TCREUR_Public/100802.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, August 2, 2010, Vol. 11, No. 150



ELCOTEQ SE: Mulls Rights Issue This Year to Increase Liquidity


CMA CGM: Sales Up 41% in First Half 2010; FSI Mulls Investment
VALEO SA: Moody's Upgrades Corporate Family Rating to 'Ba1'


ALMATIS B.V.: Oaktree Might File New Plan to Rival DIC Proposal
ALMATIS B.V.: Seeks Continued Use of Cash Collateral
CINTERION WIRELESS: Finalizes Sale of Operations to Gemalto
CONERGY AG: Has Deal With Creditors; Averts Bankruptcy
GUMASOL WERKE: Bought Out of Insolvency by Ruia Group

QIMONDA AG: Sec. 365 Protections Not Guaranteed in Chapter 15
WIEDERHOLT: Emerges From Insolvency


* HUNGARY: Company Liquidations Up 12.7% in Second Quarter 2010


KAUPTHING BANK: Creditors Mull Debt Moratorium Extension


CAPITAL BARS: Judge Cuts Examiner's Hourly Fee to EUR375
CHARTBUSTERS: Faces Winding-Up Petition
COGNOTEC LTD: Judge Rejects Request to Have Receiver Discharged
IRISH LIFE: Funding Conditions Remain Challenging, Fitch Says
QUINN INSURANCE: "Business as Usual," Administrators Say

RESIDENCE CLUB: Bought Out of Receivership by Olivia Long


MARIELLA BURANI: Two Founders Arrested in Bankruptcy Probe
PARMALAT SPA: First-Half Profit Down as Settlements Income Drop
RISANAMENTO SPA: To Sell Milan Property Development for EUR405MM


ATF DPR: Moody's Cuts Rating on Series 2006 A Notes to 'Ba2'


BOZEL SA: U.S. Court Will Resolve Corporate Governance Dispute


ASTIR BV: S&P Downgrades Ratings on Series 23 Notes to 'D'
ELM BV: S&P Withdraws 'B' Rating on Class C Notes
NIBC BANK: Fitch Affirms Rating on Hybrid Capital at 'BB+'


FLANCO GROUP: Lenders & Suppliers Agree to Wipe Out EUR40MM Debts


KAZANORGSINTEZ OJSC: Fitch Lifts Issuer Default Rating to 'CC'
NOMOS BANK: Moody's Changes Outlook on 'D-' Bank Strength Rating
NOVOLIPETSK OJSC: Fitch Affirms 'BB+' Issuer Default Rating


CASSIOPEIA QEX: S&P Cuts Ratings on Two Classes of Notes to 'B-'
TDA 28: S&P Downgrades Ratings on Class B Notes to 'D'
TDA PASTOR: Moody's Confirms Rating on Class D Notes at 'Ba1'


FORD MOTOR: To Complete US$1.8BB Volvo Sale to Geely This Week


* MUNICIPALITY OF BURSA: Fitch Upgrades Ratings to 'BB-'

U N I T E D   K I N G D O M

ASHFORD TOWN: Placed Into Administration
CHIPSWORLD: In Liquidation; 29 Jobs Affected
CONNAUGHT PLC: Bankers Grant GBP15 Million Overdraft Facility
CRESTA COURT: In Administration; Assets Sold to Harrop Hotels
EUROSAIL-UK 2007-4BL: S&P Lifts Ratings on Various Notes to 'B-'

GAELIC GEAR: In Liquidation; Blames Stiff Competition
HALLIWELLS: RBS Set to Write Off GBP15 Million Following Sale
NETHERMOOR CARE: Bought Out of Receivership by Friendly Care
NEW FOREST: Placed Into Receivership by Irish Nationwide
THOMAS H LOVEDAY: Bought Out of Administration by Tagg Clothing


* BOND PRICING: For the Week July 26 to July 30, 2010



ELCOTEQ SE: Mulls Rights Issue This Year to Increase Liquidity
Elcoteq SE reiterated on July 21 that it aims at arranging a
rights issue during 2010 to increase liquidity and to further
strengthen the balance sheet.

On April 16, the company announced an exchange offer containing
both a hybrid loan and warrants for the holders of its remaining
outstanding debentures in an aggregate nominal amount of
approximately EUR35 million.  The exchange offer was completed on
May 7, 2010, and as a result the holders of debentures valued at
EUR21.5 million tendered their debentures for a hybrid bond and
warrants.  As a result of this transaction as well as the issuance
of EUR29 million in hybrid bonds and the redemption of
EUR105 million of debentures in January 2010, the company said its
indebtedness and solvency have improved significantly.  The
company said solvency has improved from 10.0% in the second
quarter of 2009 to 18.7% in the second quarter of 2010 and gearing
from 2.9 to 0.7, respectively.

Elcoteq SE -- is a Finland-based
manufacturer of electronics that focuses on communication
technology.  The Company is engaged in the design, production,
distribution and after-sales services of communications equipment.
Its production activities are organized in three business areas:
Communications Networks, Personal Communications and Home
Communications.  The Company's international service network
covers altogether 15 countries across Europe, the Americas and
Asia-Pacific region.  It includes manufacturing plants, product
development units and new product introduction centers in Hungary,
Estonia, Romania, Russia, India, China, Mexico and Brazil.


CMA CGM: Sales Up 41% in First Half 2010; FSI Mulls Investment
Laurence Frost at Bloomberg News reports that CMA CGM SA's sales
in the first half of 2010 surged 41% as the global shipping
recovery lifted prices and volumes.

According to Bloomberg, revenue jumped to US$6.8 billion from
US$4.8 billion, while freight volumes rose 22% to 4.41 million

The US$1 billion recorded by CMA in first-half earnings before
interest, taxes and depreciation compares with a US$568 million
loss in the same period of 2009, Bloomberg notes.


France's FSI sovereign-wealth fund is in talks with Belgian
billionaire Albert Frere's Cie. Nationale a Portefeuille SA over a
joint investment in the shipping company, Bloomberg says, citing
an FSI spokesman who declined to be named.

As reported by the Troubled Company Reporter-Europe on July 26,
2010, Bloomberg News said CMA CGM, which is reorganizing EUR5.4
billion (US$7 billion) of debt, had until July 26 to put together
a new investor group.  CMA CGM, which began talks with creditors
in September, needs the reorganization to avoid insolvency after
breaching covenants on most of its debt, according to Bloomberg.
Bloomberg disclosed under France's court-sponsored conciliation
procedure, a company's failure to meet the deadline for an
agreement with creditors makes it harder to raise new funds and
leaves it vulnerable to insolvency if broken covenants are

France-based CMA CGM -- ships freight
PDQ.  The marine transportation company is one of the world's
leading container carriers.  Through subsidiaries it operates a
fleet of about 370 vessels that serve more than 400 ports around
the globe, and it maintains a network of about 650 facilities in
about 150 countries.  In addition to hauling containers by sea,
CMA CGM provides logistics services, arranging the transportation
of containerized freight by river, road, and rail.  The company's
tourism division arranges cruises and other travel services.
Jacques Saade founded the company in 1978.

VALEO SA: Moody's Upgrades Corporate Family Rating to 'Ba1'
Moody's Investors Service has upgraded Valeo's corporate family
rating to Ba1 from Ba2.  The outlook is stable.

Falk Frey, lead analyst for Valeo, said: "The upgrade reflects the
sizeable achievements in adjusting the company's cost base and
improvements in its operating footprint." Frey went on: "Financial
results for the first half of 2010 evidence the company's progress
ahead of expectations incorporated in the previous rating.
Although the phase-out of scrapping schemes across Europe will
adversely affect Valeo, Moody's expect the company to meet
financial ratios in line with a Ba1 rating in 2010."

On July 27, Valeo reported revenues of EUR4,787 million for the
first six months of 2010, up 38% compared to the prior year
period.  The Operating profit as reported (before Moody's
adjustments) amounted to EUR292 million (6.1% of sales) versus an
operating loss of EUR51 million in 2009.  Reported net financial
debt before Moody's adjustments) reduced to EUR438 million from
EUR722 million at the end of 2009.

While the strong improvements were supported by the scrapping
incentives introduced across Europe in 2009, the results also
reflect operational and structural improvements at Valeo.  The
company estimates to have lowered its break-even point from
EUR8.1 billion pre-crisis to EUR7 billion.  Major elements of
recent restructuring efforts were a shift of production capacity
from high cost/low growth to high growth/low cost countries and a
significant reduction of the company's workforce.  In addition,
management has streamlined the group's purchasing activities and
Valeo continued to enhance its operating efficiency.

Although Moody's expect a notable, though temporary, decline in
European car production volumes as the effect of the various
scrapping schemes is phasing out, Moody's believe these
improvements will allow for financial ratios in line with the
current rating.  This view also considers that Valeo generates
approximately one third of revenues outside Europe.  The current
rating reflects the guidance laid out previously for an upgrade,
ie that Valeo should achieve in Moody's view an EBIT-margin of 3%
or more in 2010 with further improvement onwards, (ii) positive
free cash flow generation in 2010 as well as (iii) Debt/EBITDA
reduced towards 3.5x or lower in 2010 with further improvement in
the years beyond (all ratios after Moody's adjustments).

Major risks in Moody's view are a more pronounced decline in
production rates, in Europe or elsewhere, driven by a
deterioration in the overall economic environment, increasing
price pressure from OEM-customers and potential volatility in raw
material costs.

The further development of Valeo's rating will be largely driven
by evidence that the recent recovery in financial results can be
maintained on a sustainable basis or even surpassed in future.


Issuer: Valeo S.A.

  -- Probability of Default Rating, Upgraded to Ba1 from Ba2

  -- Corporate Family Rating, Upgraded to Ba1 from Ba2

  -- Multiple Seniority Medium-Term Note Program, Upgraded to Ba1,
     Ba2 from Ba2, Ba3

  -- Senior Unsecured Regular Bond/Debenture, Upgraded to Ba1 from

Moody's last rating action on Valeo was a downgrade of the
Corporate Family Rating from Ba1 (negative outlook) to Ba2 (stable
outlook) on August 12, 2009.

Headquartered in Paris, Valeo S.A., is one of the leading global
suppliers of automotive components.  In 2009 Valeo generated net
sales of EUR7.5 billion.


ALMATIS B.V.: Oaktree Might File New Plan to Rival DIC Proposal
Almatis B.V. asks the U.S. Bankruptcy Court for the Southern
District of New York to approve a "plan support agreement" on a
revised restructuring proposal arranged by its owner, Dubai
International Capital LLC.

The Plan Support Agreement lays out the obligations of Almatis,
DIC and a group of junior lenders in support of the confirmation
and implementation of DIC's plan proposal.

DIC arranged the restructuring proposal after obtaining an
underwritten US$535 million debt financing.  The financing would
help fully repay Almatis' senior lenders and would allow Almatis'
junior lenders to recover more than under the existing
prepackaged restructuring plan proposed by Oaktree Capital
Management L.P. for the Company.

The Oaktree-led prepackaged restructuring plan filed in late
April has the support of Almatis' senior lenders.  Oaktree
particularly owns 46% of the Company's senior debt.  The
prepackaged plan contemplates that Oaktree would get an 80% stake
in Almatis upon the Company's emergence from bankruptcy.  In
turn, Almatis' debts would be to halve to about US$422 million,
with senior lenders which are owed about US$680 million, being
offered options under the plan.  The Company also executed a plan
support agreement in relation to the Oaktree-led plan.

DIC and the Company's junior lenders, however, have vigorously
opposed the initial prepackaged plan, asserting that it would
wipe out DIC's equity stake in the Company and the debt claims of
more subordinated mezzanine and second-lien lenders.

DIC's discontent of the Initial Plan led it to come up with an
alternative plan for Almatis that would preserve its interest in
the Company.

If approved, the DIC Plan Support Agreement will pave the way for
Almatis to withdraw its prepackaged plan that pays senior
creditors somewhere in the 85% range and junior creditors hardly
anything, according to New York-based Gibson Dunn & Crutcher LLP,
which represents Almatis.

                  DIC Plan Support Agreement

Under the DIC Plan Support Agreement, Almatis is required to
terminate its obligations under and withdraw its support for the
Oaktree-led plan.  Meanwhile, DIC and the junior lenders are
required to vote their claims and interests in favor of the
revised DIC-led restructuring plan, and to support Almatis' use
of the cash collateral.

Almatis intends to file a copy of a disclosure statement,
detailing a description of the revised plan after it gets
Bankruptcy Court approval of the DIC Plan Support Agreement.

Judge Martin Glenn of the U.S. Bankruptcy Court for the Southern
District of New York will consider approval of the DIC Plan
Support Agreement at a hearing scheduled for August 3, 2010.
Parties-in-interest are given until July 29 to file any objection
to the request.

A full-text copy of the 21-page DIC Plan Support Agreement is
available for free at:

                   Terms of the Revised Plan

Michael Rosenthal, Esq., at Gibson Dunn & Crutcher LLP, in New
York, relates that the key terms of the treatment of creditors
contemplated by the DIC Plan Support Agreement and embodied in
the revised restructuring plan proposed by DIC are:

Class of Claims     Treatment Under the Revised Plan
---------------     --------------------------------
Class 2(c)-(m)      Full payment of principal plus accrued
Senior Lender       prepetition and postpetition interest at the
Claims              rate provided for in the applicable
                     agreement.  The senior lender claims are
                     both U.S. dollar and Euro denominated
                     claims.  Payment of those claims will be made
                     in the currency in which the underlying
                     loans were extended and those claims are

Class 3(c)-(m)      Senior unsecured notes in the aggregate
Second Lien         amount of EUR52,100,000 issued by the newly
Claims              formed intermediate holding company, Almatis
                     Topco 2, that will own the reorganized

                     The right, commencing five years after the
                     Plan effective date, to be issued PIK
                     Preference Warrants by Almatis Topco 1 to
                     acquire up to 5%, subject to dilution, of
                     the ordinary share capital of Almatis Topco
                     1 if the notes  are not repaid within those
                     five years, and, if the notes remain
                     outstanding thereafter, the right to acquire
                     an additional 2.5%, subject to dilution, of
                     the ordinary share capital of Almatis Topco
                     1 on the three following anniversaries of
                     the Plan effective date, up to a maximum of
                     12.5%, subject to dilution.

