---

        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, July 19, 2010, Vol. 11, No. 140

                            Headlines



B E L G I U M

B-ARENA NV: Fitch Affirms Rating on Class F Notes at 'BB'


B U L G A R I A

KREMIKOVTZI: ArcelorMittal Invited to Join Liquidation Auction


G E R M A N Y

CONTINENTAL AG: Moody's Affirms 'B1' Corporate Family Rating
EUROPEAN PROPERTY: Fitch Affirms Rating on Class D Notes at 'B'


G R E E C E

ATLANTIC SUPERMARKETS: Files for Creditor Protection in Athens
PIRAEUS BANK: Makes Unsolicited Cash Bid for Two Domestic Banks


H U N G A R Y

* HUNGARY: No Longer Faces Bankruptcy Threat, Martonyi Says


I T A L Y

CIR-COMPAGNIE INDUSTRIALI: S&P Affirms 'BB/B' Corp. Credit Rating


L U X E M B O U R G

MERLIN ENTERTAINMENTS: S&P Assigns 'B' Corporate Credit Rating


R U S S I A

ALLIANCE OIL: Fitch Assigns 'B' Senior Unsecured Rating
BANK SOYUZ: S&P Affirms 'B-' Counterparty Credit Ratings


S L O V E N I A

PREVENT PUR: To Halt Production This Month; 105 Jobs Affected


S P A I N

HIPOCAT 10: S&P Puts 'CCC'-Rated Class C Notes on Watch Negative
INAER AVIATION: S&P Assigns 'B' Long-Term Corporate Credit Rating
MARTINSA-FADESA: Lenders May Opt for Debt-for-Equity Swap

* SPAIN: Central Bank Urges Ailing Savings Banks to Merge


U N I T E D   K I N G D O M

BLOOMING MARVELLOUS: Bought Out of Administration by Mothercare
CC TAVERNS: In Administration; Pubs Up for Sale
DUTTON CARPETS: In Administration; 120 Jobs at Risk
HIGHLAND AIRWAYS: Staff Agrees to Pay Cuts to Help Save Firm
PORTSMOUTH FOOTBALL: HMRC Lodges Appeal Against CVA

PROMINENT CMBS: Fitch Affirms Rating on Class E Notes at 'BB'
QUAY RADIO: Bought Out of Administration by Celador
ROAD MANAGEMENT: S&P Downgrades Rating on Senior Bonds to 'B+'
SOUTHEND UNITED: Says Debts to HMRC & Charterhouse Already Paid
TITAN EUROPE: S&P Downgrades Rating on Class A2 Notes to 'B'

WESTLAKES SCIENTIFIC: In Administration; PwC Mulls Sale

* UK: Banks Set to Undergo Stress Tests Won't Need Government Help


X X X X X X X X

* EUROPE: Slovakia Approves Eurozone Emergency Bailout Fund

* BOND PRICING: For the Week July 12 to July 16, 2010




                         *********



=============
B E L G I U M
=============


B-ARENA NV: Fitch Affirms Rating on Class F Notes at 'BB'
---------------------------------------------------------
Fitch Ratings has affirmed B-Arena N.V./S.A., a Belgian RMBS
transaction:

  -- Class A (ISIN BE0002350222) affirmed at 'AAA'; Outlook
     Stable; Loss Severity Rating is 'LS-1'

  -- Class B (ISIN BE0002351238) affirmed at 'AA'; Outlook Stable;
     'LS-3

  -- Class C (ISIN BE0002352244) affirmed at 'A'; Outlook Stable;
     'LS-3'

  -- Class D (ISIN BE0002353259) affirmed at 'BBB'; Outlook
     Stable; 'LS-3'

  -- Class E (ISIN BE0002354265) affirmed at 'BBB-'; Outlook
     Stable; 'LS-3'

  -- Class F (ISIN BE0002355270) affirmed at 'BB'; Outlook Stable;
     'LS-3'

The affirmation follows Fitch's assessment of the current ratings
against the agency's revised criteria assumptions for Belgian RMBS
transactions, published in February 2010.  The analysis showed
that the current level of credit support available to the notes
continues to be sufficient to withstand Fitch's stresses.

The transaction is currently in its revolving period, which means
that principal proceeds received from borrowers are utilized
towards the purchase of new assets in the pool.  The pool is
expected to remain in its revolving period until October 2011.

As of the last payment date in April 2010, the issuer reported a
fully funded reserve fund of EUR10m, which in addition to
subordination provides credit support to the rated notes.  The
issuer has reported sufficient levels of excess spread levels,
with 10bps per quarter being provided by the swap.

The performance of loans in arrears by more than three months to
date has been within Fitch's expectations.  With 0.3% of borrowers
delinquent by more than three months, the level of cumulative
defaults remains at EUR30,500.  So long as new loans are
introduced to the pool, Fitch expects the performance of the pool
to remain stable.


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


KREMIKOVTZI: ArcelorMittal Invited to Join Liquidation Auction
--------------------------------------------------------------
Sofia News Agency reports that Traicho Traikov, Bulgaria's
minister of economics, announced that he invited ArcelorMittal to
participate in the liquidation auction for Kremikovtzi.

According to the report, Mr. Traikov announced he had talks with
senior ArcelorMittal officers in Belgium, saying that the state is
committed to ensuring a transparent sale process.  The report
recalls ArcelorMittal had expressed earlier interest in
Kremikovtzi in 2008.

Currently the majority shares of the plant are held by Global
Steel Holdings Limited, owned by Pramod Mittal, brother of
ArcelorMittal owner Lakshmi Mittal, the report notes.

The report relates Kremikovtzi was declared bankrupt end of May
and cleared for liquidation in June, after years of struggle with
a dire economic conditions, and multiple controversies about
mismanagement and financial draining.  The report says the total
debts of the company amount to BGN1.84 billion, whereas the market
value of all of its assets has been estimated at BGN837.2 million.

Workers have yet to receive BGN56 million in unpaid salaries, the
report discloses.  Some 3,000 employees have been dismissed or
have left the company, with some 3, 170 staff still on the books,
the report states.

                        About Kremikovtzi

Kremikovtzi AD Sofia -- http://www.kremikovtzi.com/-- is a
Bulgaria-based company principally engaged in the steel industry.
Its production capacity includes a complete steel production
cycle, from ore mining to finished products, such as hot rolled
and cold rolled products (coils, slabs, plates, blooms and
billets), different thickness wire rods and tubes.  The Company's
product range also includes coke and chemical products, flat
products, ferro-alloys and metallurgical lime, and other products.
The Company operates through a number of subsidiaries, including
Ferosplaven zavod EOOD, NLA 2000 EOOD, Kremikovtzi Rudodobiv AD,
Metalresource OOD and others.  The Company is 71%-owned by
Finmetals Holding AD.


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


CONTINENTAL AG: Moody's Affirms 'B1' Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service has affirmed the B1 corporate family
rating of Continental AG and assigned a definitive B1 rating
(LGD4, 51%) to its newly issued secured high-yield bond.  At the
same time, the rating agency has changed the outlook on the
ratings to stable from negative.

"The rating action reflects both an anticipated stronger than
expected recovery in Conti's operating performance for the current
fiscal year as well as the successful placement of a
EUR750 million bond, which Moody's view as a key indicator of the
company's ability to extend maturities and diversify its funding
sources from the EUR8.2 billion bank debt (as of 31 March 2010)
maturing August 2012," says Falk Frey, Senior Vice President and
lead analyst at Moody's for Continental.

Moody's previously noted on July 5, 2010, that a successful bond
issuance could lead to a change in the outlook to stable from
negative.

"Despite the solid recovery in Conti's operating performance,
Moody's considers the CFR effectively capped by the uncertainty
associated with the possible form and pace of a pending
integration of Continental AG into its major shareholder
Schaeffler, which reportedly has a high debt level following its
investment in Conti," added Mr. Frey.  "At this time Moody's see
the risk to noteholders mitigated primarily by financial covenants
that restrict Conti's ability to (i) dispose of the rubber group,
or (ii) merge with entities of the Schaeffler group, unless
certain interest coverage and leverage tests are met with regard
to metrics pro-forma for the respective transactions.
Nevertheless, Moody's would expect to re-assess the position of
all lenders if and when major corporate transactions are agreed
upon."

The stable outlook incorporates the expectation that (i) Conti
will take further steps to extend its debt maturity profile in the
intermediate term; (ii) the company will return to generating
positive free cash flows in the coming years, which would be
applied to debt reduction; and (iii) the operating performance and
cash flow generation will sustainably improve, mainly driven by a
material turnaround in the powertrain division.  Overall, this
should lead over time to further improvements to the leverage
ratios.

On 2 July, Conti announced its preliminary revenues for H1 2010,
which increased by 38% compared to the first half 2009 from
EUR9.1 billion to approximately EUR12.5 billion.  Adjusted EBIT is
expected to amount to at least EUR1.2 billion equal to an adjusted
EBIT margin of approximately 10%, exceeding Moody's expectations.
Based on these preliminary results for the first six months, Conti
believes that an increase of approximately 15% in consolidated
sales would be realistic for full year 2010.  The adjusted EBIT
margin is anticipated to be between 8.0% and 8.5%, including a
burden of EUR250 million from higher raw material costs in H2
2010.  The company is expected to release its financial report for
H1 2010 on July 29, 2010.

Proceeds of the bond issuance will be used to refinance part of
the outstanding debt of EUR8.2 billion drawn under the company's
syndicated credit facility due August 2012.  Given the five-year
maturity of the bond, the short-dated maturity structure of
Conti's debt will be lengthened.  In addition, the company's
funding, which was previously solely reliant on bank financing
started to become more diversified, which is seen as a positive
development for the credit overall, as it is an indicator that the
company has regained broader access to financial markets though
only moderately reducing the large bulk refinancing needs of 2012.

Conti's liquidity needs for the next 12 months resulting from debt
maturities as well as cash outflows for capital expenditure,
working capital and day to day needs would be covered by a sizable
cash position (more than EUR1.4 billion as of 31 March 2010) and
its revolving credit facility with conditionality language and
covenants with sufficient headroom.

Issuer: Conti-Gummi Finance BV

Assignments:

  -- Senior Secured Regular Bond/Debenture, Assigned B1, LGD4, 51%

Outlook Actions:

  -- Outlook, Changed To Stable From Negative

Issuer: Continental AG

Outlook Actions:

  -- Outlook, Changed To Stable From Negative

Moody's last rating action on Conti was a the assignment of the
provisional B1 rating for the company's bond on July 5, 2010.
Headquartered in Hanover, Germany, Continental AG is one of the
top automotive suppliers worldwide in the areas of brake systems,
systems and components for powertrains and chassis,
instrumentation, infotainment solutions, vehicle electronics,
technical elastomers as well as the world's fourth-largest
manufacturer of passenger and commercial vehicle tires.  In 2009,
Continental generated consolidated sales of EUR20.1 billion.


EUROPEAN PROPERTY: Fitch Affirms Rating on Class D Notes at 'B'
---------------------------------------------------------------
Fitch Ratings has affirmed European Property Capital 3 plc's
outstanding notes:

  -- EUR124.3 million class A (XS0236878525) affirmed at 'AA';
     Outlook Negative

  -- EUR17.8 million class B (XS0236879416) affirmed at 'A';
     Outlook Negative

  -- EUR17.9 million class C (XS0236880851) affirmed at 'BB';
     Outlook Negative

  -- EUR17.5 million class D (XS0236881313) affirmed at 'B';
     Outlook Negative

The affirmation follows a satisfactory review of the most recent
investor reports and further analysis of the performance to date.

