TCREUR_Public/100729.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Thursday, July 29, 2010, Vol. 11, No. 148

                            Headlines



B U L G A R I A

KREMIKOVTZI AD: Asset Auction Scheduled for September 13


D E N M A R K

AMAGERBANKEN AS: Moody's Changes Mapping on 'E+' Bank Rating


G E R M A N Y

ARCANDOR AG: Highstreet Won't Meet Karstadt Sale Deadline
ARCANDOR AG: Borletti May Bid for Karstadt, Valovis Says
DEUTSCHE PFANDBRIEFBANK: S&P Withdraws Ratings on Amortizing Notes
KABEL DEUTSCHLAND: S&P Raises Corporate Credit Rating to 'BB-'
TELE COLUMBUS: Kabel Deutschland Ends Takeover Talks


G R E E C E

SPRIDER STORES: Hasn't Filed for Creditor Protection


H U N G A R Y

IKR: Mulls Bankruptcy Protection; Incurs HUF2.7BB Loss in 2009


I C E L A N D

ICESAVE: Resolution of UK-Netherlands Dispute Still Uncertain


I R E L A N D

ANGLO IRISH: Appointment of McEnery as Receiver Challenged
EBS BUILDING: August 9 Deadline Set for Takeover Bids
QUINN INSURANCE: Anglo to Present Takeover Plans Within Weeks


R U S S I A

TINKOFF CREDIT: Fitch Assigns 'B-' Issuer Default Rating


S P A I N

BARCELONA: Incurred EUR77.1MM Loss, New Deloitte Audit Shows


U N I T E D   K I N G D O M

BEALE & COLE: In Administration; 118 Jobs Affected
DECO SERIES: Fitch Downgrades Rating on Class D Notes to 'CC'
EUROSAIL-UK 2007-2NP: S&P Affirms CCC Rating on Class FTc Notes
FORMPRO MAIL: Unsecured Creditors Won't Recover Claims
MAD O'ROURKE'S: In Administration; Blames Recession

WHITE TOWER: Fitch Upgrades Rating on Class E Notes to 'CCC'

* UK: 1,491 Distressed Deals Completed in 1H2010, R3 Says
* UK: Premier League Defends Football Creditor Rule


X X X X X X X X

* EUROPE: Soccer Clubs Face Bankruptcy Threat, Study Shows

* Upcoming Meetings, Conferences and Seminars




                         *********



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


KREMIKOVTZI AD: Asset Auction Scheduled for September 13
--------------------------------------------------------
Elizabeth Konstantinova at Bloomberg News reports that Kremikovtzi
AD will auction its assets on Sept. 13.

Bloomberg relates receiver Tsvetan Bankov told reporters in Sofia
on Tuesday the starting price for the steel mill's Soviet-era
plant is set at BGN565.52 million (US$375 million).  Assets total
BGN840 million, while debt was estimated at BGN1.9 billion,
Bloomberg says, citing a report from the receiver.

Bloomberg says sealed bids, along with 10% deposits, are invited.

Bloomberg recalls the Sofia City Court declared Kremikovtzi
bankrupt May 31.  The Sofia-based plant was placed in receivership
in 2008 after failing to pay suppliers and investors holding
BGN325 million (US$422 million) of bonds, Bloomberg discloses.
Creditors rejected a restructuring plan in October 2009, opting to
be repaid under insolvency laws, Bloomberg recounts.  According to
Bloomberg, of the total liabilities, 42% are owed to state-run
power and gas utilities, the state railways and tax authorities.

On July 19, 2010, the Troubled Company Reporter-Europe, citing
Sofia News Agency, reported that Traicho Traikov, Bulgaria's
minister of economics, announced that he invited ArcelorMittal to
participate in the liquidation auction for Kremikovtzi.  Sofia
News Agency recalled 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, Sofia News
Agency disclosed.

                       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.


=============
D E N M A R K
=============


AMAGERBANKEN AS: Moody's Changes Mapping on 'E+' Bank Rating
------------------------------------------------------------
Moody's Investors Service said that it changes the mapping of
Amagerbanken A/S's E+ standalone bank financial strength rating to
a B2 baseline credit assessment, down from B1.  The rating agency
maintains the review for possible downgrade for Amagerbanken A/S's
Baa3 long-term bank deposit ratings and P-3 short term deposit
ratings.

The change in the BCA was prompted by the continued uncertainty
regarding the future of Amagerbanken combined with substantial
unexpected losses being booked in the second quarter of 2010.  The
announcement does not affect the standalone bank financial
strength rating of Amagerbanken (E+ negative) which currently
carries a negative outlook.

Given the expiration of the general Danish government guarantee as
per the end of September 2010, Amagerbanken's deteriorated
liquidity position makes the bank increasingly reliant on
obtaining individual government guaranteed funding.  On June 28,
the bank entered into an agreement with the Financial Stability
Company regarding the issue of a DKK13.5 billion individual
government guarantee.  The agreement is subject to two conditions
to be fulfilled by September 15, 2010: 1) the bank's capital base
and solvency must be strengthened by DKK750 million in the form of
base capital (equity or subordinated loan capital), and 2) that
the board of the bank will include two members as proposed by the
Financial Stability Company.  The bank is currently in the process
of obtaining the additional capital and has set an extraordinary
general meeting for August 17 at which shareholders will be asked
to authorize issuance of up to DKK898.4 million of new equity,
whilst at the same time writing down the nominal value of already
issued capital.  However, Moody's note that there remains some
uncertainty over the outcome of this proposed capital raise.  In
addition, the bank reported a substantial net loss over the first
half of 2010 equal to DKK263 million, reflecting loan impairment
charges related to the banks' customers' capital finance in
foreign exchange to an amount of DKK394 million.  The lowered BCA
reflects these concerns.

