TCREUR_Public/100614.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, June 14, 2010, Vol. 11, No. 115



VIVACOM: Owners in Debt Restructuring Talks With Lenders


LE MONDE: President Nicolas Sarkozy Opposes Takeover


ARCANDOR AG: Essen Court Delays Decision on Insolvency Plan
GENERAL MOTORS: Likely to Win Approval for EIB Loan for Opel
PRIMACOM AG: Edges Closer to Insolvency


KOZEV: June 22 Deadline Set for Bidders of Assets


A1 WASTE: Liquidator, Receiver to Take Control of Group
BESTSELLER RETAIL: Exits Examinership After Approval of Scheme
NOSTRUM CONSUMER: S&P Affirms Rating on Class E Notes at 'BB+'
WOOD-PRINTCRAFT LTD: High Court Approves Survival Scheme


ALITALIA SPA: Won't Be Selling Stake to Air France, Chair Says


ALLIANCE BANK: S&P Raises Counterparty Credit Rating to 'B-'

EXIMBANK KAZAKHSTAN: Moody's Withdraws B3 LT Deposit Ratings


ASM INTERNATIONAL: S&P Gives Positive Outlook; Affirms B+ Rating


CFR CALATORI: Faces Insolvency Threat From Creditor


HOME CREDIT: S&P Affirms 'B+' Counterparty Credit Ratings
NATIONAL RESERVE: Fitch Affirms Issuer Default Rating at 'B'
NUTRITEK: Warns of Default on US$2.5 Mil. Debt Due June 30
TRANSTELECOM JSC: Fitch Affirms 'B+' Issuer Default Rating

U N I T E D   K I N G D O M

ACQUITY LTD: In Administration; Crayon Acquires Business
ALLIANCE & LEICESTER: Moody's Raises Ratings on Subordinated Debt
BANNER HOLDINGS: Goes Into Administration
BLUEBIRD PACKAGING: Mono Buys Exclusive Rights to Product Range
BOUDICHE: In Administration; 13 Jobs Affected

CLEAR PLC: Moody's Withdraws 'C' Rating on Series 25 Notes
CUPPA VENDING: In Liquidation; 50 Jobs Affected
SHIELD HOLDCO: Moody's Assigns 'B2' Corporate Family Rating
ST MARGARET'S SCHOOL: In Provisional Liquidation
EMI GROUP: Terra Firma Injects GBP105MM to Avert Citi Takeover


* BOND PRICING: For the Week June 7 to June 11, 2010



VIVACOM: Owners in Debt Restructuring Talks With Lenders
Sonny Tucker at The Financial Times reports that the owners of
Vivacom are in talks with lenders over the restructuring of the
company's EUR1.5 billion (US$1.8 billion) debt pile.

The FT recalls Hong Kong tycoon Richard Li inherited control of
Vivacom in March as part of the acquisition of AIG Investments, a
unit of the troubled U.S. insurance group which spans asset
management and private equity investments.

Vivacom is a telecoms provider in Bulgaria.


LE MONDE: President Nicolas Sarkozy Opposes Takeover
Ben Hall at The Financial Times reports that President Nicolas
Sarkozy intervened against three businessmen who are the
frontrunners to take over Le Monde.

According to the FT, Mr. Sarkozy summoned Eric Fottorino, editor
of the cash-strapped daily, to the Elysee palace earlier last week
to make clear his opposition to a takeover by Mathieu Pigasse, a
Lazard banker, Pierre Berge, the former business partner of Yves
Saint Laurent, and Xavier Niel, the telecoms billionaire.

The FT relates Mr. Fottorino later told colleagues that the
president had threatened to withhold state financing for a
restructuring of Le Monde's printworks if the title was sold to
the businessmen.

The FT notes the three men have said they are ready to invest up
to EUR100 million (US$121 million) in Le Monde, which could run
out of cash by July if it fails to find a new buyer.  They are the
only ones to table an outline offer so far, the FT says.

As reported by the Troubled Company Reporter-Europe on June 4,
2010, Gilles Van Kote, head of Le Monde's journalists'
association, the main shareholder, as cited by The Times, said a
takeover is inevitable, with the daily losing EUR25 million (GBP21
million) last year, the 10th year in a row it has been in the red
amid a deepening crisis for the whole of France's national press.
The Times disclosed the group has sales of EUR397 million, and
debts of EUR125 million, including EUR25 million that has to be
repaid to BNP Paribas, the bank, next year.

Le Monde is a French newspaper.


ARCANDOR AG: Essen Court Delays Decision on Insolvency Plan
Harriet Torry at Dow Jones Newswires reports that the court in
Essen has delayed a decision on the insolvency plan for department
store chain Karstadt until July 16.

According to Dow Jones, the court said that although the contract
for the sale of Karstadt to Berggruen Holdings has been signed,
the sale still depends on certain conditions being met.  These
relate in part to the negotiation of rental agreements between
Berggruen and the owners of the real estate Karstadt rents, Dow
Jones says.

The agreement is also subject to approval by cartel authorities,
Dow Jones notes.

                        Rent Negotiations

As reported by the Troubled Company Reporter-Europe on June 10,
2010, Reuters said Highstreet warned German billionaire Nicolas
Berggruen that the Karstadt could still be liquidated if he did
not accept its deal on rents.  Reuters disclosed Highstreet said
it had an offer to cut rents.

"Highstreet is ready to reduce rents by another EUR230 million
(US$309 million) in the next five years in addition to the
contribution of EUR160 million over three years pledged in the
restructuring plan," Reuters quoted a spokesman for the Highstreet
consortium as saying on Tuesday.  Should this offer -- available
to all potential Karstadt buyers -- not be taken up, "the
probability of a Karstadt liquidation rises significantly," the
spokesman said, according to Reuters.  "An agreement with
Highstreet is a core component of rescuing Karstadt."

In an e-mail to Mr. Berggruen dated June 7 and seen by Reuters,
lexander Dibelius, who heads Goldman's German operations,
suggested lowering the minimum fixed rent to EUR210 million from
EUR250 million for the rest of this year after the closing of the
deal.  Reuters noted the e-mail said the rent would go up to
EUR211 million for 2011 and 2012, and would then return to EUR250
million by 2018.

                         About Arcandor AG

Germany-based Arcandor AG (FRA:ARO) --
formerly KarstadtQuelle AG, is a tourism and retail group.  Its
three core business areas are tourism, mail order services and
department store retail.  The Company's business areas are covered
by its three operating segments: Thomas Cook, Primondo and
Karstadt.  Thomas Cook Group plc is a tour operator with
operations in Europe and North America, set up as a result of a
merger between MyTravel and Thomas Cook AG.  It also operates the
e-commerce platform, Thomas Cook, supporting travel services.
Primondo has a portfolio of European universal and specialty mail
order companies, including the core brand Quelle.  Karstadt
operates a range of department stores, such as cosmopolitan
stores, including KaDeWe (Kaufhaus des Westens), Karstadt
Oberpollinger and Alsterhaus; Karstadt brand department stores;
Karstadt sports department stores, offering sports goods in a
variety of retail outlets, and a portal, that offers
online shopping, among others.

As reported by the Troubled Company Reporter-Europe, a local court
in Essen formally opened insolvency proceedings for Arcandor on
September 1, 2009.  The proceedings started for the Arcandor
holding company and for 14 units, including the Karstadt
department-store chain and Primondo mail-order division.