Fitch recognizes the improved performance of both the Algarve loan
(representing 30.7% of outstanding debt) and the CPFM loan (5.1%)
since the last review in October 2009.  In the case of Algarve,
this reflects an increase in rental income pushing the ICR to 3.1x
from 2.7x reported at the last review, coupled with an updated
valuation showing an increase in market value to EUR133.9 million
from EUR96.9 million.  In May, the borrower exercised the first of
its two 12 month extension options, pushing maturity back to May
2011.  For the CPFM loan, which has been extended by the servicer
until August 2010, a full cash sweep has been implemented in
addition to sponsor equity injections, which has so far reduced
the LTV to 38.4% from 59.6%.

Although after previous sharp declines, occupancy and income have
now stabilized, Fitch remains doubtful about the ability of the
borrower to pay back the Randstaadt loan (64.3%) at the scheduled
maturity next month.  The Fitch LTV of the securitized A-note is
89% while for the whole loan it is 101%.  Additional mezzanine
debt secured over shares in the borrower further complicate
matters.  While re-letting has so far proven difficult, the
remaining lease profile is quite long.  Should it fail to repay at
maturity, Fitch will look to future hedging strategy as a key
determinant in loan quality over coming years.

EPC 3 is a securitization originally comprising five commercial
mortgage-backed loans originated by JP Morgan Chase Bank, N.A, of
which three remain, one (Algarve) secured over a south Portuguese
shopping centre, and the other two over Dutch assets, a portfolio
of offices in the case of Randstaadt and a warehouse in the case
of CPFM.


===========
G R E E C E
===========


ATLANTIC SUPERMARKETS: Files for Creditor Protection in Athens
--------------------------------------------------------------
Natalie Weeks at Bloomberg News reports that Atlantic Supermarkets
SA filed for protection from its creditors after being hurt by
reduced household spending during the country's first recession
since 1993.

Bloomberg relates Atlantic said that the filing was "to ensure the
smooth operation" of the business.  The case was filed with the
Athens court of first instance, Bloomberg notes.  The company,
Bloomberg says, is working to cut costs.

Sales declined 19% to EUR105.9 million (US$135 million) in the
first three months of the year and Atlantic incurred a net loss of
EUR2.9 million, up from a EUR2.4-million loss in the year-earlier
period, Bloomberg discloses.

Based in Athens, Greece, Atlantic Supermarkets SA is a grocery
retailer.  It operates 152 supermarkets, according to Bloomberg.


PIRAEUS BANK: Makes Unsolicited Cash Bid for Two Domestic Banks
---------------------------------------------------------------
Kerin Hope at The Financial Times reports that Piraeus Bank on
Thursday made an unsolicited cash bid of EUR701 million (US$903
million) for the state's stakes in two loss-making domestic banks.

According to the FT, Piraeus offered to acquire 33.04% of Hellenic
PostBank for EUR329 million -- a 30% premium to Wednesday's
closing share price.  It would also pay EuR372 million for 77.3%
of Agricultural Bank of Greece, equivalent to the group's net
asset value, the FT discloses.

The FT recounts Piraeus made its offer the day after George
Papaconstantinou, the finance minister, urged Greek banks to
consolidate in order to weather the country's debt crisis.

The FT relates the government said it would consider Piraeus's
offer.

"Access to Hellenic's large and stable deposit base of close to
EUR9 billion would immediately solve Piraeus's funding problem,"
the FT quoted an Athens-based analyst as saying.

Piraeus, Hellenic and ABG all reported first-quarter losses,
reflecting sharply higher provisioning and sluggish credit
expansion as Greece slips deeper into recession, the FT notes.

Piraeus, the FT says, would finance the proposed acquisition out
of its own funds -- including liquidity and capital provided under
the government's 2008 rescue package.  The FT notes analysts said
the deal would create Greece's biggest domestic banking group with
assets of more than EUR105 billion.

Piraeus Bank S.A. -- http://www.piraeusbank.gr-- is an Athens,
Greece-based financial and banking services group. The Bank offers
its services through three divisions: Individuals, which includes
deposit and investment solutions, loans, cards, insurance
products, wealth management and electronic banking services;
Companies and Professionals, which includes business deposit
solutions, business financing solutions and funds transfer, and
Large Enterprises, which includes financing products, asset
management, risk management and investment banking. During the
year ended December 31, 2008, the Bank had 358 branches in Greece
and 537 branches internationally, of which 38 were in Greece and
113 were in South-Eastern European countries, Egypt and Cyprus.
Its group companies are active in retail, corporate, international
and investment banking, as well as in asset management and real
estate.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on June 7,
2010, Moody's Investors Service said that it confirmed Piraeus
Bank SA and Piraeus Group Finance plc's long-term deposit and
senior unsecured debt ratings at Ba1.  It also confirmed
subordinated debt ratings at Ba2.  All the ratings carry a
negative outlook, with the exception of the Ba1 backed
(government-guaranteed) senior unsecured ratings that carry a
stable outlook.


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


* HUNGARY: No Longer Faces Bankruptcy Threat, Martonyi Says
-----------------------------------------------------------
MTI reports that Foreign Minister Janos Martonyi told a meeting of
the Hungarian European Business Council on Thursday that Hungary
is no longer threatened by bankruptcy, as the economic crisis is
slowly coming to an end.

The report relates the minister called it a unique development
crucial for the success of Hungary's economic policy that the
government's 29-point action plan had been welcomed both by market
players and the general public.

According to the report, Mr. Martonyi said he expected the
Hungarian economy to grow by 1% this year, while the council
forecast in its annual report for protracted recession and zero or
even negative growth.


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


CIR-COMPAGNIE INDUSTRIALI: S&P Affirms 'BB/B' Corp. Credit Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
outlook on Italy-based holding company CIR-Compagnie Industriali
Riunite SpA to negative from stable.  At the same time, the 'BB/B'
corporate credit ratings were affirmed.

"The rating action reflects the weaker performances posted by
CIR's electricity subsidiary Sorgenia since 2009, which were due
to a variety of factors, including a hard recession-hit
electricity market, customer receivables write-offs, and the
technical breakdown of a recently built plant," said Standard &
Poor's credit analyst Xavier Buffon.

Although the latter issue has now been solved, S&P believes that
any prolonged weakness in market price may exacerbate execution
risks associated with the continuing ramp up of the business.
This, in turn, could translate into further pressure on Sorgenia's
already highly leveraged financial structure and weigh on the
blended asset quality characteristics of CIR's investment
portfolio and, subsequently, S&P's assessment of its business risk
profile.

In addition, S&P views negatively the fact that dividends received
from the holdings portfolio will likely be minimal again this
year.

The ratings on CIR are constrained by significant value
concentration of its investment portfolio on the 54%-owned power
utility Sorgenia, which Standard & Poor's views as very weak from
a credit standpoint, given the utility's sizable debt leverage,
heavy investments and associated execution risks, and recent weak
performances.  Also weighing on the ratings are challenges
experienced by Gruppo Editoriale L'Espresso SpA (BB/Negative/--)
and Sogefi in their respective sectors, and S&P's assessment that
CIR's asset portfolio has limited liquidity because Sorgenia is
not listed.

These weaknesses are mitigated by overall modest debt leverage at
CIR's holding companies, recent evidence of improving performances
at Sogefi and L'Espresso, and good financial flexibility provided
by still-significant cash balances and other financial assets.

At the holdings level at end-March 2010, relative to the estimated
value of the asset portfolio, the loan-to-value (LTV) ratio was
14%, well within the maximum 20% level that S&P thinks is adequate
for the current rating.

S&P computes the ratio using a valuation of about half a billion
euros for the stake in Sorgenia; although recent capital increases
contributed by the partner Verbund AG (Austrian utility
Verbundgesellschaft rated A-/Negative/--) were made on a much
higher valuation, S&P thinks a conservative number is likely
required by the recent poor performances of Sorgenia and the
uncertain extent and timing of its recovery.

S&P thinks LTV levels will likely continue to be modest in the
future, and within rating parameters, as S&P does not anticipate
any capital injections at CIR's subsidiaries or any new
investments.

"The negative outlook reflects the likelihood of ratings being
lowered should S&P's assessment of the company's investment
portfolio quality or the estimated LTV ratio be further affected
by the combination of on-going price weaknesses, aggressive debt
leverage, and execution risks at Sorgenia," added Mr. Buffon.
Alternatively, absent any resumption of material dividends
received from holdings as from next year, this could weigh on the
rating.

Ratings pressure could tail off if performances at Sorgenia were
to substantially rebound and prospects for dividend inflows were
to materially improve.

Ratings upside potential seems unlikely to S&P at this stage, but
could materialize if the portfolio's diversity and/or asset
quality were to significantly improve.


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


MERLIN ENTERTAINMENTS: S&P Assigns 'B' Corporate Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned a long-
term corporate credit rating of 'B' to international visitor
attractions operator Merlin Entertainments Group Luxembourg
S.….r.l.  The outlook is stable.

At the same time, S&P assigned an issue rating of 'B+' to Merlin
Entertainments Group Luxembourg 2 S.….r.l.'s proposed
GBP1,255 million senior secured credit facility consisting of a
GBP1,130 million term loan B and a GBP125 million revolving credit
facility maturing in 2015, one notch above the corporate credit
rating on the company.  The recovery rating on this instrument is
'2', reflecting S&P's expectation of substantial (70%-90%)
recovery for debtholders in the event of a payment default.

"The ratings on Merlin reflect S&P's view of its highly leveraged
financial position, weak debt service coverage measures,
relatively high capital expenditure, and significant operating
lease liabilities," said Standard & Poor's credit analyst Philip
Temme.  The ratings also reflect Merlin's heavily seasonal
business and exposure to challenging discretionary consumer
spending trends.  These risks are partially offset by Merlin's
geographically diverse attractions portfolio, growing proportion
of revenues from all-year sites, strong earnings track record,
positive unadjusted free operating cash flows, and industry-
leading margins.  The rating also reflects the equity support
committed by largest shareholder KIRKBI A/S (not rated), which
will own 36.3% of Merlin once its restructuring is complete, to
fund specific expansion projects.

Merlin is the largest operator of theme parks and visitor
attractions in Europe and the second-largest operator globally
after The Walt Disney Co. (A/Negative/A-1).

S&P views Merlin's business profile as compatible with a 'BB'
category business score.  This is on account of Merlin's
diversified portfolio of indoor and outdoor attractions; good
geographic spread (albeit with some concentration in the U.K.,
which accounted for 51% of 2009 EBITDA); well-known brands; stable
management; track record of consistently delivering profitable
growth; industry-leading profit margins; and the high barriers to
entry typical of the group's businesses.  Merlin has continued to
enjoy solid like-for-like sales and EBITDA growth, reporting a
robust lease-adjusted EBITDA margin of 36% in 2009, unchanged on
2008.  Future earnings should be boosted by the planned opening of
the equity-funded Legoland Florida site in 2011, as well as by new
indoor site openings.

Merlin's highly leveraged financial position is the primary driver
of the ratings, with lease-and-shareholder-loan-adjusted net debt
to EBITDA at year-end 2009 of 8.2x, after an 83% cash credit.
Although lease-adjusted net debt to EBITDA will improve materially
as a result of Merlin's ongoing capital restructuring, which
involves a revised shareholding structure, the sale of a
significant stake to a new investor, and shareholder contributions
structured as equity, S&P nonetheless anticipate that adjusted
leverage will remain above 5.0x at year-end 2010.  Short-term
scope for debt repayment is constrained by relatively high capex,
which was equivalent to 13% of sales in 2009.

