DEPFA ACS BANK          5.125  3/16/2037     USD    74.64
IRISH NATIONWIDE        6.250  6/26/2012     GBP   104.80
IRISH NATIONWIDE        5.500  1/10/2018     GBP    59.88
ONO FINANCE II          8.000  5/16/2014     EUR    72.25
ONO FINANCE II          8.000  5/16/2014     EUR    71.42


BANCA INTESA SPA        6.984   2/7/2035     EUR    73.13

ARCELORMITTAL           7.250   4/1/2014     EUR    28.72
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    68.38
LIGHTHOUSE INTL         8.000  4/30/2014     EUR    57.38
LIGHTHOUSE INTL         8.000  4/30/2014     EUR    58.59

AI FINANCE B.V.        10.875  7/15/2012     USD    72.38
APP INTL FINANCE       11.750  10/1/2005     USD     0.08
ASTANA FINANCE          7.875   6/8/2010     EUR    29.50
BK NED GEMEENTEN        0.500  6/27/2018     CAD    73.26
BK NED GEMEENTEN        0.500  2/24/2025     CAD    50.62
BLT FINANCE BV          7.500  5/15/2014     USD    73.25
BLT FINANCE BV          7.500  5/15/2014     USD    73.00
BRIT INSURANCE          6.625  12/9/2030     GBP    71.90
DGS INTL FIN BV        10.000   6/1/2007     USD     0.01
ELEC DE CAR FIN         8.500  4/10/2018     USD    48.50
EM.TV FINANCE BV        5.250   5/8/2013     EUR     5.34
INDAH KIAT INTL        12.500  6/15/2006     USD     0.01
INDAH KIAT INTL        11.875  6/15/2002     USD     0.01
NATL INVESTER BK       25.983   5/7/2029     EUR    46.57
NED WATERSCHAPBK        0.500  3/11/2025     CAD    49.92
NED WATERSCHAPBK        6.000  6/30/2045     EUR    73.09
Q-CELLS INTERNAT        5.750  5/26/2014     EUR    56.51
Q-CELLS INTERNAT        1.375  2/28/2012     EUR    59.54
RBS NV EX-ABN NV        2.910  6/21/2036     JPY    70.22
TEMIR CAPITAL           9.500  5/21/2014     USD    33.00
TURANALEM FIN BV        8.500  2/10/2015     USD    48.92
TURANALEM FIN BV        8.250  1/22/2037     USD    48.91
TURANALEM FIN BV        8.000  3/24/2014     USD    47.00
TURANALEM FIN BV        8.000  3/24/2014     USD    50.21
TURANALEM FIN BV        7.750  4/25/2013     USD    47.91

EKSPORTFINANS           0.500   5/9/2030     CAD    40.16
NORSKE SKOGIND          7.000  6/26/2017     EUR    60.15

REP OF POLAND           2.648  3/29/2034     JPY    64.26
REP OF POLAND           3.300  6/16/2038     JPY    68.55
REP OF POLAND           3.220   8/4/2034     JPY    73.14

MOESK OAO               8.050   9/6/2011     RUB    94.88
URALSVYAZINFORM         8.500  3/13/2012     RUB   100.36

BANCAJA EMI SA          2.755  5/11/2037     JPY    42.26

UBS AG JERSEY           3.220  7/31/2012     EUR    49.94
UBS AG JERSEY          16.170  1/31/2011     USD    12.83
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          11.400  3/18/2011     USD    25.67
UBS AG JERSEY          11.330  3/18/2011     USD    18.08
UBS AG JERSEY          12.800  2/28/2011     USD    34.97
UBS AG JERSEY           8.250  2/28/2011     USD    67.55
UBS AG JERSEY          15.250  2/11/2011     USD    11.61
UBS AG JERSEY          10.000  2/11/2011     USD    61.78
UBS AG JERSEY           9.500  8/31/2010     USD    58.52
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           9.000  8/13/2010     USD    57.15
UBS AG JERSEY           9.350  7/27/2010     USD    53.13
UBS AG JERSEY           9.000  7/19/2010     USD    52.68
UBS AG JERSEY           9.000   7/2/2010     USD    53.07
UBS AG JERSEY           9.000  6/11/2010     USD    53.32
UBS AG JERSEY           9.450  9/21/2011     USD    48.71
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    15.88
UBS AG LONDON          17.550  6/28/2010     EUR    72.65
UBS AG LONDON          17.000  6/28/2010     EUR    72.60
UBS AG LONDON          17.350  6/28/2010     EUR    72.70
UBS AG LONDON          16.430  6/28/2010     EUR    72.55

BANK OF SCOTLAND        6.984   2/7/2035     EUR    73.58
BARCLAYS BK PLC        10.650  1/31/2012     USD    44.80
BARCLAYS BK PLC         8.550  1/23/2012     USD    11.55
BARCLAYS BK PLC         9.000  6/30/2011     USD    44.71
BARCLAYS BK PLC        11.650  5/20/2010     USD    43.15
BARCLAYS BK PLC         7.610  6/30/2011     USD    53.15
BARCLAYS BK PLC        10.600  7/21/2011     USD    41.27
BRADFORD&BIN BLD        4.910   2/1/2047     EUR    63.35
BRADFORD&BIN BLD        5.500  1/15/2018     GBP    32.67
BRADFORD&BIN PLC        7.625  2/16/2049     GBP    37.04
BRADFORD&BIN PLC        6.625  6/16/2023     GBP    34.79
BROADGATE FINANC        5.098   4/5/2033     GBP    75.10
CATTLES PLC             7.125   7/5/2017     GBP     9.97
EFG HELLAS PLC          4.375  2/11/2013     EUR    72.31
EFG HELLAS PLC          6.010   1/9/2036     EUR    60.63
ENTERPRISE INNS         6.375  9/26/2031     GBP    76.27
HBOS PLC                4.500  3/18/2030     EUR    73.66
INEOS GRP HLDG          7.875  2/15/2016     EUR    68.99
INEOS GRP HLDG          7.875  2/15/2016     EUR    69.23
LBG CAPITAL NO.2        6.385  5/12/2020     EUR    73.05
NATL GRID GAS           1.771  3/30/2037     GBP    47.75
NBG FINANCE PLC         2.755  6/28/2035     JPY    43.50
NORTHERN ROCK           5.750  2/28/2017     GBP    65.33
NORTHERN ROCK           4.574  1/13/2015     GBP    66.63
OJSC BANK NADRA         9.250  6/28/2010     USD    34.50
PIRAEUS GRP FIN         4.000  9/17/2012     EUR    73.20
PUNCH TAVERNS           6.468  4/15/2033     GBP    71.64
ROYAL BK SCOTLND        4.243  1/12/2046     EUR    65.29
ROYAL BK SCOTLND        4.700   7/3/2018     USD    83.15
ROYAL BK SCOTLND        7.540  6/29/2030     EUR    70.34
ROYAL BK SCOTLND        9.500   4/4/2025     USD    66.58
TXU EASTERN FNDG        6.450  5/15/2005     USD     1.00
TXU EASTERN FNDG        6.750  5/15/2009     USD     2.38
UNIQUE PUB FIN          6.464  3/30/2032     GBP    68.07
WESSEX WATER FIN        1.369  7/31/2057     GBP    23.64


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.  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.

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