Class 4(c)-(m)      35.08%, subject to dilution, of the ordinary
Mezzanine Claims    shares in Almatis Topco 1, the ultimate
                     holding company that will own the
                     reorganized companies, and Junior Preference
                     Shares in Almatis Topco 1 with a liquidation
                     preference of approximately US$14.6 million.

Class 5(b)-(f)      4.92%, subject to dilution, of the ordinary
Junior Mezzanine    shares in Almatis Topco 1; and Junior
Claims              Preference Shares in Almatis Topco 1 with a
                     liquidation preference of approximately
                     US$2.1 million.

                     The benefit of the Mezzanine Investor
                     Ratchet is that it increases the recovery on
                     Junior Mezzanine Claims as the enterprise
                     value of the reorganized companies

Class 7(a)-(m)      Payment in full either on the effective date
General Unsecured   or in accordance with normal terms.

Class 8(a)-(m)      Impaired or unimpaired, depending on
Intercompany        treatment provided in Ernst & Young
Claims              Implementation Memorandum.

Class 9(a)-(m)      Impaired. No distribution.

Class 10(a}-(m)     Unimpaired. On the Effective Date, Dutch Co-
Interests           op will transfer the shares in DIC Almatis
                     Holdco B.V. to Almatis Topco 2 for EURl.

A full-text copy of the DIC-proposed Restructuring Term Sheet,
along with certain schedules, is available for free at:

             Financing Commitment and Fee Letters

To consummate the transactions under the DIC-proposed revised
plan, Almatis also seeks Court permission to execute various
commitment letters governing the provision of debt financing and
equity contribution for the implementation of the revised plan.

One of the commitment letters requires Almatis and its affiliates
to enter into a revolving credit facility of US$50 million after
their emergence from bankruptcy.  The facility will be arranged
by JPMorgan plc, Merrill Lynch International, JPMorgan Chase
Bank, N.A., and Bank of America N.A.

Another commitment letter requires the reorganized Almatis
Holdings 9 B.V. to issue at least US$400 million worth of senior
secured notes to GSO Capital Partners LP's affiliates, and
EUR110 million worth of senior secured notes to Sankaty Credit
Opportunities IV L.P. and GoldenTree Asset Management LP.

It is also contemplated that J.P. Morgan Securities Ltd. and Bank
of America/Merrill Lynch International will be engaged for 6
months to act as joint and exclusive bookrunners, arrangers and
placement agents for the public or private offering or placement
of debt securities or preferred stock in connection with the
implementation of the DIC proposed plan.

Full-text copies of the Commitment Letters and the JPM & BofA/MLI
Engagement Letters are available for free at:

DIC earlier deposited an equity contribution of US$100 million in
an account at JPMorgan Chase Bank pursuant to an escrow
agreement.  Under the Escrow Agreement, the funds will be
converted into EUR77,657,236, or the Euro equivalent of
US$100 million.  On the Effective Date, the escrowed funds will be
used to fund DIC's investment in reorganized Almatis as:

  * DIC Investor Share Allocation:  In exchange for the Euro
    equivalent of US$50 million, the DIC Investor receive 60%,
    subject to dilution, of the ordinary shares in Almatis Topco
    1, the ultimate holding company of the Reorganized Debtors
    under the Revised Plan.

  * DIC Senior Preferred Shares:  In exchange for the Euro
    equivalent of US$50 million, the DIC Investor will receive
    paid-in-kind senior preference shares to be issued by
    Almatis Topco 1 with a liquidation preference of the Euro
    equivalent of US$50 million.

Full-text copies of the Escrow Agreement and the DIC Investment
Commitment letter are available at:

Almatis will earmark as much as US$26.6 million for the payment of
fees of the arrangers and underwriters of the financing for the
DIC-led revised restructuring plan.  The contemplated fees will
only be payable if the financing actually occurs on the effective
date of the revised plan.

No fees will be paid if the revised plan does not become
effective.  If the current revised plan or another DIC-sponsored
plan is not confirmed, the maximum liability of Almatis under the
commitment letters is US$2.915 million.

In exchange for the Equity Contribution and DIC's efforts to
facilitate the Plan Financing, an equity commitment letter
requires the Debtors, only if the revised plan becomes effective,
to reimburse the reasonable fees and out-of-pocket costs and
expenses incurred by DIC, which will be capped at US$6 million.

Judge Glenn has already issued an order authorizing Almatis to
file redacted copies of the fee letters, which lay out the terms
for the payment of fees and expenses.

The Commitment Letters also require the Debtors to indemnify the
Plan Financing Parties for any loss arising out of the Commitment
Letters, other than losses resulting from the Plan Financing
Parties' gross negligence or willful misconduct.

              Currency Rate Hedging Transactions

To protect them against the risks associated with currency
exchange rate fluctuations, the Debtors seek permission from the
Court to enter into currency rate hedging transactions.

The Debtors anticipate that some classes of claims under the DIC-
proposed plan may need to be paid in Euros.  Given the recent
instability of the Euro-to-U.S. dollar exchange rate, it is
possible that the relative value of the Euro against the U.S.
dollar may move unfavorably for the Debtors in the period between
now and the Effective Date of the revised plan.  Thus, by locking
in the applicable exchange rate at a favorable rate under the
Currency Rate Hedging Transactions, the Debtors effectively
preserve their available cash for operation of their business
upon emergence from their Chapter 11 cases, Mr. Rosenthal notes.

                     Oaktree to Revise Plan

In a related development, Oaktree, the largest senior lender of
Almatis, is planning to revise its existing restructuring plan
and file it with the Bankruptcy Court this week, Bloomberg News
reported, citing a person familiar with the matter.

Oaktree plans to offer the junior lenders some immediate recovery
of their debt, compared with its existing proposal where recovery
can only be achieved if Almatis is sold for more than
US$325 million, according to the report.

                      About Almatis Group

Alamtis B.V., and its affiliates filed for Chapter 11 on April 30,
2010 (Bankr. S.D.N.Y. Lead Case No. 10-12308).  Almatis B.V.
estimated assets of US$500 million to US$1 billion and debts of
more than US$1 billion as of the bankruptcy filing.

Almatis, operationally headquartered in Frankfurt, Germany, is a
global leader in the development, manufacture and supply of
premium specialty alumina products.  With nearly 900 employees
worldwide, the company's products are used in a wide variety of
industries, including steel production, cement production, non-
ferrous metal production, plastics, paper, ceramics, carpet
manufacturing and electronic industries.  Almatis operates nine
production facilities worldwide and serves customers around the
world.  Until 2004, the business was known as the chemical
business of Alcoa.  Almatis is now owned by Dubai International
Capital LLC, the international investment arm of Dubai Holding.

Michael A. Rosenthal, Esq., at Gibson, Dunn & Crutcher LLP, serves
as counsel to the Debtors in the Chapter 11 cases.  Linklaters LLP
is the special English and German counsel and De Brauw Blackstone
Westbroek N.V. is Dutch counsel.  Epiq Bankruptcy Solutions, LLC,
serves as claims and notice agent.

Bankruptcy Creditors' Service, Inc., publishes Almatis Bankruptcy
News.  The newsletter tracks the Chapter 11 proceeding and
ancillary foreign proceedings undertaken by Almatis B.V., and its
affiliates.  ( 215/945-7000)

ALMATIS B.V.: Seeks Continued Use of Cash Collateral
Almatis B.V. and its affiliated debtors seek interim approval
from the U.S. Bankruptcy Court for the Southern District of New
York to continue to use their cash collateral.

The Debtors' request is in light of their entry into a plan
support agreement with Dubai International Capital LLC and a
group of junior lenders in connection with a revised
restructuring plan.

As previously reported, the Court issued a final order on May 17,
2010, authorizing the Debtors to use the cash collateral of their
pre-bankruptcy lenders.  The Prepetition Secured Lenders include
the First Lien Lenders, the Second Lien Lenders, the Mezzanine
Lenders and the Junior Mezzanine Lenders.  Oaktree Capital
Management L.P. and its related entities own 46% of the First
Lien Debt.  UBS Limited is the lead arranger and security trustee
of both the Debtors' First Lien Debt and Second Lien Debt.
Moreover, the initial prepackaged restructuring plan the Debtors
filed on April 30, 2010, is backed by Oaktree and the senior
secured lenders.  The Debtors simultaneously entered into a plan
support agreement with Oaktree in relation to the Initial Plan.

Authorization to use the cash collateral pursuant to the Court's
May 17 Order, however, will terminate if the Oaktree Plan Support
Agreement is terminated, unless waived by UBS and Oaktree.

The Debtors note that if they obtain approval of the DIC Plan
Support Agreement, they will exercise their fiduciary out of the
Oaktree Plan Support Agreement.  In that instance, they will lose
access to the cash collateral.

The Debtors assert that they need continued access to the cash
collateral for working capital and operational needs and for
funding their restructuring process.

As of July 19, 2010, the Debtors had about $70.9 million of cash
on hand, according to Michael Rosenthal, Esq., at Gibson Dunn &
Crutcher LLP, in New York.  In addition, another $94.9 million of
receivables is expected to be collected by the Debtors over the
next 13-week period ending on October 15, 2010, he reveals.

The Debtors intend to use the cash collateral for the period from
the termination of the May 17 Cash Collateral Order through the
issuance of a new cash collateral order.  In accordance with the
terms of the cash collateral use, the Debtors aver that they will
only access the cash collateral until the expiration of the
interim period or the occurrence of what they call "termination

Termination events include the entry of an order in favor of a
creditor granting automatic stay to foreclose on the Debtors'
assets without the consent of UBS; the filing by the Debtors of a
motion or commencement of a case which seeks relief that is not
consistent with the cash collateral order; and an instance where
a final cash collateral is not issued by September 15, 2010,
among other things.

The Debtors will make use of the cash collateral in accordance
with a budget for the 13-week period ending on September 24,
2010, a copy of which is available for free at:

The Debtors seek to provide the Prepetition Secured Lenders with
substantially the same adequate protection granted under the
Original Final Cash Collateral Order, specifically by the
continuation of (i) replacement liens, and (ii) superpriority
claims to the extent of the diminution in the value of the
Secured Lenders' interest in the Prepetition Collateral resulting
from the use of the cash collateral, among other things.

The Debtors will continue to reimburse UBS for reasonable fees
and disbursements for two counsels and one financial advisor in
connection with their bankruptcy cases.

The Debtors will also continue to utilize the services of Talbot
Hughes McKillop LLP.

The Court will consider approval of the Debtors' request at a
hearing scheduled for August 3, 2010.  Deadline for filing
objections is July 29, 2010.

                      About Almatis Group

Alamtis B.V., and its affiliates filed for Chapter 11 on April 30,
2010 (Bankr. S.D.N.Y. Lead Case No. 10-12308).  Almatis B.V.
estimated assets of US$500 million to US$1 billion and debts of
more than US$1 billion as of the bankruptcy filing.

Almatis, operationally headquartered in Frankfurt, Germany, is a
global leader in the development, manufacture and supply of
premium specialty alumina products.  With nearly 900 employees
worldwide, the company's products are used in a wide variety of
industries, including steel production, cement production, non-
ferrous metal production, plastics, paper, ceramics, carpet
manufacturing and electronic industries.  Almatis operates nine
production facilities worldwide and serves customers around the
world.  Until 2004, the business was known as the chemical
business of Alcoa.  Almatis is now owned by Dubai International
Capital LLC, the international investment arm of Dubai Holding.

Michael A. Rosenthal, Esq., at Gibson, Dunn & Crutcher LLP, serves
as counsel to the Debtors in the Chapter 11 cases.  Linklaters LLP
is the special English and German counsel and De Brauw Blackstone
Westbroek N.V. is Dutch counsel.  Epiq Bankruptcy Solutions, LLC,
serves as claims and notice agent.

Bankruptcy Creditors' Service, Inc., publishes Almatis Bankruptcy
News.  The newsletter tracks the Chapter 11 proceeding and
ancillary foreign proceedings undertaken by Almatis B.V., and its
affiliates.  ( 215/945-7000)

CINTERION WIRELESS: Finalizes Sale of Operations to Gemalto
Four months after having entered into insolvency proceedings,
Munich-based Cinterion Wireless Modules Holding GmbH has finalized
the sale of the business operations belonging to Cinterion
Wireless Modules GmbH, which provides modules for wireless
machine-to-machine communication, to the French digital security
systems company Gemalto.  Approval by German cartel authorities
has removed the last official barrier.  Beforehand, Cinterion's
creditors, including EQT Expansion Capital II as the main
creditor, agreed to the sale in the context of the insolvency

"Cinterion got into financial difficulties as a result of the
global economic crisis.  From the start of these developments EQT
Expansion Capital has worked towards giving Cinterion a secure
future and has supported the company accordingly as best it could.
The strong operational business with a brilliant management team
has been of great help," said Michael Foecking, Senior Partner at
EQT Partners, advisor to EQT Expansion Capital.

EQT Expansion Capital supported Cinterion when the business was
spun off from parent company Siemens in early 2008, and provided
mezzanine finance for the buy-out of the company.  Diverging from
its usual investment focus -- providing equity-like growth
financing for medium-sized and privately owned companies -- EQT
Expansion Capital only provided debt financing to Cinterion and
was at no point in time an equity owner.  When Cinterion's parent
company Cinterion Holding ran into financial difficulties in mid
2009, EQT Expansion Capital sought to achieve a sustainable
situation for business operations, engaging in negotiations with
all stakeholders.  "While the financial situation was difficult
then, EQT Expansion Capital never doubted in Cinterion as a
strong, market-leading company with a great deal of potential.
The company achieved a positive operating result in 2009, shows a
solid cash position, and is expected to reach its budget for
2010," said Mr. Foecking.

In March 2010, Cinterion Holding filed for insolvency.  Throughout
the insolvency process EQT Expansion Capital protected Cinterion's
business operations from any negative influence of the Cinterion
Holding insolvency.  EQT Expansion Capital lodged its own takeover
bid for the operative business with the insolvency administrator
as a fall back solution and thus secured the stability of the
operating business as a partner for its customers and suppliers
during this difficult phase.  This also demonstrated the fund's
confidence in Cinterion's employees and management team.  The fall
back solution envisaged a restructuring of the balance that
included a considerable reduction of the total debt.  During the
auction process, run in an efficient and result-oriented manner by
insolvency administrator Dr. Michael Jaffe, two offers from
industrial bidders were received, with Gemalto offering the best
terms and at the same time providing positive future prospects for
the business, its staff and its customers.  Gemalto disclosed that
they are paying EUR163 million for the company which is more than
the 2009 annual sales of EUR145 million.