Arcandor filed for bankruptcy protection after the German
government turned down its request for loan guarantees.  On
June 8, 2009, the government rejected two applications for help by
the company, which employs 43,000 people.  The retailer sought
loan guarantees of EUR650 million (US$904 million) from Germany's
Economy Fund program.  It also sought a further EUR437 million
from a state-owned bank.

GENERAL MOTORS: Likely to Win Approval for EIB Loan for Opel
General Motors Co.'s Opel unit would probably win approval for a
loan from the European Investment Bank as long as German state
governments provide backing, Andreas Cremer at Bloomberg News
reports, citing two people familiar with the matter.

According to Bloomberg, the people said Opel will probably seek a
EUR800-million (US$965 million) loan from the lending arm of the
European Union to fund research projects and boost production.
Bloomberg notes one of the people said the EIB would require
states to guarantee 80% of the total to grant the facility.

"If a request is submitted by Opel, it will be dealt with very
thoroughly," Bloomberg quoted Dieter Posch, economy minister of
Hesse, where Opel's main Ruesselsheim factory is located, as

As reported by the Troubled Company Reporter-Europe on June 11,
2010, Bloomberg News said GM's request for EUR1.1 billion (US$1.3
billion) in aid for its money-losing Opel division, forcing the
automaker to seek new ways to reorganize the unit.

"I'm convinced GM has sufficient financial resources," Bloomberg
quoted Economy Minister Rainer Bruederle, a Free Democrat, as
saying in Berlin Thursday, in explaining why he rejected GM.  "The
state is not the better entrepreneur."

Mr. Bruederle, as cited by Bloomberg, said GM has about EUR10
billion in free liquidity after paying back credits from the U.S.
and Canadian governments.  GM has been seeking EUR1.92 billion in
loan guarantees from European countries to fund a restructuring
that includes closing a factory in Antwerp, Belgium, and
eliminating 8,300 of Opel's 48,000 jobs, according to Bloomberg.
Opel, based in Russelsheim, Germany, is seeking EUR333 million in
guarantees from the U.K., EUR437 million from Austria and Spain
combined and EUR50 million in project financing from Poland,
Bloomberg said, citing a PricewaterhouseCoopers report last month


Bloomberg disclosed Nick Reilly, Opel's chief executive officer,
said on a conference call that GM is reviewing all options and
will continue to talk to other governments for possible backing.
According to Bloomberg, Eric Selle, an analyst at JPMorgan Chase &
Co. in New York, said Wednesday in a note to clients that GM may
now fund EUR3 billion of the restructuring plan, up from EUR1.9
billion it would have paid if it received the German aid.

                       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 March 31, 2010, GM had US$136.021 billion in total assets,
total liabilities of US$105.970 billion and preferred stock of
US$6.998 billion, and non-controlling interests of US$814 million,
resulting in total equity of US$23.053 billion.

                   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)

PRIMACOM AG: Edges Closer to Insolvency
PrimaCom AG is nearing insolvency as there are few signs that
creditors and shareholders will reach an agreement ahead of a
June 22 deadline, Archibald Preuschat and Eyk Henning of Dow Jones
Newswires, citing two persons familiar with the matter.

Dow Jones recalls PrimaCom said earlier this month that it was
unable to service its debt, making a sale ever more probable.  To
avoid insolvency, the financial investor Escaline -- a major
shareholder -- in which Scott Lanphere is engaged, and creditor
ING would have to come up with a financial restructuring plan, Dow
Jones notes.

"At the moment, it doesn't look like there will be an agreement,"
one person told Dow Jones Thursday.  Dow Jones relates the person
added the company is over-indebted, with total debt amounting to
EUR340 million.  According to Dow Jones, the person said
Mr. Lanphere is also aiming at putting around EUR40 million of
equity into PrimaCom.  The equity injection would be backed by
J.P. Morgan, Dow Jones discloses.

According to Dow Jones, a person familiar with the matter said
PrimaCom's creditors, including ING, and hedge funds Alcentra,
Avenue and Tennenbaum don't consider Primacom to have excessive

As reported by the Troubled Company Reporter-Europe on June 3,
2010, PrimaCom said Tuesday it face insolvency as its creditors
have asked for EUR29.2 million to be repaid.  Dow Jones disclosed
a person familiar with the matter said if the parties can't agree
a restructuring plan, the creditors can sell parts of PrimaCom's
operating business or run it themselves.  Dow Jones said Kabel
Deutschland Holding AG is interested in buying assets from the

PrimaCom AG is a Germany-based holding company engaged in owning
and operating cable television (TV) network in Germany.  Its
subscribers are offered digital television, pay-per-view, video-
on-demand, telephone and high-speed Internet services to
complement the Company's basic cable television offering.  The
Company's customers are connected to the 862 megahertz (MHz)
networks and have access to more than 100 TV and radio programs.
PrimaCom passes 1.4 million homes and serves approximately one
million subscribers.  The Company is 90.52% owned by Escaline
Sarl, Luxembourg, through its indirect subsidiary Omega I Sarl.
It operates mainly in six German states, including Berlin,
Brandenburg, Sachsen, Sachsen-Anhalt, Thueringen, and Mecklenburg-
Vorpommern.  As of December 31, 2008, the Company had 28 wholly
owned subsidiaries in Germany and Austria, as well as two majority
owned subsidiaries in Germany, and one affiliate in Germany.


KOZEV: June 22 Deadline Set for Bidders of Assets
MTI-Econews, citing the business daily Napi Gazdasag, reports that
liquidator Cash and Limes will publish another tender to sell the
assets of insolvent construction company Kozev.

According to MTI-Econews, the newspaper said that the liquidator
would publish an asking price of HUF550.7 million (EUR1.94
million) for the company's 12,500-square-meter plant, 2,500-
square-meter residential building, machinery and equipment 8%
lower than the asking price from the previous tender.

The liquidator received no bids for the assets advertised in its
previous tender published in March, the report notes.

The deadline to submit bids for Kozev's assets is June 22, the
report discloses.

The report says creditors have submitted claims of HUF11 billion
against the Kozev, while the listed value of the assets the
liquidator seized from the company is only HUF1.02 billion.


A1 WASTE: Liquidator, Receiver to Take Control of Group
Barry O'Halloran at The Irish Times reports that a liquidator and
receiver took control of A1 Waste group last week.

The report relates Padraig Monaghan of KPMG has been appointed
receiver to Dean Waste, which holds about 90% of the group's
assets.  According to the report, on June 10, a creditors meeting
appointed Tom Kavanagh of corporate rescue specialists Kavanagh
Fennell as liquidator to Neiphin Trading, a smaller entity which
holds the group's waste management licenses.

The report notes a further creditors meeting called by Jenzsoph,
which owns the group's landfill site near Naas in Co Kildare, was
adjourned pending the outcome of the receivership and liquidations
of the other businesses.

The most recently available accounts for Dean Waste show that the
company's profit dropped to EUR98,000 in 2008 from EUR9 million in
2007, the report discloses.

A1 was controlled by businessman Tony Dean, and was one of the
bigger players in the waste sector, according to The Irish Times.

BESTSELLER RETAIL: Exits Examinership After Approval of Scheme
Mary Carolan at The Irish Times reports that Bestseller Retail
Ireland Ltd. emerged from examinership on Thursday after the High
Court approved a scheme of arrangement.

According to the report, the decision will mean at least 15 of its
original 36 outlets will remain open, employing 105 staff.

The report recalls Declan McDonald of PricewaterhouseCoopers was
appointed to the company in February after it announced it was
closing 14 of its 36 stores.