With respect to the bank's long-term and short-term deposit
ratings, Moody's initiated the review for possible downgrade on
June 2, 2010, primarily prompted by the phasing-out of the general
government guarantee for Danish banks' deposit and senior
unsecured debt.  Additionally, the review reflects the numerous
further reforms proposed in new legislation to amend the Law on
financial stability, the Financial Business Act, the Act on a
guarantee fund for depositors and investors and the Law on the
allocation of income to the state (approved by the Danish
parliament on June 1, 2010).  Moody's believes that the Danish
government's systemic support to the banking sector will subside
over time.

Since the introduction of the Danish government guarantee
mechanism in 2008, and following the downgrades of Amagerbanken's
standalone BFSR, the banks' deposit and senior unsecured ratings
have benefited from extraordinarily high uplift, reflecting the
strong systemic support provided to depositors and senior
creditors.  Reflecting this, Amagerbanken received government
support in 2009 in the form of hybrid Tier 1 capital.

The ratings review will continue to focus on the ability and
willingness of the Danish government to continue to support the
banking sector.  The rating agency will assess the potential
impact of the new legislation, as well as any further guidelines
provided by the Danish regulatory authorities.  Moody's review
will in particular focus on the extent to which the new
legislation will make it possible for the government to impose
burden-sharing of a bank's losses on stakeholders, including
senior creditors in a going concern scenario.

Moody's last rating action on Amagerbanken was implemented on
June 2, 2010, when the bank's Baa3 long term deposit rating and
P-3 short term deposit ratings were placed on review for possible
downgrade.

Amagerbanken, headquartered in Copenhagen, Denmark, reported total
assets of DKK30.3 billion (EUR4.1 billion) at the end of June
2010.


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


ARCANDOR AG: Highstreet Won't Meet Karstadt Sale Deadline
---------------------------------------------------------
Holger Elfes at Bloomberg News reports that the Goldman Sachs-
controlled Highstreet partnership, a landlord for insolvent
Karstadt, won't meet a deadline to complete the German department
store chain's sale to investor Nicolas Berggruen and may seek a
new postponement.

According to Bloomberg, a spokesman for Highstreet said Highstreet
will only be able to get approval for the deal from all of its
creditors 21 days or more.  The creditors have to approve lower
rental terms for Karstadt's stores, which was a condition for Mr.
Berggruen's acquisition of chain, Bloomberg states.

Bloomberg relates a local court in Essen, Germany, where Karstadt
and its insolvent parent Arcandor AG are based, has set an Aug. 10
deadline for the completion of the sale.  Deadlines have been
postponed several times before, Bloomberg notes.

                        About Arcandor AG

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

As reported by the Troubled Company Reporter-Europe, a local court
in Essen formally opened insolvency proceedings for Arcandor on
September 1, 2009.  The proceedings started for the Arcandor
holding company and for 14 units, including the Karstadt
department-store chain and Primondo mail-order division.  Arcandor
filed for bankruptcy protection after the German government turned
down its request for loan guarantees.  On June 8, 2009, the
government rejected two applications for help by the company,
which employs 43,000 people.  The retailer sought loan guarantees
of EUR650 million (US$904 million) from Germany's Economy Fund
program.  It also sought a further EUR437 million from a state-
owned bank.


ARCANDOR AG: Borletti May Bid for Karstadt, Valovis Says
--------------------------------------------------------
Holger Elfes at Bloomberg News reports that Valovis Bank AG, a
creditor to the landlords of Karstadt, said it has "indications"
that Italian entrepreneur Maurizio Borletti will make a competing
bid against Nicolas Berggruen for Arcandor AG's German department-
store chain.

Bloomberg relates Carl Graf von Hohenthal, a Valovis spokesman,
said in an e-mailed statement Tuesday the offer will be worth
EUR100 million (US$130 million).

As reported by the Troubled Company Reporter-Europe on July 28,
2010, Bloomberg News said Valovis hasn't reached agreement yet on
loan conditions with Mr. Berggruen.  "Valovis hasn't received any
concessions yet from Berggruen," Bloomberg quoted Nadine Buetow,
spokeswoman for the Essen, Germany-based lender, as saying.
Bloomberg disclosed Valovis said previously that it wants an early
repayment of a loan worth EUR850 million (US$1.1 billion) from
Karstadt's main landlord, the Goldman Sachs-controlled Highstreet
partnership, as lower rents would cause liability and legal risks
under Mr. Berggruen's demands.

                        About Arcandor AG

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

As reported by the Troubled Company Reporter-Europe, a local court
in Essen formally opened insolvency proceedings for Arcandor on
September 1, 2009.  The proceedings started for the Arcandor
holding company and for 14 units, including the Karstadt
department-store chain and Primondo mail-order division.  Arcandor
filed for bankruptcy protection after the German government turned
down its request for loan guarantees.  On June 8, 2009, the
government rejected two applications for help by the company,
which employs 43,000 people.  The retailer sought loan guarantees
of EUR650 million (US$904 million) from Germany's Economy Fund
program.  It also sought a further EUR437 million from a state-
owned bank.


DEUTSCHE PFANDBRIEFBANK: S&P Withdraws Ratings on Amortizing Notes
------------------------------------------------------------------
Standard & Poor's Ratings Services has withdrawn its credit
ratings on Deutsche Pfandbriefbank AG's EUR286.25 million
floating-rate amortizing credit-linked notes (ESTATE Pan-Europe
5), due to the redemption of these notes.

The transaction closed in December 2007.  It was a fully funded
synthetic commercial mortgage-backed securities transaction, in
which loss allocation to the noteholders was synthetically linked
to the performance of a reference pool of initially 25 commercial
mortgage loans.  The loans were secured on properties in France,
Germany, and The Netherlands.

The issuer has informed us that the notes fully redeemed on
July 26, 2010.

                           Ratings List

                     Deutsche Pfandbriefbank AG
  EUR286.25 Million Floating-Rate Amortizing Credit-Linked Notes
                      (ESTATE Pan-Europe 5)

                        Ratings Withdrawn

                              Rating
                              ------
             Class       To            From
             -----       --            ----
             A1+        NR             BBB
             A2         NR             BBB
             B          NR             BBB
             C          NR             BBB
             D          NR             BBB
             E          NR             BBB/Watch Neg
             F          NR             BB/Watch Neg

                          NR -- Not rated.


KABEL DEUTSCHLAND: S&P Raises Corporate Credit Rating to 'BB-'
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its long-
term corporate credit rating on German cable operator Kabel
Deutschland GmbH to 'BB-' from 'B+'.  The outlook is stable.  In
addition, S&P raised the issue ratings on the $610 million and
EUR250 million senior unsecured notes due July 2014 issued by KDG
to 'BB-' from 'B+'.

"The upgrade primarily reflects KDG's solid operating performance
over the past 12 months and S&P's expectation that KDG's credit
measures are likely to improve significantly over the next 12
months," said Standard & Poor's credit analyst Matthias Raab.

The continued strong growth of high-speed Internet and telephony
services (together with digital TV services called "triple play"),
as well as resilient free cash flow generation from existing
cable-TV subscribers are likely to result in continued EBITDA
growth and solid free cash flow generation.  KDG's ratio of gross
debt to EBITDA, as adjusted by Standard & Poor's, was 5.9x (5.6x
on a Standard & Poor's adjusted net-debt basis) as of March 31,
2010.  S&P expects this leverage ratio to improve to about 5.5x
(5.1x) by the end of KDG's current fiscal year, which ends on
March 31, 2011 (fiscal 2011).

In fiscal 2010, KDG reported solid year-on-year revenue and EBITDA
growth (excluding special items and share-based compensation) of
10% and 15%, respectively, primarily owing to strong HSI and
telephony subscriber growth.  As of March 31, 2010, the number of
subscribers taking HSI and telephony services increased by 36%
year on year to 1.1 million, more than offsetting the moderate
7.3% decline in monthly average revenues per subscriber to EUR28.
For fiscal 2011, KDG has targeted an EBITDA increase (excluding
special items and share-based compensation) to EUR715 million-
EUR725 million, from EUR659 million in fiscal 2010, which S&P
believes is achievable.

In S&P's opinion, the ratings on KDG are constrained by the
company's still-high financial leverage and aggressive financial
policy.  Furthermore, cable-TV operators face meaningful
competition from various technology platforms such as satellite
TV, digital-terrestrial TV, and Internet-based TV.  In addition,
although the expected growth of triple-play subscribers provides
potential for moderate EBITDA growth, S&P believes it may
constrain KDG's free cash flow over the short term because of
significant subscriber acquisition costs.

"The stable outlook reflects S&P's expectation that KDG is likely
to continue to generate meaningful free cash flow from its cable-
TV business and post moderate EBITDA growth from the uptake of
triple-play services," said Mr. Raab, "which could lead to an
improvement in its still-high financial leverage."


TELE COLUMBUS: Kabel Deutschland Ends Takeover Talks
----------------------------------------------------
Kabel Deutschland GmBH ended takeover talks with Tele Columbus
GmBH, the German cable company seeking to restructure US$1.2
billion of debt, Kate Haywood and Patricia Kuo at Bloomberg News
report, citing two people familiar with the situation.

According to Bloomberg, one of the people, who declined to be
identified because discussions are private, said KDG abandoned the
acquisition of its smaller rival after deciding it wasn't worth
the EUR600 million its owners sought to raise.

Bloomberg relates the person said Tele Columbus has offered
lenders equity in exchange for writing down debt to EUR623 million
from EUR947 million.  Bloomberg recalls Tele Columbus's creditors
led by York Capital Management LLC, Bank of Ireland Plc and
GoldenTree Asset Management LP agreed to freeze loan payments
earlier this year.  Nikolaus & Co., a restructuring specialist in
Dusseldorf, Germany, took control of Hannover-based Tele Columbus
in January and started talks with lenders to reduce its debt to
make it more attractive to bidders, Bloomberg recounts.