"The completed transaction is an excellent outcome and beneficial
for the company and its employees," said Mr. Foecking.

EQT Expansion Capital II is part of the leading private equity
group EQT (being existing EQT funds or any successor funds advised
directly or indirectly by EQT Partners or its subsidiaries).

CONERGY AG: Has Deal With Creditors; Averts Bankruptcy
Patrick Donahue at Bloomberg News, citing Handelsblatt, reports
that Conergy AG reached an agreement with its creditors, avoiding

According to Bloomberg, the newspaper said the agreement must
still be approved by the boards of several banks.

Conergy AG -- is a Germany-based global
manufacturer of products for the solar power generation, operating
in two business segments: Conergy PV and EPURON. The Conergy PV
segment is divided into two divisions: Components, developing and
manufacturing system components, such as solar cells, solar
modules, module frames and electronic components, and Sales &
Systems, distributing the products to wholesalers, installers and
final customers.  The activities of EPURON segment encompass
project development and structured financing in the field of
renewable energies, through a number of subsidiaries. EPURON
develops, finances and implements solar farms, as well as solar
thermal power plants and bioenergy systems, mainly for
institutional investors.  It has representatives in 16 countries.
As of December 31, 2009, the Company had 347 subsidiaries.

GUMASOL WERKE: Bought Out of Insolvency by Ruia Group
European Rubber Journal reports that Gumasol Werke has been
acquired by Indian conglomerate Ruia Group.  The report recalls
Gumasol Werke declared insolvency in November.

Based in Germersheim/Rhine, Germany, Gumasol Werke is a family-
owned business in the rubber industry.  Besides developing and
manufacturing custom compounds for the rubber industry as well as
for its own plant, GUMASOL produces technical rubber products,
rubber-to-metal and rubber-to plastic bonds for industrial and
military applications.  The product portfolio includes solid
industrial tires, presson bands and a variety of special
rubberized wheels for off-the-road and material handling vehicles.

QIMONDA AG: Sec. 365 Protections Not Guaranteed in Chapter 15
Addressing an issue of apparent first impression, WestLaw reports,
a federal district court in Virginia in the United States has held
that 11 U.S.C. Sec. 365(n), the section of the U.S. Bankruptcy
Code governing a debtor's treatment of executory contracts
relating to intellectual property licenses, does not apply
automatically in Chapter 15 proceedings.  Instead, the provision
applies only in the discretion of a bankruptcy court where
circumstances warrant its invocation.  The absence of a cross-
reference to Sec. 365(n) or even to Sec. 365 more generally in
Sec. 1520(a), which enumerates statutory provisions that apply
automatically upon recognition of a foreign proceeding that is a
foreign main proceeding, pointed persuasively to the conclusion
that Sec. 365(n) is discretionary relief within the ambit of Sec.
1521, the court reasoned.  Moreover, when read together, Secs.
1520 and 1521 distinguish between those Code provisions that are
typically implicated by, and central to, Chapter 15 provisions,
and additional relief that may be appropriate in a more limited
number of Chapter 15 proceedings.  Section 365(n) falls into the
latter category.  In re Qimonda AG Bankruptcy Litigation, --- B.R.
----, 2010 WL 2680286 (E.D. Va.).

                        About Qimonda AG

Qimonda AG (NYSE: QI) -- is a leading
global memory supplier with a diversified DRAM product portfolio.
The Company generated net sales of EUR1.79 billion in financial
year 2008 and had -- prior to its announcement of a repositioning
of its business -- approximately 12,200 employees worldwide, of
which 1,400 were in Munich, 3,200 in Dresden and 2,800 in
Richmond, Va.

Qimonda AG commenced insolvency proceedings in a local court in
Munich, Germany, on January 23, 2009.  On June 15, 2009, QAG filed
a petition (Bankr. E.D. Va. Case No. 09-14766) for relief under
Chapter 15 of the U.S. Bankruptcy Code.

Qimonda North America Corp., an indirect and wholly owned
subsidiary of QAG, is the North American sales and marketing
subsidiary of QAG.  QNA is also the parent company of Qimonda
Richmond LLC.  QNA and QR sought Chapter 11 protection (Bankr.
D. Del. Case No. 09-10589) on Feb. 20, 2009.  Mark D. Collins,
Esq., Michael J. Merchant, Esq., and Maris J. Finnegan, Esq.,
at Richards Layton & Finger PA, represent the Debtors.
Roberta A. DeAngelis, the United States Trustee for Region 3,
appointed seven creditors to serve on an official committee of
unsecured creditors.  Jones Day and Ashby & Geddes represent the
Committee.  In its bankruptcy petition, Qimonda Richmond, LLC,
estimated more than US$1 billion in assets and debts.  The
information, the Debtors said, was based on Qimonda Richmond's
financial records which are maintained on a consolidated basis
with Qimonda North America Corp.

WIEDERHOLT: Emerges From Insolvency
Steel Business Briefing reports that Wiederholt has emerged from
insolvency.  The report recalls the company filed for insolvency
in March.

Wiederholt is a German maker of precision tubes.


* HUNGARY: Company Liquidations Up 12.7% in Second Quarter 2010
MTI-Econews, citing data from Creditreform, reports that the
number of liquidation procedures started against Hungarian
companies in the second quarter of 2010 reached 4,524, compared to
3,840 twelve months before.

According to the report, the number of liquidation procedures
brought against companies by creditors or suppliers increased more
than 12.7% to 3,878 in Q2 from the same period a year earlier.

The number of bankruptcy procedures was 43 in Q2 compared to 11 in
Q2 2008, the report says.

Construction companies are still in the biggest risk of
liquidation in Hungary, the report notes.


KAUPTHING BANK: Creditors Mull Debt Moratorium Extension
Omar Valdimarsson at Bloomberg News reports that the resolution
committee of Kaupthing Bank hf. said Thursday in an e-mailed
statement that the bank's creditors will discuss a possible
extension of the moratorium on debt payments at an Aug. 9 meeting
in Reykjavik.

According to Bloomberg, the committee said if creditors decide to
apply for an extension, the District Court of Reykjavik will
consider the application on Aug. 13.

                       About Kaupthing Bank

Headquartered in Reykjavik, Kaupthing Bank -- is Iceland's largest bank and among
the Nordic region's 10 largest banking groups.  With operations in
more than a dozen countries, the bank offers a range of services
including retail banking, corporate finance, asset management,
brokerage, private banking, treasury, and private wealth
management.  Kaupthing was created by the 2003 merger of
Bunadarbanki and Kaupthing Bank.  In October 2008 the Icelandic
government assumed control of Kaupthing Bank after taking similar
measures with rivals Landsbanki and Glitnir.

As reported by the Troubled Company Reporter on Nov. 30, 2008,
Olafur Gardasson, assistant for Kaupthing Bank hf., in a
proceeding under Act No. 21/1991, pending before the Reykjavik
District Court, and foreign representative of the Debtor, filed a
petition under chapter 15 of title 11 of the United States Code in
the United States Bankruptcy Court for the Southern District of
New York commencing the Debtor's chapter 15 case ancillary to the
Icelandic Proceeding and seeking recognition for the Icelandic
Proceeding as a "foreign main proceeding" under the Bankruptcy
Code and relief in aid of the Icelandic Proceeding.


CAPITAL BARS: Judge Cuts Examiner's Hourly Fee to EUR375
The Irish Times reports that the High Court's Mr. Justice Frank
Clarke cut the hourly fee charged by the examiner to the Capital
Bars group from EUR560 to EUR375.

The report recalls Kieran Wallace of KPMG was appointed last
September to Capital.  The examinership ultimately failed and a
receiver was appointed, the report recounts.

According to the report, the receiver had argued the rates sought
for the examinership were too high and asked the court to reduce
them.  The fees ranged from EUR560 per hour at the partner level
in KPMG down to EUR100 per hour for a trainee accountant, the
report notes.

The report relates Mr. Justice Clarke on Thursday said, having
regard to previous cases and other factors and even where large
insolvency firms were involved, it was inappropriate to allow a
rate of more than EUR375 per hour for the most senior person in
the firm.  The judge cut the top hourly rate of EUR560 to EUR375
and also applied proportionate cuts for others in the firm who
were involved in the examinership, the report discloses.  He
directed hourly rates of EUR300 for an associate director, EUR260
for a manager, EUR200 for a senior accountant and EUR80 for a
trainee accountant, the report states.  According to the report,
he noted that in failed examinerships like Capital, costs and fees
are normally fixed after the failure.

Capital Bars group operated several well-known Dublin bars,
including Cafe en Seine, the George and Howl at the Moon.

CHARTBUSTERS: Faces Winding-Up Petition
Caroline Madden at The Irish Times reports that Kieran Wallace of
KPMG has filed a winding-up petition against Chartbusters in his
capacity as receiver over the assets of Michael Murphy and Mary

According to the report, it is understood Chartbusters is a tenant
in a building that forms part of the Murphys' assets.  Citing a
notice placed in the Irish Examiner Friday, the report says the
petition will be heard on August 11.

The report recalls Chartbusters went into examinership in early
2009 with estimated debts of EUR20 million.  In April last year, a
scheme aimed at ensuring the survival of 28 stores in the chain
and over 170 jobs was approved by the Commercial Court, the report

Chartbusters was incorporated in 1993 as a video rental business.

COGNOTEC LTD: Judge Rejects Request to Have Receiver Discharged
Mary Carolan at The Irish Times reports that the High Court's
Mr. Justice Brian McGovern has rejected claims that a receiver
appointed by Barclays Bank to Cognotec Ltd. must be discharged.

According to the report, Cognotec had claimed receiver Kieran
Wallace should be discharged because, it alleged, the bank's
security over some US$10 million loans made by it was void due to
the late filing of documents in the Companies Office in 2006.

In opposing the application, the receiver argued the relevant
statutory declaration was filed just a day late and the bank was
unaware of that until a security review was undertaken in October
2007, the report discloses.

The report relates in proceedings over US$10 million of the
Barclay's loans, Mr. Justice McGovern on Friday ruled the late
filing of the statutory declaration did not mean Mr. Wallace's
appointment was invalid.  He accepted evidence Barclays did not
have actual notice of the breach of the time requirements for
filing the relevant documents in the Companies Office, the report

Cognotec Ltd. is a Dublin-based information technology company.
It employs 60 people.

IRISH LIFE: Funding Conditions Remain Challenging, Fitch Says
Fitch Ratings says that funding is the most important challenge
facing Irish banks, as a blanket government debt guarantee scheme
is set to end in September and they remain dependent on the
European Central Bank and state guarantees.

"Funding remains tight and there is uncertainty over how the banks
will refinance when the blanket guarantee scheme ends," said
Matthew Taylor, Senior Director in Fitch Ratings' Financial
Institutions team.  "Overall, however, Fitch considers that their
funding situation will remain manageable, helped by the extension
of a less comprehensive guarantee scheme until the end of 2010 and
access to ECB funding."

Allied Irish Banks plc and Bank of Ireland both passed the recent
stress tests coordinated by CEBS.  Early signs suggest that
investor confidence has since improved towards the banks which, if
maintained, may ease the banks' access to funding.

Banks are likely to continue to need a state guaranteed funding
scheme in order to attract funding and therefore Fitch expects the
European Commission to approve the renewal in December 2010 of the
Eligible Liabilities Guarantee scheme.  The continuing reliance of
the banks on state guarantees raises questions for investors who
have concerns over the dependability of the Irish guarantees.  To
date in 2010, however, the banks have reduced their reliance on
funding from the ECB.

For the full year 2010, profitability before losses incurred on
the sale of loans to the National Asset Management Agency will
continue to be under pressure.  The higher cost of guaranteed
funding, an increase in the cost of European Central Bank funding
and higher liquidity costs will weigh on earnings.

Loan impairment charges are likely to decline but remain
meaningful.  Substantial losses expected on the sale of loans to
NAMA by participating institutions will erode a material portion
of capital.  Restructuring charges are likely to further depress
pre-tax profit.  For 2011, expectations of gradual improvement in
the economy, a reduction in loan impairment charges and the
absence of losses on the sale of loans to NAMA should all
contribute to a significantly better, if still muted, performance.

The transfer of significant volumes of commercial real estate
loans by end-2010 to NAMA will improve liquidity, remove
significant volumes of impaired loans and allow the institutions
to concentrate on the future.  On the remaining loan portfolios,
Fitch expects the rate of emergence of new impaired loans to slow

The Irish banks will end the year more robustly capitalized, which
should provide acceptable protection against expected and
unexpected losses and improve investor sentiment towards them.  To
reduce the potential vulnerability of the banks, the Irish
Financial Regulator requires banks to hold a minimum threshold of
8% Tier 1 capital at end-2010 after applying stresses.  The Irish
government has stated that it would be willing to inject capital
if banks are unable to raise it themselves.  It has already
demonstrated commitment to five of the six leading domestic
institutions which needed capital by subscribing to capital in
2009 and/or 2010.  Four of the six institutions already comply
with the new end-2010 Tier 1 capital requirement.

In Fitch's rating criteria, a bank's standalone risk is reflected
in Fitch's Individual ratings and the prospect of external support
is reflected in Fitch's Support ratings.  Collectively these
ratings drive Fitch's Long- and Short-term IDRs.

The banks covered in the report are:

  -- Allied Irish Banks plc (rated 'A-'/Outlook Stable/F1)

  -- Anglo Irish Bank Corporation Ltd (rated 'A-'/Rating Watch

  -- Bank of Ireland (rated 'A-'/Stable Outlook/F1)

  -- EBS Building Society (rated 'BBB-'/Rating Watch Positive/F2)

  -- Irish Nationwide Building Society (rated 'BBB-'/Rating Watch

  -- Irish Life & Permanent (Individual Rating 'D', Support Rating

QUINN INSURANCE: "Business as Usual," Administrators Say
Mary Carolan at The Irish Times reports that the joint
administrators of Quinn Insurance declared the company is
"business as usual" while they continue to retain merchant bankers
Macquarie Capital Europe Ltd. to advise them on any prospective
sale of the insurance group.

According to the Irish Times, the administrators also anticipate
the number of redundancies required from the workforce of 2,010
will be 800 and not 900 as they originally forecast.

The Irish Times relates the third report of the administrators was
presented on Thursday to the President of the High Court,
Mr. Justice Nicholas Kearns, who was told elements of it were
confidential for commercial reasons.  The Irish Times says among
the confidential elements was a section of the report dealing with
the solvency of the insurer.

The Irish Times recalls the Financial Regulator put the insurer
into administration last March after his office discovered
guarantees had been provided by Quinn Insurance subsidiaries as
far back as 2005 on Quinn Group debts of more than EUR1.2 billion.
The Irish Times notes the regulator said the guarantees reduced
the amount the firm had in reserve to protect policyholders
against possible claims, putting 1.3 million customers at risk.

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

RESIDENCE CLUB: Bought Out of Receivership by Olivia Long
--------------------------------------------------------- reports that a new owner has taken over the
Residence club on Stephen's Green six months after it was seized
by the banks.

The report relates businesswoman Olivia Gaynor Long bought the
club from receiver Jim Stafford.  According to the report, the
club will now be run by a recently-formed company called Molana
Ltd.  The new firm is wholly owned by Ms. Long, and lists public
relations consultant Eugene Long as one of its directors, the
report notes.

The report recalls the High Court refused to extend court
protection to Missford Ltd., the company behind the private
members' club, and a receiver was appointed to the firm by Zurich

Residence -- is a modern members' club
for men and women.  The club is situated at number 41 St.
Stephen's Green, Dublin 2, in a listed building dating back to the
1700s.  It was established by Simon and Christian Stokes in 2008.


MARIELLA BURANI: Two Founders Arrested in Bankruptcy Probe
Manuela D'Alessandro at Reuters, citing a judicial source, reports
that the two founders of Mariella Burani Fashion Group have been
arrested as part of an inquiry into the bankruptcy of the company.

According to Reuters, the source said former chairman Walter
Burani was put under house arrest by Milan judges investigating
the bankruptcy of Mariella Burani Family Holding and Mariella
Burani Fashion Group.  Reuters notes the source said Walter
Burani's son, Giovanni, was being held in jail awaiting

Both Walter and Giovanni Burani are being investigated for alleged
fraudulent bankruptcy and false accounting, Reuters says, citing
the arrest warrant.

As reported by the Troubled Company Reporter-Europe on May 12,
2010, Dow Jones Newswires said that the court in the northern
Italian city of Reggio Emilia granted bankruptcy protection to
Mariella Burani Fashion Group.  Dow Jones disclosed  Mariella
Burani, which employs about 2,000 workers in Europe, had struggled
to find an agreement with its creditor to restructure its debt,
which totaled about EUR500 million at the end of December.

Mariella Burani Fashion Group SpA --
-- is an Italy-based company, operating in the fashion market.  It
designs, produces and distributes a range of apparel, knitwear,
leather accessories, jewelry and footwear.  The Company divides
its operation into four divisions: Clothing Division, Leather
Division, Digital Fashion and Fashion Jewellery.  The Company's
brand portfolio comprises the Company's own brands, such as
Mariella Burani, Rene Lezard, Amuleti J, Blossom Burani, Ter et
Bantine, Braccialini, FrancescoBiasia, Baldinini, Coccinelle,
Sebastian, Facco Gioielli, Valente, Rosato and Calgaro, among
others, and the licensed brands: Vivienne Westwood (Anglomania),
Emmanuel Ungaro (Fuchsia), Alviero Martini, Thierry Mugler
(Mugler), Patrizia Pepe (bimbo), Missoni, Warner Bros, Miss Sixty,
Sweet Years, Gherardini e John Galliano, among others.  Among the
subsidiaries there are: Mariella Burani Retail Srl, Antichi
Pelletteri SpA, Coccinelle Store France SA and Mandarina Duck

PARMALAT SPA: First-Half Profit Down as Settlements Income Drop
Armorel Kenna at Bloomberg News reports that Parmalat SpA said the
company's profit in the first half of 2010 fell because of a drop
in settlements from outstanding legal cases.

Bloomberg relates the company said in a statement Thursday net
income declined to EUR147.4 million (US$193 million) from EUR248
million in the first half of 2009.  According to Bloomberg, sales
climbed almost 10% to EUR2.03 billion in the first half from
EUR1.85 billion a year earlier.

Bloomberg says Parmalat faces declining income from legal
settlements from its 2003 bankruptcy, Italy's biggest.  Income
from settlements fell in the first half to EUR39.7 million from
EUR178.7 million a year earlier, Bloomberg discloses.

Parmalat has recovered about EUR2 billion in legal settlements
from banks and auditors, whom it accused of sustaining the fraud
that led to Italy's biggest corporate bankruptcy in 2003,
Bloomberg states.  In bankruptcy proceedings, Parmalat disclosed
more than EUR14 billion of debt, about eight times the amount
reported by its former management, Bloomberg notes.

                       About Parmalat S.p.A.

Headquartered in Milan, Italy, Parmalat S.p.A. -- sells nameplate milk products that can
be stored at room temperature for months.  It also has about 40
brand product lines, which include yogurt, cheese, butter, cakes
and cookies, breads, pizza, snack foods and vegetable sauces,
soups and juices.

The Company's U.S. operations filed for Chapter 11 protection on
February 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than USUS$200
million in assets and debts.  The U.S. Debtors emerged from
bankruptcy on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on December 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the Cayman
Islands.  Gordon I. MacRae and James Cleaver of Kroll (Cayman)
Ltd. serve as Joint Provisional Liquidators in the cases.  On
January 20, 2004, the Liquidators filed Sec. 304 petition, Case
No. 04-10362, in the United States Bankruptcy Court for the
Southern District of New York.  In May 2006, the Cayman Island
Court appointed Messrs. MacRae and Cleaver as Joint Official
Liquidators.  Gregory M. Petrick, Esq., at Cadwalader, Wickersham
& Taft LLP, and Richard I. Janvey, Esq., at Janvey, Gordon,
Herlands Randolph, represent the Finance Companies in the Sec. 304

The Honorable Robert D. Drain presided over the Parmalat Debtors'
U.S. cases.  On June 21, 2007, the U.S. Court granted Parmalat
permanent injunction.

RISANAMENTO SPA: To Sell Milan Property Development for EUR405MM
Armorel Kenna at Bloomberg News reports that Risanamento SpA
agreed to sell a property development near Milan to investors led
by Davide Bizzi for EUR405 million (US$530 million).

Bloomberg relates the company said in a statement Thursday that
the investors will pay 85% of the total by Sept. 30 and the rest
when the proposed development plan in Sesto San Giovanni has been

Bloomberg recalls in November, Risanamento received court approval
for a restructuring plan.  As part of the plan, creditors
including Intesa Sanpaolo SpA and UniCredit SpA agreed to buy as
much as EUR150 million in new shares and underwrite convertible
debt, Bloomberg recounts.

                      About Risanamento SpA

Headquartered in Milan, Italy, Risanamento SpA -- is a company engaged in the
real estate sector.  It is part of the Zunino Group.  Its main
activities are real estate investments, real estate promotion and
development.  The Company provides its services through numerous
subsidiaries and associated companies, such as Milano Santa Giulia
SpA, Etoile ST. Florentin Sarl, Risanamento Europe Sarl and RI
Investimenti Srl. Risanamento operates in the real estate
promotion and development, and real estate investments sectors.
The Company's main projects are the creation of the new Milano
Santa Giulia district, and the redevelopment of the former Falck
area in Sesto San Giovanni.


ATF DPR: Moody's Cuts Rating on Series 2006 A Notes to 'Ba2'
Moody's Investors Service has downgraded Series 2006 A Notes
issued by ATF DPR Company, a Kazakh Diversified Payment Right
transaction.  The rating action follows Moody's downgrade of the
local currency deposit rating of ATF Bank (the originator) from
Ba1 to Ba2 on July 26, 2010.  The downgrade of the ATF Bank's
deposits and senior unsecured debt ratings is in response to the
weakening of its credit profile over the last year.  This is
reflected by a significant deterioration of its loan portfolio,
its poor financial results and a weak capitalization.

  -- US$100M Series 2006 A Notes, Downgraded to Ba2; previously on
     Feb. 26, 2009 Downgraded to Baa3

Under Moody's rating methodology, the rating assigned to DPR
transaction, in absence of any transaction specific concerns, is
linked to the local currency rating of the originator.  Given the
current rating of ATF Bank, structural features in place do not
provide adequate comfort to allow the ratings of the Notes to
achieve a one-notch uplift from the originator's rating.

Moody's is monitoring this transaction on an ongoing basis.


BOZEL SA: U.S. Court Will Resolve Corporate Governance Dispute
WestLaw reports that a bankruptcy court's permissive abstention
was not warranted in an adversary proceeding raising issues of the
Chapter 11 debtor's corporate governance, based on parallel
foreign proceedings in Luxembourg.  A final resolution of the
corporate governance dispute was not expected from the Luxembourg
court for at least five months, despite an order indicating that
the foreign liquidator for the debtor's parent properly exercised
his governance powers under Luxembourg law.  Moreover, a final
resolution by the bankruptcy court of the issue of who controlled
the debtor was in the best interest of the debtor's subsidiaries,
which were the debtor's only valuable assets, and the record
sufficiently established applicable and settled legal principles
of Luxembourg law for the bankruptcy court to adjudicate the
dispute.  Luxembourg's interest in the matters, as the place of
the debtor's incorporation, was outweighed, furthermore, by the
bankruptcy court's interest in the adversary proceeding.  In re
Bozel S.A., --- B.R. ----, 2010 WL 2816369 (Bankr. S.D.N.Y.).

Luxembourg-based mineral mining company Bozel S.A. sought Chapter
11 protection (Bankr. S.D.N.Y. Case No. 10-11802) on April 6,
2010.  In its petition, the Debtor estimated assets ranging from
US$50 million to US$100 million, and debts ranging from US$10
million to US$50 million.  William F. Savino, Esq., Daniel F.
Brown, Esq., and Beth Ann Bivona, Esq., at Damon Morey LLP in
Buffalo, N.Y., represent the Debtor.


ASTIR BV: S&P Downgrades Ratings on Series 23 Notes to 'D'
Standard & Poor's Ratings Services lowered to 'D' from 'CCC-' and
then withdrew its credit rating on Astir B.V.'s series 23 notes.
At the same time, S&P lowered to 'CC' from 'CCC-' S&P's rating on
Astir's series 26 notes.

The downgrades follow the manager's notification to us that losses
from credit events in the underlying reference portfolio and
substitution costs have led to a principal writedown of the notes.

The withdrawal follows the manager's recent notification to us
that Astir has fully repurchased the series 23 notes.

Astir's series 23 and 26 are corporate synthetic collateralized
debt obligations that closed in 2007.

                           Ratings List

                            Astir B.V.

                   Ratings Lowered and withdrawn
    EUR15 Million Limited-Recourse Secured Variable-Rate Notes
                      Series 23 (Pearl CDO 1)

                        To            From
                        --            ----
                        D             CCC-
                        NR            D

                         Ratings Lowered

    EUR35 Million Limited-Recourse Secured Variable-Rate Notes
                      Series 26 (Pearl CDO 1)

                        To            From
                        --            ----
                        CC            CCC-

                          NR - Not Rated

ELM BV: S&P Withdraws 'B' Rating on Class C Notes
Standard & Poor's Ratings Services affirmed, removed from
CreditWatch positive, and withdrew its credit rating on ELM B.V.'s
series 78 (Morro Bay) notes.

On April 15, 2010, S&P placed the notes on CreditWatch positive in
its review for potential upgrades.  Following this review, S&P
recently received the repurchase notification, and therefore S&P
has affirmed and removed from CreditWatch positive the rating on
the tranche before withdrawing it.

The withdrawal follows the manager's recent notification to us
that the notes were fully repurchased.

                           Ratings List

Rating Affirmed, Removed From CreditWatch Positive, and Withdrawn

                             ELM B.V.

    JPY2 Billion Class C Secured Credit-Linked Notes Series 78
                         (Morro Bay Notes)

                 To                  From
                 --                  ----
                 B                   B/Watch Pos
                 NR                  B

                         NR -- Not rated.

NIBC BANK: Fitch Affirms Rating on Hybrid Capital at 'BB+'
Fitch Ratings has affirmed Netherlands-based NIBC Bank N.V.'s
Long- and Short-term Issuer Default Ratings at 'BBB' and 'F3'
respectively.  The Outlook on the Long-term IDR remains Stable.
Fitch has also affirmed NIBC's Individual Rating at 'C/D', Support
Rating at '5' and Support Rating Floor at 'No Floor'.

NIBC's Long- and Short-term IDRs and Individual Rating continue to
reflect the weaknesses in the bank's business model making it
vulnerable to the current unsettled capital markets and weakened
economic fundamentals.  A niche merchant bank, NIBC is largely
funded through wholesale markets, although some diversification
has been achieved through on-line retail deposits.  The bank also
used the Dutch state credit guarantee scheme in 2008 and 2009 to
issue state-guaranteed debt (total state-guaranteed debt
outstanding at end H110: EUR6.4 billion).

NIBC reported net profit of EUR20 million in Q110 but continues to
face the challenge of generating a sufficient level of recurring
revenues to counterbalance higher funding costs and impairment

A key rating driver for the bank remains its high capital ratios
which represent a buffer against potential losses that could arise
if the operating environment were to deteriorate again.  These
capital ratios are considered by Fitch to be necessary for the
bank's current rating level given its risk profile.  The cautious
management of liquidity is also factored into NIBC's ratings.

The rating actions are:

  -- Long-term IDR: affirmed at 'BBB'; Outlook Stable
  -- Short-term IDR: affirmed at 'F3'
  -- Individual Rating: affirmed at 'C/D'
  -- Support Rating: affirmed at '5'
  -- Support Rating Floor: affirmed at 'NF'
  -- Senior unsecured debt: affirmed at 'BBB'
  -- Subordinated debt: affirmed at 'BBB-'
  -- Hybrid capital: affirmed at 'BB+'

The rating action has no impact on the 'AAA' rating of NIBC's
state guaranteed debt or on NIBC's 'AAA'-rated mortgage covered

NIBC Bank N.V. is a niche merchant bank providing financing and
advisory services and products to mid-caps and institutional
investors essentially in the Benelux countries.  It is also active
in the Dutch and German residential mortgage markets and operates
in both countries through "NIBC Direct", its on-line retail
deposit brand.  It is owned by a shareholder consortium led by the
private equity firm JC Flowers & Co.