In S&P's view, on the basis of its positive track record and solid
2009 performance, Merlin should be reasonably well-placed to
withstand recessionary headwinds provided it exercises restraint
in capex, pays no dividends, and completes the capital
restructuring and bank refinancing as planned.  S&P believes that
the group's still highly leveraged status leaves it vulnerable to
unexpected operating shocks such as accidents affecting its theme
parks or a major security incident.

The capital restructuring will, once completed, materially improve
the group's credit metrics, and the current ratings assume
completion of the restructuring and refinancing.  Relatively high
margins and good conversion of profit into operating cash flows
should enable the company gradually to improve its currently weak
debt protection measures.  Nonetheless, S&P views rating upside as
limited until adjusted debt to EBITDA is brought convincingly
lower than 5.0x.  S&P could lower the ratings if adjusted debt to
EBITDA were to exceed 7.5x.


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


ALLIANCE OIL: Fitch Assigns 'B' Senior Unsecured Rating
-------------------------------------------------------
Fitch Ratings has assigned Russia-based OJSC Alliance Oil
Company's RUB5 billion domestic bonds due 2020 an expected local
currency senior unsecured rating of 'B', an expected Recovery
Rating of 'RR4', and an expected National senior unsecured rating
of 'BBB(rus)'.

The final ratings of the oil company's proposed bonds are
contingent upon the receipt of final documents conforming to
information already received by Fitch.

The proposed RUB5 billion bonds represent a senior unsecured
obligation of OJSC Alliance Oil Company and are guaranteed by
Alliance Oil Company Ltd.  Fitch notes that a cross-default
provision in the draft bond documents relates to other capital
market instruments, including Alliance Oil's outstanding senior
unsecured bonds and existing loans.

Alliance Oil's existing ratings are:

  -- Long-term foreign and local currency Issuer Default Ratings:
     'B'; Outlook Stable

  -- Short-term foreign and local currency IDRs: 'B'

  -- National Long-term rating: 'BBB(rus)'; Outlook Stable


BANK SOYUZ: S&P Affirms 'B-' Counterparty Credit Ratings
--------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' long-term and
'C' short-term counterparty credit ratings and its 'ruBBB-' Russia
national scale rating on Russia-based Bank Soyuz and removed them
from CreditWatch with developing implications, where they were
placed on Jan. 14, 2009.  The outlook is stable.

"The removal from CreditWatch and affirmation of the ratings
reflect the completion of a capital injection from the Deposit
Insurance Agency (DIA) and Ingosstrakh Insurance Co. (BBB-
/Negative/--; Russia national scale 'ruAA+'), and an asset
transfer to the DIA," said Standard & Poor's credit analyst Victor
Nikolskiy.

The ratings reflect Bank Soyuz's weak asset quality and recurrent
profitability in a risky and volatile operating environment.  The
ratings also factor in the substantial funding support Bank Soyuz
receives from the DIA; the bank's improved capitalization; and its
special regime status, which allows the bank not to comply with
statutory ratios.

"The stable outlook factors in the expectation that DIA will
continue to provide support to Bank Soyuz as required," said Mr.
Nikolskiy.  It also incorporates S&P's expectation that, in the
medium term, current shareholders will support and develop Bank
Soyuz as a universal bank, while addressing the bank's currently
weak financial indicators, particularly asset quality and
profitability.

S&P could take positive rating actions on Bank Soyuz if the bank
improves its asset quality indicators and manages to post
recurrent positive financial results, while showing robust
earnings capacity and sustainable business growth.

S&P could take negative rating actions if S&P observes a reversal
in Bank Soyuz's demonstrated trend of improving asset quality, or
if its business growth brings risk not commensurate with current
capitalization or if liquidity of the bank is under pressure.  S&P
could also take negative actions if S&P see any signs of weakening
support from the DIA.


===============
S L O V E N I A
===============


PREVENT PUR: To Halt Production This Month; 105 Jobs Affected
-------------------------------------------------------------
Slovenska tiskovna agencija reports that Prevent PUR, which
continued with its production despite of receivership proceedings
launched in October last year, will terminate production in July,
leaving 105 of its remaining workers unemployed.

As reported by Troubled Company Reporter-Europe on Oct. 2, 2009,
STA said Prevent PUR launched insolvency proceedings after the
company's two major owners failed to agree on a rescue plan.

Prevent PUR produces fillings for car seats for German company
Volkswagen.  The firm, which belongs to Prevent Global in Slovenj
Gradec and Prevent Dev in Wolfsburg, Germany, had turnover of EUR8
million in 2008, with EUR3.1 million in losses, according to
NewEurope.


=========
S P A I N
=========


HIPOCAT 10: S&P Puts 'CCC'-Rated Class C Notes on Watch Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services placed or kept on CreditWatch
negative its ratings in five of Caixa d'Estalvis de Catalunya's
Spanish residential mortgage-backed securities transactions:
Hipocat 7, Hipocat 8, Hipocat 9, Hipocat 10, and Hipocat 15.

Specifically, S&P has:

* Kept on CreditWatch negative S&P's ratings on all classes of
  notes in both Hipocat 7 and Hipocat 8.  These transactions were
  already on CreditWatch negative due to a previous downgrade of
  the liquidity facility provider.

* Placed on CreditWatch negative the class A2, A3, A4, and C notes
  in Hipocat 10.  The class B notes are currently on CreditWatch
  due to concerns with the transaction's performance.  The class D
  notes (rated 'D') are unaffected.

* Placed on CreditWatch negative all classes of notes in Hipocat 9
  and Hipocat 15.

For the same reasons, on July 14 S&P kept its ratings on a sixth
transaction, Hipocat 11, on CreditWatch negative.

The trustee, Gesti¢n de Activos Titulizados, S.G.F.T., S.A.
recently informed us that cumulative defaults in Hipocat 10 and 11
had been understated in recent transaction reports.

Although S&P has received some updated information from the
trustee since the errors were identified, S&P has questions
remaining over the accuracy of all the data the trustee provided
to us in its transaction reports for the remaining five
transactions that S&P rate and for which it is the trustee.

The ratings that S&P has kept on CreditWatch negative are now on
CreditWatch negative for these additional reasons, as well as the
reasons for which S&P originally placed them on CreditWatch
negative.

The notes will remain on CreditWatch negative until S&P determine
whether the information provided is consistent with the current
ratings and the trustee corrects the information provided in
previous transaction reports.

                           Ratings List

               Ratings Kept on Creditwatch Negative

            Hipocat 7, Fondo de Titulizacion de Activos
        EUR1.40 Billion Mortgage-Backed Floating-Rate Notes

                                   Rating
                                   ------
             Class       To                       From
             -----       --                       ----
             A2          AAA/Watch Neg            AAA/Watch Neg
             B           AA+/Watch Neg            AA+/Watch Neg
             C           AA-/Watch Neg            AA-/Watch Neg
             D           BBB+/Watch Neg           BBB+/Watch Neg

            Hipocat 8, Fondo de Titulizacion de Activos
                 EUR1.50 Billion Floating-Rate Notes

                                   Rating
                                   ------
             Class       To                       From
             -----       --                       ----
             A2          AAA/Watch Neg            AAA/Watch Neg
             B           AA/Watch Neg             AA/Watch Neg
             C           A-/Watch Neg             A-/Watch Neg
             D           BBB-/Watch Neg           BBB-/Watch Neg

            Hipocat 10, Fondo de Titulizacion de Activos
EUR1.526 Billion Residential Mortgage-Backed Floating-Rate Notes

                                   Rating
                                   ------
             Class       To                       From
             -----       --                       ----
             B           A/Watch Neg              A/Watch Neg

              Ratings Placed On Creditwatch Negative

            Hipocat 9, Fondo de Titulizacion de Activos
EUR1.016 Billion Residential Mortgage-Backed Floating-Rate Notes

                                   Rating
                                   ------
             Class       To                       From
             -----       --                       ----
             A2a         AAA/Watch Neg            AAA
             A2b         AAA/Watch Neg            AAA
             B           AA/Watch Neg             AA
             C           A/Watch Neg              A
             D           BBB-/Watch Neg           BBB-

            Hipocat 10, Fondo de Titulizacion de Activos
EUR1.526 Billion Residential Mortgage-Backed Floating-Rate Notes

                                   Rating
                                   ------
             Class       To                       From
             -----       --                       ----
             A2          AAA/Watch Neg            AAA
             A3          AAA/Watch Neg            AAA
             A4          AAA/Watch Neg            AAA
             C           CCC/Watch Neg            CCC

            Hipocat 15, Fondo de Titulizacion de Activos
         EUR1.2 Billion Mortgage-Backed Floating-Rate Notes

                                   Rating
                                   ------
             Class       To                       From
             -----       --                       ----
             A           AAA/Watch Neg            AAA
             B           AA/Watch Neg             AA
             C           BBB/Watch Neg            BBB

                         Rating Unaffected

           Hipocat 10, Fondo de Titulizacion de Activos
EUR1.526 Billion Residential Mortgage-Backed Floating-Rate Notes

                        Class       Rating
                        -----       ------
                        D           D


INAER AVIATION: S&P Assigns 'B' Long-Term Corporate Credit Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'B'
long-term corporate credit rating to Spain-based helicopter
services provider Inaer Aviation Group, S.L.  At the same time,
the rating was placed on CreditWatch with positive implications.

In addition, S&P assigned a preliminary 'B' issue rating to
Inaer's proposed EUR470 million senior secured high-yield notes,
to be issued by Inaer Aviation Finance Ltd.  The proceeds will be
passed through to Proiris Aviation Spain S.L., a wholly owned
subsidiary of Inaer, via a back-to-back loan.

S&P also assigned a preliminary 'BB-' rating to Inaer's proposed
EUR100 million super-senior revolving credit facility.  The
preliminary recovery rating on the proposed RCF is '2', reflecting
S&P's expectation of substantial (70%-90%) recovery for lenders in
an event of a payment default.

The ratings on the proposed notes, on the proposed loan facility,
and on the proposed RCF are based on preliminary information and
are subject to S&P's satisfactory review of the final
documentation.

"The ratings on Inaer reflect the group's highly leveraged
financial risk profile, including the proposed acquisition of
Australian Helicopters Pty Ltd.; high capital expenditure
requirements to maintain its fleet of 281 helicopters; and weak
credit metrics for the rating," said Standard & Poor's credit
analyst Menique Smit.  "These risks are partially mitigated by
Inaer's leading market position for mission critical helicopter
services; its geographic diversity in Western Europe and Chile;
its stable revenue stream from multiyear contracts with national,
regional, and local government entities; as well as consistently
high contract renewal rates."

Debt makes up about 82% of Inaer's total capitalization, resulting
in a highly leveraged financial risk profile.  In S&P's view,
Inaer's financial policy is aggressive.

Notwithstanding a weak economic environment and reliance on
contracts with government bodies at a time when public finances
are strained, Inaer posted a resilient increase in revenues of
more than 14% to reach EUR303 million at year-end 2009, partially
due to the mid-year acquisition of Italy-based Helitalia.
Adjusted EBITDA margins fell slightly in 2009 to 26%, from 27.6%
in 2008.  This was mainly due to the integration of Helitalia,
which had weaker margins, into its operations.

Inaer's business risk profile is satisfactory, in S&P's opinion,
largely due to its market-leading share of 24% in Europe.  S&P
thinks the size of its helicopter fleet, inclusive of a backup
fleet of approximately 10%, provides a distinct competitive
advantage over its many smaller rivals.  With Spanish and Italian
national, regional, and local government entities contributing
around 90% of revenues through multiyear contracts ranging from
two to 20 years, Inaer benefits from long-lived, high quality
revenue streams.  S&P understands contract renewal rates in the
past two years reached close to 100%.