Tele Columbus -- http://www.telecolumbus.de/-- is a cable TV,
Internet, and phone service provider.  With more than 2 million
subscribers, Tele Columbus is among Germany's top cable providers
(behind Kabel Deutschland and Unitymedia).  It offers analog and
digital cable, high-speed Internet, and cable telephone service.
Both Tele Columbus and PrimaCom are owned by holding company Orion
Cable; Tele Columbus has a presence across northern and western
Germany, while PrimaCom's customers are focused in the eastern
part of the country.  Orion Cable is owned by a holding company
controlled by investment banking firm Nikolaus & Co.  Tele
Columbus was founded in 1985.


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


SPRIDER STORES: Hasn't Filed for Creditor Protection
----------------------------------------------------
Natalie Weeks at Bloomberg News reports that Sprider Stores SA
said it hasn't filed for protection from creditors.

The company "confirms that there is absolutely no reason nor has
there ever been for the company to apply for Rule 99,"
Bloomberg says, citing a July 22 Athens bourse filing.

Bloomberg notes Sprider had said it is working on cost optimizing
and streamlining as consumer demand falls in the Greek economy's
first recession since 1993.

Sprider Stores SA is a retailer of sportswear and casual clothing
based in Greece.


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


IKR: Mulls Bankruptcy Protection; Incurs HUF2.7BB Loss in 2009
--------------------------------------------------------------
MTI-Econews reports that IKR was expected to decide on whether to
file for bankruptcy protection yesterday.

The report relates IKR CEO Attila Szaxon on Tuesday said the
company incurred a HUF2.7 billion loss on revenue of HUF94 billion
in 2009.  He said in 2008, the company booked a profit of HUF71
million on record revenue of HUF120 billion, the report notes.

According to the report, Mr. Szaxon said IKR had targeted profit
of HUF503 million on revenue of HUF77 billion for 2010, but an
agreement with the company's creditors has been delayed, so it is
likely to break even on revenue of HUF50 billion-HUF60 billion in
a best-case scenario.

IKR is one of Hungary's biggest agribusinesses.


=============
I C E L A N D
=============


ICESAVE: Resolution of UK-Netherlands Dispute Still Uncertain
-------------------------------------------------------------
James G. Neuger at Bloomberg News reports that Icelandic Foreign
Minister Ossur Skarphedinsson declined to predict how long it will
take to resolve the Icesave dispute with Britain and the
Netherlands.

"I couldn't for my life tell you when the Icesave conflict will be
at its end," Mr. Skarphedinsson told reporters in Brussels after
Iceland started talks to join the European Union, according to
Bloomberg.  "It is a bleeding nuisance in our exchanges with the
outer world."

As reported by the Troubled Company Reporter-Europe on July 7,
2010, BBC News reports officials from Iceland, the Netherlands and
the UK held two days of talks in Iceland's capital Reykjavik over
the settlement of a GBP2.3 billion banking dispute.  BBC disclosed
the money was lost in Iceland's banking crash in 2008, when
British and Dutch depositors were affected after the Icesave bank
collapsed.  Iceland said it would honor its commitments, but the
nation's voters rejected an agreement at a referendum in March,
according to BBC.

                          About Icesave

Icesave was an online savings account brand owned and operated by
Landsbanki from 2006-2008 that offered savings accounts.  It
operated in two countries -- the United Kingdom (since October
2006) and the Netherlands (since May 2008).


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


ANGLO IRISH: Appointment of McEnery as Receiver Challenged
----------------------------------------------------------
The Irish Times reports that a High Court challenge has been
brought to the decision of Anglo Irish Bank to appoint Brian
McEnery, a member of the National Asset Management Agency's board
of directors, as receiver to a number of properties in Co Clare.

The report relates leave to have the appointment judicially
reviewed was sought by businessmen John Flanagan, Ballyvara House,
Doolin, Co Clare, and Gerard Lillis, Alva Cree, Kilrush, Co Clare,
and two companies -- Atlantis Development Ltd and Liscannor
Properties.  According to the report, the two businessmen have
alleged Mr. McEnery has a conflict of interest arising from his
being both the receiver over their properties and being on the
Nama board.  The report recalls Mr. McEnery was appointed last
April as receiver arising out of some EUR15 million unpaid loans
obtained from Anglo which, the businessmen allege, are "bound for
Nama".  The appointment raises issues of public law, the
challengers claimed, the report notes.

Mr. Justice Michael Peart on Monday granted leave to bring the
proceedings against Mr. McEnery and Anglo, with Nama as a notice
party.  The case was adjourned to October, the report discloses.
The report says the plaintiffs were concerned, due to Mr.
McEnery's presence on the board of Nama, that the loans may be
acquired by Nama at a cheaper price.

Anglo Irish Bank Corp PLC -- http://www.angloirishbank.com/--
operates in three core areas: business lending, treasury and
private banking.  The Bank's non-retail business is made up of
more than 11,000 commercial depositors spanning commercial
entities, charities, public sector bodies, pension funds, credit
unions and other non-bank financial institutions.  The Company's
retail deposits comprise demand, notice and fixed term deposit
accounts from personal savers with maturities of up to two years.
Non-retail deposits are sourced from commercial entities,
charities, public sector bodies, pension funds, credit unions and
other non-bank financial institutions.  In addition, at September
30, 2008, its non-retail deposits included deposits from Irish
Life Assurance plc.  The Private Bank offers tailored products and
solutions for high net worth clients and operates the Bank's
lending business in Ireland and the United Kingdom.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on July 23,
2010, the A3/P-1 bank deposit and senior debt ratings as well as
the Ba1 dated subordinated debt rating and the Caa2 undated
subordinated debt rating of Anglo Irish Bank have been maintained
under review for possible downgrade as the key rating driver in
Moody's view remains the bank's restructuring plan that is
currently waiting EU approval.  Moody's said the outlook on the
bank's E BFSR, mapping to a Caa1 on the long-term scale, is
stable.