FLANCO GROUP: Lenders & Suppliers Agree to Wipe Out EUR40MM Debts
Adrian Cojocar at Ziarul Financiar reports that Flanco group's
main lenders and suppliers have agreed with the company's
management and Transylvania Insolvency House to wipe out debts
worth above EUR40 million out of a EUR60 million total receivables
volume registered after the company went insolvent in December
2009.  The company's main lenders include ING, Unicredit Tiriac
and BRD, the report discloses.

According to the report, from the maximum possible sum that could
be recouped, namely EUR20 million, a level of EUR4 million is
conditioned though on the trend of the retailer's sales in the
next three years.

The report relates Flanco International, the main company of
Flamingo group, has recently submitted to the Bucharest Tribunal
the company's reorganization plan, due to be approved during the
Lenders' General Meeting and validated by the syndic judge by late

The report says only banks with secured receivables and the state
can still recover something in the wake of Flanco's
reorganization, while suppliers have lost everything and
shareholders will be diluted after the company is taken over by an

The report notes Flanco officials said they were very close to
completing negotiations with an investor that will take over the
company's majority stake.

Flanco is a Romanian retail store chain selling consumer
electronics with over 100 stores in Romania.  It is owned by
Romanian company Flamingo International SA.


KAZANORGSINTEZ OJSC: Fitch Lifts Issuer Default Rating to 'CC'
Fitch Ratings has upgraded Tatarstan-based chemical producer OJSC
Kazanorgsintez's Long-term Issuer Default Rating to 'CC' from 'RD'
and upgraded the Short-term IDR to 'C' from 'D'.  Fitch has
simultaneously affirmed KOS's senior unsecured rating, on the
outstanding US$100m loan participation notes (Eurobonds), at 'C'
with a Recovery Rating of 'RR6'.

The rating upgrade follows a review of Kazanorgsintez's financial
and operational profile following the completion of its debt
restructuring exercise.  The ratings primarily reflect KOS's large
debt burden and challenging capital structure.  Funds from
operations leverage was 8.1x at year-end 2009, with gross debt of
RUB29 billion against FFO of RUB2.0 billion.  Funding is dominated
by five-year senior secured term loans from Sberbank
('BBB'/Stable/'F3'), which account for RUB25 billion of the
outstanding borrowings.  The remainder consists of RUB3 billion
(US$100.8 million) of unsecured Eurobonds maturing in 2015 and
RUB0.7 billion of unsecured credit facilities with various

While the debt restructuring exercise has virtually eliminated
near-term liquidity and refinancing risk, Fitch remains concerned
over the level of debt service obligations faced by KOS from 2012
onwards, after the expiry of the two-year grace period granted
under the Sberbank facilities (principal only).  In the absence of
substantial deleveraging from operating cash flow in the near
term, refinancing risk is likely to resurface and could be
heightened by KOS's capital structure.  Existing or future
potential lenders are or would be deeply subordinated to Sberbank,
which benefits from state guarantees and security over the group's
fixed assets and over TAIF's 50.24% shareholding in the company.
KOS's high debt levels also leave it vulnerable to any
deterioration in the macroeconomic or business environment.

Fitch recognizes the improvement in the company's near-term
liquidity position, aided by the two-year principal grace period
and by higher operating earnings and cash flow generation in 2010.
KOS's performance is benefiting from strong demand and price
momentum in the core high density and low density polyethylene
(HDPE and LDPE) markets and new product lines, such as
polycarbonate for domestic use.  Crucially, the processing
agreement with Sibur ('BB'/Stable) has been replaced by a new
supply agreement with Gazprom ('BBB'/Stable') which, everything
else being equal, should have a positive impact on KOS's
performance.  Profitability should also mildly benefit from energy
efficiencies and the completion of the Ethylene 500 project in
Q410.  Significantly reduced capex spending in the coming years
should contribute to positive or neutral free cash flow and Fitch
expects some deleveraging to occur in the next two years.

A substantial reduction in debt levels from cash flow generation
could warrant a rating upgrade, but is deemed unlikely in the near
term.  On the other hand, a sustained cash drain resulting from a
reversal of the conditions currently observed in the core
polyolefin markets could lead Fitch to downgrade the ratings.

NOMOS BANK: Moody's Changes Outlook on 'D-' Bank Strength Rating
Moody's Investors Service has changed the outlook on the D- bank
financial strength rating and Ba3 long-term global foreign
currency deposit rating of Nomos Bank to stable from negative, and
has affirmed all of the bank's ratings.  The outlook on Nomos'
senior unsecured debt rating of Ba3 and the bank's subordinated
debt rating of B1 was also changed to stable from negative.

The change in outlook reflects a stabilization of the bank's asset
quality, adequate provisioning against problem loans and increased
capitalization levels.  At end-2009, Nomos reported impaired loans
at 9% of the loan book (up from 5% at year-end 2008).  However,
thanks to extensive capital injections by the shareholders in the
period from the fourth quarter of 2008 to the end of 2009, Nomos
reported a total capital adequacy ratio of 23% (Tier 1: 14%) at
year-end 2009.  Moody's observes that this higher level of
capitalization coincided with a build-up in loan loss reserves
which now cover impaired loans by a factor of 1.1 times.

Moody's notes that Nomos demonstrated reasonable financial
performance in 2009, as it was able to generate a stable flow of
interest and commission income as well as robust income from
securities which enabled it to comfortably cover a significant
increase in provisioning levels.  The rating agency also
highlights that Nomos' funding base has shown resilience during
the global financial crisis, with customer deposits growing by 16%
during 2009, and the bank's liquidity management enabled it to
meet all due wholesale repayments.

Moody's previous rating action on Nomos was on April 7, 2009, when
the rating agency changed the outlook on the bank's ratings to
negative from stable.

Headquartered in Moscow, Russia, Nomos reported -- at year-end
2009 -- total consolidated assets of US$9.2 billion and total
shareholders' equity of US$1.2 billion.  Nomos is mainly a
corporate bank with the majority of operations concentrated in
Moscow, although it has moderate regional presence in over 30

NOVOLIPETSK OJSC: Fitch Affirms 'BB+' Issuer Default Rating
Fitch Ratings has affirmed Russia-based OJSC Novolipetsk Steel's
Long-term Issuer Default Rating at 'BB+' and National Long-term
rating at 'AA(rus)'.  The Outlooks on both ratings are Stable.
Fitch has also affirmed NLMK's Short-term IDR at 'B'.

The rating affirmation in part reflects the company's good
performance during 2009 despite the negative impact of the global
recession.  In 2009, NLMK was able to marginally increase its
production volume to 10.6 million tonnes by selling to markets
where demand was still growing.  NLMK has remained profitable
throughout the industry downturn, reporting a FY09 EBITDAR margin
of 23%.

NLMK's ratings continue to reflect its low production cost base
which is supported by the technological efficiency of its plants,
self-sufficiency in iron ore and coke, partial self-sufficiency in
energy and scrap, and low labor costs.  The company has strong
market positions, including a 31% share of the domestic machine
building industry and 30% of the domestic construction industry.
NLMK also continues to follow a conservative financial policy,
reflected in low leverage metrics (Fitch-adjusted FY09 gross
debt/EBITDAR 1.92x) and strong cash flow, despite the industry
downturn and significant capex spending of US$1.1bn.

In recent years NLMK has improved its corporate governance to a
level which is above average for Russian metals and mining
companies.  However, the company's ratings primarily continue to
be constrained by its exposure to the weak Russian business
environment with the associated higher-than average political,
business and regulatory risks.  NLMK also lacks self-sufficiency
in coking coal which exposes it to potentially volatile prices.
The company has, nonetheless, historically been able to largely
pass through coal price increases to end customers.  Plans to
implement Pulverized Coal Injection technology will reduce future
coal consumption.  NLMK also has a comparatively higher level of
semi-finished products production compared to Russian peers.
While this has not historically constrained NLMK's profitability,
it could expose the company to higher than average demand and
price volatility, especially during downturns.

For 2010, Fitch forecasts revenue growth of 25-30% y-o-y with an
EBITDAR margin in the range of 25%-30%.  The agency forecasts
NLMK's 2010 gross adjusted leverage (adjusted gross debt/EBITDAR)
at 1.7x-1.9x, and net adjusted leverage (net adjusted
debt/EBITDAR) at 1.2x-1.4x.  NLMK is expected to have slightly
negative free cash flow in 2010 due to significant capex spending
for its modernization program.  Nevertheless, due to significant
cash balances (Q110: US$1.2bn) and undrawn committed credit lines
(Q110: US$1.6bn) in 2010-2011, the company will continue to
maintain a satisfactory liquidity position.

The Stable Outlook reflects Fitch's expectation that NLMK will
continue to follow an organic growth strategy while maintaining
strong liquidity and a conservative financial profile with a long-
term average net debt/EBITDAR ratio of less than 1.0x.


CASSIOPEIA QEX: S&P Cuts Ratings on Two Classes of Notes to 'B-'
Standard & Poor's Ratings Services lowered its credit ratings on
Cassiopeia QEX B.V.'s class A, B, and C notes.  At the same time,
S&P kept on CreditWatch negative its rating on the class A notes
and removed from CreditWatch negative its ratings on the class B
and C notes.

These ratings actions follow deteriorating performance within the
residential mortgage pool backing this transaction and a lack of
recoveries coming from defaulted loans.

The collateral pool has been experiencing high delinquency levels,
especially since April 2009.  According to the security trustee's
report, severe delinquencies -- defined as arrears greater than 90
days -- were EUR187.33 million, equal to 43.88% (including
outstanding defaulted loans) of the current collateral balance as
of the end of June 2010, compared with 42.62% of the end of March

The outstanding balance of defaults -- loans in arrears for more
than 510 days -- and loans in foreclosure was EUR144.03 million,
representing 33.74% of the current collateral balance at the end
of June 2010, compared with 29.12% at the end of March 2010 and
21.81% at the end of December 2009.  These amounts are the result
of the roll-over of delinquencies that have not been recovered at
earlier stages.

Since closing in July 2008, Banco Espa¤ol de Credito (Banesto)--
the originator and servicer -- has foreclosed 826 properties but
received recoveries for only 26 properties.  The credit risk
manager -- Finsolutia -- is responsible for supervising and
monitoring the performance of the servicer under the servicing
agreement, which includes the sale of properties at auction in the
foreclosure process.

There are two priorities of payments: One for interest and one for
principal.  The issuer pays interest on classes B, C, and D in the
revenue priority of payments if certain tests, based on principal
deficiency, are met.  Otherwise, the issuer pays interest on these
classes of notes after principal amortization of the senior notes.
The transaction documents define the tests:

The class B interest test is met if: (i) the class A notes are
fully redeemed or (ii) the principal deficiency is less than 20%
of initial portfolio balance.

The class C interest test is met if: (i) the class A and B notes
are fully redeemed or (ii) the principal deficiency is less than
12% of initial portfolio balance.

The class D interest test is met if: (i) the class A, B, and C
notes are fully redeemed or (ii) the principal deficiency is less
than 6% of the initial portfolio balance.

Cassiopeia has not paid interest on the class B notes since the
January 2009 interest payment date or on the class C notes since
October 2008 as the triggers for these notes have been hit.  S&P's
ratings address timely interest and ultimate principal for class A
and ultimate payment of interest and principal for classes B and

S&P has run its cash flow models with the most updated information
available to us and as a result have downgraded all the rated
notes in the structure.  In addition, S&P has kept its rating on
the class A notes on CreditWatch negative as an ongoing lack of
recoveries may have a negative effect on the rating of these

Although Cassiopeia has not paid interest on classes B and C since
the interest payment dates in January 2009 and October 2008,
respectively, their downgrades take into account that S&P rated
these notes on an ultimate payment of interest basis.  The notes'
legal final maturity is in April 2048.

Cassiopeia QEX issued the notes in July 2008.  The underlying
portfolios include residential mortgage loans secured over
properties in Spain.  Banesto originated and services the mortgage
loans, and Finsolutia is the credit risk manager that oversees the
servicing.  Citicorp Trustee Company Ltd. is the fund's security
and the note trustee.

                           Ratings List

                        Cassiopeia QEX B.V.
       EUR448.6 Million Mortgage-Backed Floating-Rate Notes

          Rating Lowered and Kept on CreditWatch Negative

          Class      To                     From
          -----      --                     ----
          A          BBB-/Watch Neg         AAA/Watch Neg

      Ratings Lowered and Removed From CreditWatch Negative

          Class      To                     From
          -----      --                     ----
          B          B-                     AA/Watch Neg
          C          B-                     A-/Watch Neg

TDA 28: S&P Downgrades Ratings on Class B Notes to 'D'
Standard & Poor's Ratings Services lowered to 'D' its credit
rating on TDA 28, Fondo de Titulizacion de Activos' class B notes
following the failure to meet timely interest payment on these
classes of notes on the most recent interest payment date of July
28, 2010.  At the same time, S&P has withdrawn the 'AAA' rating on
the NAS-IO notes as TDA 28 fully repaid these notes on this
payment date.

Cumulative defaults as a percentage of the original pool balance
increased to 12.58% in May 2010 from 11.63% in March 2010 and
8.94% in December 2009.  TDA 28 has depleted its cash reserve as a
result of the high level of defaults and a structural mechanism
requiring a full provisioning for defaulted loans (defined as
loans in arrears for more than 12 months).  Additionally, the
level of recoveries in this transaction have been low to date: In
the quarters to March 2010 and May 2010 they were zero and
EUR303,256 (0.07% of the issued amount), respectively.

The transaction documents require that the priority of payments
changes when the cumulative defaults exceed certain levels.  If
this happens, TDA 28 postpones interest payments to the related
class of notes and uses any remaining available revenue to
amortize the most senior class of notes.

The trigger levels are when cumulative defaults reach 12.15% of
the original note balance for the class B notes and 9.12% for the
C notes.

As of May 2010, actual cumulative defaults were 12.58% of the
original notes balance.  As a result, on the July 2010 payment
date, TDA 28 paid no interest on the class B, C, D, or E notes.
This deferral of interest provides protection to the senior notes.
Consequently, the ratings on these notes are 'D'.

S&P downgraded the class B notes to 'D', and downgraded the class
C notes to 'D' in May 2010, the class D and E notes in February
2010, and the class F notes in July 2009 after they missed timely
payment of interest.  (The class F notes are non-asset-backed
notes issued partly to fund the cash reserve.)