S&P believes the pending refinancing, if successful, would
materially improve Inaer's debt maturity profile and liquidity
position, leading us to raise the corporate credit rating to 'B+'.
Following the acquisition and financing transaction, S&P
anticipate that the group's funds from operations to Standard &
Poor's fully adjusted debt will be in excess of 10%, a level S&P
considers appropriate for the 'B+' rating level.

S&P aims to review the CreditWatch placement on completion of the
proposed notes issue or, if the issue is delayed or cancelled,
within the next three months.


MARTINSA-FADESA: Lenders May Opt for Debt-for-Equity Swap
---------------------------------------------------------
Sharon Smyth at Bloomberg News reports that El Pais citing court
documents said that Martinsa-Fadesa SA has reached an agreement
with its lenders to swap debt for equity if the company cannot
repay EUR7 billion of loans in ten years.

As reported by the Troubled Company Europe on June 29, 2010, El
Economista said Martinsa, which obtained protection from creditors
in July 2008, may have that status lifted by the end of the year.

Headquartered in La Corun, Spain, Martinsa Fadesa SA --
http://www.martinsafadesa.com/-- develops residential and
commercial property projects, including hotels, shopping centers
and golf courses, as well as industrial projects, among others.
The company also operates in Portugal, Romania, Hungary, Ireland,
France, Bulgaria, Mexico, the Dominican Republic, the Czech
Republic, Slovakia, and Poland.


* SPAIN: Central Bank Urges Ailing Savings Banks to Merge
---------------------------------------------------------
Charles Penty at Bloomberg News reports that Spain cut civil
servants' pay and froze pensions as part of an austerity drive to
reduce its deficit, the third-highest in the region that uses the
euro.  Bloomberg says laid-off savings banks workers will fare
better.

According to Bloomberg, the central bank has coaxed ailing savings
banks to merge, financing the process with more than EUR10 billion
(US$12.9 billion) from a government bailout fund.  Bloomberg
relates Carlos Trascasa, a partner at McKinsey & Co., said
consolidating the lenders, known as "cajas," may eventually cost
as many as 50,000 jobs, with many workers taking early retirement.
The task of restructuring the cajas, foundation-based lenders that
make about half of Spain's loans, has taken on fresh urgency as
defaults mount on credit linked to a 10-year property boom,
Bloomberg discloses.

Bloomberg notes cleaning up bad loans and cutting costs at the
cajas is just one part for the government's drive to fix an
industry that expanded lending more than fivefold during Spain's
decade-long property boom, making real estate and construction
loans worth EUR241 billion.  The cajas are negotiating early
retirement deals as the government tries to help companies shed
staff more cheaply, Bloomberg states.

"I think that if a company needs money, it should restructure in
the cheapest possible way and in the end that's good for the
economy," Bloomberg quoted Inigo Lecubarri, who manages about
US$170 million at Abaco Financials Fund in London, as saying.  "In
principle, I hate the idea of early retirements, but I suppose you
have to do what's possible."

                        Restructuring Fund

According to Bloomberg, under the rules for the government bank
restructuring fund set up last year, lenders can request funds
that carry an annual interest rate of at least 7.75% and that have
to be repaid within five years.

Bloomberg recalls a person with knowledge of its plans said
June 15 the government's bank rescue fund may seek a credit line
with banks to avoid having to issue more debt.  Bloomberg notes
the Bank of Spain said as many as 38 out of Spain's 45 savings
banks are involved in 12 combination processes that are seeking
money from the rescue fund.  Access to the fund, known as FROB, is
subject to lenders presenting a restructuring plan that the Bank
of Spain approves, Bloomberg states.  Javier Ariztegui, the
central bank's deputy governor, as cited by Bloomberg, said in
mergers that include requests for government funding, the average
proposals for staff cuts is 15% to 18%.


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


BLOOMING MARVELLOUS: Bought Out of Administration by Mothercare
---------------------------------------------------------------
Daily Mail Reporter reports that Mothercare has acquired Blooming
Marvellous.  According to the report, Mothercare is thought to
have spent a nominal amount buying just the brand and trademark.

The report recalls Blooming Marvellous went into administration
last year and the sale to Mothercare is the third time it has
changed hands in 18 months.

Underlying sales for the 15 weeks to July 10 fell 4.1% in the UK,
which was deeper than the 1.6% decline seen in the previous
quarter, the report discloses.  The report notes analysts at
brokerage Collins Stewart blamed the poor UK performance on weak
sales of toys and suggested the firm is addressing this by cutting
prices.

Blooming Marvellous -- http://www.bloomingmarvellous.co.uk/-- is
a maternity chain popular with young mothers.  It sells maternity
clothes, lingerie, and accessories.  It also carries baby clothes
and nursery items.


CC TAVERNS: In Administration; Pubs Up for Sale
-----------------------------------------------
Martyn Leek at M&C Report reports that CC Taverns and Jack Beards,
two subsidiaries of CCT Group, the multiple-site pub business led
by Chris Compton, have been placed into administration.

The report relates the two companies were placed into the hands of
the administrator Robert Hewitt, of Gibson Hewitt, by Mr. Compton
on July 12.  The report says of the 32 leased and tenanted pubs
affected, around a third have now been handed back to landlords,
including Enterprise Inns and Wellington Pub Company.

The administrator is trading the remainder of the estate and a
number are already up for sale, the report states.  According to
the report, Christie & Co, the property agents, are advising the
administrators regarding disposals.

The report notes Mr. Compton said the groups had been deeply
impacted by the smoking ban and the recession.

CC Taverns and Jack Beards operated wet-led community pubs.


DUTTON CARPETS: In Administration; 120 Jobs at Risk
---------------------------------------------------
Chris Hopper at This Is Lancashire reports that Dutton Carpets has
been placed into administration, putting 120 jobs at risk.

The report relates Christopher Ratten and Jeremy Woodside of the
recovery division of RSM Tenon were appointed joint administrators
of the company.  The administrators are currently seeking a buyer
for he company in an effort to secure jobs, the report notes.

According to the report, Mr. Ratten said the business had been
experiencing cash flow difficulties, leading to the HM Revenue
Customs issuing a winding up petition as a result of non-payment
of Crown debt.  Citing financial results filed at Companies House,
the report says GBP585,000 was owed in taxes and social security.
Directors were due at London's High Court Wednesday over payments
HMRC claimed it was owed, the report states.

Blackburn-based Dutton manufactures carpet and carpet products.
The company was founded in 1979.


HIGHLAND AIRWAYS: Staff Agrees to Pay Cuts to Help Save Firm
------------------------------------------------------------
BBC News reports that insolvency documents submitted by Highland
Airways show that its staff agreed to pay cuts amounting to a
total of GBP746,000 as part of efforts to keep the company afloat.

BBC News recalls the airline went out of business in March with
debts of GBP4.5 million after a potential rescue deal fell
through.

As reported by the Troubled Company Reporter-Europe on June 1,
2010, Accountancy Age said Graham Frost and Bruce Cartwright,
Highland Airways' PwC administrators, in their report to creditors
proposed that the company should be dissolved three months after
assets had been realized.

Based in Inverness, Scotland, Highland Airways --
http://www.highlandairways.co.uk/-- operated passenger and
freight charters as well as scheduled services from its main base
at Inverness Airport.


PORTSMOUTH FOOTBALL: HMRC Lodges Appeal Against CVA
---------------------------------------------------
The Press Association reports that Her Majesty's Revenue and
Customs has lodged papers in the High Court to appeal the Company
Voluntary Agreement with Portsmouth Football, which could prevent
the club exiting administration.

The Press Association relates the decision to appeal was taken
well in advance of the midnight deadline on Thursday and under
Football League rules the club will now stay in administration and
under a transfer embargo until the appeal, still to be scheduled,
is heard.

In a statement released to The Press Association Sport, a
spokesman said: "HMRC can confirm that it has made an application
to the High Court that the decision of creditors of Portsmouth
City Football Club Ltd (In Administration taken at a meeting on 17
June 2010 approving a Company Voluntary Arrangement in a Proposal
dated 28 May 2010 should be revoked or suspended under s. 6 (1)
(a) and/or (b) of the Insolvency Act 1986 on the grounds that: (a)
The interests of HMRC have been or will be unfairly prejudiced by
the taking of that decision; and (b) There were material
irregularities in the way in which the votes of creditors were
counted at that meeting.

"HMRC can further confirm that it has also appealed to the court
under Rule 1.17 of the Insolvency Rules against the Chairman's
decision to refuse to allow HMRC to vote in accordance with claims
totaling GBP13,293,651.72 submitted at the meeting.

"HMRC feel we have been or will be unfairly prejudiced by the
decision to accept the CVA, because we believe there were material
irregularities in the way in which the votes of creditors were
counted at the creditor meeting and because, to our knowledge, the
full amount of our claim should have been admitted for voting
purposes.

"We are acting in the interests of all those creditors who are not
in the football industry.  We don't think it's right that they are
offered 20p in the pound against full repayment all others.  Also
we cannot agree with the striking out of GBP13 million of debt
which seriously undermined our ability to challenge the CVA."

As reported by the Troubled Company Reporter-Europe on July 16
2010, Championship News said Portsmouth face starting the 2010-11
season with another huge points penalty if HMRC files an appeal to
the CVA that was agreed last month.  Championship News noted with
the appeal unlikely to be heard until October at the earliest, it
means Portsmouth will be unable to start the season with an agreed
CVA in place.  Under normal Football League rules this would lead
to a points deduction, with a 17-point penalty likely to be handed
down, Championship News disclosed.  Championship News said a 17-
point deduction would make the club even more unattractive to
prospective buyers, placing the club's future once more in doubt.
If the club goes bust then HMRC would be left with nothing,
according to Championship News.

Portsmouth Football Club Ltd. -- http://www.portsmouthfc.co.uk/--
operates Portsmouth FC, a professional soccer team that plays in
the English Premier League.  Established in 1898, the club boasts
two FA Cups, its last in 2008, and two first division
championships.  Portsmouth FC's home ground is at Fratton Park;
the football team is known to supporters as Pompey.  Dubai
businessman Sulaiman Al-Fahim purchased the club from Alexandre
Gaydamak in 2009.  A French businessman of Russian decent,
Gaydamak had controlled Portsmouth Football Club since 2006.


PROMINENT CMBS: Fitch Affirms Rating on Class E Notes at 'BB'
-------------------------------------------------------------
Fitch Ratings has affirmed Prominent CMBS Funding No. 1.  The
Outlooks remain Stable.  The rating actions are:

  -- EUR240.5m class A1 due 2032 (XS0234097128) affirmed at 'AAA';
     Outlook Stable

  -- GBP30m class B due 2032 (XS0234098951) affirmed at 'AAA';
     Outlook Stable

  -- GBP76m class C due 2032 (XS0234099256) affirmed at 'AA';
     Outlook Stable

  -- GBP54m class D due 2032 (XS0234154028) affirmed at 'BBB';
     Outlook Stable

  -- GBP9.3m class E due 2032 (XS0234154887) affirmed at 'BB';
     Outlook Stable

The affirmation reflects the stable performance of the collateral
pool, despite deteriorating property values.  At the last interest
payment date in June 2010, only 15 loans were outstanding,
reducing the outstanding loan balance to GBP368.4 million from
GBP1 billion at closing in December 2005.  This has resulted in
significant improvements in credit enhancement of the senior
notes.  In addition, the class E notes have benefited from
amortization through excess spread.  The rated notes were over-
collateralized by approximately 10% at the last IPD.  Finally the
GBP10 million reserve fund has not been utilized since closing and
continues to act as a first-loss piece.