The report relates Bernard Dunleavy, who represents the examiner,
said on Thursday the scheme of arrangement involved a EUR2.2
million equity investment by the parent company, which had
received the unanimous support of creditors.

The report notes Mr. Dunleavy said the particular difficulty
experienced by the company concerned its ability to trade in
circumstances where it was "shackled" to leases after the economy
had turned.  That issue had been addressed at hearings which had
led to leases either being repudiated or to agreements being
reached with landlords, the report states.

Bestseller Retail Ireland Ltd. has been operating in Ireland since
1991 and sells clothes and accessories under the brand names Vero
Moda, Jack and Jones, Only and Name It.  It is a wholly owned
subsidiary of Danish company Bestseller A/S, according to The
Irish Times.

NOSTRUM CONSUMER: S&P Affirms Rating on Class E Notes at 'BB+'
Standard & Poor's Ratings Services affirmed its credit ratings on
Nostrum Consumer Finance PLC's class B, C, D, and E notes.

Caixa Geral de Depositos S.A. (A-/Negative/A-2) is the interest
rate swap provider for this transaction.  S&P lowered its short-
term rating on CGD to 'A-2' from 'A-1' on May 4, 2010.

According to S&P's published criteria, an 'A-2' rated derivative
counterparty is not an eligible supporting party at any rating
level.  Therefore, S&P has assumed in its analysis that the
transaction does not benefit from the swap and is consequently
exposed to the basis risk embedded in the difference between the
indexation mechanisms of the assets and liabilities.  Currently,
the swap is not providing credit support to the transaction.

A combination of several factors -- among them the large seasoning
of this transaction, the short remaining term of the liabilities,
the fact that senior notes that were rated 'AAA' have already
amortized, and the cash reserve that was established at closing
and will not amortize to less than EUR2.0 million -- have
benefited the structure.  These factors have increased the credit
enhancement available to the structure.

In S&P's opinion, Nostrum's notes are able to meet timely payment
of interest and ultimate repayment of principal.  S&P's analysis,
factoring an updated assessment of the underlying portfolio's risk
profile and current levels of available credit enhancement, showed
that S&P can affirm its ratings on these four classes of notes
because the risks associated with ineligible swap counterparty are
sufficiently mitigated.

                           Ratings List

                         Ratings Affirmed

                   Nostrum Consumer Finance PLC
         EUR400 Million Asset-Backed Floating-Rate Notes

                        Class       Rating
                        -----       ------
                        B           AA
                        C           A
                        D           BBB
                        E           BB+

WOOD-PRINTCRAFT LTD: High Court Approves Survival Scheme
Mary Carolan at The Irish Times reports that the High Court's Mr.
Justice Peter Kelly has approved a survival scheme to safeguard 60
of the 98 jobs at Wood-Printcraft Ltd.

According to the report, Judge Kelly said the examinership process
had worked well for the company.

The report relates the judge noted the examiner, George Maloney,
had expressed the view that the company's difficulties were no
fault of its management who were doing their best and would remain
in place.

The company, the report says, expects to return to profit next
year following job losses, wage cuts and various schemes for some
payments to creditors.

The court heard the majority of the company's creditors and the
Revenue supported the survival scheme, which also involved
investment of some EUR250,000, the report notes.

The report recalls the company's turnover declined from a high of
EUR22 million in 2001 to EUR9 million in 2008.

As reported by the Troubled Company Reporter-Europe on March 15,
2010, The Irish Times said Judge Kelly granted court protection to
Wood-Printcraft after the company ran into difficulties, including
the allocation of large State printing contracts to companies
based abroad.

Wood-Printcraft Ltd. is a Dublin-based printing company.  The
company published the Belfast Agreement and has links to James
Joyce's novel Ulysses, according to The Irish Times.


ALITALIA SPA: Won't Be Selling Stake to Air France, Chair Says
Lorenzo Totaro at Bloomberg News, citing la Repubblica, reports
that Alitalia SpA will remain Italian as the investor group that
controls it won't be selling its stake to Air France-KLM.

According to the newspaper, Alitalia Chairman Roberto Colaninno
said a sale isn't an option and that the CAI group of Italian
investors that bought the airline in December 2008 wants to
increase the value of its EUR1.2-billion (US$1.45 billion)

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.

On August 29, 2008, Alitalia declared insolvency and commenced
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

As reported in the Troubled Company Reporter-Europe on November 7,
2008, Alitalia 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 court.

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.

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.


ALLIANCE BANK: S&P Raises Counterparty Credit Rating to 'B-'
Standard & Poor's Ratings Services said that it had raised its
long-term counterparty credit ratings on Kazakhstan-based Alliance
Bank JSC to 'B-' from 'D' and its short-term counterparty credit
ratings to 'C' from 'D'.  The outlook is stable.  At the same
time, S&P assigned a Kazakhstan national scale rating of 'kzBB-'.

The ratings are underpinned by Alliance's strong links with Samruk
Kazyna, a 100% state-owned holding company that acts on behalf of
the Kazakh government (foreign currency BBB-/Stable/A-3, local
currency BBB/Stable/A-3).  In accordance with S&P's criteria for
rating government-related entities, the long-term rating on
Alliance incorporates one notch of uplift above the bank's stand-
alone credit profile.

S&P's view that there is a "moderate" likelihood of timely and
sufficient extraordinary government support is based on its
assessment of Alliance's:

* "Strong" link with its 67% shareholder, Samruk Kazyna, as the
  bank currently represents one of the government's largest
  investments in the financial sector; but

* "Limited importance" in Kazakhstan's economy, as the bank does
  not provide a public service or function that could not be
  readily undertaken by other banks.

S&P's assessment of Alliance's stand-alone credit profile
incorporates S&P's view that the bank's restructuring is now
legally complete.

The key outcomes of the restructuring are:

* Total financial debt has been reduced to about US$1.08 billion
  from about US$4.4 billion.

* Samruk-Kazyna has become the majority shareholder with the
  bank's creditors holding the remaining 33%.

* The bank has been recapitalized through an US$877 million
  injection from Samruk-Kazyna.

With total assets of US$2.8 billion on March 31, 2010, Alliance
ranks among the 10 largest Kazakh banks.  S&P believes that
Alliance may eventually increase its market share in the retail
and small business segments as it now benefits from direct
government support.  However, S&P still takes the view that the
bank's stand-alone credit profile is very weak and that Alliance
requires a substantial balance sheet clean-up, funding
diversification, and recapitalization to make its medium-term
growth strategy viable.  Based on S&P's analysis of the bank's
preliminary unaudited financial report for the first quarter of
2010, S&P believes that the key factors constraining the stand-
alone credit profile now include:

* An extremely high level of nonperforming loans (about 60.2% of
  total loans more than 90 days overdue on March 31, 2010).

* Weak capitalization.  S&P's calculation of adjusted total equity
  excluding preference shares is still negative.

S&P's baseline scenario is that bad loans will peak in the second
quarter of 2010, with some potential for recoveries, and,
consequently, stronger capitalization ratios.  However, S&P does
not expect significant recoveries in what Alliance calls the "bad
bank" segment of its loan portfolio.  A substantial number of the
recipients of these loans are subject to criminal investigations
and legal proceedings involving the bank's former owners and

The stable outlook reflects S&P's expectation that the Kazakh
government will continue to provide ongoing liquidity support.