A portfolio of residential mortgage loans secured over properties
in Spain backs all the notes, which TDA 28 issued in July 2007.
Caixa Terrassa and Credifimo originated and service the loans.
More than 80% of the current defaults stem from Credifimo loans,
which account for approximately 48% of the outstanding collateral

                          Ratings List

             TDA 28, Fondo de Titulizacion de Activos
      EUR454.95 Million Mortgage-Backed Floating-Rate Notes,
              Floating-Rate Notes, And NAS-IO Notes

                          Rating Lowered

                Class      To                 From
                -----      --                 ----
                B          D                  CCC-

                        Rating Withdrawn

                Class      To                 From
                -----      --                 ----
                NAS-IO     NR                 AAA

                        Ratings Unaffected

                        Class      Rating
                        -----      ------
                        A          A
                        C          D
                        D          D
                        E          D
                        F          D

TDA PASTOR: Moody's Confirms Rating on Class D Notes at 'Ba1'
Moody's Investors Service announced that it has confirmed the
ratings of classes A1, A2, B, C and D issued by TDA Pastor 1.

Last rating action date for TDA Pastor 1 was June 29, 2009, when
all the notes issued by TDA Pastor 1 were placed on review for
possible downgrade following the downgrade of the long-term and
short-term debt ratings of Banco Pastor to A3/P-2.  The action
concludes the review.

The exposure to Banco Pastor in relation to the roles it performs
in this transaction and the remedies taken after its downgrade has
been assessed:

                        Swap Counterparty

Banco Pastor acts as swap counterparty for TDA Pastor 1.  Original
documentation of the deal included the obligation to post
collateral and search for a replacement or guarantor if the long-
term debt rating of Banco Pastor was downgraded below A2.  There
was no Credit Support Annex in place to regulate this posting of

Following the downgrade, swap contracts were amended and achieved
a substantial compliance with Moody's current Framework for De-
linking Hedge Counterparty Risks from Global Structured Finance
Cashflow Transactons.  Under this framework an A3/P-2 rated entity
can still be swap counterparty to an structured finance
transaction as long as collateral is posted in accordance with an
established CSA.  Following its downgrade, a CSA was signed and
Banco Pastor is posting collateral weekly.


Banco Pastor is also the servicer of the transaction.  Moody's has
assessed the potential risk of a servicing transfer following the

Collections received during a month are transferred to the
treasury account held by ICO (Aaa/P-1) on the 26th of the
following month.  The increased risk associated with cash
commingling was assessed in this analysis.

                      Portfolio Performance

TDA Pastor 1 closed in February 2003.  The notes are backed by (1)
a portfolio of first-ranking mortgage loans secured on residential
properties located in Spain, for an overall balance at closing of
EUR481 million and (2) the portion of the subordinated loans in
TDA 10 FTH and TDA 13 MIXTO FTA that correspond to Banco Pastor.

The portfolio backing TDA Pastor 1 notes has a seasoning of almost
9 years and a pool factor of 29%.  Weighted average Loan-to-value
stood at 41.53% as of March 2010.  This collateral is showing good
performance with loans in arrears for 90 days or above standing at
0.17% of current balance and cumulative defaults at 0.13% of
original balance as of March 2010.  Loans in arrears for 90 days
and above have never exceeded 0.40% of current balance.

After the early liquidation of TDA 10 on March 2010, the notes are
only backed by Banco Pastor's portion of TDA 13's subordinated
loan which has an outstanding balance of EUR 1,861,721.9.
Repayment of this loan is linked to the reduction of the reserve
fund requirements in the deal, thus it is completely subordinated
in the cash waterfall and will ultimately depend on the
performance of the low LTV sub pool of TDA 13.  The risk of this
loan not being repaid has been factored in Moody's analysis.  The
mentioned sub pool, which has a pool factor of 16%, is showing
good performance with loans in arrears for 90 days or above
standing at 0.35% of current balance and cumulative defaults at
0.22% of original balance.

               Reserve Funds/Liquidity/Amortization

Given low levels of defaults the reserve fund has never been drawn
and is not expected to be drawn in future.  Moody's believes that
the available liquidity in the transaction would be sufficient for
the Issuer to make timely payment of interest on the Notes,
particularly in case of a servicing transfer.

All classes are fully sequential to each other, with the exception
of Class D which has been amortizing from day 1 via excess spread.

              Revised Lifetime Loss and Milan Aaa CE

Moody's has reassessed its lifetime loss expectation for TDA
Pastor 1 to account for the collateral performance to date as well
as Moody's expectations for this transaction in the context of a
current macroeconomic environment in Spain.  Moody's have updated
the portfolio expected loss assumption from 0.54% to 0.40% of
original balance.

As part of its analysis, Moody's has also assessed loan-by-loan
information for the outstanding portfolio to determine the credit
support consistent with target rating levels and the volatility of
the distribution of future losses.  As a result, Moody's has
revised its MILAN Aaa credit enhancement (MILAN Aaa CE)
assumptions to 6% of the current pool balance.  The loss
expectation and the Milan Aaa CE are the two key parameters used
by Moody's to calibrate its loss distribution curve, which is one
of the core inputs in the cash-flow model it uses to rate RMBS
transactions.  Credit enhancement under the Class A notes
(including subordination and reserve fund) is 11.9% as at the last
payment date.

Moody's ratings address the expected loss posed to investors by
the legal final maturity of the notes.  Moody's ratings address
only the credit risks associated with the transaction.  Other
risks have not been addressed, but may have a significant effect
on yield to investors.

                  List of Detailed Rating Actions

Issuer: TDA Pastor 1, FTA

  -- Class A1, confirmed Aaa; previously on June 29, 2009 Aaa
     Placed Under Review for Possible Downgrade.

  -- Class A2, confirmed Aaa; previously on June 29, 2009 Aaa
     Placed Under Review for Possible Downgrade.

  -- Class B, confirmed A2; previously on June 29, 2009 A2 Placed
     Under Review for Possible Downgrade.

  -- Class C, confirmed Baa2; previously on June 29, 2009 Baa2
     Placed Under Review for Possible Downgrade.

  -- Class D, confirmed Ba1; previously on June 29, 2009 Ba1
     Placed Under Review for Possible Downgrade.


FORD MOTOR: To Complete US$1.8BB Volvo Sale to Geely This Week
Ford Motor Co. plans to complete its sale of Volvo Cars to China's
Zhejiang Geely Holding Co. this week, finishing the U.S.
automaker's exit from European luxury brands, Bloomberg News
reports citing two people familiar with the plans.

Bloomberg says Ford Motor is selling Volvo to Geely for US$1.8
billion, less than one-third of the price that Ford Motor paid to
buy the Sweden-based carmaker in 1999.

The sources, who asked not to be identified revealing internal
plans, said Ford and Geely executives are aiming to close the sale
this week, pending final regulatory approvals and financing,
according to Bloomberg.

On April 1, 2010, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that Geely plans to invest US$900 million
in Volvo as it works to turn the unprofitable Swedish carmaker
around.  Bloomberg disclosed Geely founder Li Shufu said the
company raised about US$2.7 billion to fund the Volvo purchase and
operations, half of it from overseas.

                         About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) -- manufactures or distributes automobiles
across six continents.  With about 200,000 employees and about 90
plants worldwide, the company's automotive brands include Ford,
Lincoln, Mercury and Volvo.  The Company provides financial
services through Ford Motor Credit Company.

At March 31, 2010, the Company had US$191.968 billion in total
assets against US$197.405 billion in total liabilities.

As reported by the Troubled Company Reporter on June 7, 2010,
Moody's released an Issuer Comment stating that the ratings and
outlook of Ford Motor Company are being maintained following the
company's announcement that it will end production of Mercury
vehicles during the fourth quarter of this year.  Ford's ratings
include: B1 Corporate Family Rating and Probability of Default
Rating; Ba1 secured rating; B2 unsecured rating; and SGL-2
Speculative Grade Liquidity Rating.  The rating outlook is stable.

The last rating action on Ford was an upgrade of the Company's
Corporate Family Rating to B1 on May 18, 2010.


Fitch Ratings has revised The Metropolitan Municipality of Izmir's
Outlooks to Positive from Stable.  The ratings have been affirmed
at Long-term foreign and local currency 'BB-' and National Long-
term 'AA-(tur)'.

The revision of Outlook reflects the expected repayment of Izmir's
liability to the national Treasury and the resulting greater
financial flexibility.  It also takes into account the
municipality's greater-than-anticipated fiscal resilience that
underpinned its ability to adapt to difficult economic conditions.
The municipality demonstrated its ability to control operating
expenditure as it posted a robust operating margin at 50.7% in
2009 despite stressed revenue conditions.  Continued robust
budgetary performance, combined with further repayment of Izmir's
Treasury liabilities resulting in reduced direct risk, could
trigger a positive rating action.

Having adjusted its budget to relatively tighter fiscal
conditions, the municipality is forecasting operating margins
averaging above 50% over the years 2010-2012.  Expenditure
consists primarily of investments associated with the city's
public transport system.  Capital expenditure will continue to
have a large share in total expenditure (excluding debt repayment)
at over 50%.  The municipality has generally been able to phase
capital expenditure according to the economic cycle, but
investment on the urban rail transport system is projected to
remain significant, regardless of revenue receipts.

Overall public sector debt rises significantly compared with the
municipality's direct debt when other Fitch-classified debt
related to a rescheduling of Treasury liabilities is included.
Although high in nominal terms, Izmir's direct risk is still
modest in relation to its saving capacity, as it could have been
repaid in just 1.7 years of the municipality's current balance in
2009.  Liabilities to the national Treasury are expected to be
largely repaid over the next two years.

Izmir is located on Turkey's western coast and is the third-
largest of the country's 16 metropolitan areas accounting for
about 8% of GNP.  It has a population of about 3.5 million.  The
municipal administration's main responsibilities are investment-
driven, primarily in relation to infrastructure.

* MUNICIPALITY OF BURSA: Fitch Upgrades Ratings to 'BB-'
Fitch Ratings has upgraded The Metropolitan Municipality of
Bursa's Long-term foreign and local currency ratings to 'BB-' from
'B+ and National Long-term rating to 'A+(tur)' from 'A(tur)'.  The
Outlooks are Stable.

The upgrades reflect the municipality's greater-than-anticipated
fiscal resilience, which underpinned its ability to adapt to
difficult economic conditions in 2008-2009, and improved systems
enhancing its financial monitoring and planning ability.  Further
upward rating pressure may result from better-than-forecast
budgetary performance, combined with stabilization of capital
expenditure resulting in improved debt position.  The reverse
could put downward pressure on ratings.

Given its investment-driven expenditure structure, Fitch expects
Bursa's investments to be phased according to its self-funding
ability.  Weaker economic conditions in 2009 caused the operating
margin, which averaged a robust 49.5% in 2004-2008, to fall to
43.9% in 2009.  The current margin was 31.6% as interest
expenditure more than doubled, but is expected to recover to close
to 40% levels in 2010.

The debt payback ratio (debt/current balance) was 4.8 years at
end-2009 due to weaker fiscal performance, but is forecast to
stabilize at around four years over 2010-2012 and compares well
with its local peers.  Foreign currency-denominated debt, mostly
euros, accounts for 65% of total debt and is unhedged against FX
risk but has maturities extending until 2028.  Indirect risk
mainly stems from the water company BUSKI, although its debt has
been self-supporting.

The administration's revenue profile depends on central government
policies and actions.  Most operating revenue (75% in 2009) is
collected by the central government under tax-sharing
arrangements, under which the municipality has no rate-setting
powers.  Bursa is the location for the two largest automotive
plants in Turkey and therefore a key contributor to the country's
industry.  Despite increased diversification of activities, the
automotive sector continues to be pivotal to Bursa's economy.

Bursa is in north-west Turkey and among the largest of the
country's 16 metropolitan areas.  It has a population of about
2.3 million and accounts for about 4% of national gross domestic
product.  The municipal administration's main responsibilities are
investment-focused, primarily in transport infrastructure.

U N I T E D   K I N G D O M

ASHFORD TOWN: Placed Into Administration
Kentish Express reports that Ashford Town was placed into
administration on Thursday following a hearing at the Royal Courts
of Justice.

As reported by the Troubled Company Reporter-Europe on July 22,
2010, Kentish Express said Ashford Town Chairman Don Crosbie
decided to put the club into the hands of administrators to allow
the club to continue to play football.  Kentish Express disclosed
Ashford is currently suspended from all football by the FA for
non-payment of fees to Ebbsfleet last season.  Kentish Express
said Ashford need to move swiftly to appoint an administrator as
they need to have had the suspension lifted by July 30 in order
for an EGM of Kent League clubs to be called to vote Town into the
League before the opening games on Saturday, August 7.

Ashford Town F.C. is an English football club based in Ashford,

CHIPSWORLD: In Liquidation; 29 Jobs Affected
Christopher Dring at MCV reports that Chipsworld Ltd. has entered

According to the report, all 12 company-owned stores have been
closed and 29 employees made redundant.

The report relates the retailer said in a statement that it has
struggled in the face of "the credit crunch, mounting unpaid debts
and the recession."

Based in Middlesborough, Chipsworld Ltd. sold games and
accessories for PlayStation, Nintendo and Dreamcast.

CONNAUGHT PLC: Bankers Grant GBP15 Million Overdraft Facility
Alistair Gray and Ed Hammond at The Financial Times report that
bankers granted Connaught plc a vital short-term GBP15 million
(US$23 million) overdraft facility.

According to the FT, the cash injection, which Connaught confirmed
it had received on Thursday, gives the FTSE 250 company time to
negotiate a deal with lenders to safeguard its longer-term future.

The FT relates Connaught warned last week that it was in urgent
need of additional funds, in part because suppliers and
subcontractors -- which include Travis Perkins and BSS, the
builders' merchants -- had exerted "additional pressure" on the
group since it issued a profit warning last month.

The FT notes that while the cash injection gives Connaught some
breathing space, the group is still set to breach the terms of its
loans as it warned last week that net debt would be higher at its
financial year-end next month than the GBP120 million it had
previously advised.

"This sum is not going to keep them going for long," the FT quoted
Geoff Allum, equity analyst at Arden Partners, as saying.

According to the FT, people familiar with the matter said some
form of debt-for-equity swap, disposals, an outright sale, rights
issue or involvement of distressed debt funds were all potential

Connaught, as cited by the FT, said that the overdraft facility
would be in addition to current facilities of GBP200.6 million.

Separately, the FT's Mr. Gray reports that Connaught said it would
continue negotiations with its lenders in an attempt to safeguard
its longer-term term financial future.