Of the current loans, the largest four account for 54% of the
total balance.  The remaining loans are all significantly smaller,
with the average loan contribution standing at 5%.  The collateral
varies by property type and location, with concentrations in the
South East (29% of market value) and the mixed-use (33%) sub-
sectors.  The loans vary considerably in credit quality.  For
example, while the weighted average interest coverage ratio (WA
ICR) is strong at 1.99x, the ICR for individual loans varies
between 1.2x and 7.3x.  Occupancy also varies (between 77% and
100%), as well as the WA lease term (between two and 21 years).

Five loans accounting for just over 15% of the collateral balance
are scheduled to mature in the next two years.  While this poses
refinance risk in the current adverse market conditions, this is
offset by healthy debt yields and exit debt yields.  For these
loans in particular, DY ranges from 9% to 15%, while on the entire
pool the WA DY and EDY is 11.7% and 16.6%, respectively.


QUAY RADIO: Bought Out of Administration by Celador
---------------------------------------------------
Michael Powell at The News reports that London-based entertainment
company Celador Radio Broadcasting has acquired the license and
the major assets of Quay Radio Limited after owner Portsmouth
Football Club put it into administration.

According to the report, a new station called The Breeze will
launch on the 107.4FM frequency in Portsmouth.  The Portsmouth
version of Breeze will launch on air on July 31, the report says.

The report relates Celador said it is currently in discussion with
Portsmouth Football Club regarding the broadcasting rights for its
Championship matches next season.  It said it hopes to reach an
agreement that will see coverage continuing, the report notes.

Quay Radio is a United Kingdom radio station, broadcasting to an
area in and around the city of Portsmouth.  The station is the
official radio station for Portsmouth Football Club and has
exclusive commercial radio commentary rights to all their games
home and away.


ROAD MANAGEMENT: S&P Downgrades Rating on Senior Bonds to 'B+'
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term issue rating on the GBP165 million senior secured bond, due
2021, issued by the U.K.-based special-purpose vehicle Road
Management Consolidated PLC to 'B+' from 'BB'.  At the same time,
the rating was removed from CreditWatch with negative
implications, where it was placed on June 19, 2009.  The outlook
is stable.

The bond retains an unconditional and irrevocable guarantee
provided by Ambac Assurance U.K. Ltd. (CC/Developing/--), covering
payment of scheduled interest and principal.  According to
Standard & Poor's criteria, the rating on a monoline-insured debt
issue reflects the higher of the ratings on the monoline insurer
and Standard & Poor's underlying rating.  Consequently, the long-
term issue rating on RMC's bond reflects the SPUR, because the
rating on Ambac Assurance is lower than the SPUR.

"The downgrade reflects the weakening of RMC's overall financial
profile, which is demonstrated by the changed forecasts in the
project's revised financial models," said Standard & Poor's credit
analyst Timon Binder.

For example, RMC now projects a reduction in the minimum debt
service cover ratio for the shadow toll road A1(M) to 1.07x from
1.10x.  Furthermore, RMC expects the average DSCR to be 1.13x,
compared with 1.22x in the financial model from September 2009.
However, RMC thinks that the financial profile for the A417/A419
will remain almost unchanged, with DSCRs of 1.17x (minimum) and
1.28x (average).

Using Standard & Poor's definition of DSCRs -- which, for example,
removes interest income from the project's cashflow -- RMC's
financial profile appears even weaker than previously, with a
consolidated DSCR likely to be less than 1x.  However, RMC
continues to benefit from a strong liquidity position, supported
by GBP12.6 million of retained dividend payments and operating
cash, as well as GBP14.2 million held in a maintenance reserve
account and 12-month debt service reserves.  This, in S&P's view,
partly offsets the weakened financial profile.

RMC used the bond proceeds to partly fund the construction of two
U.K.-based design, build, finance, and operate shadow toll roads:
the A1(M) between Alconbury and Peterborough; and the A417/A419
between Swindon and Gloucester.  RMC completed the construction
works on both roads in 1998.

"The outlook is stable because it reflects S&P's assumption that
RMC will continue to maintain a strong liquidity position and not
pay shareholder distributions during the next 12-18 months," said
Mr. Binder.


SOUTHEND UNITED: Says Debts to HMRC & Charterhouse Already Paid
---------------------------------------------------------------
BBC Sport reports that Southend United has reiterated that it has
paid money owed to Her Majesty's Revenue and Customs and
Charterhouse Commercial Finance.

BBC Sport relates the club faces winding-up and administration
hearings over the debts, which totaled just under GBP400,000.

According to BBC Sport, a statement on Southend's Web site says:
"Funds had been deposited for payment of the Revenue debt and also
for the amount due to Charterhouse."

BBC notes Southend had owed GBP238,710 to HMRC and GBP140,000 to
Charterhouse Commercial Finance, but the HMRC still believes the
club should be placed into administration due to its "habitual
defaulting".

As reported by the Troubled Company Reporter-Europe on July 16,
2010, BBC Sport said a winding-up hearing against Southend United
over its GBP140,000 debt to Charterhouse Commercial Finance was
adjourned until August 11.  BBC Sport disclosed it was moved in
light of an application by HMRC to put the club into
administration which will be heard on August 2.

Southend United Football Club is an English football club based at
Roots Hall Stadium, Prittlewell, Southend-on-Sea, Essex, who
currently play in League One of the English Football League.


TITAN EUROPE: S&P Downgrades Rating on Class A2 Notes to 'B'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Titan Europe 2007-3 Ltd.'s class A1 and A2 notes.  At the same
time, S&P kept its ratings on these notes on CreditWatch negative.

Interest on the junior classes of notes has been deferred since
October 2008.  As a result of this ongoing interest shortfall and
S&P's expectation of principal losses, S&P previously lowered its
ratings on the class D to G notes to 'D' and lowered its rating on
the class C notes to 'CCC-'.  At that time, S&P also placed the
ratings on the more highly rated classes of notes on CreditWatch
negative, as S&P believed there was an increased likelihood of an
interest shortfall on the most senior class (A1).

In S&P's view, the note interest shortfalls recorded in this
transaction result from a combination of different factors:
The issuer incurred extraordinary expenses, e.g., special
servicing fees.

The excess cash, which in other transactions is generally
available to cover these expenses, is instead paid to the class X
noteholders in this transaction.

Servicing advances are also not available to fund the issuer's
extraordinary expenses.

Available servicing advances were reduced as a result of declining
property values across the loan pool.

Bank of America N.A., the advance provider, determined that
certain servicing advances are not recoverable and has therefore
decided not to advance funds to cover the non-recoverable
expenses.

As the most junior classes of notes were written off following the
post-default termination of three of the defaulted loans,
potential future note interest shortfalls would now immediately
affect the more senior classes of notes.  Therefore, S&P believes
the probability of a payment default with regard to the class A1
notes has increased.

A payment default with regard to the most senior class of notes
outstanding would result in a note event of default, according to
the terms and conditions of the notes.  S&P would likely lower all
its ratings to 'D' in this scenario.  If there are insufficient
funds to service the class A1 notes, S&P believes it is possible
that the transaction parties may consider alternative options to
ensure the timely payment of interest.  This approach, in S&P's
opinion, would be in line with S&P's "Prudent Servicing Practices"
criteria, according to which transaction parties would consider
taking reasonable steps to prevent the interruption of the cash
flow to noteholders.  As S&P is still liaising with the
transaction parties to understand their next actions, S&P's
ratings on the class A1 and A2 notes remain on CreditWatch
negative.

The rating actions do not result from a change in S&P's opinion of
the creditworthiness of the pool of loans.  Although S&P does not
currently expect a principal shortfall on the class A1 notes, S&P
believes that the likelihood of a note interest shortfall has
increased.  S&P's ratings address timely payment of interest and
repayment of principal no later than the legal maturity date of
the notes.

S&P also notes that the special servicer, Hudson Advisors Germany
GmbH (which S&P currently ranks as ABOVE AVERAGE under its
servicer evaluation department, with a stable outlook), terminated
three of the five loans in special servicing: The Holmewood
Chesterfield loan, the A&A Express loan, and the Lovat Lane loan.
Principal losses were applied to the most junior classes of notes,
which S&P already rate 'D'.  S&P also notes that Hudson decided to
terminate the A&A Express loan and the Lovat Lane loan via a
discounted purchase offer, which is a relatively new approach in
the European commercial mortgage-backed securities market.

Titan Europe 2007-3 is a true-sale CMBS transaction secured
against 18 U.K. loans.  The transaction's expected maturity date
is in October 2013.

                           Ratings List

                     Titan Europe 2007-3 Ltd.
GBP778.822 Million Commercial Mortgage-Backed Floating-Rate Notes

         Ratings Lowered and Kept on CreditWatch Negative

                               Rating
                               ------
           Class       To                  From
           -----       --                  ----
           A1          BB/Watch Neg        A/Watch Neg
           A2          B/Watch Neg         BB/Watch Neg


WESTLAKES SCIENTIFIC: In Administration; PwC Mulls Sale
-------------------------------------------------------
Whitehaven News reports that Westlakes Scientific Consulting Ltd.
has gone into administration.  The report relates
PricewaterhouseCoopers LLP were appointed joint administrators on
Thursday, July 15.

The company blamed a downturn in sales and the scale of the
company's pension liabilities for the move, the report notes.

According to the report, Ian Green, of PricewaterhouseCoopers LLP,
said: "The research completed by Westlakes Scientific Consulting
Limited is clearly of significant importance to the UK,
particularly the nuclear industry. We are therefore working
closely with key stakeholders to identify a positive outcome for
the administration.  We are currently exploring the possibility of
a sale and are extremely keen to speak to anyone interested in
acquiring all or part of the business."

Westlakes Scientific Consulting Ltd. provides environmental
consulting and health research services.  The company is a
subsidiary of CentrLan Holdgins Ltd., and ultimately the
University of Central Lancashire.  It employs 65 staff across its
two West Cumbrian sites, according to Whitehaven News.


* UK: Banks Set to Undergo Stress Tests Won't Need Government Help
------------------------------------------------------------------
Jane Bradley at The Scotsman reports that Chancellor George
Osborne said at his first hearing before the Treasury select
committee that the UK banks set to undergo the tests this Friday,
July 23, would not require government help.

The tests, which are designed to check whether banks have
sufficient funds in reserve to cope with various potential future
financial crises, will be carried out on 91 banks, including Royal
Bank of Scotland, Lloyds Banking Group, Barclays and HSBC, the
report notes.

"There's a plan to stand behind any banks that don't meet them,"
the report quoted Mr. Osborne as saying Thursday.  "Although I
should say we're not expecting that to be the case in the UK."


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


* EUROPE: Slovakia Approves Eurozone Emergency Bailout Fund
-----------------------------------------------------------
Gordon Fairclough and Leos Rousek at Dow Jones Newswires report
that the Slovak government on Thursday gave its approval to a plan
to set up a euro-zone emergency bailout fund, but said that
borrowing rules must be tightened before it would approve any
country's request for money.

Dow Jones says with Slovakia's approval, the so-called European
Financial Stability Facility or EFSF -- a EUR750 billion package
of loan guarantees and money from euro-zone members -- the
European Union and the IMF, can now begin operations.

According to Dow Jones, the government says it opposes helping
richer, more spendthrift states.