EXIMBANK KAZAKHSTAN: Moody's Withdraws B3 LT Deposit Ratings
Moody's Investors Service announced that it has withdrawn all
ratings of Eximbank Kazakhstan.  At the time of withdrawal,
Eximbank's ratings were: long-term local and foreign currency
deposit ratings of B3, short-term local and foreign currency
ratings of Not Prime, and Bank Financial Strength Rating of E+.
The outlook on all the ratings of the bank is negative.

Moody's has withdrawn these ratings for business reasons following
the official request from Eximbank.

Moody's most recent rating action on Eximbank was on February 24,
2009, when the rating agency confirmed the bank's ratings and
placed a negative outlook on them.

Headquartered in Almaty, Kazakhstan, Eximbank reported total
assets of US$486 million and total capital of US$90 million,
according to the regulatory reports at end-Q1 2010.


ASM INTERNATIONAL: S&P Gives Positive Outlook; Affirms B+ Rating
Standard & Poor's Ratings Services said that it revised its
outlook on The Netherlands-based semiconductor equipment
manufacturer ASM International N.V. to positive from negative.  At
the same time, the 'B+' long-term corporate credit rating was

"The outlook revision reflects S&P's expectation that the
profitability and cash flow generation at ASMI's front-end
operations are likely to improve significantly in the next few
quarters thanks to an ongoing restructuring program and improving
demand prospects within the industry," said Standard & Poor's
credit analyst Matthias Raab.

Furthermore, the revision also reflects the group's solid
capitalization and the strong operating performance and demand
prospects of its 53%-owned Hong Kong subsidiary, ASM Pacific
Technology Ltd. (not rated).

In the first quarter of 2010, group revenues increased 146% year
on year, and 8% sequentially, to EUR219 million.  In addition, the
group's order backlog increased by 287% year on year, and 69%
sequentially, to EUR333 million.

The rating on ASMI reflects the very cyclical and competitive
nature of the industry, the weak free cash flow generation of
ASMI's front-end operations over the cycle, its aggressive
financial policy track record on the use of dividends from ASMPT,
substantial technology risks, and the group's concentrated
customer base.  These factors are offset by what S&P see as the
group's sound niche market positions, solid technological product
portfolio, and ASMPT's strong profitability and high market
capitalization.  In addition, S&P note that ASMI benefits from
moderate revenue diversity thanks to the slightly different
activity cycles of front- and back-end equipment markets.

"The outlook is positive because S&P would likely raise the rating
on ASMI in the next 18 months if the group were to demonstrate
meaningful and sustained profitability improvements, leading to at
least break-even EBITDA minus capital expenditures at its front-
end operations," said Mr. Raab.


CFR CALATORI: Faces Insolvency Threat From Creditor
FOCUS News Agency, citing Romanian Mediafax news agency, reports
that Astra Vagoane Calatori has threatened to file an insolvency
petition against CFR Calatori if the company fails to pay its
RON31.61 million debt to the Romanian railway equipment maker.

According to the report, besides the respective debts, CFR
Calatori has to pay Astra Vagoane Calatori another RON1 million.
Through a notification dated June 9, Astra Vagoane Calatori asked
the company to pay its debts within ten calendar days, the report

CFR Calatori is a state-owned passenger railway company.


HOME CREDIT: S&P Affirms 'B+' Counterparty Credit Ratings
Standard & Poor's Ratings Services said that it had affirmed its
'B+' long-term and 'B' short-term counterparty credit ratings on
Russia-based Home Credit and Finance Bank LLC.  The outlook
remains negative.

"The affirmation reflects S&P's view that HCFB demonstrated
positive commercial dynamics and a resilient financial
performance, while maintaining strong capitalization," said
Standard & Poor's credit analyst Victor Nikolskiy.

However, the ratings are constrained by the still difficult
operating environment in Russia's inherently high-risk consumer
finance market and significant, although lessening, reliance on
wholesale funding.

The ratings reflect the bank's stand-alone credit profile and no
longer include any uplift under S&P's Group Methodology from its
immediate parent PPF Group N.V. (not rated).  S&P acknowledge that
HCFB benefits from ongoing support from PPF in terms of capital,
funding, technology, risk management, and IT.  All these aspects
are now factored into the stand-alone credit profile.

The negative outlook reflects the continuing impact from the
adverse operating environment in Russia, S&P's concerns regarding
HCFB's strategy execution, which could lead to a deterioration in
operating profitability, and S&P's assessment of HCFB's
refinancing needs amid the world's still-challenging debt markets.

"S&P could lower the ratings if HCFB's funding and liquidity
profile were to weaken, or if asset quality and related credit
costs deteriorate to the extent that high premiums couldn't cover
them," said Mr. Nikolskiy.

S&P could revise the outlook to stable if HCFB manages to enhance
its franchise through further business growth and achieve better
funding diversification, while at the same time preserving its
current financial profile and, in particular, its asset quality
metrics, adequate profitability, and strong capitalization.

NATIONAL RESERVE: Fitch Affirms Issuer Default Rating at 'B'
Fitch Ratings has affirmed Russia's National Reserve Bank's Long-
term Issuer Default Rating at 'B' and upgraded the bank's National
Long-term rating to 'BBB(rus)' from 'BBB-(rus)'.  Fitch has
simultaneously removed both ratings from Rating Watch Positive and
assigned Stable Outlooks.  A full rating breakdown is provided at
the end of this comment.

The rating actions resolve the rating watches Fitch had placed on
the bank's ratings on March 5, 2010, along with the ratings of
other Russian privately-owned banks.  The upgrade of the National
rating reflects Fitch's view that NRB has become a somewhat
stronger credit within the 'B' rating category, as it has
benefited, along with other banks, from the strengthening of
certain aspects of Russia's banking system infrastructure during
the global financial crisis, most notably in respect of banks
ability to access liquidity.  NRB now benefits from good access to
liquidity from the Central Bank of Russia due to its large equity
base (on which the CBR bases unsecured lending limits) and
sizeable holdings of securities (mainly equities) which are now
included in the Lombard list of the CBR and eligible for
refinancing.  The ratings are also supported by NRB's high, albeit
volatile, capitalization and hence considerable loss absorption

At the same time, NRB's long-term IDR remains constrained at the
'B' level due to certain weaknesses in its credit profile,
including its high exposure to equity investments, weak loan
quality, and limited franchise and scale.  The ratings also take
into account weaknesses in corporate governance, and the risk that
other assets of the bank's main shareholder may draw on the bank's
capital and liquidity in case of need.

The bank is highly susceptible to equity investment risk, with its
securities holdings equal to 41% of total assets or 85% of equity
at end-2009.  The portfolio is dominated by shares of Gazprom
('BBB'/Stable) and Aeroflot ('BB+'/Stable), both eligible for
refinancing with the CBR, which to a large extent mitigates
liquidity risk, and should also reduce the risk that the bank
would be forced to sell these assets at a loss to raise liquidity
in a market downturn.

The bank's loan book declined by 16% in 2009 and accounted for
43.5% of total assets at end-2009.  The amount of non-performing
loans (overdue by more than 90 days) has increased markedly, up to
22% of the portfolio at end-Q110 (end-2009: 15%).  However, NPLs
were fully covered by impairment reserves, while the capital
cushion (regulatory capital ratio at 52.4% at end-Q110), absent a
large downward revaluation of the equities' portfolio or
extraction of capital by the shareholder, is sufficient to cover
large losses.