According to the FT, a syndicate led by the Royal Bank of Scotland
had been engaged in negotiations with the company.  Other
syndicate members include Barclays and Lloyds Banking Group, the
FT notes.

The FT relates Connaught said that it had secured deferral of
interest and principal payments due on its existing facilities in
July and August.

Connaught plc -- is a United
Kingdom-based company engaged in the provision of integrated asset
services to the public and private sectors.  The Company operates
in two business segments: social housing and compliance.  Social
Housing segment provide social housing landlords throughout the
United Kingdom with a range of planned and response maintenance
services, as well as compliance and estate management.  The
Compliance segment provides safety, health and risk management
solutions.  It has information, advisory, training and servicing
capabilities to provide integrated compliance solution throughout
the United Kingdom.  On July 22, 2009, the Company completed the
acquisition of UK Fire (International) Limited and Igrox Limited.
On September 15, 2008, the Company completed the acquisition of
Lowe Group Holdings Ltd.  On November 26, 2008, the Company
completed the acquisition of certain assets of Predator Pest
Control Plc.

CRESTA COURT: In Administration; Assets Sold to Harrop Hotels
Rochdale Online reports that Cresta Court Hotels Ltd. has gone
into administration.

The report relates administrators were appointed on July 8, 2010.
According to the report, a sale of the company's business and
assets was concluded on the same day to Harrop Hotels Ltd.

Based in Altrincham, Cresta Court Hotels Ltd. manages the
Broadfield Hotel in Rochdale.

EUROSAIL-UK 2007-4BL: S&P Lifts Ratings on Various Notes to 'B-'
Standard & Poor's Ratings Services raised its credit ratings on
Eurosail-UK 2007-4BL PLC's class B1a, C1a, D1a, and E1c notes.  At
the same time, S&P affirmed its ratings on class A1a, A1c, A2a,
A3a, and A3c notes.

This transaction no longer has the benefit of a sterling/euro
currency swap.  As part of S&P's cash flow analysis, S&P has
stressed this mismatch from the current spot rate.  This was the
main reason for the initial downgrades in March 2009.

Since March 2009, there has been a reduction in the stock of
repossessions (to 115 from 245 properties in the last quarter).
However, as a consequence, losses this quarter were high at
GBP4.2 million, which caused a reserve fund draw of
GBP1.0 million.  Due to the fall in repossessions, S&P expects
losses to be lower in the next few quarters.  Therefore, S&P
believes the chance of the subordinate notes missing interest
payments has reduced in the short term.  As such, S&P has raised
its ratings on these classes to 'B-' from 'CCC'.

Due to the devaluation of the pound, the euro spot rate for the
June 2010 payment date (EUR1.21:GBP1) remains below the swap rate
at closing (1.37).  While this remains the case, the
undercollateralization, currently 2.2%, will increase.

S&P will continue to monitor this transaction, paying particular
attention to the euro/sterling exchange rate and future collateral

Eurosail-UK 2007-4BL closed in August 2007 and securitizes
mortgages originated by Southern Pacific Mortgage Ltd., Preferred
Mortgages Ltd., Matlock London Ltd., Langersal No. 2 Ltd.,
Alliance & Leicester PLC, London Mortgage Co., and Southern
Pacific Personal Loans Ltd.

                           Ratings List

                     Eurosail-UK 2007-4BL PLC
        EUR696 Million, GBP251.11 Million Mortgage-Backed
                        Floating-Rate Notes

                          Ratings Raised

                Class           To            From
                -----           --            ----
                B1a             B-            CCC
                C1a             B-            CCC
                D1a             B-            CCC
                E1c             B-            CCC

                         Ratings Affirmed

                      Class           Rating
                      -----           ------
                      A1a             AA
                      A1c             AA
                      A2a             BBB
                      A3a             B
                      A3c             B

GAELIC GEAR: In Liquidation; Blames Stiff Competition
BBC News reports that Gaelic Gear has gone into liquidation
following a court hearing.

According to the report, the company faced stiff competition from
traditional GAA supplier O'Neills.

The winding-up petition was made by Moneynick Construction
Limited, the report says.  The report relates it is understood
that at the hearing on Wednesday, Paul Campbell, Gaelic Gear's
sole director, made a last-minute application to avert liquidation
through a Companies Voluntary Arrangement.  However, it is
understood that Moneynick Construction was not happy with the
terms of the CVA and proceeded with the winding-up application,
the report notes.  The Inland Revenue had also made a winding-up
application although this was dismissed because the other had
already been granted, the report recounts.

In the latest accounts to the end of June 2008, the profit and
loss account showed an overall loss of GBP3,273,771, the report

Based at Kennedy Way in west Belfast, Gaelic Gear made jerseys for
Down and Fermanagh football teams.  The company also sold
footballs, sliotars and hurleys.

HALLIWELLS: RBS Set to Write Off GBP15 Million Following Sale
Claire Ruckin and Suzanna Ring at Legal Week reports that the
Royal Bank of Scotland is set to write off up to GBP15 million in
the wake of the break-up and sale of Halliwells.

According to the report, RBS, which was owed substantial sums in
corporate debt and partner loans from Halliwells, recovered just
over GBP7 million from the sales, with Barlow Lyde & Gilbert and
HBJ Gateley Wareing -- which took the largest teams -- paying
GBP2.5 million and GBP2.55 million respectively.  Hill Dickinson
paid GBP1.88 million, while Kennedys paid GBP125,000 for the
Sheffield office, the report discloses.

The report says the total is lower than the GBP12 million RBS had
hoped to receive as a result of the sales, a figure which still
would have seen the bank make a substantial loss.  The exact level
of Halliwells' total corporate debt when it appointed BDO as
administrators remains unclear, but in February, when the firm
renegotiated its debt with RBS, the figure stood at around GBP22
million, the report notes.

The report relates an RBS spokesperson confirmed that the bank
stood to "write off up to GBP15 million" in the wake of the sale,
which concluded on July 20.

Halliwells is a law firm based in Manchester.

NETHERMOOR CARE: Bought Out of Receivership by Friendly Care
The Business Desk reports that Nethermoor Care Home has been sold
out of receivership for an undisclosed sum by joint agents Jones
Lang LaSalle and DC Care.

According to the report, the deal for Nethermoor Care Home was
completed on behalf of receivers FRP Advisory.  The purchaser is
West Midlands care home operator Friendly Care, which already owns
Friendly Inn Care Home in Chelmsley Wood and Princess Lodge in
Tipton, the report discloses.

Nethermoor Care Home is based in Staffordshire.

NEW FOREST: Placed Into Receivership by Irish Nationwide
BBC News reports that New Forest Golf Club in Tyrrellspass, County
Westmeath, and Moyvalley Hotel and Golf Resort in County Kildare,
have been placed into receivership.

According to the report, the two golf resorts are now being
controlled by a receiver at KPMG.  The golf clubs are continuing
to trade while the receiver examines their affairs, the report

Irish Nationwide building society, which funded the developments,
called in the receiver, the report says, citing documents filed
with the Irish companies register.

New Forest Golf Club and Moyvalley Hotel and Golf Resort are owned
by Northern Ireland developer Alastair Jackson.

THOMAS H LOVEDAY: Bought Out of Administration by Tagg Clothing
Martin Graham at Deadline Press & Picture Agency reports that
Thomas H Loveday, part of the Slumberdown Group, has been acquired
by Tagg Clothing, which sells equestrian clothing.

According to the report, Tagg's parent company TSS&P is based in
Derby, where director Bill Eastwood said the deal had been done
quickly due to the status of the company.

"Because it was a company we bought out of administration, the
process was completed quite quickly, in about a week," the report
quoted Mr. Eastwood as saying.  "The main emphasis is getting the
business running and getting stock out to customers."

The report says seven staff will remain at the company, while two
had to be let go.

The report notes Mr. Eastwood said Slumberdown's problems had
affected Loveday to the point where it couldn't be funded.

"Slumberdown had been in financial difficulty for some time and
hadn't been able to fund the Loveday business," Mr. Eastwood said,
according to the report.  "Because there were loans between the
parent company and Loveday that meant that they had to go into
administration when Slumberdown did so two weeks ago."

The report relates Ernst and Young came to an agreement with TSS&P
two weeks after Colin Dempster and Andy Davison were appointed as
joint administrators.

Registered at the Slumberdown plant in Blyth, Northumberland,
Thomas H Loveday is a horse-riding equipment firm.


* BOND PRICING: For the Week July 26 to July 30, 2010

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

RAIFF ZENTRALBK         4.500   9/28/2035    EUR    66.17
RAIFF ZENTRALBK         4.150   9/26/2025    EUR    65.69

FORTIS BANK             8.750   12/7/2010    EUR    14.12

MUNI FINANCE PLC        1.000   2/27/2018    AUD    68.48
MUNI FINANCE PLC        1.000   6/30/2017    ZAR    65.95
MUNI FINANCE PLC        0.500   3/17/2025    CAD    53.04
MUNI FINANCE PLC        0.500   9/24/2020    CAD    67.53
MUNI FINANCE PLC        0.250   6/28/2040    CAD    23.72

AIR FRANCE-KLM          4.970    4/1/2015    EUR    14.84
ALCATEL SA              4.750    1/1/2011    EUR    16.52
ALCATEL-LUCENT          5.000    1/1/2015    EUR     3.24
ALTRAN TECHNOLOG        6.720    1/1/2015    EUR     4.69
ATOS ORIGIN SA          2.500    1/1/2016    EUR    50.38
CALYON                  6.000   6/18/2047    EUR    39.47
CAP GEMINI SOGET        3.500    1/1/2014    EUR    43.39
CAP GEMINI SOGET        1.000    1/1/2012    EUR    44.18
CLUB MEDITERRANE        4.375   11/1/2010    EUR    49.70
EURAZEO                 6.250   6/10/2014    EUR    55.12
FAURECIA                4.500    1/1/2015    EUR    20.74
GROUPE VIAL             2.500    1/1/2014    EUR    18.41
MAUREL ET PROM          7.125   7/31/2015    EUR    12.19
MAUREL ET PROM          7.125   7/31/2014    EUR    16.23
NEXANS SA               4.000    1/1/2016    EUR    62.02
PEUGEOT SA              4.450    1/1/2016    EUR    29.90
PUBLICIS GROUPE         3.125   7/30/2014    EUR    38.45
PUBLICIS GROUPE         1.000   1/18/2018    EUR    48.19
RHODIA SA               0.500    1/1/2014    EUR    45.79
SOC AIR FRANCE          2.750    4/1/2020    EUR    20.50
SOITEC                  6.250    9/9/2014    EUR    10.24
TEM                     4.250    1/1/2015    EUR    54.77
THEOLIA                 2.000    1/1/2041    EUR    12.43
VALEO                   2.375    1/1/2011    EUR    46.71
ZLOMREX INT FIN         8.500    2/1/2014    EUR    49.00
ZLOMREX INT FIN         8.500    2/1/2014    EUR    49.00

DEUTSCHE BK LOND        3.000   5/18/2012    CHF    60.91
ESCADA AG               7.500    4/1/2012    EUR    18.75
HSH NORDBANK AG         4.375   2/14/2017    EUR    72.94
L-BANK FOERDERBK        0.500   5/10/2027    CAD    47.74
QIMONDA FINANCE         6.750   3/22/2013    USD     2.38
RENTENBANK              1.000   3/29/2017    NZD    74.68
SOLON AG SOLAR          1.375   12/6/2012    EUR    40.99
VPV LEBENSVERSIC        7.250   8/17/2026    EUR    66.13

HELLENIC REP I/L        2.300   7/25/2030    EUR    50.12
HELLENIC REP I/L        2.900   7/25/2025    EUR    53.31
HELLENIC REPUB          5.000   8/22/2016    JPY    73.60
HELLENIC REPUB          2.125    7/5/2013    CHF    76.69
HELLENIC REPUB          5.200   7/17/2034    EUR    62.49
HELLENIC REPUB          5.000   3/11/2019    EUR    70.38
HELLENIC REPUB          6.140   4/14/2028    EUR    69.97
HELLENIC REPUBLI        4.600   7/20/2018    EUR    69.04
HELLENIC REPUBLI        4.600   9/20/2040    EUR    57.30
HELLENIC REPUBLI        5.300   3/20/2026    EUR    64.01
HELLENIC REPUBLI        6.000   7/19/2019    EUR    73.64
HELLENIC REPUBLI        6.250   6/19/2020    EUR    75.46
HELLENIC REPUBLI        4.700   3/20/2024    EUR    62.83
HELLENIC REPUBLI        3.600   7/20/2016    EUR    71.25
HELLENIC REPUBLI        3.700   7/20/2015    EUR    73.36
HELLENIC REPUBLI        4.500   9/20/2037    EUR    56.89
HELLENIC REPUBLI        4.300   7/20/2017    EUR    69.53
NATIONAL BK GREE        3.875   10/7/2016    EUR    71.76
YIOULA GLASSWORK        9.000   12/1/2015    EUR    65.21
YIOULA GLASSWORK        9.000   12/1/2015    EUR    64.25

ALLIED IRISH BKS        5.250   3/10/2025    GBP    62.25
DEPFA ACS BANK          5.125   3/16/2037    USD    73.02
DEPFA ACS BANK          5.125   3/16/2037    USD    72.39
DEPFA ACS BANK          0.500    3/3/2025    CAD    37.94
DEPFA ACS BANK          4.900   8/24/2035    CAD    71.93
DEPFA ACS BANK          1.920    5/9/2020    JPY    69.81
IRISH NATIONWIDE       13.000   8/12/2016    GBP    82.06

CITY OF TURIN           5.270   6/26/2038    EUR    73.18
COMUNE DI MILANO        4.019   6/29/2035    EUR    71.57

ARCELORMITTAL           7.250    4/1/2014    EUR    28.80
BREEZE FINANCE          4.524   4/19/2027    EUR    87.90
GLOBAL YATIRIM H        9.250   7/31/2012    USD    70.00
IIB LUXEMBOURG         11.000   2/19/2013    USD    65.00
INTL INDUST BANK        9.000    7/6/2011    EUR    71.88
LIGHTHOUSE INTL         8.000   4/30/2014    EUR    60.74
LIGHTHOUSE INTL         8.000   4/30/2014    EUR    61.57

APP INTL FINANCE       11.750   10/1/2005    USD     1.00
ARPENI PR INVEST        8.750    5/3/2013    USD    43.25
ARPENI PR INVEST        8.750    5/3/2013    USD    43.25
BK NED GEMEENTEN        0.500   2/24/2025    CAD    53.82
BLT FINANCE BV          7.500   5/15/2014    USD    70.00
BLT FINANCE BV          7.500   5/15/2014    USD    70.50
BRIT INSURANCE          6.625   12/9/2030    GBP    63.07
ELEC DE CAR FIN         8.500   4/10/2018    USD    54.00
FRIESLAND BANK          4.125    1/8/2016    EUR    55.34
FRIESLAND BANK          5.320   2/26/2024    EUR    44.75
NATL INVESTER BK       25.983    5/7/2029    EUR    20.23
NED WATERSCHAPBK        0.500   3/11/2025    CAD    52.11
Q-CELLS INTERNAT        5.750   5/26/2014    EUR    68.56
RBS NV EX-ABN NV        6.316   6/29/2035    EUR    69.60
TJIWI KIMIA FIN        13.250    8/1/2001    USD     0.01
TURANALEM FIN BV        7.875    6/2/2010    USD    47.63
TURANALEM FIN BV        7.750   4/25/2013    USD    47.83
TURANALEM FIN BV        8.500   2/10/2015    USD    48.81
TURANALEM FIN BV        8.000   3/24/2014    USD    46.00
TURANALEM FIN BV        8.250   1/22/2037    USD    48.81

EKSPORTFINANS           0.500    5/9/2030    CAD    40.74
NORSKE SKOGIND          7.000   6/26/2017    EUR    69.30

REP OF POLAND           3.300   6/16/2038    JPY    64.06
REP OF POLAND           2.648   3/29/2034    JPY    57.97
REP OF POLAND           3.220    8/4/2034    JPY    65.42

METRO DE LISBOA         4.061   12/4/2026    EUR    73.86

ACBK-INVEST             9.500   4/14/2011    RUB     2.01
AGROKOM GROUP          10.000   6/21/2011    RUB     3.01
AGROSOYUZ              17.000   3/28/2012    RUB     2.00
AIZK                    7.400   7/15/2014    RUB     2.05
AMET-FINANS            12.500   8/22/2013    RUB     2.00
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          6.450   7/29/2011    RUB     2.01
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    30.00
CREDIT EUROPE BA       11.500   6/28/2011    RUB     0.04
DALUR-FINANS           14.000    2/5/2013    RUB     1.00
DERZHAVA-FINANS        16.500   7/27/2010    RUB     0.50
DIPOS                   8.000   6/19/2012    RUB    15.01
DVTG-FINANS            14.500    8/3/2010    RUB    16.50
DVTG-FINANS            17.000   8/29/2013    RUB     9.02
EESK                    8.740    4/5/2012    RUB    15.50
ENERGOSPETSSNAB         8.500   5/30/2016    RUB     0.03
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    15.58
FINANCEBUSINESSG       10.000    7/1/2013    RUB     0.04
FINANCEBUSINESSG       12.500   6/22/2011    RUB     5.00
GLOBEX-FINANS           0.100   4/26/2011    RUB    15.01
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
IAZS                   11.000   12/8/2010    RUB     4.00
INPROM                  9.500   5/18/2011    RUB    40.01
INTERGRAD              15.000    7/9/2014    RUB     2.01
INTL INDUST BANK       13.250    1/3/2018    RUB     2.01
INVESTTORGBANK         14.500   10/8/2012    RUB     2.00
IZHAVTO                18.000    6/9/2011    RUB    11.31
KAMAZ-FINANS           11.250   9/17/2010    RUB    40.00
KARUSEL FINANS         12.000   9/12/2013    RUB     1.00
KOMOS GROUP            13.500   7/21/2011    RUB    15.57
KOSMOS-FINANS          10.200   6/16/2011    RUB    15.50
KUBANSKAYA NIVA        15.500   2/20/2014    RUB     1.00
LADYA FINANS           13.750   9/13/2012    RUB     1.01
LEKSTROY                0.100   7/22/2011    RUB     2.00
LIPETSK REGION          7.950   7/19/2011    RUB    10.01
LR-INVEST              13.750   7/17/2012    RUB     6.01
LSR-INVEST              9.250   7/14/2011    RUB    24.01
M-INDUSTRIYA           14.250   7/10/2013    RUB    50.00
M-INDUSTRIYA           12.250   8/16/2011    RUB    24.51
MACROMIR-FINANS         7.750    7/3/2012    RUB     6.00
MAIN ROAD OJSC         10.200    6/3/2011    RUB     3.00
MEDVED-FINANS          16.500    9/1/2010    RUB     4.00
METROSTROY INVES       10.500   9/23/2011    RUB    20.01
MIG-FINANS              0.100    9/6/2011    RUB     6.01
MIRAX                  14.990   5/17/2011    RUB    34.68
MIRAX                  17.000   9/17/2012    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    15.50
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     3.00
NATIONAL CAPITAL       12.500   5/20/2011    RUB     6.00
NATIONAL CAPITAL       13.000   9/25/2012    RUB     1.00
NATIONAL FACTORI       11.500    5/3/2011    RUB     3.00
NAUKA-SVYAZ            15.000   6/27/2013    RUB     2.01
NEW INVESTMENTS        12.000    7/7/2011    RUB     2.01
NOK                    15.500   9/22/2011    RUB     9.01
NOK                    17.000   8/26/2014    RUB     3.00
NOMOS-LEASING          12.000    7/8/2011    RUB     2.01
NOVOROSSIYSK           13.000   12/9/2011    RUB     2.01
NUTRINVESTHOLDIN       11.000   6/30/2014    RUB    26.72
OBYEDINEONNYE KO       15.000   4/17/2013    RUB     4.00
OBYEDINEONNYE KO        3.000   5/16/2012    RUB     2.01
OJSC FCB               11.000    8/7/2012    RUB     1.00
ORENBURG IZHK           9.240   2/21/2012    RUB     3.00
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
PERVYI OBIEDINEO        9.500   6/29/2011    RUB     2.07
POLYPLAST              19.000   6/21/2011    RUB    41.00
PROM TECH              16.000   4/25/2011    RUB     2.01
PROMNESTESERVICE        9.500   12/5/2014    RUB     3.00
PROMTRACTOR-FINA       18.000   7/24/2013    RUB    68.02
PROTEK-FINANS          12.000   11/2/2011    RUB    35.04
PROTON-FINANCE          9.000   6/12/2012    RUB     2.01
RAF-LEASING            12.500   2/21/2012    RUB     1.00
RAILTRANSAUTO          17.500   12/4/2013    RUB     2.00
REGIONENERGO            8.500   5/30/2016    RUB     2.01
RMK PARK PLAZA         10.000    1/8/2013    RUB    14.88
RUSSIAN SEA            10.000   6/14/2012    RUB    21.20
RVK-FINANS              9.500   7/21/2011    RUB    15.58
RYBINSKKABEL            0.010   2/28/2012    RUB     1.00
SATURN                 10.000    6/6/2014    RUB     5.00
SENATOR                14.000   5/18/2012    RUB    14.74
SETL GROUP             11.700   5/15/2012    RUB    29.01
SEVKABEL-FINANS        10.500   3/27/2012    RUB    11.50
SIBIRSKAYA AGRAR       17.000   9/12/2012    RUB     2.89
SIBUR                  10.470   11/1/2012    RUB     3.00
SISTEMA-HALS            8.500    4/8/2014    RUB     0.01
SOUTHERN STOCK C       15.750   4/29/2014    RUB     2.00
SPETSSTROYFINANC        8.500   5/30/2016    RUB     0.01
STROYTRANSGAZ           8.500   4/11/2013    RUB    15.61
TALIO-PRINCEPS         16.000   5/17/2012    RUB     4.00
TECHNOSILA-INVES        7.000   5/26/2011    RUB     4.01
TERNA-FINANS            1.000   11/4/2011    RUB     9.00
TK FINANS              12.600    9/5/2011    RUB     6.00
TOP-KNIGA              20.000   12/9/2010    RUB    51.00
TRANSCREDITFACTO       12.000   11/1/2012    RUB     5.00
TRANSCREDITFACTO       12.000   6/11/2012    RUB     4.00
TRANSFIN-M             11.000   12/3/2014    RUB     7.00
TRANSFIN-M             11.000   12/3/2015    RUB     6.00
TRANSFIN-M             11.000   12/3/2015    RUB     5.00
TRANSFIN-M             11.000   12/3/2014    RUB     6.00
TRANSFIN-M             11.000   12/3/2015    RUB     3.00
TRANSFIN-M             11.000   12/3/2015    RUB     3.00
TRANSFIN-M             11.000   12/3/2014    RUB     7.00
TRANSFIN-M             10.750   8/10/2012    RUB     5.00
TRANSFIN-M             14.000   7/10/2014    RUB     4.01
TRANSFIN-M             11.000   12/3/2014    RUB     6.00
TVER VAGONOSTRO         7.000   6/12/2013    RUB     0.30
UNIMILK FINANS         14.000    9/6/2011    RUB    35.04
UNITAIL                12.000   6/22/2011    RUB    43.00
UNITED HEAVY MAC       13.000   5/31/2013    RUB     3.00
UNITED HEAVY MAC       13.000   8/30/2011    RUB    32.01
URALCHIMPLAST           8.000   1/21/2011    RUB     0.01
URALSVYAZINFORM         7.500    4/2/2013    RUB     7.00
VESTER-FINANS          15.250   8/11/2011    RUB     6.00
VKM-LEASING FINA        1.000   5/18/2011    RUB     0.30
VLADPROMBANK           12.000    3/8/2011    RUB     1.00
VMK-FINANCE            16.000   5/21/2014    RUB     5.00
XM STROYRESURS         10.000   7/12/2011    RUB    27.01
YUGFINSERVICE          15.250   5/20/2014    RUB     9.85
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    17.01
ZHILSOTSIPOTEKA-        9.000   7/26/2011    RUB     1.01

AYT CEDULAS CAJA        3.750   6/30/2025    EUR    71.63
BANCAJA                 1.500   5/22/2018    EUR    59.91
BANCAJA EMI SA          2.755   5/11/2037    JPY    40.70
BANCO GUIPUZCOAN        1.500   4/18/2022    EUR    51.66
CAIXA TERRASSA          1.500   3/12/2022    EUR    49.01
CAJA MEDITERRANE        4.600   7/31/2020    EUR    72.72
CEDULAS TDA 6           3.875   5/23/2025    EUR    74.04
CEDULAS TDA A-5         4.250   3/28/2027    EUR    75.13
CEDULAS TDA A-6         4.250   4/10/2031    EUR    71.26

UBS AG                 13.300   5/23/2012    USD     4.03
UBS AG                 10.580   6/29/2011    USD    38.50
UBS AG                 14.000   5/23/2012    USD     8.83
UBS AG JERSEY          10.000   2/11/2011    USD    59.88
UBS AG JERSEY          10.650   4/29/2011    USD    15.79
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          16.170   1/31/2011    USD    12.88
UBS AG JERSEY           9.500   8/31/2010    USD    57.60
UBS AG JERSEY           9.000   8/13/2010    USD    55.20
UBS AG JERSEY           3.220   7/31/2012    EUR    56.87
UBS AG JERSEY           9.450   9/21/2011    USD    49.55
UBS AG JERSEY          11.150   8/31/2011    USD    38.22
UBS AG JERSEY          10.360   8/19/2011    USD    51.89
UBS AG JERSEY           9.350   9/21/2011    USD    66.32
UBS AG JERSEY          13.000   6/16/2011    USD    48.78
UBS AG JERSEY          10.500   6/16/2011    USD    72.54
UBS AG JERSEY          10.280   8/19/2011    USD    35.15
UBS AG JERSEY          11.030   4/21/2011    USD    20.57
UBS AG JERSEY          10.820   4/21/2011    USD    21.61
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          11.000   2/28/2011    USD    63.92
UBS AG JERSEY          15.250   2/11/2011    USD    11.74

ASHTEAD HOLDINGS        8.625    8/1/2015    USD    62.63
ASHTEAD HOLDINGS        8.625    8/1/2015    USD    62.63
BANK OF SCOTLAND        6.984    2/7/2035    EUR    69.24
BARCLAYS BK PLC        10.950   5/23/2011    USD    59.50
BARCLAYS BK PLC        10.600   7/21/2011    USD    41.21
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        12.950   4/20/2012    USD    19.76
BARCLAYS BK PLC        10.350   1/23/2012    USD    20.85
BARCLAYS BK PLC         8.550   1/23/2012    USD    11.42
BRADFORD&BIN BLD        5.500   1/15/2018    GBP    45.33
BRADFORD&BIN BLD        4.910    2/1/2047    EUR    63.31
BRADFORD&BIN PLC        6.625   6/16/2023    GBP    44.14
BRADFORD&BIN PLC        7.625   2/16/2049    GBP    47.25
BROADGATE FINANC        5.098    4/5/2033    GBP    70.42
CO-OPERATIVE BNK        5.875   3/28/2033    GBP    74.91
EFG HELLAS PLC          6.010    1/9/2036    EUR    60.88
EFG HELLAS PLC          5.400   11/2/2047    EUR    60.50
ENTERPRISE INNS         6.375   9/26/2031    GBP    69.63
HBOS PLC                6.000   11/1/2033    USD    62.01
HBOS PLC                4.500   3/18/2030    EUR    70.49
HBOS PLC                6.000   11/1/2033    USD    62.01
NORTHERN ROCK           5.750   2/28/2017    GBP    65.33
NORTHERN ROCK           4.574   1/13/2015    GBP    74.10
PRINCIPALITY BLD        5.375    7/8/2016    GBP    65.44
PUNCH TAVERNS           6.468   4/15/2033    GBP    72.58
ROYAL BK SCOTLND        6.620    6/9/2025    EUR    75.17
ROYAL BK SCOTLND       10.000   2/15/2045    USD    60.31
ROYAL BK SCOTLND        9.500    4/4/2025    USD    68.94
TXU EASTERN FNDG        6.450   5/15/2005    USD     0.01
UNIQUE PUB FIN          7.395   3/28/2024    GBP    76.25
UNIQUE PUB FIN          6.464   3/30/2032    GBP    64.12
WESSEX WATER FIN        1.369   7/31/2057    GBP    23.19


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

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

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

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


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

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of the same firm for the term of the initial subscription or
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                 * * * End of Transmission * * *