EBS BUILDING: August 9 Deadline Set for Takeover Bids
-----------------------------------------------------
EBS Building Society set an August 9 deadline for a second round
of takeover bids, Joe Brennan at Irish Examiner reports, citing
two people with direct knowledge of the situation.

The report relates four companies submitted initial offers as EBS
seeks to raise about EUR785 million to meet capital standards set
by the country's financial regulator.  According to the report,
one person, who declined to comment because the process hasn't yet
been completed, said the company may choose a buyer by the end of
August.

JC Flowers & Co, the US leveraged buyout firm; Doughty Hanson &
Co, a British rival; Irish Life & Permanent Plc; and Cardinal
Asset Management are the four parties involved in the first round
of bidding, the report discloses.

The report notes that while the Irish government has already
injected EUR350 million into the company, that may be repaid by
the successful bidder.

The report recalls the regulator said in March that EBS needed
additional capital of EUR875 million.  According to the report,
Gerry O'Sullivan, a spokesman for the company, said the lender
raised EUR90 million through a debt buyback deal.

EBS Building Society is Ireland's largest building society.
Servicing more than 400,000 members, it distributes its products
through a branch and franchised agency network as well as handling
direct business both over the telephone and via the Internet.
EBS Building Society provides mortgage lending, savings,
investments, and insurance products in Ireland.

                           *     *     *

EBS Building Society continues to carry a standalone Bank
Financial Strength Rating of D from Moody's Investors Service.
EBS's tier 1 debt is rated at Ca by Moody's.


QUINN INSURANCE: Anglo to Present Takeover Plans Within Weeks
-------------------------------------------------------------
Belfast Telegraph reports that Anglo Irish Bank is within weeks of
presenting the Financial Regulator with firm plans for its
takeover of Quinn Insurance.

According to the report, the plan will reveal whether Anglo will
make a play for Quinn on its own or with a partner and will also
detail Anglo's exit strategy, as well as its proposed management
line-up.

Anglo, which is owed GBP2.4 billion by the wider Quinn Group, has
been mulling over its options to recover the massive debt since
the Cavan insurer went into administration in late March, the
report notes.  The state-owned bank has been exploring mounting a
bid for Quinn Insurance on its own, or linking up with an
established insurance player for a joint bid, the report says.
Talks on both options are ongoing, and a decision on what approach
to take is due to be taken imminently, allowing full and firm
plans for the potential takeover to be drawn up, the report
discloses.  Those plans will be submitted to the Financial
Regulator by "mid- to late-August", before being sent forward to
the Department of Finance and the insurer's administrators the
report states.

As reported by the Troubled Company Reporter-Europe on April 19,
2010, The Financial Times said Quinn Insurance was put into
administration on April 15 after Sean Quinn abandoned attempts to
keep control of the family-owned company.

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


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


TINKOFF CREDIT: Fitch Assigns 'B-' Issuer Default Rating
--------------------------------------------------------
Fitch Ratings has assigned Tinkoff Credit Systems a Long-term
local currency Issuer Default Rating of 'B-' and a National Long-
term Rating of 'BB-(rus)', both with Stable Outlooks.
Simultaneously, Fitch has assigned the bank's RUB1.4 billion
senior unsecured three-year bonds a Long-term rating of 'B-', a
National Long-term rating of 'BB-(rus)' and a Recovery Rating of
'RR4'.

TCS Bank's other ratings are Long-term foreign currency IDR 'B-
'/Stable Outlook, Short-term IDR 'B', Individual 'D/E', Support
'5' and Support Rating Floor 'No Floor'.

TCS Bank's obligations under the notes rank equally with the
claims of other senior unsecured creditors, save the claims of
retail depositors, which under Russian law rank above those of
other senior unsecured creditors.  Retail deposits accounted for
27% of TCS Bank's total liabilities at end-H110, according to
local GAAP accounts.

TCS Bank is the core operating entity of the first and only credit
card monoline company in Russia, established in 2007 by Russian
businessman Oleg Tinkov.  A 29% stake was subsequently sold to
Goldman Sachs and Scandinavian private equity fund Vostok-Nafta.


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


BARCELONA: Incurred EUR77.1MM Loss, New Deloitte Audit Shows
------------------------------------------------------------
Futbol Club Barcelona's money problems are worse than expected,
Cable News Network reports, citing the club's financial vice-
president Javier Faus.

CNN relates Mr. Faus said in a statement on the Barca Web site on
Tuesday that a new audit by accounting firm Deloitte revealed that
the club actually made a loss of EUR77.1 million (US$100 million)
for the 2009-10 season.  The previous board had announced the club
was EUR11 million (US$14 million) in profit up to the end of last
month, when president Joan Laporta stepped down to be replaced by
Sandro Rosell, CNN states.

"The accounts submitted on June 30 do not reflect the true picture
of the club," CNN quoted Mr. Faus as saying.

According to CCN, Deloitte's audit showed that income had been
overstated by US$47 million and expenses understated by US$61
million.  With an US$89 million operating loss, Deloitte also
found US$14 million in further financial expenses to be countered
by US$3.9 million after-tax profits, CNN notes.  Net debt has
risen to US$573 million from US$427 million a year ago, while
gross debt is now US$716 million, CNN discloses.

CNN recalls Barcelona had to take a loan of US$200 million after
struggling to pay player wages last month.

Futbol Club Barcelona, also known simply as Barcelona and
familiarly as Barca, is a football club based in Barcelona,
Catalonia, Spain.


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


BEALE & COLE: In Administration; 118 Jobs Affected
--------------------------------------------------
BBC News reports that Beale & Cole has gone into administration.

The report relates administrative receiver BDO confirmed 118
people have been made redundant with immediate effect.

The firm's service and maintenance arm has been sold to Integral
UK Holdings as a "going concern" -- saving 22 jobs, the report
says.

According to the report, Mark Roach, BDO business restructuring
director, said: "Unfortunately the economic climate and difficult
trading conditions have significantly affected the industry."

Beale & Cole is a Devon-based building firm.


DECO SERIES: Fitch Downgrades Rating on Class D Notes to 'CC'
-------------------------------------------------------------
Fitch Ratings has downgraded DECO Series 2005 - UK Conduit 1 plc's
class C and D notes and affirmed the other tranches.  The agency
has also revised the Recovery Rating of the class D notes to 'RR4'
from 'RR3'.  The rating actions are:

  -- GBP29.5 million class A due July 2017 XS0222802364 affirmed
     at 'AAA'; Outlook Stable

  -- GBP14.5 million class B due July 2017 XS0222803099 affirmed
     at 'AA'; Outlook Stable

  -- GBP12.2 million class C due July 2017 XS0222803842 downgraded
     to 'BB' from 'BBB'; Outlook Negative

  -- GBP10.5 million class D due July 2017 XS0222806514 downgraded
     to 'CC' from 'CCC'; Recovery Rating revised to 'RR4' from
     'RR3'

  -- GBP2.8 million class E due July 2017 XS0222830811 affirmed at
     'C'; Recovery Rating is 'RR6'

The downgrades of the class C and D notes and the low Recovery
Rating of the class E notes reflect the increased risk of default
on the loans due to mature this year, which account for
approximately half the remaining pool balance.  This is due to the
continued lack of demand for secondary and tertiary quality assets
in the UK.  The class E rating also reflects the agency's loss
expectations on the loans currently in workout.  The affirmation
of the class A and B notes is driven by the significant increase
in their credit enhancement given cumulative pay-down of 71% of
the loan pool since closing and the allocation of principal in a
sequential manner.

Two loans have already reached their scheduled maturity dates.
The first, the Sandfile loan (6% of the pool), failed to repay in
January 2010, was restructured and has remained in primary
servicing.  The key terms of the restructuring include an
extension until April 2012, a GBP500,000 equity injection and the
commencement of full cash sweep.  The second, the Holaw loan (10%
of the pool), has matured this month.  The likelihood of full
repayment is dependent on the outcome of attempts by the main
tenant, the Atomic Weapons Establishment, to exercise a lease
break option.  Should this be successful, in which case Fitch
estimates an LTV of 118%, there is a low chance of redemption.

The CPI Retail Active Management loan is scheduled to mature in
October 2010.  As the loan contributes nearly half of the total
pool balance, the outcome at maturity will significantly affect
the performance of the CMBS.  The security comprises high street
retail assets in three small towns which in aggregate accommodates
a total of 85 tenants such as Wilkinson, Waitrose, Lloyds Bank,
Superdrug and Poundland.  Collateral performance is roughly
unchanged from a year ago, with the interest coverage ratio stable
at around 1.5x.  However, the high A-note and whole loan Fitch
LTVs of 126% and 136%, respectively, suggest that repayment at
loan maturity is unlikely.

Three specially-serviced loans - Kashani Investment, Metropolitan
Property & Finance and Mondeal - account for 4% of the pool
balance.  In addition to a further two (which have since prepaid),
these loans were affected by the September 2006 voluntary
administration of the sole tenant in each case, the Swallow Group.
Five assets have already been sold (but failed to fetch their
allocated loan amounts), with the remaining properties being
marketed for sale.  The high LTVs and accrued unpaid interest
imply losses for class E bondholders.


EUROSAIL-UK 2007-2NP: S&P Affirms CCC Rating on Class FTc Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch negative
its ratings on Eurosail-UK 2007-2NP PLC's class M1a, M1c, B1a,
B1c, C1a, D1a, D1c, E1c, and ETc notes.  At the same time, S&P has
affirmed all notes in Eurosail-UK 2007-1NC PLC except classes E1c
and ETc, which are unaffected.

In Eurosail 2007-1NC, collateral performance is stable, in S&P's
opinion, and S&P has affirmed the current ratings.  Repossessions
have fallen to 2.0%, from 4.7% in March 2009.  90+ day
delinquencies (excluding repossessions) are high, in S&P's
opinion, but have remained relatively constant for five quarters,
at approximately 30%.

In addition, the class A3c DAC notes expired in March 2010,
reducing the cash flow stress in the transaction.  This stress,
along with high losses, caused the class E1c and ETc notes to miss
interest payments in March and June.  Without this stress, S&P
believes the class D principal deficiency ledger will continue to
reduce and the class E1c and ETc noteholders may receive some of
their unpaid interest in September and December 2010.

However, with 87.5% of the pool paying a rate of interest linked
to three-month sterling LIBOR, if this rate continues to increase
(currently 0.74%), S&P would expect some borrowers to experience
problems meeting their monthly commitments.  S&P believes this
could cause a further wave of repossessions from the severe
delinquency buckets.

S&P downgraded Eurosail 2007-2NP in December 2008.  Since then,
90+ day delinquencies (excluding repossessions) have increased to
15.1%, from 7.7% in September 2008, which has increased S&P's
weighted-average foreclosure frequency.  At the same time, falls
in house prices since the peak in late 2007 have increased S&P's
weighted-average loss severity, leading to the CreditWatch
placements.

Excess spread is currently 1.3% and collection rates are robust,
so S&P will factor these metrics into S&P's analysis and any
future rating action.  However, any increases in three-month
sterling LIBOR may also affect borrowers in this transaction, as
85.3% of the pool pays a rate of interest linked to this rate.

S&P expects to resolve the CreditWatch placements with information
from the September investor report and corresponding loan-level
data to perform S&P's credit and cash flow analysis.  S&P will pay
particular attention to movements in arrears, changes in three-
month sterling LIBOR, and collection rates.

Eurosail 2007-1NC is a U.K. nonconforming residential mortgage-
backed securities transaction that closed in February 2007.  It
securitizes mortgages originated by Southern Pacific Mortgage
Ltd., Southern Pacific Personal Loans Ltd., Preferred Mortgages
Ltd., London Mortgage Company Ltd., and London Personal Loans Ltd.

Eurosail 2007-2NP is a U.K. nonconforming RMBS transaction that
closed in March 2007.  It securitizes mortgages originated by
Southern Pacific Mortgage, Preferred Mortgages, London Mortgage
Company, and GMAC-RFC Ltd.

                           Ratings List

                     Eurosail-UK 2007-2NP PLC
       EUR480.7 Million, GBP267.575 Million Mortgage-Backed
                       Floating- Rate Notes
   And An Overissuance Excess Spread Backed Floating-Rate Notes

              Ratings Placed On CreditWatch Negative

                                   Rating
                                   ------
               Class       To                  From
               -----       --                  ----
               M1a         AAA/Watch Neg       AAA
               M1c         AAA/Watch Neg       AAA
               B1a         AA/Watch Neg        AA
               B1c         AA/Watch Neg        AA
               C1a         A/Watch Neg         A
               D1a         BB+/Watch Neg       BB+
               D1c         BB+/Watch Neg       BB+
               E1c         BB-/Watch Neg       BB-
               ETc         BB-/Watch Neg       BB-

                     Eurosail-UK 2007-1NC PLC
       EUR552.15 Million, GBP357.3 Million Mortgage-Backed
                       Floating-Rate Notes,
             Excess-Spread-Backed Floating-Rate Notes

                         Ratings Affirmed

                        Class       Rating
                        -----       ------
                        A2a         AAA
                        A2c         AAA
                        A3a         AA
                        A3c         AA
                        B1a         BBB
                        B1c         BBB
                        C1a         BB
                        D1a         B
                        D1c         B
                        DTc         B
                        FTc         CCC

                        Ratings Unaffected

                        Class       Rating
                        -----       ------
                        E1c         D
                        ETc         D


FORMPRO MAIL: Unsecured Creditors Won't Recover Claims
------------------------------------------------------
Adam Hooker at PrintWeek reports that all of the creditors of
Formpro Mail Marketing have been left out of pocket by the
company's administration with only the secured creditors seeing
any return on their debt.

Citing the administrator's progress report for the period
December 21, 2009 to June 20, 2010, PrintWeek says there will be
no funds to distribute among either unsecured or preferential
creditors, which include claims relating to wage arrears and
holiday pay totaling GBP78,000.

According to PrintWeek, the secured creditors including Barclays
Sales Finance, the company's bank and invoice discounting
provider, will suffer a "significant shortfall" in their
indebtedness, which totaled in excess of GBP2 million.

PrintWeek recalls Formpro went into administration with KPMG in
December 2009, with the key assets sold in a pre-pack deal to
shareholder Michael Hughes.

As reported by Troubled Company Reporter-Europe, Richard Hill and
Joff Pope of KPMG LLP were appointed as administrators of the
company on December 21, 2009.

Formpro Mail Marketing Limited is a Bristol-based printing and
mail marketing company.


MAD O'ROURKE'S: In Administration; Blames Recession
---------------------------------------------------
Express & Star reports that the original Mad O'Rourke's Pie
Factory in Tipton has gone into administration.

The report relates administrators PKF have been appointed to run
the Mad O'Rourke's Pie Factory in Hurst Lane, Tipton, while a
separate firm, Leonard Curtis, has taken over the affairs of Mad
O'Rourke's Ltd., which was responsible for the whole chain.

According to the report, the decision was made on Friday and
administrators on Tuesday confirmed the pub would continue to
trade while efforts were made to sell it.

"The pub is continuing to trade with us as administrators, with
the aim of selling it as a going concern," the report quoted PKF
spokeswoman Jane Murray as saying.  "The pub closed due to
difficulties recovering from the recession and the current
economic conditions."