Dow Jones notes Iveta Radicova, the Slovak prime minister, also
said the country would not be part of a separate EUR110 billion
(US$140 billion) bailout for Greece, put together by euro-zone
countries and the International Monetary Fund.

Dow Jones relates Slovakia also said any country seeking to borrow
bailout funds should have to prove it has exhausted every
alternative means of raising money and should have to agree to
strict repayment terms set in conjunction with the IMF.


* BOND PRICING: For the Week July 12 to July 16, 2010
-----------------------------------------------------

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

AUSTRIA
-------
BA CRED WOHNBAUB         4.250  1/2/2014     EUR   106.18
BANK AUST WOHNBK         4.375 8/16/2011     EUR   102.19
BANK AUST WOHNBK         5.000  7/5/2012     EUR   105.83
CA IMMO ANLAGEN          4.125 11/9/2014     EUR    93.73
CA-3 BANK WOHN           4.625 4/10/2013     EUR   106.24
CONWERT IMMO INV         5.250  2/1/2016     EUR    97.74
IMMO-BANK AG             5.000  1/1/2012     EUR   102.38
IMMO-BANK AG             4.000  1/1/2017     EUR   102.38
IMMO-BANK AG             4.250  1/1/2021     EUR   102.38
IMMO-BANK AG             4.375  1/1/2017     EUR   101.18
IMMO-BANK AG             3.300  1/1/2018     EUR   102.38
IMMO-BANK AG             4.000 3/27/2023     EUR   103.60
IMMO-BANK AG             4.450 7/21/2023     EUR   102.38
IMMO-BANK AG             4.100 3/27/2023     EUR   104.60
IMMO-BANK AG             4.625  1/1/2011     ATS   101.63
IMMO-BANK AG             4.000  1/1/2012     ATS   102.38
IMMO-BANK AG             4.500  1/1/2014     EUR   102.38
IMMO-BANK AG             4.750  1/1/2013     EUR   102.38
IMMO-BANK AG             5.000  1/1/2013     ATS   102.38
IMMO-BANK AG             4.000  1/1/2016     EUR   102.38
IMMO-BANK AG             4.000  1/1/2015     EUR   101.75
IMMO-BANK AG             4.625  1/1/2015     EUR   102.38
IMMO-BANK AG             4.000 5/29/2020     EUR    98.43
IMMO-BANK AG             4.000  1/1/2016     EUR   102.38
IMMO-BANK AG             4.200 7/14/2020     EUR   102.38
IMMO-BANK AG             4.000  1/1/2018     EUR   102.38
IMMO-BANK AG             4.000 1/25/2019     EUR    95.40
IMMO-BANK AG             3.500  1/1/2018     EUR   102.38
IMMO-BANK AG             3.800  1/1/2018     EUR    95.43
IMMOFINANZ IMMOB         2.750 1/20/2014     EUR    88.46
RAIFF ZENTRALBK          4.500 9/28/2035     EUR    68.35
S-WOHNBAUBANK AG         4.000 2/15/2023     EUR   105.85
S-WOHNBAUBANK AG         4.000 1/28/2022     EUR   106.13
S-WOHNBAUBANK AG         3.700  2/2/2022     EUR   102.72
S-WOHNBAUBANK AG         4.200  2/1/2023     EUR   107.97
S-WOHNBAUBANK AG         4.875 11/7/2010     ATS   100.63
S-WOHNBAUBANK AG         4.300 6/30/2023     EUR   108.86
S-WOHNBAUBANK AG         4.625 4/13/2011     ATS   101.64
S-WOHNBAUBANK AG         4.500 1/15/2012     EUR   103.19
S-WOHNBAUBANK AG         4.875 2/11/2012     EUR   103.91
S-WOHNBAUBANK AG         3.625  6/5/2012     ATS   102.40
S-WOHNBAUBANK AG         4.500  1/5/2013     EUR   105.12
S-WOHNBAUBANK AG         4.000  5/8/2013     EUR   104.70
S-WOHNBAUBANK AG         3.800 4/10/2014     EUR   105.10
S-WOHNBAUBANK AG         4.000  2/6/2015     EUR   106.62
S-WOHNBAUBANK AG         3.800  6/2/2016     EUR   105.51
S-WOHNBAUBANK AG         3.800 4/30/2017     EUR   105.59
S-WOHNBAUBANK AG         4.000  2/1/2019     EUR   106.72
S-WOHNBAUBANK AG         4.300  1/2/2020     EUR   108.69
S-WOHNBAUBANK AG         3.500 1/28/2020     EUR   101.84
S-WOHNBAUBANK AG         3.900 1/28/2020     EUR   105.23
S-WOHNBAUBANK AG         3.500  2/4/2020     EUR   101.83
S-WOHNBAUBANK AG         4.000  1/2/2021     EUR   105.81
S-WOHNBAUBANK AG         3.500 1/20/2021     EUR   101.15
S-WOHNBAUBANK AG         4.250  2/1/2021     EUR   108.11
S-WOHNBAUBANK AG         4.000 2/15/2021     EUR   105.81
S-WOHNBAUBANK AG         4.400 6/30/2021     EUR   109.50
S-WOHNBAUBANK AG         4.250 1/26/2022     EUR   105.43
S-WOHNBAUBANK AG         3.550 1/28/2022     EUR   102.15
EURONAV SA               6.500 1/31/2015     USD   105.56

BELGIUM
-------
FORTIS BANK              8.750 12/7/2010     EUR    12.94
NYRSTAR                  7.000 7/10/2014     EUR   134.18
REALDOLMEN STR           2.000 7/16/2012     EUR    96.06
SAGERPAR                 2.950 4/27/2012     EUR   100.14

CYPRUS
------
INTERPIPE LTD            8.750  8/2/2010     USD    77.50

CZECH REPUBLIC
--------------
SAZKA                    9.000 7/12/2021     EUR    71.08

FINLAND
-------
MUNI FINANCE PLC         1.000 6/30/2017     ZAR    64.80
MUNI FINANCE PLC         1.000 2/27/2018     AUD    65.93
MUNI FINANCE PLC         0.500 3/17/2025     CAD    52.13
MUNI FINANCE PLC         0.500 9/24/2020     CAD    66.81
MUNI FINANCE PLC         0.250 6/28/2040     CAD    23.36
TALVIVAARA               5.250 5/20/2013     EUR    97.67

FRANCE
------
AIR FRANCE-KLM           4.970  4/1/2015     EUR    13.72
ALCATEL SA               4.750  1/1/2011     EUR    16.40
ALCATEL-LUCENT           5.000  1/1/2015     EUR     3.06
ALTRAN TECHNOLOG         6.720  1/1/2015     EUR     4.65
ARTEMIS CONSEIL          2.000 7/31/2011     EUR   147.12
ATOS ORIGIN SA           2.500  1/1/2016     EUR    49.89
AXA SA                   3.750  1/1/2017     EUR   230.40
CALYON                   6.000 6/18/2047     EUR    40.78
CAP GEMINI SOGET         1.000  1/1/2012     EUR    43.87
CAP GEMINI SOGET         3.500  1/1/2014     EUR    43.08
CLUB MEDITERRANE         4.375 11/1/2010     EUR    49.63
EURAZEO                  6.250 6/10/2014     EUR    55.92
FAURECIA                 4.500  1/1/2015     EUR    20.08
GECINA                   2.125  1/1/2016     EUR   103.64
GROUPE VIAL              2.500  1/1/2014     EUR    18.28
ILIAD SA                 2.200  1/1/2012     EUR    89.39
MAUREL ET PROM           7.125 7/31/2014     EUR    16.16
NEOPOST SA               3.750  2/1/2015     EUR    83.75
NEXANS SA                4.000  1/1/2016     EUR    61.54
NEXANS SA                1.500  1/1/2013     EUR    79.74
PEUGEOT SA               4.450  1/1/2016     EUR    29.99
PUBLICIS GROUPE          3.125 7/30/2014     EUR    37.59
PUBLICIS GROUPE          1.000 1/18/2018     EUR    46.83
RALLYE SA                3.250  7/1/2013     EUR    94.51
RHODIA SA                0.500  1/1/2014     EUR    44.93
SOC AIR FRANCE           2.750  4/1/2020     EUR    20.07
SOITEC                   6.250  9/9/2014     EUR     9.94
TEM                      4.250  1/1/2015     EUR    53.42
THEOLIA                  2.000  1/1/2014     EUR    12.73
UNIBAIL RODAM SE         3.500  1/1/2015     EUR   180.41
VALEO                    2.375  1/1/2011     EUR    46.59
VILMORIN ET COMP         4.500  7/1/2015     EUR   155.74
ZLOMREX INT FIN          8.500  2/1/2014     EUR    47.75
ZLOMREX INT FIN          8.500  2/1/2014     EUR    47.75

GERMANY
-------
COLONIA REAL EST         1.875 12/7/2011     EUR    96.46
DEUTSCHE BK LOND         3.000 5/18/2012     CHF    60.56
DT LUFTHANSA AG          1.250  1/4/2012     EUR    99.33
ESCADA AG                7.500  4/1/2012     EUR    17.99
HSH NORDBANK AG          4.375 2/14/2017     EUR    67.95
HYPO REAL ESTATE         5.440 4/13/2034     EUR    73.39
KFW                      1.500 7/30/2014     EUR   115.53
KFW                      3.250 6/27/2013     EUR   104.27
L-BANK FOERDERBK         0.500 5/10/2027     CAD    46.91
QIMONDA FINANCE          6.750 3/22/2013     USD     2.38
RENTENBANK               1.000 3/29/2017     NZD    74.15
SGL CARBON AG            0.750 5/16/2013     EUR    93.61
SGL CARBON SE            3.500 6/30/2016     EUR   111.30
SOLON AG SOLAR           1.375 12/6/2012     EUR    41.07
TUI AG                   2.750  9/1/2012     EUR    88.44
VPV LEBENSVERSIC         7.250 8/17/2026     EUR    66.13

GREECE
------
HELLENIC REP I/L         2.900 7/25/2025     EUR    52.32
HELLENIC REP I/L         2.300 7/25/2030     EUR    49.95
HELLENIC REPUB           5.200 7/17/2034     EUR    61.82
HELLENIC REPUB           6.140 4/14/2028     EUR    70.15
HELLENIC REPUB           3.060  7/6/2025     EUR    57.66
HELLENIC REPUB           5.000 3/11/2019     EUR    71.60
HELLENIC REPUB           5.000 8/22/2016     JPY    69.79
HELLENIC REPUB           5.250  2/1/2016     JPY    72.98
HELLENIC REPUB           2.125  7/5/2013     CHF    74.84
HELLENIC REPUBLI         4.300 7/20/2017     EUR    68.52
HELLENIC REPUBLI         4.600 7/20/2018     EUR    69.15
HELLENIC REPUBLI         4.600 9/20/2040     EUR    55.18
HELLENIC REPUBLI         6.000 7/19/2019     EUR    73.46
HELLENIC REPUBLI         4.500 9/20/2037     EUR    55.16
HELLENIC REPUBLI         3.700 7/20/2015     EUR    72.19
HELLENIC REPUBLI         3.600 7/20/2016     EUR    71.18
HELLENIC REPUBLI         5.300 3/20/2026     EUR    63.01
HELLENIC REPUBLI         4.700 3/20/2024     EUR    61.60
NATIONAL BK GREE         3.875 10/7/2016     EUR    71.78
YIOULA GLASSWORK         9.000 12/1/2015     EUR    58.14
YIOULA GLASSWORK         9.000 12/1/2015     EUR    57.63