NRB is part of the broader National Reserve Corporation, and
accounts for around 50% of the group's assets.  NRC, which holds a
78% stake in the bank, is in turn majority-owned by Alexander
Lebedev, a prominent Russian businessman.  His other interests,
mainly consolidated under NRC, include aviation, agricultural and
housing businesses.

The rating actions are:

  -- Long-term foreign currency IDR: affirmed at 'B'; removed from
     Rating Watch Positive; assigned Stable Outlook

  -- Long-term local currency IDR: assigned at 'B'; Outlook Stable

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

  -- Individual Rating: affirmed at 'D'

  -- Support Rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'No floor'

  -- National Long-term Rating: upgraded to 'BBB(rus)' from 'BBB-
     (rus)'; removed from Rating Watch Positive; assigned Stable

NUTRITEK: Warns of Default on US$2.5 Mil. Debt Due June 30
RMG Research, citing Kommersant, reports that Nutritek at a
meeting with creditors on Wednesday said that it will not be able
to pay US$2.5 million due on June 30, 2010, as well as further
restructured payments due by the end of this year.

The report recalls that at the end of 2009 the company proposed a
restructuring plan for its US$220 million debt.

According to the report, the management said Nutritek is now
working on a new scheme of debt restructuring with the first
interest and principal payments deferred for 3 to 5 years.

Headquartered in Russia, Nutritek is a producer of baby food.

TRANSTELECOM JSC: Fitch Affirms 'B+' Issuer Default Rating
Fitch Ratings has affirmed Russia-based JSC Transtelecom Company's
Long-term Issuer Default Rating at 'B+', National Long-term rating
at 'A(rus)' and Short-term IDR at 'B'.  The Outlooks for the Long-
term IDR and National Long-term rating are Stable.  The agency has
also assigned foreign and local currency senior unsecured ratings
of 'B+', a National senior unsecured rating of 'A(rus), a Long-
term local currency IDR of 'B+' with a Stable Outlook, and a
Recovery Rating of 'RR4' on the senior unsecured debt

The rating action reflects significant volatility in TTK's
traditional wholesale telecom markets and high execution risks
associated with its strategy to rapidly expand in the residential
broadband segment.  Although the volume of wholesale data traffic
has experienced exponential growth and the positive momentum
continues, pricing pressures have been severe and the segment has
been stagnant in revenue terms.  TTK's market shares have declined
as large telecoms operators have built their proprietary networks.
However, the company is well positioned to remain a key back-up
broadband provider of choice which will limit further market share
erosion, and supports the Stable Outlook.

As TTK operates a large telecoms network across Russia, along most
of the railway network, it is well positioned to offer retail
broadband services in selected territories in close proximity to
its network where competition and broadband penetration are
relatively low.  However, the margin for error with this strategy
is thin within the current rating level.  TTK is a relatively late
entrant into this market and it is targeting territories with
typically below average disposable income per capita which may
compromise its plans.  TTK faces a risk that it may overinvest
into new last-mile infrastructure and marketing without seeing
strong incremental EBITDA growth.  Fitch takes comfort that TTK is
likely to be opportunistic with its strategy, so that
profitability and cash flow improvement targets prevail over
residential broadband market share ambitions.  The company is
likely to give up its expansion plans if they fail to deliver
substantial new EBITDA in the short term.

TTK leases certain computer equipment and subleases it to OJSC
Russian Railways which inflates its debt, although the ultimate
debtor is RZD.  Adjusted for investments into leases to RZD, net
leverage was modest at 1.3x of net debt(ND)/EBITDA at end-2009.
However, the company relies heavily on office rent which inflated
the adjusted net debt/EBITDAR metric to 2.8x at end-2009.  Office
rents have declined since the onset of the financial crisis in
2008, and management expects to significantly reduce rent payments
in future.  Leverage is likely to continue increasing moderately
and free cash flow is projected to remain heavily negative on the
back of the company's broadband strategy.  However, capex is
scalable and can be easily reduced if the company faces
insufficient broadband demand.  Currently available liquidity is
appropriate for the rating level.

TTK has a strong relationship with its controlling shareholder,
RZD, which is committed to retaining control over TTK in the long
run.  The railway monopoly critically depends on TTK for the
provision of technologically-indispensable telecom and maintenance
services.  However, RZD is a regulated entity, and therefore its
ability to provide support to its subsidiaries may be restricted.
TTK's ratings primarily reflect its standalone profile.  Potential
divestment of a minority stake in TTK by RZD is unlikely to
trigger any negative rating action as it would likely to be
accompanied by a number of credit positive changes.  Specifically,
TTK is likely to sign a long-term contract for the network lease
from RZD, while at present the lease terms are reviewed annually.

U N I T E D   K I N G D O M

ACQUITY LTD: In Administration; Crayon Acquires Business
Daniel Farey-Jones at MediaWeek reports that Acquity has gone into
voluntary administration.  The business has been acquired by
Crayon, saving all 34 jobs, the report relates.

The board of Acquity took the decision to put the company into
administration after receiving a retrospective tax bill that
rendered it "technically insolvent", the report says, citing
managing director and shareholder Richard Davies.  The report
recalls the board on June 1 appointed administrators Resolve
Partners, which sold the business of Acquity for an undisclosed
sum to Crayon the following day.

Acquity remains in administration and Resolve is investigating the
company's VAT position, the report notes.  It is not yet known how
big the company's liabilities are, but the administrator hopes to
return "substantial dividends" to creditors, the report states.

The company's most recently filed accounts, for the year ended
November 30, 2008, show a post-tax profit of GBP484,165 on
revenues of GBP23 million and an average number of employees
during the year of 51, the report discloses.

Acquity Ltd. is a customer insight and direct media buying company
formerly known as Tri-Direct.

ALLIANCE & LEICESTER: Moody's Raises Ratings on Subordinated Debt
Moody's Investors Service has upgraded all the subordinated debt
ratings of Alliance & Leicester to align them with the
subordinated debt ratings of Santander UK Plc: senior subordinated
debt ratings were upgraded to Baa1 from Baa3, and junior
subordinated debt ratings upgraded to Baa2 from Ba2/Ba3.  In the
same rating action, Moody's has withdrawn A&L's Bank Financial
Strength Ratings of E+, its short term debt/deposit ratings of P-1
and affirmed its senior debt ratings at Aa3.  All A&L's ratings
now carry a negative outlook in line with the ratings outlook of
Santander UK.

The rating action on A&L's ratings follows the completion of the
transfer of A&L's assets and liabilities to Santander UK (Aa3/P-1)
under the Part VII transfer scheme of Financial Services and
Markets Act 2000.  The transfer became effective on 28 May 2010
and Santander UK has now assumed all of A&L's debt and deposit
liabilities.  Its non-cumulative tier 1 securities -- which were
rated B1 -- were exchanged at par already in April 2010 for
similar preference shares issued by Santander UK and at that time
had been upgraded to Baa3.

Commenting on the affirmation of the Aa3 senior debt ratings of
A&L, Moody's said, that the senior debt ratings of A&L previously
benefited from a cross guarantee from Santander UK and are already
aligned to the Aa3 senior debt ratings of Santander UK; hence the
senior ratings are affirmed with a negative outlook.  Furthermore,
the BFSR and P-1 short term ratings of A&L will be withdrawn as
A&L no longer has an independent banking operation, all its short-
term obligations have been closed, and all its other debt
obligations have been transferred to Santander UK.

The last rating action on A&L was on 1 March 2010, when the bank's
senior ratings were affirmed and its subordinated debt ratings
were placed on review for upgrade.

Santander UK plc had total assets of GBP285.3 billion as of year-
end 2009, and is headquartered in London, U.K.  Alliance &
Leicester had total assets of GBP109.9 billion as of year-end

BANNER HOLDINGS: Goes Into Administration
Chelmsford Weekly News reports that Banner Holdings has gone into

The report relates Bell Advisory has been appointed administrators
of the company, which was originally hired to build Colchester's
controversial Visual Arts Facility.

According to the report, the company's legal dispute with
Colchester Council will be thrown out.  Banner, which was sacked
as Vaf builders in April 2009, sought claims of GBP1.4 million
from the council, the report notes.

Banner Holdings is a building firm based in Chesterfield.

BLUEBIRD PACKAGING: Mono Buys Exclusive Rights to Product Range
--------------------------------------------------------------- reports that Mono Equipment has acquired Bluebird
Packaging Machines, which went into liquidation in April.

According to the report, Mono has bought the exclusive rights to
manufacture Bluebird's product range, which will be built at its
South Wales site, and to continue to use the Bluebird name.

Bluebird Packaging Machines manufactures automatic wrapping
machines and L-sealers.

BOUDICHE: In Administration; 13 Jobs Affected
Craig Brown at The Scotsman reports that Boudiche has gone into
administration, resulting in the loss of 13 jobs.

According to the report, Clare Thommen, a founding director of
Boudiche, said construction work in the city center caused an
estimated 40% drop in footfall for their Frederick Street store,
which had a serious impact on its turnover.  The report notes
Ms. Thomen said the problem had been compounded by both the
Glasgow and Edinburgh outlets being hit by the recession and a
drop in high street spending.

The report relates RSM Tenon were appointed as administrators on
Thursday and are now marketing the brand and assets for sale.

"It is with deep regret that we have placed Boudiche into
administration.  Despite our best efforts and an extensive search
for funding we were unable to secure the investment required to
continue," the report quoted Ms. Thomen as saying.

"We will continue to seek investment and hope to buy back the

"In the meantime, we would like to thank everyone who has worked
with us and helped us over the years.

"The Edinburgh store had also been badly affected by the Edinburgh
tram works, with footfall falling an estimated 40 per cent."

Boudiche is a lingerie firm based in Scotland.

CLEAR PLC: Moody's Withdraws 'C' Rating on Series 25 Notes
Moody's Investors Service announced it has withdrawn the rating on
one series of notes issued by Clear plc, a collateralized debt
obligation transaction referencing a managed portfolio of
corporate entities.

Issuer: Clear PLC

  -- Series 25: US$1,000,000 Limited Recourse Secured Fixed Rate
     Credit-Linked Notes due 2017, Withdrawn; previously on Jun 4,
     2010 Downgraded to C

CUPPA VENDING: In Liquidation; 50 Jobs Affected
Express & Star reports that Cuppa Vending Ltd. has gone into
liquidation, with the loss of 50 jobs.

The report relates the company was formally placed in creditors
voluntary liquidation on Thursday.  The liquidation is being
handled by Bewdley-based insolvency firm Rimes & Co., the report

Cuppa Vending Ltd. is a vending machine firm based in Hayes
Trading Estate, Folkes Road, Lye.  It has more than 1,000 drinks
and confectionary vending machines in the West Midlands,
Shropshire and Worcestershire, according to Express & Star.

SHIELD HOLDCO: Moody's Assigns 'B2' Corporate Family Rating
Moody's Investors Service has assigned a B2 corporate family
rating and a B3 probability of default rating to Shield Holdco
ltd, the parent company of Sophos plc.  Moody's has concurrently
assigned a provisional (P) B2 rating to the senior secured bank
debt including a US$20 million revolving credit facility, a
US$75 million term loan A and a US$225 million term loan B.  The
outlook is stable on all ratings.

The rating assignment follows Apax Partners' announcement in early
May 2010 that it had agreed to acquire a 68% stake in Sophos from
the founders, valuing the company at approximately US$880 million.
The founders of Sophos together with management will retain a
minority stake in the company.  The transaction is scheduled to
close in mid-June 2010, subject to certain approvals.

Despite its small size and relatively limited product line
diversification, Sophos has managed to position itself as one of
the leading software providers for SMEs.  Sophos' business profile
also benefits from positive industry trends, a large and
diversified customer base and high customer retention rates.

"Sophos' credit metrics at the end of March 2010, pro-forma for
the transaction, are weak for the rating category based on its
IFRS reported EBITDA which currently understates the company's
cash flow generation," said Stefano del Zompo, lead analyst for
Sophos at Moody's.  "In addition, Sophos' cash flow generation is
expected to remain limited in the near term due to tax payments
and to high interest payments resulting from the new capital
structure.  However, Moody's expects Sophos to improve its credit
metrics going forward thanks to its successful commercial strategy
such that its debt to EBITDA ratio will decrease below 5x by the
end of March 2012 and its FCF to debt ratio will remain above

The level of cash on hand at the end of March 2010 (pro forma for
the transaction) is expected to be around US$25 million.  Sophos
will also have access to an undrawn US$20 million committed
revolving credit facility.  Although Moody's has not been provided
with the final terms of the financial covenants, it has based its
ratings on the assumption that Sophos will maintain comfortable
headroom of around 25%.  Moody's has also assumed in its analysis
that the Consideration Loan Notes will be converted into equity
and preferred equity certificates immediately after the completion
of the acquisition.

The stable outlook reflects Moody's expectations that Sophos will
be able to improve its financial metrics as positive momentum
continues.  The stable outlook also assumes that the company will
maintain an adequate liquidity position and comfortable headroom
under its financial covenants.  Positive pressure on the ratings
or outlook could arise if the company materially de-levers its
balance sheet leading to a debt to EBITDA ratio below 4.0x and
improves EBITDA-Capex/interest coverage to above 3.0x.  Downward
pressure might occur as a result of: i) failure to reduce leverage
to below 5.5x by 2012; ii) EBITDA-capex/interest coverage trending
below 1.5x; or iii) a deterioration in the company's liquidity

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

Headquartered in Abingdon (UK), Sophos is a leading IT provider,
specialized in security software for businesses.

ST MARGARET'S SCHOOL: In Provisional Liquidation
Blair Nimmo of KPMG was appointed Provisional Liquidator of St.
Margaret's School (Edinburgh) Limited and of its 100% subsidiary
St Hilary's House Limited on June 10, 2010.

The Edinburgh-based School, which has charitable status and was
incorporated in 1960, provides private education for girls at
nursery, primary and secondary level (from 18 months to 18-years-
old) and for boys at nursery and primary level (from 18 months to

St Hilary's provides boarding facilities during term and operates
as a hotel and youth hostel during the School holidays.

The School has been affected by a sustained decline in pupil
numbers over recent years and despite actions taken by the Board
of Governors, the School could not continue to operate viably.

At the time of the Provisional Liquidator's appointment the School
and nursery comprised 397 pupils and 143 staff (69 teaching and 74

The School and nursery will continue to operate and provide its
services under the Provisional Liquidator's supervision through to
the end of term (June 29, 2010).  The School and nursery will
close on June 29, 2010.

Mr. Nimmo, Provisional Liquidator and Head of Restructuring for
KPMG in Scotland said, "St Margaret's is a well established school
with an excellent reputation and this news will be very
distressing for many pupils, parents, teaching and all other staff
past and present.  We intend to continue providing the School's
services through to the end of term and will do whatever we can to
assist pupils, parents and staff during this difficult time."

Parties who wish to express an interest in the Group's business
and/or assets should contact Blair Nimmo on 0141 226 5511 or in
writing at:

          KPMG LLP
          191 West George Street
          G2 2LJ

EMI GROUP: Terra Firma Injects GBP105MM to Avert Citi Takeover
Martin Arnold at The Financial Times reports that EMI has received
a GBP105 million bail-out from its private owner Terra Firma,
giving the music group a year's breathing space in its fight to
avoid being taken over by its lender Citigroup.

The FT relates Guy Hands, chairman of Terra Firma, last week won
the approval of 80% of his investors to inject more of their money
into EMI.

The private equity group needed approval by three-quarters of
investors to lift its stake in EMI to more than 30% of the value
of its last two funds, the FT notes.

EMI Group Ltd. -- 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.


* BOND PRICING: For the Week June 7 to June 11, 2010

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

BA CREDITANSTALT       5.470  8/28/2013     EUR    70.00

FORTIS BANK            8.750  12/7/2010     EUR    14.27

INTERPIPE LTD          8.750   8/2/2010     USD    77.49

MUNI FINANCE PLC       1.000  6/30/2017     ZAR    66.50
MUNI FINANCE PLC       1.000  2/27/2018     AUD    65.65
MUNI FINANCE PLC       0.500  9/24/2020     CAD    60.43
MUNI FINANCE PLC       0.500  3/17/2025     CAD    46.08
MUNI FINANCE PLC       0.250  6/28/2040     CAD    21.25

AIR FRANCE-KLM         4.970   4/1/2015     EUR    13.44
ALCATEL SA             4.750   1/1/2011     EUR    16.21
ALCATEL-LUCENT         5.000   1/1/2015     EUR     3.14
ALTRAN TECHNOLOG       6.720   1/1/2015     EUR     4.72
ATOS ORIGIN SA         2.500   1/1/2016     EUR    51.18
CALYON                 6.000  6/18/2047     EUR    50.49
CAP GEMINI SOGET       1.000   1/1/2012     EUR    44.43
CAP GEMINI SOGET       3.500   1/1/2014     EUR    43.83
CLUB MEDITERRANE       4.375  11/1/2010     EUR    49.26
EURAZEO                6.250  6/10/2014     EUR    54.08
FAURECIA               4.500   1/1/2015     EUR    19.82
GROUPE VIAL            2.500   1/1/2014     EUR    17.99
MAUREL ET PROM         7.125  7/31/2014     EUR    16.45
NEXANS SA              4.000   1/1/2016     EUR    62.04
PEUGEOT SA             4.450   1/1/2016     EUR    29.50
PUBLICIS GROUPE        3.125  7/30/2014     EUR    37.58
PUBLICIS GROUPE        1.000  1/18/2018     EUR    46.48
RHODIA SA              0.500   1/1/2014     EUR    44.07
SOC AIR FRANCE         2.750   4/1/2020     EUR    19.88
SOITEC                 6.250   9/9/2014     EUR     9.72
TEM                    4.250   1/1/2015     EUR    54.09
THEOLIA                2.000   1/1/2014     EUR    12.92
VALEO                  2.375   1/1/2011     EUR    46.45
ZLOMREX INT FIN        8.500   2/1/2014     EUR    46.50
ZLOMREX INT FIN        8.500   2/1/2014     EUR    46.50

DEUTSCHE BK LOND       3.000  5/18/2012     CHF    65.38
DZ BANK AG             6.350   4/9/2018     EUR   116.82
ESCADA AG              7.500   4/1/2012     EUR    16.43
EUROHYPO AG            5.000  5/15/2027     EUR    94.13
GOTHAER ALLG VER       5.527  9/29/2026     EUR    76.98
HSH NORDBANK AG        4.375  2/14/2017     EUR    65.44
IKB DEUT INDUSTR       4.500   7/9/2013     EUR    75.13
L-BANK FOERDERBK       0.500  5/10/2027     CAD    45.95
LANDESBK BERLIN        3.000   6/2/2020     EUR     3.10
LB BADEN-WUERTT        2.500  1/30/2034     EUR    70.37
QIMONDA FINANCE        6.750  3/22/2013     USD     3.50
RENTENBANK             1.000  3/29/2017     NZD    72.46
SOLON AG SOLAR         1.375  12/6/2012     EUR    40.97
VPV LEBENSVERSIC       7.250  8/17/2026     EUR    66.13

HELLENIC REP I/L       2.900  7/25/2025     EUR    56.68
HELLENIC REP I/L       2.300  7/25/2030     EUR    55.09
HELLENIC REPUB         5.000  8/22/2016     JPY    69.74
HELLENIC REPUB         5.200  7/17/2034     EUR    66.94
HELLENIC REPUB         5.000  3/11/2019     EUR    73.94
HELLENIC REPUB         5.250   2/1/2016     JPY    74.63
HELLENIC REPUBLI       4.700  3/20/2024     EUR    71.28
HELLENIC REPUBLI       5.300  3/20/2026     EUR    72.46
HELLENIC REPUBLI       4.600  9/20/2040     EUR    58.98
HELLENIC REPUBLI       4.500  9/20/2037     EUR    59.10
YIOULA GLASSWORK       9.000  12/1/2015     EUR    55.00
YIOULA GLASSWORK       9.000  12/1/2015     EUR    55.00

ALLIED IRISH BKS       5.250  3/10/2025     GBP    61.68
DEPFA ACS BANK         4.900  8/24/2035     CAD    70.64
DEPFA ACS BANK         5.125  3/16/2037     USD    69.46
DEPFA ACS BANK         5.125  3/16/2037     USD    70.47
DEPFA ACS BANK         5.250  3/31/2025     CAD    74.51
DEPFA ACS BANK         1.920   5/9/2020     JPY    71.87
DEPFA ACS BANK         0.500   3/3/2025     CAD    31.68
ONO FINANCE II         8.000  5/16/2014     EUR    69.63
ONO FINANCE II         8.000  5/16/2014     EUR    72.67
UT2 FUNDING PLC        5.321  6/30/2016     EUR    68.46

BANCA INTESA SPA       6.984   2/7/2035     EUR    73.13

ARCELORMITTAL          7.250   4/1/2014     EUR    28.46
BREEZE FINANCE         4.524  4/19/2027     EUR    87.23
GLOBAL YATIRIM H       9.250  7/31/2012     USD    69.38
LIGHTHOUSE INTL        8.000  4/30/2014     EUR    54.13
LIGHTHOUSE INTL        8.000  4/30/2014     EUR    53.93

AI FINANCE B.V.       10.875  7/15/2012     USD    73.50
APP INTL FINANCE      11.750  10/1/2005     USD     0.01
ARPENI PR INVEST       8.750   5/3/2013     USD    50.25
ARPENI PR INVEST       8.750   5/3/2013     USD    50.25
BK NED GEMEENTEN       0.500  2/24/2025     CAD    50.51
BK NED GEMEENTEN       0.500  6/27/2018     CAD    73.01
BLT FINANCE BV         7.500  5/15/2014     USD    68.00
BLT FINANCE BV         7.500  5/15/2014     USD    68.13
BRIT INSURANCE         6.625  12/9/2030     GBP    71.10
DGS INTL FIN BV       10.000   6/1/2007     USD     0.01
ELEC DE CAR FIN        8.500  4/10/2018     USD    51.93
EM.TV FINANCE BV       5.250   5/8/2013     EUR     5.42
FRIESLAND BANK         4.125   1/8/2016     EUR    43.71
IVG FINANCE BV         1.750  3/29/2017     EUR    67.91
NATL INVESTER BK      25.983   5/7/2029     EUR    48.27
NED WATERSCHAPBK       0.500  3/11/2025     CAD    49.64
Q-CELLS INTERNAT       5.750  5/26/2014     EUR    56.06
Q-CELLS INTERNAT       1.375  2/28/2012     EUR    57.69
RBS NV EX-ABN NV       3.300  1/13/2020     USD    75.00
TEMIR CAPITAL          9.500  5/21/2014     USD    33.00
TURANALEM FIN BV       8.000  3/24/2014     USD    43.00
TURANALEM FIN BV       8.250  1/22/2037     USD    45.19
TURANALEM FIN BV       8.500  2/10/2015     USD    44.27
TURANALEM FIN BV       8.000  3/24/2014     USD    50.22
TURANALEM FIN BV       7.750  4/25/2013     USD    43.53

EKSPORTFINANS          0.500   5/9/2030     CAD    39.37
NORSKE SKOGIND         7.000  6/26/2017     EUR    61.33
RENEWABLE CORP         6.500   6/4/2014     EUR    74.81

REP OF POLAND          2.648  3/29/2034     JPY    69.10

EUROKOMMERZ           16.000  6/18/2010     RUB     1.14
TGK-1                  8.500  3/11/2014     RUB    54.37
TGK-4                  8.000  5/31/2012     RUB     2.00

AYT CEDULAS CAJA       3.750  6/30/2025     EUR    75.52
BANCAJA EMI SA         2.755  5/11/2037     JPY    30.55
CEDULAS TDA A-6        4.250  4/10/2031     EUR    73.91

UBS AG                13.300  5/23/2012     USD     3.46
UBS AG JERSEY         10.820  4/21/2011     USD    21.95
UBS AG JERSEY         16.160  3/31/2011     USD    42.97
UBS AG JERSEY          9.450  9/21/2011     USD    48.71
UBS AG JERSEY         11.400  3/18/2011     USD    25.67
UBS AG JERSEY         10.990  3/31/2011     USD    30.99
UBS AG JERSEY         12.800  2/28/2011     USD    34.46
UBS AG JERSEY         11.000  2/28/2011     USD    67.55
UBS AG JERSEY         11.330  3/18/2011     USD    18.08
UBS AG JERSEY         10.000  2/11/2011     USD    61.78
UBS AG JERSEY         16.170  1/31/2011     USD    13.06
UBS AG JERSEY         15.250  2/11/2011     USD    11.42
UBS AG JERSEY         13.900  1/31/2011     USD    35.22
UBS AG JERSEY         14.640  1/31/2011     USD    38.31
UBS AG JERSEY         10.360  8/19/2011     USD    54.38
UBS AG JERSEY         13.000  6/16/2011     USD    47.93
UBS AG JERSEY          9.500  8/31/2010     USD    58.85
UBS AG JERSEY          9.000  8/13/2010     USD    57.20
UBS AG JERSEY         10.650  4/29/2011     USD    15.88
UBS AG JERSEY          9.350  7/27/2010     USD    53.05
UBS AG JERSEY          9.000  7/19/2010     USD    52.60
UBS AG JERSEY          9.000   7/2/2010     USD    52.85
UBS AG JERSEY          9.350  9/21/2011     USD    61.02
UBS AG JERSEY         11.150  8/31/2011     USD    39.45
UBS AG JERSEY         11.030  4/21/2011     USD    21.12
UBS AG JERSEY          3.220  7/31/2012     EUR    47.66
UBS AG LONDON         22.370  6/28/2010     EUR    75.00
UBS AG LONDON         22.260  6/28/2010     EUR    75.00
UBS AG LONDON         22.070  6/28/2010     EUR    75.00
UBS AG LONDON         21.760  6/28/2010     EUR    74.95
UBS AG LONDON         17.550  6/28/2010     EUR    69.55
UBS AG LONDON         17.350  6/28/2010     EUR    69.58
UBS AG LONDON         17.000  6/28/2010     EUR    69.57
UBS AG LONDON         16.430  6/28/2010     EUR    69.55
UBS AG LONDON         12.210  6/28/2010     EUR    73.58

BANK OF SCOTLAND       6.984   2/7/2035     EUR    72.35
BANK OF SCOTLAND       2.359  3/27/2029     JPY    72.05
BARCLAYS BK PLC       10.650  1/31/2012     USD    44.80
BARCLAYS BK PLC        7.610  6/30/2011     USD    53.15
BARCLAYS BK PLC       10.600  7/21/2011     USD    41.27
BARCLAYS BK PLC       10.950  5/23/2011     USD    59.50
BARCLAYS BK PLC        8.550  1/23/2012     USD    11.55
BRADFORD&BIN BLD       5.500  1/15/2018     GBP    44.40
BRADFORD&BIN BLD       4.910   2/1/2047     EUR    54.42
BRADFORD&BIN PLC       6.625  6/16/2023     GBP    44.36
BRADFORD&BIN PLC       7.625  2/16/2049     GBP    46.54
BROADGATE FINANC       5.098   4/5/2033     GBP    72.60
CO-OPERATIVE BNK       5.875  3/28/2033     GBP    76.02
EFG HELLAS PLC         6.010   1/9/2036     EUR    20.63
EFG HELLAS PLC         4.375  2/11/2013     EUR    74.15
ENTERPRISE INNS        6.375  9/26/2031     GBP    75.61
HBOS PLC               6.000  11/1/2033     USD    53.04
HBOS PLC               4.500  3/18/2030     EUR    70.59
HBOS PLC               6.000  11/1/2033     USD    53.04
INEOS GRP HLDG         7.875  2/15/2016     EUR    70.73
INEOS GRP HLDG         8.500  2/15/2016     USD    72.42
INEOS GRP HLDG         7.875  2/15/2016     EUR    70.52
LBG CAPITAL NO.1       7.588  5/12/2020     GBP    74.89
LBG CAPITAL NO.1       7.375  3/12/2020     EUR    73.63
LBG CAPITAL NO.1       7.975  9/15/2024     GBP    73.37
LBG CAPITAL NO.1       7.869  8/25/2020     GBP    75.88
LBG CAPITAL NO.1       6.439  5/23/2020     EUR    69.50
LBG CAPITAL NO.2       8.500   6/7/2032     GBP    73.39
LBG CAPITAL NO.2       7.625  12/9/2019     GBP    75.93
LBG CAPITAL NO.2       6.385  5/12/2020     EUR    69.68
NATL GRID GAS          1.771  3/30/2037     GBP    46.71
NBG FINANCE PLC        2.755  6/28/2035     JPY    31.50
NORTHERN ROCK          5.750  2/28/2017     GBP    61.13
OJSC BANK NADRA        9.250  6/28/2010     USD    32.50
PIRAEUS GRP FIN        4.000  9/17/2012     EUR    72.24
PRINCIPALITY BLD       5.375   7/8/2016     GBP    64.92
PUNCH TAVERNS          6.468  4/15/2033     GBP    70.52
ROYAL BK SCOTLND       4.243  1/12/2046     EUR    68.68
ROYAL BK SCOTLND       7.540  6/29/2030     EUR    70.84
ROYAL BK SCOTLND       6.620   6/9/2025     EUR    71.11
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    66.68
WESSEX WATER FIN       1.369  7/31/2057     GBP    23.35


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.

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 * * *