The Mad O'Rourke's Pie Factory employs 15 people, according to
Express & Star.


WHITE TOWER: Fitch Upgrades Rating on Class E Notes to 'CCC'
------------------------------------------------------------
Fitch Ratings has upgraded three tranches of White Tower 2006-3
plc's CMBS note classes, due 2012:

  -- GBP69.9m class B (XS0275771649) upgraded to 'AAA' from 'BB';
     off Rating Watch Positive (RWP); Outlook Stable

  -- GBP116m class C (XS0275772704) upgraded to 'A' from 'CCC';
     off RWP; Outlook Stable

  -- GBP116m class D (XS0275773181) upgraded to 'CCC' from 'C';
     assigned Recovery Rating 'RR2'

  -- GBP68m class E (XS0275774072) affirmed at 'C'; assigned
     Recovery Rating 'RR6'

The upgrades reflect the successful sale of eight of the
underlying nine properties, resulting in a full pay-down of the
class A notes and partial redemption of the class B.  Total net
sale proceeds distributed at the July 2010 interest payment date
were GBP740.6 million and a further GBP60m, relating to the sale
of the Leadenhall property that did not complete in time for the
July IPD, will be allocated at the October IPD.  The latter pay-
down may be subject to reserve amounts held back by the special
servicer to cover potential liabilities arising from the
uncertainty surrounding the borrowers' group.

Given the sequential pay-down, the senior outstanding note classes
have benefited from the sale prices being in excess of the current
values and have seen a decrease in their advance rates (defined as
debt outstanding over asset value).  However, because the
aggregate sale price is GBP82m lower than the total securitized
allocated loan amounts for the properties, this will increase the
advance rates of the junior tranches, creating a significant
differential in the credit quality of the senior and junior notes.
This also increases the likelihood of a loss being allocated to
the junior note classes, unless the remaining property, Aviva
Tower, is sold at a price significantly in excess of its June 2009
value.

While interest rates remain low the transaction and, in
particular, the most senior tranche will continue to benefit from
the excess rental income that is being generated from Aviva Tower,
which is applied sequentially to amortize the notes.  The
remaining property is fully let to Aviva Plc (rated 'A'/Negative)
until 2024.


* UK: 1,491 Distressed Deals Completed in 1H2010, R3 Says
---------------------------------------------------------
Caroline Clayfield at Business Sale Report reports that during the
first half of 2010 almost one in ten (9.4%) of UK mergers and
acquisitions involved distressed businesses.

Of the 1,491 deals completed in the UK, 141 involved companies
acquired out of administration or other formal insolvency
procedure, the report says, citing research by Experian Corpfin on
behalf of insolvency trade body R3.

According to the report, the total value of all distressed deals
in the first six months of the year amounted to close to GBP519
million (GBP518.505 million).


* UK: Premier League Defends Football Creditor Rule
---------------------------------------------------
Rachael Singh at Accountancy Age reports that the Premier League
defended its preferential payments rule in an insolvency at a
Business Finance and Accountancy (BFA) parliament group meeting.

The report relates Bill Bush, director of communications and
public policy at the Premier League, defended the football
creditor rule at the briefing Tuesday, claiming smaller clubs
would suffer if it was taken away.

The football creditor rule enables football creditors, such as
players and other clubs, to receive payment in full ahead of
preferential and unsecured creditors in the event of a club
entering insolvency, the report discloses.

According to the report, one attendee at Tuesday's briefing
labeled the rule "disgraceful", while another claimed no other
business would be able to "get away" with such a rule.

The BFA group concluded if football wants to "justify" its
preferential rules it must give back to society, the report notes.


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


* EUROPE: Soccer Clubs Face Bankruptcy Threat, Study Shows
----------------------------------------------------------
Soccer clubs in Europe may be facing bankruptcy unless changes
including stricter financial controls are put in place, Richard
Weiss at Bloomberg News reports, citing an A.T. Kearney study that
looked at teams in England, Spain, Germany, France and Italy.  The
study ranks the five largest European leagues according to sports
results, economic, social, and environmental performance,
Bloomberg discloses.

"Running as normal companies, the leagues in Spain, England, and
Italy would be bankrupt within two years," Kearney's Munich-based
vice president Juergen Rothenbuecher and colleagues wrote in a
report called Football Sustainability Study, according to
Bloomberg.  Bloomberg notes the consultants wrote some clubs, even
bigger ones, may disappear through bankruptcy in the next few
years.

The management consultant company, as cited by Bloomberg, said
financial statistics in some leagues are "shocking" because of
players' "enormous salaries," the key reason for the situation.
The clubs in the five leagues also spend more on players than they
take in from selling others, Bloomberg states.

Bloomberg relates the authors wrote the current economic system
"encourages overinvestment and extreme risk-taking" in order to
win games, "far beyond economic sense."

According to Bloomberg, the consultants wrote Leagues need to
adopt common financial control measures at national and European
levels, while some leagues must upgrade stadiums, create academies
for young talent and get more media-rights revenue to avoid
failure of a league that could result in a systemic crisis.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 6-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

October 25-27, 2011
TURNAROUND MANAGEMENT ASSOCIATION
    Hilton San Diego Bayfront, San Diego, CA
       Contact: http://www.turnaround.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/



                            *********

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,
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of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
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                 * * * End of Transmission * * *