HUNGARY
-------
HUNGARIAN STATE          4.400 9/25/2014     EUR    97.10

IRELAND
-------
ALLIED IRISH BKS         5.250 3/10/2025     GBP    61.19
DEPFA ACS BANK           5.125 3/16/2037     USD    72.10
DEPFA ACS BANK           4.900 8/24/2035     CAD    71.14
DEPFA ACS BANK           0.500  3/3/2025     CAD    35.45
DEPFA ACS BANK           1.920  5/9/2020     JPY    68.28
DEPFA ACS BANK           5.125 3/16/2037     USD    73.21
DEPFA BANK PLC           3.150  4/3/2018     EUR    74.57
IRISH PERM PLC           7.284 2/15/2035     EUR    63.58
ONO FINANCE II           8.000 5/16/2014     EUR    74.00
ONO FINANCE II           8.000 5/16/2014     EUR    75.06
UT2 FUNDING PLC          5.321 6/30/2016     EUR    74.32

ITALY
-----
BENI STABILI             3.875 4/23/2015     EUR    93.36
BULGARI SPA              5.375  7/8/2014     EUR   138.33
CITY OF TURIN            5.270 6/26/2038     EUR    72.28
COMUNE DI MILANO         4.019 6/29/2035     EUR    74.77
RISANAMENTO              1.000 5/10/2014     EUR    93.95
UBI BANCA SPCA           5.750 7/10/2013     EUR   106.77

LUXEMBOURG
----------
ARCELORMITTAL            5.000 5/15/2014     USD   123.13
ARCELORMITTAL            7.250  4/1/2014     EUR    28.23
BREEZE FINANCE           4.524 4/19/2027     EUR    66.50
CONTROLINVESTE           3.000 1/28/2015     EUR    91.56
CRC BREEZE               5.290  5/8/2026     EUR    63.50
EVRAZ GROUP SA           7.250 7/13/2014     USD   136.49
FINMECCANICA FIN         0.375  8/8/2010     EUR    99.30
GLOBAL YATIRIM H         9.250 7/31/2012     USD    70.13
INTL INDUST BANK        11.000 2/19/2013     USD    60.00
KLOECKNER & CO           1.500 7/27/2012     EUR    91.19
KLOECKNER & CO           6.000  6/9/2014     EUR   107.86
KUD FIN SERV HLD         1.625 10/5/2012     CHF    97.40
LIGHTHOUSE INTL          8.000 4/30/2014     EUR    60.24
LIGHTHOUSE INTL          8.000 4/30/2014     EUR    59.90
QIAGEN FINANCE           3.250 5/16/2026     USD   117.83
QIAGEN FINANCE           1.500 8/18/2024     USD   159.63
SONATA SECURIT           1.500 12/9/2010     CHF   107.44
TEMENOS LUX              1.500 3/21/2013     CHF   148.32
TMK BONDS SA             5.250 2/11/2015     USD    97.45

NETHERLANDS
-----------
AI FINANCE B.V.         10.875 7/15/2012     USD    72.88
AIR BERLIN FINAN         9.000 8/25/2014     EUR   102.59
AIR BERLIN FINAN         1.500 4/11/2027     EUR    83.43
APP INTL FINANCE        11.750 10/1/2005     USD     0.05
ARPENI PR INVEST         8.750  5/3/2013     USD    49.00
ARPENI PR INVEST         8.750  5/3/2013     USD    49.00
ASM INTL NV              6.500 11/6/2014     EUR   119.16
ASM INTL NV              4.250 12/6/2011     USD   114.09
BK NED GEMEENTEN         0.500 2/24/2025     CAD    51.89
BLT FINANCE BV           7.500 5/15/2014     USD    68.50
BLT FINANCE BV           7.500 5/15/2014     USD    68.00
BRIT INSURANCE           6.625 12/9/2030     GBP    62.34
DGS INTL FIN BV         10.000  6/1/2007     USD     0.01
DRAKA HOLDING NV         4.000 9/22/2010     EUR    96.21
ELEC DE CAR FIN          8.500 4/10/2018     USD    53.13
EM.TV FINANCE BV         5.250  5/8/2013     EUR     5.42
FRIESLAND BANK           5.320 2/26/2024     EUR    63.66
FRIESLAND BANK           4.125  1/8/2016     EUR    50.39
INFINEON TECH            7.500 5/26/2014     EUR   234.38
IVG FINANCE BV           1.750 3/29/2017     EUR    67.75
MTU AERO ENGINES         2.750  2/1/2012     EUR   108.57
NATL INVESTER BK        25.983  5/7/2029     EUR    19.63
NED WATERSCHAPBK         0.500 3/11/2025     CAD    50.98
PARGESA                  1.700 4/27/2013     CHF    95.83
PARGESA                  1.750 6/15/2014     CHF    93.56
PORTUGAL TEL FIN         4.125 8/28/2014     EUR   101.18
PRAKTIKER BV             2.250 9/28/2011     EUR    95.54
Q-CELLS INTERNAT         1.375 2/28/2012     EUR    71.85
Q-CELLS INTERNAT         5.750 5/26/2014     EUR    65.18
RABOBANK                 0.125 12/4/2014     CHF    98.03
RBS NV EX-ABN NV         6.500 5/17/2018     AUD    72.53
SALZGITTER FIN B         1.125 10/6/2016     EUR    95.70
SUEDZUCKER INT           2.500 6/30/2016     EUR   111.87
TJIWI KIMIA FIN         13.250  8/1/2001     USD     0.01
TURANALEM FIN BV         7.750 4/25/2013     USD    46.58
TURANALEM FIN BV         8.250 1/22/2037     USD    48.37
TURANALEM FIN BV         8.500 2/10/2015     USD    47.54
TURANALEM FIN BV         8.000 3/24/2014     USD    45.90
TURANALEM FIN BV         7.875  6/2/2010     USD    45.75
TURANALEM FIN BV         6.250 9/27/2011     EUR    46.47
WERELDHAVE NV            4.375 9/16/2014     EUR   105.83
WERELDHAVE NV            2.500 3/23/2011     EUR    99.28

NORWAY
------
EKSPORTFINANS            0.500  5/9/2030     CAD    40.10
MARINE HARVEST           4.500 2/23/2015     EUR    94.55
NORSKE SKOGIND           7.000 6/26/2017     EUR    67.96

POLAND
------
REP OF POLAND            3.220  8/4/2034     JPY    66.07
REP OF POLAND            2.648 3/29/2034     JPY    57.88
REP OF POLAND            3.300 6/16/2038     JPY    63.95

RUSSIA
------
ACBK-INVEST              9.500 4/14/2011     RUB     1.00
AGROKOM GROUP           10.000 6/21/2011     RUB     2.00
AGROSOYUZ               17.000 3/28/2012     RUB     1.00
AIZK KEMEROVO            9.000 8/23/2011     RUB    23.01
APK ARKADA              17.500 5/23/2012     RUB     0.38
ARKTEL-INVEST           12.000  4/9/2012     RUB     1.00
ATOMSTROYEXPORT-         7.750 5/24/2011     RUB     1.00
BANK OF MOSCOW          10.640 7/29/2011     RUB     1.00
BANK SOYUZ               9.500 2/23/2011     RUB     1.00
BANK SOYUZ              16.000  5/2/2011     RUB     1.00
BARENTSEV FINANS        20.000  7/4/2011     RUB    20.00
BASHKIRENERGO            8.300  3/9/2011     RUB     1.00
CB STROYCREDIT          14.000  8/1/2011     RUB    30.01
CREDIT EUROPE BA        11.500 6/28/2011     RUB     0.01
DALUR-FINANS            14.000  2/5/2013     RUB     1.00
DERZHAVA-FINANS         16.500 7/27/2010     RUB     0.02
DIPOS                    8.000 6/19/2012     RUB    18.01
DVTG-FINANS             14.500  8/3/2010     RUB    18.08
DVTG-FINANS             17.000 8/29/2013     RUB    12.01
DVTG-FINANS             14.500 7/18/2013     RUB    19.47
EESK                     8.740  4/5/2012     RUB    26.01
EMALIANS-FINANS         10.970  7/8/2011     RUB     1.00
ENERGOSPETSSNAB          8.500 5/30/2016     RUB     0.01
ENERGOSTROY-FINA        12.000 5/20/2011     RUB     1.00
EUROKOMMERZ             16.000 3/15/2011     RUB     0.01
FAR EASTERN GENE        10.500  3/8/2013     RUB    28.01
FINANCEBUSINESSG        12.500 6/22/2011     RUB     4.00
FINANCEBUSINESSG        10.000  7/1/2013     RUB     0.01
FORTUM OJSC              9.750  2/6/2013     RUB     4.01
GLOBEX-FINANS            0.100 4/26/2011     RUB     8.01
GRACE DIAMOND           15.000  6/7/2012     RUB     1.01
GRADOSTROY-INVES        11.000  3/3/2011     RUB     1.00
HCF BANK                12.200 6/10/2014     RUB     3.00
HORTEX-FINANS           13.000 8/14/2013     RUB     3.00
IART                    17.000  8/4/2013     RUB     1.00
IAZS                    11.000 12/8/2010     RUB     4.00
INPROM                   9.500 5/18/2011     RUB    31.02
INPROM                  13.000 7/15/2010     RUB    74.90
INTERGRAD               15.000  7/9/2014     RUB     1.00
INTL INDUST BANK        13.250  1/3/2018     RUB     1.00
IZHAVTO                 18.000  6/9/2011     RUB    11.31
KAMAZ-FINANS            11.250 9/17/2010     RUB     1.00
KARUSEL FINANS          12.000 9/12/2013     RUB     1.00
KOMOS GROUP             13.500 7/21/2011     RUB    19.01
KOSMOS-FINANS           10.200 6/16/2011     RUB    17.01
KRAYINVESTBANK          13.750  8/5/2011     RUB     1.00
KUBANSKAYA NIVA         15.500 2/20/2014     RUB     1.00
LADYA FINANS            13.750 9/13/2012     RUB     1.01
LSR-INVEST               9.250 7/14/2011     RUB    16.00
M-INDUSTRIYA            14.250 7/10/2013     RUB     3.00
M-INDUSTRIYA            12.250 8/16/2011     RUB    33.00
M.O.R.E.-PLAZA          15.500  8/3/2010     RUB     1.00
MACROMIR-FINANS          7.750  7/3/2012     RUB     3.00
MAIN ROAD OJSC          10.200  6/3/2011     RUB     3.00
MEDVED-FINANS           16.500  9/1/2010     RUB     3.00
METROSTROY INVES        10.500 9/23/2011     RUB    20.00
MIG-FINANS               0.100  9/6/2011     RUB     2.00
MIRAX                   17.000 9/17/2012     RUB    16.00
MIRAX                   14.990 5/17/2011     RUB    30.00
MORTON-RSO              12.000 2/28/2011     RUB     1.00
MOSKOMMERTSBANK         12.000 2/15/2011     RUB     1.00
MOSKOMMERTSBANK          1.000 6/12/2013     RUB    23.01
MOSMART FINANS           0.010 4/12/2012     RUB     5.00
MOSOBLGAZ               12.000 5/17/2011     RUB    72.50
MOSOBLTRUSTINVES        20.000 3/26/2011     RUB     6.99
MOSSELPROM FINAN        14.000 4/10/2014     RUB     1.00
NATIONAL CAPITAL        13.000 9/25/2012     RUB     1.00
NATIONAL CAPITAL        12.500 5/20/2011     RUB     6.00
NATIONAL FACTORI        11.500  5/3/2011     RUB     3.00
NAUKA-SVYAZ             15.000 6/27/2013     RUB     1.00
NEW INVESTMENTS         12.000  7/7/2011     RUB     1.00
NOK                     15.500 9/22/2011     RUB    50.00
NOK                     17.000 8/26/2014     RUB     1.00
NOMOS-LEASING           12.000  7/8/2011     RUB     1.00
NOVOROSSIYSK            13.000 12/9/2011     RUB     1.00
NUTRINVESTHOLDIN        11.000 6/30/2014     RUB    22.01
OBYEDINEONNYE KO         3.000 5/16/2012     RUB     1.00
OBYEDINEONNYE KO        15.000 4/17/2013     RUB     4.00
OJSC FCB                11.000  8/7/2012     RUB     1.00
OSMO KAPITAL            10.200  3/7/2011     RUB     1.00
PEB LEASING             14.000 9/12/2014     RUB     1.00
PENSION FUND REA         5.000  5/7/2019     RUB     1.00
POLYPLAST               19.000 6/21/2011     RUB    30.00
PROM TECH               16.000 4/25/2011     RUB     1.00
PROMNESTESERVICE         9.500 12/5/2014     RUB     3.00
PROMTRACTOR-FINA        18.000 7/24/2013     RUB    63.20
PROTEK-FINANS           12.000 11/2/2011     RUB    23.01
PROTON-FINANCE           9.000 6/12/2012     RUB     1.01
RAF-LEASING             12.500 2/21/2012     RUB     1.00
RAILTRANSAUTO           17.500 12/4/2013     RUB     1.00
REGIONENERGO             8.500 5/30/2016     RUB     1.00
RFA-INVEST              10.000 11/4/2011     RUB     1.00
RMK PARK PLAZA          10.000  1/8/2013     RUB    23.01
ROSSELKHOZBANK          11.500 9/27/2017     RUB     1.01
RUSSIAN STANDARD         7.800 9/20/2011     RUB    15.51
RYBINSKKABEL             0.010 2/28/2012     RUB     1.00
SATURN                  10.000  6/6/2014     RUB     1.31
SENATOR                 14.000 5/18/2012     RUB    21.01
SETL GROUP              11.700 5/15/2012     RUB    22.01
SEVKABEL-FINANS         10.500 3/27/2012     RUB    28.30
SIBACADEMINVEST         18.000 7/30/2010     RUB     3.00
SIBUR                   10.470 11/1/2012     RUB     3.00
SINERGIA                10.000 8/18/2014     RUB     1.00
SISTEMA-HALS             8.500  4/8/2014     RUB     0.01
SISTEMA-HALS             8.500 4/15/2014     RUB     1.00
SOUTHERN STOCK C        15.750 4/29/2014     RUB     2.00
STROYTRANSGAZ            8.500 4/11/2013     RUB    15.61
SVOBODNY SOKOL          18.000 5/24/2011     RUB    50.00
TALIO-PRINCEPS          16.000 5/17/2012     RUB     4.00
TATTELECOM               8.250 11/1/2012     RUB     1.00
TECHNOSILA-INVES         7.000 5/26/2011     RUB    18.01
TERNA-FINANS             1.000 11/4/2011     RUB     6.02
TK FINANS               12.600  9/5/2011     RUB     6.00
TOP-KNIGA               20.000 12/9/2010     RUB    40.00
TRANSCREDITFACTO        12.000 11/1/2012     RUB     5.00
TRANSCREDITFACTO        12.000 6/11/2012     RUB     4.00
TRANSFIN-M              11.000 12/3/2015     RUB     3.00
TRANSFIN-M              11.000 12/3/2015     RUB     6.00
TRANSFIN-M              11.000 12/3/2015     RUB     5.00
TRANSFIN-M              10.750 8/10/2012     RUB     5.00
TRANSFIN-M              11.000 12/3/2015     RUB     3.00
TRANSFIN-M              14.000 7/10/2014     RUB     3.00
TRANSFIN-M              11.000 12/3/2014     RUB     7.00
TRANSFIN-M              11.000 12/3/2014     RUB     7.00
TRANSFIN-M              11.000 12/3/2014     RUB     6.00
TRANSFIN-M              11.000 12/3/2014     RUB     6.00
TRANSNEFT               11.750 10/1/2019     RUB     1.00
TVER VAGONOSTRO          7.000 6/12/2013     RUB     0.10
UNIMILK FINANS          14.000  9/6/2011     RUB    15.65
UNITAIL                 12.000 6/22/2011     RUB    35.00
UNITED HEAVY MAC        13.000 8/30/2011     RUB    25.01
URALSVYAZINFORM          7.500  4/2/2013     RUB     6.00
VESTER-FINANS           15.250 8/11/2011     RUB     6.00
VKM-LEASING FINA         1.000 5/18/2011     RUB     0.07
VLADPROMBANK            12.000  3/8/2011     RUB     1.00
VMK-FINANCE             16.000 5/21/2014     RUB     5.00
VOSTOCHNY EXPRES        12.500  3/7/2013     RUB    55.00
XM STROYRESURS          10.000 7/12/2011     RUB    19.01
YUGFINSERVICE           15.250 5/20/2014     RUB     4.00
ZAO EUROPLAN            14.500 8/11/2011     RUB     2.00
ZAPSIBCOMBANK           11.000 9/15/2011     RUB     4.00
ZHELDORIPOTEKA          13.000 9/19/2012     RUB     3.00
ZHELEZOBETON            12.000 5/27/2011     RUB     5.01
ZHILSOTSIPOTEKA-         9.000 7/26/2011     RUB     5.00

SPAIN
-----
ABENGOA SA               6.875 7/24/2014     EUR   107.32
ABENGOA SA               4.500  2/3/2017     EUR    85.76
AYT CEDULAS CAJA         3.750 6/30/2025     EUR    72.49
BANCAJA EMI SA           2.755 5/11/2037     JPY    40.03
CAJA MEDITERRANE         4.600 7/31/2020     EUR    72.20
CEDULAS TDA 6            3.875 5/23/2025     EUR    75.26
CEDULAS TDA A-6          4.250 4/10/2031     EUR    73.19
LA CAIXA                 3.500 6/19/2011     EUR    99.41
PESCANOVA SA             6.750  3/5/2015     EUR    99.43

SWEDEN
------
INDUSTRIVARDEN           2.500 2/27/2015     EUR   109.31

SWITZERLAND
-----------
CLARIANT AG              3.000  7/7/2014     CHF   174.21
GRAUBUNDNER KANT         1.000  7/3/2013     CHF   105.72
GRAUBUNDNER KANT         2.000  5/8/2014     CHF   107.87
MOBIMO HDG AG            2.125 6/30/2014     CHF   100.74
SWISS PRIME SITE         1.875 1/20/2015     CHF   102.58
UBS AG                  10.580 6/29/2011     USD    38.50
UBS AG                  13.300 5/23/2012     USD     3.94
UBS AG                  14.000 5/23/2012     USD     8.83
UBS AG JERSEY           11.000 2/28/2011     USD    63.92
UBS AG JERSEY           15.250 2/11/2011     USD    11.74
UBS AG JERSEY           16.170 1/31/2011     USD    12.88
UBS AG JERSEY           14.640 1/31/2011     USD    36.95
UBS AG JERSEY           13.900 1/31/2011     USD    35.33
UBS AG JERSEY           10.280 8/19/2011     USD    35.15
UBS AG JERSEY           10.500 6/16/2011     USD    72.54
UBS AG JERSEY           10.650 4/29/2011     USD    15.83
UBS AG JERSEY            9.500 8/31/2010     USD    56.10
UBS AG JERSEY           13.000 6/16/2011     USD    48.78
UBS AG JERSEY            9.000 8/13/2010     USD    53.90
UBS AG JERSEY            9.350 7/27/2010     USD    49.60
UBS AG JERSEY           11.030 4/21/2011     USD    20.53
UBS AG JERSEY           10.820 4/21/2011     USD    21.58
UBS AG JERSEY           16.160 3/31/2011     USD    43.29
UBS AG JERSEY           12.800 2/28/2011     USD    34.30
UBS AG JERSEY            9.350 9/21/2011     USD    66.32
UBS AG JERSEY           11.150 8/31/2011     USD    38.33
UBS AG JERSEY            3.220 7/31/2012     EUR    53.12
UBS AG JERSEY            9.450 9/21/2011     USD    49.72

UNITED KINGDOM
--------------
3I GROUP PLC             3.625 5/29/2011     GBP   100.44
AMDOCS LIMITED           0.500 3/15/2024     USD    78.00
ANGLO AMERICAN           4.000  5/7/2014     USD   146.01
AUTONOMY CORP            3.250  3/4/2015     GBP   115.43
BANK OF SCOTLAND         6.984  2/7/2035     EUR    69.00
BARCLAYS BK PLC         12.950 4/20/2012     USD    19.76
BARCLAYS BK PLC         10.350 1/23/2012     USD    20.85
BARCLAYS BK PLC         10.600 7/21/2011     USD    40.76
BARCLAYS BK PLC          9.000 6/30/2011     USD    43.24
BARCLAYS BK PLC          7.610 6/30/2011     USD    53.33
BARCLAYS BK PLC         10.950 5/23/2011     USD    59.50
BRADFORD&BIN BLD         4.910  2/1/2047     EUR    55.96
BRADFORD&BIN BLD         5.500 1/15/2018     GBP    44.59
BRADFORD&BIN PLC         6.625 6/16/2023     GBP    44.14
BRADFORD&BIN PLC         7.625 2/16/2049     GBP    47.10
BRITISH AIRWAYS          5.800 8/13/2014     GBP   124.88
BROADGATE FINANC         5.098  4/5/2033     GBP    71.67
EFG HELLAS PLC           5.400 11/2/2047     EUR    64.88
EFG HELLAS PLC           6.010  1/9/2036     EUR    34.63
EFG HELLAS PLC           4.375 2/11/2013     EUR    74.81
ENTERPRISE INNS          6.875  5/9/2025     GBP    76.20
ENTERPRISE INNS          6.375 9/26/2031     GBP    61.98
HBOS PLC                 4.500 3/18/2030     EUR    68.52
HBOS PLC                 6.000 11/1/2033     USD    54.00
HBOS PLC                 6.000 11/1/2033     USD    54.00
ITV PLC                  4.000 11/9/2016     GBP   108.36
NORTHERN ROCK            5.750 2/28/2017     GBP    61.38
NORTHERN ROCK            4.574 1/13/2015     GBP    66.64
PENNON GROUP PLC         4.625 8/20/2014     GBP   114.17
PETROPAVLOVSK 20         4.000 2/18/2015     USD   109.34
PUNCH TAVERNS            6.468 4/15/2033     GBP    73.70
ROYAL BK SCOTLND         9.500  4/4/2025     USD    67.19
ROYAL BK SCOTLND         6.620  6/9/2025     EUR    73.11
SAINSBURY PLC            4.250 7/16/2014     GBP   116.23
SALAMANDER               5.000 3/30/2015     USD    90.65
TUI TRAVEL PLC           6.000 10/5/2014     GBP    95.88
TUI TRAVEL PLC           4.900 4/27/2017     GBP    87.76
TXU EASTERN FNDG         6.450 5/15/2005     USD     0.01
UNIQUE PUB FIN           6.464 3/30/2032     GBP    64.00
UNIQUE PUB FIN           5.659 6/30/2027     GBP    81.33
VEDANTA RESOURCE         5.500 7/13/2016     USD   114.59
VEDANTA RESOURCE         4.000 3/30/2017     USD    97.67
WESSEX WATER FIN         1.369 7/31/2057     GBP    24.09



                            *********

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

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

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

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

                            *********


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

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

Copyright 2010.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *