TCREUR_Public/100809.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 9, 2010, Vol. 11, No. 155



* DENMARK: Deloitte Sees More Bankruptcies in Retail Fashion


SIRF CAPITAL: Fitch Lowers Rating on Primary Facility to 'D'


ALMATIS BV: DIC Plan Deal Gets U.S. OK; Oaktree Steps Aside
ARCANDOR AG: Karstadt Creditors Reject Borletti's Takeover Offer
GENERAL MOTORS: Opel to Offer Unlimited Warranty on New Cars


WIND HELLAS: Reviews Investment Offers Amid Debt Restructuring


GLITNIR BANK: DekaBank Wants Sigfusson to Withdraw "Wager" Remark


CEDO PLC: Moody's Cuts Ratings on Five Classes of Notes to 'C'
PREPS 2006-1: Moody's Reviews Ratings on Four Classes of Notes
QUINN INSURANCE: Subsidiaries Likely to Be Sold Off Separately
WARNER CHILCOTT: Moody's Assigns Ba3 Rating on US$1.5 Bil. Loan
WARNER CHILCOTT: S&P Affirms Corporate Credit Rating at 'BB'


BOZEL SA: Has Plan Filing Exclusivity Until December 2


DSB BANK: Trichet Says Criticism of Wellink's Role Is Unfair
UPC HOLDING: Moody's Assigns 'B2' Rating on EUR640 Mil. Notes
UPC HOLDING: S&P Assigns 'B-' Rating on EUR640 Mil. Notes


* NORWAY: Corporate Bankruptcies Down 17% in 2nd Quarter 2010


GAZENERGORPOMBANK ZAO: Moody's Withdraws 'E+' Bank Strength Rating


CENTER NALOZBE: To Go Into Receivership; Debt Settlement Fails


ARLO LTD: S&P Withdraws CCC Ratings on Five Classes of Notes
FONCAIXA EMPRESAS: S&P Withdraws 'BB' Rating on Class C Notes

U N I T E D   K I N G D O M

AEOLUS CDO: Fitch Downgrades Ratings on Series 2005-3 Notes to D
BAKED SNACK: In Administration Following Staff Pay Dispute
CATTLES PLC: Fitch Affirms Issuer Default Rating at 'C'
CPI RETAIL: Goes Into Receivership
DECO 12: Fitch Cuts Ratings on Two Classes of Notes to 'CC'

IMPERIAL CONSOLIDATED: Former Director Godley Jailed for Fraud
LEGION GROUP: Appoints MCR as Administrators
MODUS PROPERTIES: Creditors Back CVA; Firm Exits Administration
MRS DISTRIBUTION: Faces Administration; Up to 275 Jobs at Risk
PORTSMOUTH FOOTBALL: CVA Can Proceed, High Court Rules

ROSETTA I: S&P Downgrades Ratings on Class B & C Notes
ST URSULA'S: Parents May Launch Rescue Campaign
UK HOUSING: In Administration; Tenants May Face Losses
VIRGIN MEDIA: Fitch Affirms Issuer Default Rating at 'BB'
WRAPIT PLC: Directors Disqualified Following Probe

* UK: Company Liquidations Up 0.5% to 4,080 in 2nd Qtr. 2010


* BOND PRICING: For the Week August 2 to August 6, 2010



* DENMARK: Deloitte Sees More Bankruptcies in Retail Fashion
Christian Wienberg and Gelu Sulugiuc at Bloomberg News, citing
Deloitte LLP, report that Denmark's retail fashion industry will
suffer more bankruptcies, making room for takeovers led by some of
the country's biggest clothing companies.

Bloomberg relates Deloitte said in a report published by e-mail
Thursday that one out of three Danish retailers may be forced to
close after the financial crisis left their businesses

Bloomberg notes data from Statistics Denmark show retail sales at
the Nordic country's clothes stores fell 6.7% in June compared
with the same period in 2008.

According to Bloomberg, Statistics Denmark said Thursday that
there was a total of 548 bankruptcies in July, a record for the
year and more than three times as many as in 2006.


SIRF CAPITAL: Fitch Lowers Rating on Primary Facility to 'D'
Fitch Ratings has downgraded SIRF Capital 3 Limited's
EUR50 million primary liquidity facility due 2014 to 'D' from 'C'.

The noteholders voted to terminate the transaction on 18 June
2010.  The noteholders received recovery of approximately 3% of
the initial principal balance of EUR50 million.  In Fitch's view,
even if the noteholders held the notes until scheduled maturity,
the transaction would have defaulted.  The credit enhancement of
0.45% would not have been able to absorb the losses in the
reference portfolio, 62% of which Fitch considered as non-
investment grade structured finance assets.

This transaction was a liquidity facility agreement between SIRF
3, a special purpose vehicle, and Calyon, the facility lender.
The rating of the liquidity facility was linked to the credit
quality of a EUR910 million portfolio, which synthetically
referenced structured finance assets.


ALMATIS BV: DIC Plan Deal Gets U.S. OK; Oaktree Steps Aside
Almatis B.V. won approval from the U.S. Bankruptcy Court for the
Southern District of New York to enter into a plan support
agreement on a revised restructuring proposal arranged by its
owner, Dubai International Capital LLC.

The Plan Support Agreement paves the way for Almatis to withdraw
the prepackaged restructuring plan proposed by Oaktree Capital
Management L.P. that pays senior creditors somewhere in the 85%
range and junior creditors hardly anything.

Almatis is set to file later this week a disclosure statement,
which provides a detailed description of the revised
restructuring plan backed by a DIC-led refinancing.  The
refinancing would help fully repay Almatis' senior lenders and
would allow its junior lenders to recover more than under the
original Oaktree-sponsored prepackaged plan.

Funding for the revised plan will come from a US$100 million
equity contribution that DIC has already escrowed with JP Morgan.
A consortium composed of JP Morgan, Bank of America Merrill, GSO
Capital Partners, GoldenTree Asset Management and Sankaty Credit
Opportunities IV will also provide about US$600 million of debt
financing for the revised plan.

The revised plan has the support of DIC and a group of mezzanine,
junior mezzanine and second lien lenders.  Oaktree Capital, which
owns 46% of Almatis' senior debt, has lately agreed to support
the revised plan.

Oaktree Capital earlier opposed the approval of the Plan Support
Agreement, questioning the feasibility of the revised plan, DIC's
financial condition, and DIC's reputation of making promises
concerning proposals that it could not deliver.  Oaktree Capital
eventually dropped its objection after it proposed a settlement
to Almatis, according to an August 3, 2010 report by Reuters.

The proposed settlement is subject to approval by the Bankruptcy
Court presiding over Almatis' Chapter 11 cases.

Bankruptcy Judge Martin Glenn has scheduled a hearing for
August 23, 2010, to consider approval of the disclosure statement
and the settlement with Oaktree Capital.

"We are confident that the refinancing implemented by the new
plan is in the interests of all stakeholders including employees,
customers, lenders and other business partners," Almatis Chief
Executive Remco de Jong said in an August 3, 2010 statement.

"We remain committed to concluding the Chapter 11 process as
quickly as possible and look forward to pursuing growth
opportunities with the support of our shareholders in the near
future," Mr. de Jong said.

Almatis anticipates the confirmation of the revised restructuring
plan in late September.

"We are delighted to have secured a fully committed refinancing
of the Almatis Group, ending the uncertainty that the business
and its stakeholders have faced over the past 18 months and
bringing a positive conclusion to the Chapter 11 process," DIC
Chief Executive Anand Krishnan said in an e-mailed statement,
according to Bloomberg News.

"All stakeholders now support a smooth refinancing process, which
benefits all parties and the focus of attention will once more be
Almatis' customers, employees and suppliers," Mr. Krishnan said.

While the revised restructuring plan is being considered by the
Bankruptcy Court, the court approval that enables Almatis to
continue to operate in the ordinary course of business remains in
place.  This includes the approval to use the company's cash to
continue to pay salaries and benefits, and to pay its suppliers.

Aside from its entry into the Plan Support Agreement, Almatis was
also authorized to execute various commitment letters governing
the refinancing and equity contribution for the implementation of
the revised plan, and to enter into currency rate hedging

                       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 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)

ARCANDOR AG: Karstadt Creditors Reject Borletti's Takeover Offer
Karstadt AG's creditor committee on Thursday rejected opening
talks with Maurizio Borletti on selling the insolvent German
retailer, Tony Czuczka at Bloomberg News reports, citing Thomas
Schulz, a spokesman for the committee.

According to Bloomberg, Mr. Schulz said in an interview the
committee considered Mr. Borletti's request and "concluded there's
no sense in parallel negotiations" with him while talks are under
way with Berggruen Holdings Ltd.

As reported by the Troubled Company Reporter-Europe on Aug. 4,
2010, Bloomberg News said Mr. Borletti, the owner of Italy's La
Rinascente and France's Printemps department stores, made an
approach for Karstadt.  Bloomberg disclosed Mr. Borletti said in a
telephone interview that he submitted the offer, worth EUR100
million (US$131.8 million) on July 29 to administrator Klaus
Hubert Goerg.  Mr. Borletti, as cited by Bloomberg, said U.S.
retail liquidator Gordon Brothers Group LLC will finance the deal.
Bloomberg noted Mr. Borletti said he would like his offer to be
considered if Berggruen fails, as a "breakup is no alternative."
The Italian entrepreneur said he won't take any money out of
Karstadt within the next five years, according to Bloomberg.

                        About Arcandor AG

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

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

GENERAL MOTORS: Opel to Offer Unlimited Warranty on New Cars
Andreas Cremer at Bloomberg News reports that General Motors Co.'s
Opel brand will offer warranties on all new cars up to 160,000
kilometers (99,200 miles) without any time limits as the carmaker
seeks to attract buyers to stem declining sales.

According to Bloomberg, Ruesselsheim, Germany-based Adam Opel GmbH
said Thursday in an e-mailed statement that the warranty is
effective immediately and covers mechanical components such as the
engine, gearbox, electronics, and cooling systems.

Uncertainty surrounding the future of Opel contributed to a 40%
sales slump in Germany through July even after rolling out a new
version of its best-selling Astra compact last year, Bloomberg
notes.  Bloomberg recalls GM decided in June to fund Opel's EUR3.3
billion (US$4.3 billion) restructuring itself, after failing to
secure aid from European countries.

                      About General Motors

With its global headquarters in Detroit, Michigan, General Motors
Company -- is one of the world's largest
automakers.  GM employs 205,000 people in every major region of
the world and does business in some 157 countries.  GM and its
strategic partners produce cars and trucks in 31 countries, and
sell and service these vehicles through the following brands:
Buick, Cadillac, Chevrolet, FAW, GMC, Daewoo, Holden, Jiefang,
Opel, Vauxhall and Wuling.  GM's largest national market is China,
followed by the United States, Brazil, Germany, the United
Kingdom, Canada, and Italy.  GM's OnStar subsidiary is the
industry leader in vehicle safety, security and information
services.  General Motors acquired operations from General Motors
Corporation on July 10, 2009, and references to prior periods in
this and other press materials refer to operations of the old
General Motors Corporation.

General Motors Ventures, LLC, was funded with an initial
investment of $100 million, and is currently exploring equity
investments in a number of auto-related technologies and business

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

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

                     About Motors Liquidation

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

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

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


WIND HELLAS: Reviews Investment Offers Amid Debt Restructuring
Global Insolvency, citing Dow Jones Daily Bankruptcy Review,
reports that Wind Hellas is reviewing initial offers for the group
as it restructures its debt for the second time in eight months.

According to the report, the company said in a statement released
Monday last week that it has received preliminary expressions of
interest in the group.  The report relates the company, suffering
under the Greek government's austerity measures, said it would
consider a sale or investment offer as part of its restructuring.

The report says potential investors have until Sept. 15 to make a
binding offer for the company.  Morgan Stanley, the group's
financial adviser, will now offer some of the interested parties
the right to undertake due diligence, the report discloses.

                        About WIND Hellas

Headquartered in Athens, Greece, WIND Hellas Telecommunications
S.A. -- provides mobile voice and data
services to about 6 million consumer and business customers
throughout Greece.  The company enables international roaming in
155 countries for travelling subscribers through agreements with
other carriers.  It also provides cellular and satellite-based
vehicle management and tracking services.  WIND Hellas is owned by
investment firm Weather Investments, a company led by Cairo-based
Orascom Telecom's founder and chairman, Naguib Sawiris.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on July 7,
2010, Standard & Poor's Ratings Services said that it lowered its
long-term corporate credit ratings on Greek mobile
telecommunications operator WIND Hellas Telecommunications S.A.
and related entities to 'SD' from 'CC'.  S&P said the downgrade to
'SD' (selective default) mainly reflects the group's agreement
with some of its lenders to defer until Nov. 5, 2010, under the
terms of the standstill agreement, a EUR17.5 million amortization
payment under its RCF and payments due on July 15, 2010 relating
to hedging contracts.  The downgrade also reflects S&P's view that
the group's capital structure has become unsustainable in the
short to medium term, and consequently that WIND Hellas is highly
likely to undergo a capital restructuring in the very short term,
the second in about eight months.


GLITNIR BANK: DekaBank Wants Sigfusson to Withdraw "Wager" Remark
Omar R. Valdimarsson at Bloomberg News reports that DekaBank
Deutsche Girozentrale, the third-biggest creditor in failed
Glitnir Bank hf, wants Iceland's Finance Minister to retract
remarks made last month equating their investments with a "wager"
and telling them they're responsible for their losses.

Bloomberg relates Frankfurt-based DekaBank sent a letter to the
minister, Steingrimur Sigfusson, on July 13 calling on him to
withdraw remarks made in a Bloomberg interview published July 8.

Bloomberg notes Mr. Sigfusson said last month creditors knew what
they were getting into when they converted part of their claims
against the island's banks to equity in state-created successors
to the failed lenders.  Bloomberg says that equity may be at risk
after a June 16 court ruling banned loans indexed to foreign
currency rates, a move that may cost the island's financial system
US$1.1 billion to US$4.3 billion, or a third of economic output,
according to government estimates.

Bloomberg couldn't reach Mr. Sigfusson for comment.

Bloomberg adds DekaBank said a deal announced by the government
last October that Glitnir creditors had agreed to take a 95% stake
in its successor Islandsbanki is misleading.  The bank says it,
and other creditors, never agreed to become shareholders,
Bloomberg discloses.  "No vote from DekaBank, or among creditors
in general, was taken and DekaBank was given only little
opportunity to review the relevant material on the banks or
express its opinion," the bank said in a letter dated Aug. 3.

DekaBank creditors are owed ISK67.64 billion (US$573 million),
Bloomberg says.

                       About Glitnir Banki

Headquartered in Reykjavik, Iceland, Glitnir banki hf -- offers an array of financial services to
corporation, financial institutions, investors and individuals.

Iceland's government took control of Glitnir, along with two other
financial institutions -- Landsbanki Islands hf and Kaupthing Bank
hf -- after it failed to obtain short-term funding.  The District
Court of Reykjavik granted a Moratorium order on Glitnir on
Nov. 24 2008.  Glitnir said the Moratorium is not a bankruptcy
proceeding and does not affect its banking licenses or its ability
to operate as a bank.  The Moratorium is a specialized proceeding
under Icelandic law designed to provide it with appropriate global
protection from legal action taken by its creditors, Glitnir
pointed out.

Steinunn Gudbjarsdottir, as the duly authorized foreign
representative for Glitnir banki hf, sought creditor protection
for the bank under Chapter 15 of the U.S. Bankruptcy Code on
November 26, 2008 (Bankr. S.D.N.Y. Case No. 08-14757).  According
to Bloomberg, Glitnir's assets in the United States comprised of
bank accounts and loan provided to U.S. companies.  The company,
Bloomberg citing papers filed with the Court, issued 22 short- and
long-term notes for about US$7 billion in the country.

Judge Stuart M. Bernstein presides over the case.  Gary S. Lee,
Esq., at Morrison & Foerster LLP in New York, serves as counsel to
the foreign representative.  The Chapter 15 petition estimated
both assets and debts to be more than US$1 billion.

On January 6, 2009, Judge Bernstein issued an order recognizing
the bank's restructuring proceedings in Iceland.


CEDO PLC: Moody's Cuts Ratings on Five Classes of Notes to 'C'
Moody's Investors Service downgraded the ratings of these series
of Equity Default Swap notes issued by CEDO PLC and EDELWEISS

Issuer: CEDO I plc

  -- Series 1 Tranche A EUR 65,000,000 Asset-Backed Deferrable
     Floating Rate Notes due 2011, Downgraded to B2 (sf);
     previously on Jan. 21, 2009 Downgraded to Ba1 (sf)

Issuer: CEDO Plc - Series CEDO II

  -- Series 2 Tranche K Non-Principal Protected Asset-Backed Fixed
     Rate Notes due 2011, Downgraded to C (sf); previously on
     Jan. 21, 2009 Downgraded to Caa3 (sf)

Issuer: CEDO Plc - Series CEDO III

  -- Series 3 Tranche K Non-Principal Protected Asset-Backed Fixed
     Rate Notes due 2012, Downgraded to C (sf); previously on
     Jan. 21, 2009 Downgraded to Caa3 (sf)

Issuer: CEDO PLC - Series 4

  -- Series 4 Tranche A EUR 73,100,000 Asset-Backed Deferrable
     Floating Rate Notes due 2012, Downgraded to Ca (sf);
     previously on Jan. 21, 2009 Downgraded to B3 (sf)

  -- Series 4 Tranche B EUR 90,700,000 Asset-Backed Deferrable
     Floating Rate Notes due 2012, Downgraded to Ca (sf);
     previously on Jan. 21, 2009 Downgraded to Caa1 (sf)

  -- Series 4 Tranche C EUR 11,200,000 Asset-Backed Deferrable
     Floating Rate Notes due 2012, Downgraded to Ca (sf);
     previously on Jan. 21, 2009 Downgraded to Caa1 (sf)

Issuer: CEDO PLC - Series 4 - CSAM

  -- Series 4 Tranche D EUR 73,000,000 Asset-Backed Deferrable
     Floating Rate Notes due 2012, Downgraded to Caa1 (sf);
     previously on Jan. 21, 2009 Downgraded to B3 (sf)

  -- Series 4 Tranche E EUR 47,000,000 Asset Backed Deferrable
     Floating Rate Notes due 2012, Downgraded to Ca (sf);
     previously on May 20, 2009 Downgraded to Caa2 (sf)

  -- Series 4 Tranche K CHF 132,000,000 Asset-Backed Deferrable
     Floating Rate Notes due 2012, Downgraded to Caa1 (sf);
     previously on Jan. 21, 2009 Downgraded to B3 (sf)

  -- Series 4 Tranche N USD 40,000,000 Asset-Backed Deferrable
     Floating Rate Notes due 2012, Downgraded to Caa1 (sf);
     previously on Jan. 21, 2009 Downgraded to B3 (sf)

Issuer: Edelweiss Capital Plc - Series 2007-1

  -- Class A Series 2007-1 Asset-Backed Floating Rate Notes,
     Downgraded to C (sf); previously on Jan. 21, 2009 Downgraded
     to Caa1 (sf)

  -- Class B Series 2007-1 Asset-Backed Floating Rate Notes,
     Downgraded to C (sf); previously on Jan. 21, 2009 Downgraded
     to Caa2 (sf)

Issuer: Edelweiss Capital plc - Series 2007-2

  -- Class D US$ Series 2007-2 Asset-Backed Floating Rate Notes
     due 2013, Downgraded to C (sf); previously on Jan. 21, 2009
     Downgraded to Caa2 (sf)

  -- Class A EUR Series 2007-2 Asset-Backed Floating Rate Notes
     due 2013, Downgraded to Ca (sf); previously on Jan. 21, 2009
     Downgraded to Caa2 (sf)

In addition, all the ratings of CEDO 1 PLC tranche A, CEDO PLC --
Series 4 tranches A,B and C, and CEDO 4 -- CSAM tranches E and K
will be withdrawn shortly because the notes were bought back and

Each of these synthetic CDOs refers to a portfolio of single-name
EDS on large international corporations.  Each portfolio comprises
between 55 and 60 EDS in the so-called "Risk Portfolio", on which
the SPV is protection seller, and the same number of EDS in the
so-called "Insurance Portfolio", on which the SPV is protection
buyer.  At maturity of the transactions, the number of Net Equity
Events (i.e. the difference in number of Equity Events in the Risk
Portfolio and in the Insurance Portfolio) defines the amount of
loss to be paid by the SPV to the protection buyer.  An Equity
Event (or hit) will be recorded if the stock price reaches its
predefined trigger (typically 35% of the initial price level).
For each hit one-tenth of notional is lost on the corresponding
reference entity if the EDS is in the "Risk Portfolio" and
recovered on the corresponding reference entity if the EDS is in
the "Insurance Portfolio".  Due to this EDS mechanism, losses can
occur even if the reference entities do not default but only
experience substantial stock price movements.

Moody's says that the various rating actions taken on the seven
transactions reflect its latest assessment of the evolution of the
prices of the underlying stocks and the increase in the Net Equity
Events ("net hits") realized to date.  In particular, the
downgrade to Ca or C of series CEDO Plc -- Series 2 Tranche K,
CEDO Plc -- Series 3 Tranche K, CEDO Series 4 Tranche A, B, C,
CEDO Series 4 -- CSAM Series E, Edelweiss Capital -- Series 2007-1
Tranche A and B and Edelweiss Capital Series 2007-2 Tranche A and
D was driven by the consideration that the number of net hits
realized to date is already partially or totally eroding the
tranches' notionals.  Moody's views any potential reversal of such
erosions in the future as highly unlikely.

With respect to series CEDO 1 PLC Tranche A and CEDO Series 4 --
CSAM Series D, K and N the realized net hits are still covered by
the current credit enhancement.  For series CEDO 1 PLC and CEDO 4
-- CSAM tranches D, K and N it would take an additional 2 and 28
net hits respectively to generate losses on the tranches assuming
no changes in the price until maturity.  These correspond to a
move on each stock name of more than 22% and 7% respectively in
the Insurance Portfolio and to more than 31% and 10% respectively
in the Risk Portfolio.  Moody's analyzed historical data of S&P
500 index and considered these movements to be consistent with a
B2 and Caa1 probability of occurrence respectively.  The
difference between the moves contemplated in the Insurance
Portfolio and in the Risk Portfolio results from a stress applied
to account for the difference in volatility noticed in the
portfolio between the Insurance Portfolio and the Risk Portfolio.

Below is a general description of Moody's approach to reaching the
rating decisions.

First, for each transaction, at the portfolio level, the amount of
net hits is calculated as the number of hits in the Risk Portfolio
minus the number of hits in the Insurance Portfolio.  The barrier
is then calculated for the names outstanding.

Second, for each tranche, the number of hits necessary to reach
the attachment point is calculated as well as the number of hits
required to reach the detachment point.

Third, for price declines of each name in the total pool of 0%,
1%, 2%,, the number of hits accumulated is calculated.  Two
characteristic values of price declines are identified: i) the
price declined needed to reach the attachment point, and ii) the
price decline needed to reach the detachment point.  Moody's
accounts for the potential of the "Insurance Portfolio" to offset
certain losses from the "Risk Portfolio".

Finally, the probabilities of the identified price declines are
derived from an analysis of historical S&P 500 return data from
1962 to 2010 by computing empirical return distributions.  The
return period is set to the maturity of the notes.

PREPS 2006-1: Moody's Reviews Ratings on Four Classes of Notes
Moody's Investors Service placed on review for downgrade its
ratings of four classes of notes issued by Preps 2006-1 plc.

Issuer: PREPS 2006-1 plc

  -- EUR238.1 million A1 Notes, Aa3 (sf) Placed Under Review for
     Possible Downgrade; previously on May 21, 2009 Downgraded to
     Aa3 (sf)

  -- EUR0.9 million A2 Notes, Aa3 (sf) Placed Under Review for
     Possible Downgrade; previously on May 21, 2009 Downgraded to
     Aa3 (sf)

  -- EUR40 million B1 Notes, B2 (sf) Placed Under Review for
     Possible Downgrade; previously on May 21, 2009 Downgraded to
     B2 (sf)

  -- EUR9 million B2 Notes, B2 (sf) Placed Under Review for
     Possible Downgrade; previously on May 21, 2009 Downgraded to
     B2 (sf)

Preps 2006-1 is a European mezzanine finance CLO with a portfolio
of subordinated loans to obligors predominantly located in
Germany.  The pool is concentrated with the five largest exposures
comprising 22.2% of the pool.  The transaction has suffered
EUR51 million in defaults (15.9% of the initial pool),
EUR6 million of which have occurred since the previous rating
action as well as the recent delinquency of one issuer with a
notional size of EUR5 million.  The Principal Deficiency Ledger is
currently EUR31.0 million, it was paid down by EUR3.2 million on
the last payment date in July 2010.  The remaining assets in the
portfolio have also suffered credit deterioration, with 27.2%,
compared to 17.2% when it was last actioned by Moody's, of the
outstanding portfolio now estimated to be Ba1 or below by the
Riskcalc model used to assess the assets as per the investor
report dated 18 July 2010.

The action relies on financial data received annually for a
majority of obligors in the pool from the end of 2008.  This
financial data is used by Moody's in order to assess the credit
quality of obligors in the pool, relying on RiskCalc, an
econometric model developed by Moody's KMV.  The results obtained
from the Riskcalc model have been translated to Moody's rating
scale and adjusted by one notch where necessary in order to
compensate for the absence of credit indicators such as rating
reviews, outlooks and adjustments factoring in cyclical
developments in the economy.

Moody's has placed this transaction under review for possible
downgrade in response to the emergence of a delinquent issuer,
with a notional of five million, as well as credit migration in
the underlying pool.  This review will be concluded once the
credit assessments on the underlying pool have been updated with
obligor financial statements from 2009.

Moody's also incorporated information provided by the manager in
the latest investor report to account for more recent information
on the performance of the underlying obligors.  Furthermore,
various additional scenarios have been considered for the analysis
and include the application of stresses applicable to concentrated
pools with non publicly rated issuers, as outlined in Moody's
Methodology, "Updated approach to the usage of credit estimates in
rated transactions" (October 2009).

The deal was modeled using CDOROM 2.6 to simulate default
scenarios that were then used as inputs in a cash flow model.

QUINN INSURANCE: Subsidiaries Likely to Be Sold Off Separately
The non-insurance subsidiary companies of Quinn Insurance -- which
could be worth up to half a billion euro -- could be sold off as
separate entities, Suzanne Lynch at The Irish Times reports,
citing the company's administrators.

The report relates the development comes on the back of an
overhaul of the board membership of various subsidiaries of Quinn
Insurance which have seen Quinn family members exit the board and
administrators Paul McCann and Michael McAteer appointed in their

Quinn Insurance is the 100% shareholder of 25 companies, the
report discloses.  According to the report, latest accounts for
Quinn Group -- the parent company of Quinn Insurance -- show the
value of the company's non-financial insurance assets was EUR585
million as of December 31, 2008.

The administrators are now directors of all 25 Quinn Insurance
subsidiaries, the report states.  The report notes the
administrators said any potential purchaser of Quinn Insurance has
the right to acquire some or all of the subsidiaries of Quinn
Insurance, as all 25 of the Quinn Insurance subsidiaries are
included in its assets.

The report relates Collette Quinn, daughter of Sean Quinn, and
Kevin Lunney, a senior executive at Quinn Group, have resigned as
directors of Quinn Property Holdings, Quinn Hotels, Quinn Iveagh
Fitness Ltd., Quinn Windfarm Ltd., Quinn Public Houses and Quinn
Logistics.  Sean Quinn and Kevin Lunney have also resigned from
Quinn Direct Properties, the report says.

The report notes that while the removal of Quinn family members
from the board of Quinn Insurance-controlled companies cements a
distance between the Quinn family and the companies, it could aid
any future bid by the family for the companies.

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.

WARNER CHILCOTT: Moody's Assigns Ba3 Rating on US$1.5 Bil. Loan
Moody's Investors Service assigned provisional ratings to the debt
instruments proposed by Warner Chilcott plc.  These include a
rating of (P)Ba3 to the proposed new US$1.5 billion senior secured
credit facilities of Warner Chilcott Company, LLC, and WC Luxco
S.a r.l. (subsidiaries of Warner Chilcott plc), and a rating of
(P)B3 to the proposed US$750 million senior unsecured bond
offering of Warner Chilcott Company, LLC.  There are no changes to
the existing ratings of Warner Chilcott including the B1 Corporate
Family Rating.

Proceeds of the offerings are expected to be used for a special
dividend payment of US$2.15 billion, announced on July 30, 2010.
Completion of the offerings is subject to waivers from existing
bank lenders.

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

The mixture of secured and unsecured debt in Warner Chilcott's
capital structure may affect the ratings on the existing credit
agreement and the provisional rating on the proposed credit
agreement.  At the conclusion of the financing transaction,
Moody's anticipates making any necessary adjustments to the
provisional ratings, as well as the rating on Warner Chilcott's
existing bank credit facilities, currently rated B1.  If the
financing transaction is completed exactly as proposed, Moody's
anticipates upgrading the rating on the existing credit agreement
to Ba3, consistent with the rating on the proposed credit
agreement.  However, if the amount of unsecured bonds is reduced,
the rating on the proposed new bank facilities may be lowered to
B1.  In this scenario the rating on the existing credit agreement
would remain at B1.

Warner Chilcott's B1 Corporate Family Rating primarily reflects
Moody's view that pro forma Debt/EBITDA (which Moody's estimated
at 3.7 times) remains within the expectations for Warner
Chilcott's ratings.  The B1 rating also reflects good free cash
flow and the company's prior history of deleveraging.  Risk
factors included in the B1 rating include high product
concentration risk, declining Actonel sales, an unresolved patent
challenge on Asacol 400mg, and the company's appetite for

The rating outlook is stable.  In the future, positive rating
pressure could occur based on steady operating progress including
successful PGP integration, favorable execution of life cycle
management plans and a disciplined approach to any additional
acquisitions or shareholder-friendly strategies.  Conversely,
acquisitions or financial policies that result in leverage or cash
flow to debt metrics below the high end of Moody's "B" ranges
could create negative rating pressure.

Ratings assigned:

Warner Chilcott Company, LLC and WC Luxco S.a r.l. (Borrowers):

* (P)Ba3 [LGD3, 41%] senior secured Term Loan A of US$500 million
  due 2014

* (P)Ba3 [LGD3, 41%] senior secured Term Loan B of US$1.0 billion
  due 2016

Warner Chilcott Company, LLC

* (P)B3 [LGD6, 92%] senior unsecured notes of US$750 million

Moody's last rating action on Warner Chilcott was an affirmation
of the ratings on July 30, 2010, following the company's special
dividend announcement.

Headquartered in Ardee, Ireland, Warner Chilcott plc is a
specialty pharmaceutical company currently focused on women's
healthcare, gastroenterology, dermatology and urology.  In 2009,
the company reported total revenue of approximately US$1.4

WARNER CHILCOTT: S&P Affirms Corporate Credit Rating at 'BB'
Standard & Poor's Ratings Services said it affirmed its 'BB'
corporate credit rating on Ireland-based specialty pharmaceutical
company Warner Chilcott plc.  At the same time, S&P lowered the
issue-level rating on the existing senior secured credit facility
issued by subsidiaries Warner Chilcott Co. LLC and Warner Chilcott
Corp. to 'BB' from 'BB+' and revised the recovery rating to '3'
from '2'.

S&P also assigned a 'BB' issue-level rating and '3' recovery
rating to WC Luxco S.a.r.l. and Warner Chilcott Co. LLC's proposed
US$500 million term loan A due in 2014 and US$1 billion term loan
B due in 2015.  In addition, S&P assigned a 'B+' issue-level
rating and a '6' recovery rating to Warner Chilcott Co. LLC's
proposed US$750 million of senior unsecured notes due in 2018.

"The speculative-grade rating on Warner Chilcott reflects S&P's
expectation that the threat of generic competition to the
company's product portfolio and its limited R&D capabilities will
result in additional product or company acquisitions over the next
one to two years," said Standard & Poor's credit analyst Michael
G.  Berrian.  S&P also believe that, absent any acquisition
opportunities, the company could instead increase leverage to pay
another substantial dividend.

"In S&P's view," added Mr. Berrian, "despite the demonstrated use
of free operating cash flow to reduce leverage to less than 2x,
demands to bolster its product portfolio or increase shareholder
returns will likely not sustain that level of leverage over the
next 18 to 24 months."  Instead, pursuit of one of those
strategies will likely keep leverage higher, at more than 3x, over
that period.


BOZEL SA: Has Plan Filing Exclusivity Until December 2
The Hon. Arthur J. Gonzalez of the U.S. Bankruptcy Court for the
Southern District of New York extended Bozel S.A.'s exclusive
periods to file and solicit acceptances for a Chapter 11 plan
until December 2, 2010, and February 1, 2011, respectively.

Luxembourg-based mineral mining company Bozel S.A. sought
bankruptcy protection in New York under Chapter 11 of the U.S.
Bankruptcy Code on April 6, 2010 (Bankr. S.D.N.Y. Case No. 10-
11802).  In its petition, the Debtor estimated assets of US$50
million to US$100 million, and debts of 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.


DSB BANK: Trichet Says Criticism of Wellink's Role Is Unfair
Jurjen van de Pol at Bloomberg News reports that European Central
Bank President Jean-Claude Trichet said criticism in the
Netherlands over Dutch Central Bank President Nout Wellink's role
in the bankruptcy of DSB Bank NV was "extremely unfair and

As reported by the Troubled Company Reporter-Europe on July 2,
2010, a government-commissioned committee, as cited by Bloomberg,
said that the Dutch central bank underestimated flaws in
management at DSB when it granted the lender a banking license in
2005.  The committee said in the years leading up to the collapse,
the regulator didn't act forcefully enough, according to

On Oct. 20, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that the Amsterdam court on Oct. 19
declared DSB bankrupt after its owner failed to find a buyer.
Bloomberg disclosed the Dutch central bank took control of DSB on
Oct. 12 as an outflow of capital threatened the company's

DSB Bank -- is a fully licensed bank in
the Netherlands, providing mortgages, consumer loans, savings and
insurance products to retail clients.  The bank has a leading
market share in the Dutch market for consumer loans.  DSB Bank
also has operations in Belgium and Germany.  DSB Bank, established
in 1975, is privately owned by Dirk Scheringa, currently CEO of
DSB Bank, Chairman of the Executive Management Board.  Mr.
Scheringa is also 100% owner of AZ Alkmaar football club, which
plays in the Dutch Premier League and president of the Scheringa
Museum for Magic Realism, an international collection of more than
500 works of art.

Richard Waters at The Financial Times reports that NXP
Semiconductors slashed the price of its initial public offering on

According to the FT, KKR and Bain Capital, which led the 2006 buy-
out, cut the price of the shares on offer to US$14 from the US$18-
US$21 that had previously been indicated -- that reduced the
amount raised from the deal to US$476 million.

The FT says the sale of 14% of NXP's shares values the Dutch
company at US$3.49 billion, some US$2 billion less than the
company was worth in 2006, when Philips sold slightly more than
80% of the business.  Funds from the IPO were earmarked to pay
down part of NXP's US$5.2 billion in debt, the FT discloses.

The company has racked up combined net losses of US$5.5 billion
since the buy-out, the FT notes.

NXP Semiconductors, headquartered in Eindhoven, Netherlands, is a
a semiconductor company, focusing on the designs and manufacture
of semiconductors for general applications, power management
(Multi-Market) and application-specific integrated circuits for
the electronics, automotive and identification technology
application markets.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on July 15,
2010, Moody's Investors Service upgraded the corporate family
rating of NXP Semiconductors to Caa1 from Caa2, its senior secured
debt rating to Caa1 and its senior unsecured debt rating to Caa3.
Concurrently, Moody's assigned a Caa1, LGD4 (52%) to the senior
secured notes due July 2018 launched.

UPC HOLDING: Moody's Assigns 'B2' Rating on EUR640 Mil. Notes
Moody's Investors Service has assigned a (P) B2 rating to the
proposed issuance of EUR640 million of senior notes by UPC Holding

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

The assignment of the rating follows UPC's announcement to issue
EUR640 million in senior notes due in 2020.  The company intends
to use the proceeds from these notes to purchase the outstanding
EUR385 million of 7.75% senior notes and EUR231 million of 8.63%
senior notes due 2014 pursuant to a tender offer and redeem and/
or otherwise retire any notes not tendered pursuant to the post-
closing redemption.

Moody's notes that the announced refinancing step will further
improve the company's debt maturity profile.  UPC's nearest
material debt maturities will then be EUR203 million and
EUR858 million of outstanding bank debt in 2013 and 2014
respectively (in addition to the Revolving Credit Facility due
2014 which is currently fully undrawn).

The current Ba3 CFR for UPC reflects the company's largely
resilient operating performance together with its consistent
leverage policy of 4.0x Senior Debt to EBITDA (as defined by UPC)
and 5.0x Total Debt to EBITDA.  Moody's believes that due to UPC's
diversification in the European markets and its strong triple-play
offering, the company remains well positioned to weather the
challenging economic and competitive environments.  The ratings
assume that the company continues to manage its debt well within a
ratio of 5.5x for Debt/EBITDA (as defined by Moody's).

The last rating action on UPC was on January 13, 2010, when
Moody's had assigned a (P) Ba3 rating to the EUR500 million in
senior secured notes due 2020 to be issued by UPCB Finance

UPC is a pan-European cable provider, a principal subsidiary of
Liberty Global Inc.  In 2009, the company generated
EUR3.45 billion in revenues and EUR1.66 billion in reported
operating cash flow.

UPC HOLDING: S&P Assigns 'B-' Rating on EUR640 Mil. Notes
Standard & Poor's Ratings Services said that it assigned its 'B-'
debt rating to the proposed EUR640 million subordinated notes
(proposed notes) to be issued by UPC Holding B.V., the holding
company of The Netherlands-based international cable-TV operator
and broadband services provider UPC Broadband Holding B.V.

At the same time, S&P assigned a recovery rating of '6' to the
proposed notes, indicating S&P's expectation of negligible (0%-
10%) recovery for creditors in the event of a payment default.
S&P anticipate that the proposed notes will rank pari passu with
the existing subordinated bonds at the UPC Holding level.

The issue rating on the proposed notes is two notches below S&P's
corporate credit rating on UPC.  It is based on preliminary
information and is subject to S&P's satisfactory review of final
documentation.  In the event of any changes to either the amount
or terms of the proposed notes, the issue and recovery ratings
might be subject to further review.  It is S&P's understanding
that UPC will use the net proceeds from the proposed notes to
repay its subordinated notes maturing in 2014.

                        Recovery Analysis

S&P values the UPC group on a going-concern basis, as S&P believes
that its leading market position, high barriers to entry,
established network assets, and substantial subscriber base would
be recognized by potential buyers even under distressed
circumstances.  At the hypothetical point of default, S&P values
the UPC group at about EUR5.4 billion.

The recovery rating of '3' on the senior secured debt instruments,
issued by UPC, indicates S&P's expectation of meaningful (50%-70%)
recovery in the event of a payment default, and the recovery
rating of '6' on the subordinated debt, including the proposed
notes, issued by UPC Holding, indicates S&P's expectation of
negligible (0%-10%) recovery.  The recovery prospects for all the
UPC group's debt instruments reflect the estimated value available
and accessible to the respective creditors, the high proportion of
senior secured debt, and the likelihood of insolvency proceedings
being adversely influenced by UPC's multijurisdictional exposure.
The recovery rating on the senior secured debt reflects the weak
security package, including a first-ranking share pledge over all
intermediate holding companies that own the cable-operating
subsidiaries (no assets are pledged).

The high proportion of prior-ranking debt constrains the recovery
prospects for subordinated noteholders, including the proposed

                           Ratings List

                            New Rating

                         UPC Holding B.V.
       EUR640 million subordinated notes (proposed)     B-
         Recovery Rating                                6


* NORWAY: Corporate Bankruptcies Down 17% in 2nd Quarter 2010
Statistics Norway reports that in the second quarter of 2010, the
number of bankruptcies was 1,240, down 10% compared with the same
period last year.

According to the report, seven out of ten bankruptcies, a total of
845, were related to enterprises (except sole proprietorships).
Compared with the second quarter last year, this number went down
by 17%, the report notes.  A total of 27% of the bankruptcies
relating to enterprises were in the wholesale and retail trade,
the report discloses.

The report says a total of 395 bankruptcies were related to sole
proprietorships and personal bankruptcies.  In this group, there
was an increase of 9% compared with the second quarter of 2009,
the report states.  One out of three sole proprietorships that
went bankrupt in the second quarter was in construction, the
report notes.

So far this year, the number of bankruptcies is 2,451, down 12.5%
compared with the same period of 2009, the report says.


GAZENERGORPOMBANK ZAO: Moody's Withdraws 'E+' Bank Strength Rating
Moody's Investors Service has withdrawn the E+ bank financial
strength rating and B2/Not Prime deposit ratings of the stand-
alone entity Gazenergorpombank, which ceased to exist as a
separate entity on August 2, 2010, following the completion of its
legal merger with Bank Rossiya.  The newly combined entity is
currently rated by Moody's at B2/Not Prime/ E+/
Concurrently, Moody's Interfax Rating Agency has withdrawn the long-term national scale rating of GEPB.  Moscow-based
Moody's Interfax is majority owned by Moody's.

Moody's previous rating action on GEPB was on August 3, 2010, when
the rating agency downgraded GEPB's deposit ratings to B2/
from Ba3/ and affirmed the E+ BFSR and Not Prime short-term

Headquartered in Moscow, GEPB reported IFRS total assets of
RUB168 billion (US$5.5 billion) and shareholders' equity of
RUB13.5 billion (US$447 million) as at December 31, 2009.  GEPB
reported an IFRS net loss of RUB345 million (US$11.4 million) in


CENTER NALOZBE: To Go Into Receivership; Debt Settlement Fails
Slovenian Press Agency reports that Center Nalozbe will go into
receivership after efforts for court-mandated debt settlement

Based in Maribor, Slovenia, Center Nalozbe dd -- is a financial holding company.
The Company was established on the basis of changes in ownership
structure of Infond Holding 1 dd in 2006.  The main activity of
the Company is the management of market and non-market investments
and the generation of financial returns in line with the
portfolio's structure.  In 2008, the Company was a target of a
takeover offer by Kolonel doo, which controls 78.2% of the
Company's shares.  In the same year Center Nalozbe dd increased
its stake in the capital of Infond Holding dd to 70.1%.  The
Company also has its investments in the capital of Pivovarna Lasko
dd, Radenska dd Radenci, Fructal dd Ajdovscina, Fructal Mak, Delo
dd Ljubljana, Pivovarna Union dd Ljubljana, Vital Mestinje dd,
Jadranska Pivovara Split, Vecer dd Maribor, Birra P. Kosovo and a
wholly owned real estate company Druzba za nekretnine doo based in
Split, Croatia.


ARLO LTD: S&P Withdraws CCC Ratings on Five Classes of Notes
Standard & Poor's Ratings Services withdrew its credit ratings on
five European collateralized debt obligation tranches issued by
ARLO Ltd., Midgard CDO PLC, and Eirles Two Ltd.

The withdrawals follow the arrangers' recent notification to us
that the issuers had fully repurchased these notes.

                           Ratings List

                        Ratings Withdrawn

                             ARLO Ltd.
         EUR50 Million Secured Limited-Recourse Extendible
                       Credit-Linked Notes

        Series                   To                  From
        ------                   --                  ----
        2006 (Madrid CSO)        NR                  CCC-

                             ARLO Ltd.
         EUR50 Million Secured Limited-Recourse Extendible
                       Credit-Linked Notes

        Series                   To                  From
        ------                   --                  ----
        2006 (Valencia CSO)      NR                  CCC-

                             ARLO Ltd.
         EUR50 Million Secured Limited-Recourse Extendible
                       Credit-Linked Notes

        Series                   To                  From
        ------                   --                  ----
        2006 (Seville CSO)       NR                  CCC-

                          Midgard CDO PLC
       $30 Million Embla Floating-Rate Credit-Linked Notes

        Series                   To                  From
        ------                   --                  ----
        2005-10                  NR                  CCC-

                          Eirles Two Ltd.
  $15 Million Floating-Rate Portfolio Credit-Linked Secured Notes

        Series                   To                  From
        ------                   --                  ----
        260                      NR                  CCC-

                          NR - Not-rated.

FONCAIXA EMPRESAS: S&P Withdraws 'BB' Rating on Class C Notes
Standard & Poor's Ratings Services withdrew its preliminary credit
ratings on Foncaixa Empresas 2, Fondo de Titulizacion de Activos'
EUR2 billion asset-backed floating-rate notes.

On June 21, 2010, S&P assigned preliminary credit ratings to the
notes.  The withdrawals follow the arranger's recent notification
to us that it has postponed the closing of the transaction and
that it no longer wishes S&P to assign final credit ratings.

If the transaction had closed on the original planned closing date
S&P would likely have assigned the same final ratings to the notes
as the preliminary ratings S&P assigned.  However, if this
transaction does close in the future it may be with an alternate
capital structure, which could include different credit
enhancement.  As such, S&P cannot confirm as of that S&P would
assign the same ratings to the potential final structure if
engaged to do so.

                           Ratings List

      Foncaixa Empresas 2, Fondo de Titulizacion de Activos
          EUR2 Billion Asset-Backed Floating-Rate Notes

                        Ratings Withdrawn

                              Prelim rating
             Class      To                       From
             -----      --                       ----
             A1         NR                       AAA
             A2         NR                       AAA
             B          NR                       A
             C          NR                       BB

                         NR -- Not rated.

U N I T E D   K I N G D O M

AEOLUS CDO: Fitch Downgrades Ratings on Series 2005-3 Notes to D
Fitch Ratings has downgraded these Aeolus CDO Ltd Series 2005-3
synthetic CDO notes:

  -- EUR35 million Class A (XS0232579986) downgraded to 'D' from

  -- EUR16 million Class B (XS0232579127) downgraded to 'D' from

  -- EUR8 million Class C (XS0232578665) downgraded to 'D' from

  -- EUR11.25 million Class D (XS0232578079) downgraded to 'D'
     from 'C'

The noteholders voted to terminate the transaction prior to the
scheduled maturity.  The final payment report indicated no
principal recovery for any of the rated notes.  In Fitch's view,
as the noteholders would have continued to receive interest
payments without the resolution, it is likely the notes were sold
to the counter-party and then unwound.  Morgan Stanley
('A'/Outlook Stable/'F1'), the swap counter-party, refused to
confirm or deny whether the notes were sold prior to being

In Fitch's opinion even if the noteholders held the notes until
maturity, the notes would have defaulted.  The credit enhancement
of the classes would not have been able to absorb losses from the
reference portfolio of which 19% Fitch considers 'CCC' and below.

Aeolus was a limited liability company incorporated in Jersey,
Channel Islands.  This transaction was a funded synthetic
securitization of a diverse portfolio of mainly European mezzanine
structured finance assets.  The structure combined characteristics
of both cash and synthetic CDO transactions.  Morgan Stanley, the
CDS counterparty, had the right to replenish the portfolio during
the first six years of the transaction, subject to portfolio

BAKED SNACK: In Administration Following Staff Pay Dispute
Deborah Johnson at The Northern Echo reports that The Baked Snack
Company, which employed 90 people, has gone into administration.

According to the report, the company, which was accused of not
paying staff during January or February, has appointed
administrators after being unable to meet its financial
obligations.  MCR confirmed it is handling the administration, the
report notes.

The report relates more than 20 tribunals have since been filed
against the company by employees claiming for unlawful deduction,
breach of contract and constructive dismissal.

Based in Middlesbrough, The Baked Snack Company makes a range of
biscuits and baked snacks.

CATTLES PLC: Fitch Affirms Issuer Default Rating at 'C'
Fitch Ratings has revised Cattles Plc's senior unsecured bonds'
Recovery Rating to 'RR6' from 'RR5'.  At the same time, Fitch has
affirmed Cattles' Long-term Issuer Default rating at 'C', Short-
term IDR at 'C' and senior unsecured bonds (ISIN XS0181857847 and
XS0308397149) at Long-term 'C'.

The revision reflects the UK Supreme Court decision on 28 July
2010 that effectively determines, finally, that senior unsecured
bondholders' "claims are subordinated to the claims of certain
bank creditors".  Fitch believes that this decision means that
recoveries available to bondholders are poor and more consistent
with a 'RR6' rating.

Certain of Cattles' creditors had been engaged in legal action
over the priority of their claims on the company.  Its bank
creditors and US private placement note holders, but not public
senior unsecured bondholders, benefit from upstream guarantees
from Cattles' main subsidiaries, to which Cattles on-lent the
funds it raised.

Cattles' IDRs reflect the standstill agreement in place between
Cattles and its creditors.

CPI RETAIL: Goes Into Receivership
Rachel Constantine at Business Sale Report reports that CPI Retail
Active Management Programme, the company behind Wallsend's Forum
Shopping Centre, entered receivership on August 3.

The report relates Secretary of the Chamber of Trade, Gill
Ruffles, who owns Maple Textiles in Wallsend, said many
tradespeople were hoping the center would be bought by someone
with high hopes for the town.

According to the report, commercial property company Jones Lang
LaSalle has assumed the center's management from Stockland UK,
along with four connected centers -- Fareham's Locks Heath Centre,
Central Square in Birmingham, Bramley Shopping Centre in Leeds,
and West Sussex's The Martlets Shopping Centre.

"Our regional retail management teams will be working with the
center management staff over the coming months to improve customer
experience at each center, as well as driving forward a number of
important asset management initiatives," the report quoted Nigel
Wheeler, chairman of property and asset management, as saying.

DECO 12: Fitch Cuts Ratings on Two Classes of Notes to 'CC'
Fitch Ratings has downgraded DECO 12 - UK 4 p.l.c's commercial
mortgage-backed notes due January 2020:

  -- GBP428.5 million class A1 (XS0289644121) affirmed at 'AAA';
     Outlook Stable

  -- GBP115 million class A2 (XS0289644477) downgraded to 'AA'
     from 'AAA'; Outlook Negative

  -- GBP35 million class B (XS0289644550) downgraded to 'BBB' from
     'A'; Outlook Negative

  -- GBP28 million class C (XS0289644634) downgraded to 'B' from
     'BB'; Outlook Negative

  -- GBP16 million class D (XS0289644717) downgraded to 'CCC' from
     'B'; Recovery Rating 'RR5' assigned

  -- GBP2.7 million class E (XS0289644808) downgraded to 'CC' from
     'CCC-'; Recovery Rating 'RR6' assigned

  -- GBP1.1 million class F (XS0289644980) downgraded to 'CC' from
     'CCC-'; Recovery Rating 'RR6' assigned

The two largest loans in the portfolio, Tesco and Merry Hill,
account for almost 90% of the loan balance; Fitch still considers
these loans to be of good credit quality.  However, the remaining
portfolio is significantly weaker and has a substantially
increased likelihood of incurring a loss which, in turn, would
result in a loss on the junior notes.  While property values have
seen some stabilization and recovery in recent months, many of the
assets securing these loans are in secondary locations and are
likely to have experienced further value declines since the last
rating action.  The rating action is primarily driven by Fitch's
opinion of the deterioration in the quality of these loans.

The Tesco loan (55.5% of the portfolio) is secured by a sale-and-
leaseback of 16 Tesco stores located throughout the UK.  Prior to
the April 2010 interest payment date, the portfolio featured a
weighted average unexpired lease term of 16.9 years; however,
Tesco has negotiated the insertion of break options into the
leases, to enable them to reduce their tax obligations, which has
reduced the WA lease length to 6.6 years.  The servicer consented
to these break options on the condition that they can only be
exercised if the loan is fully repaid.  Fitch therefore views the
new break options as credit-neutral to the loan.

The Merry Hill loan (34.3% of the portfolio) is secured by a
shopping centre in the West Midlands that is managed by the
Westfield Group, a renowned property group with substantial
experience in shopping centre management.  The center benefits
from a strong and diverse tenant base that includes well known,
key tenants on long leases.  The WA remaining lease term is 10
years; 90% of rent is scheduled to remain in place at loan
maturity in January 2012.  Despite the interest-only nature of the
loan, the moderate Fitch LTV of 65.6% (representing a 39% decline
since the original valuation in December 2006) and strong
collateral quality indicates a heightened chance of refinance at
loan maturity.

The eight smaller loans are substantially weaker, with the
exception of the Regent Capital Spectrum loan, which is fully
cash-collateralized.  Fitch LTVs on these loans range between 118%
and 138%, indicating it is unlikely that there is any equity
interest remaining.  One loan -- the Quattro loan -- failed to
repay at loan maturity in October 2009 and was subsequently
transferred to special servicing in December 2009.  Three
additional loans, the Borehamwood, Hiltongrove and LMM loans, are
on the Fitch watchlist due to income concerns.

IMPERIAL CONSOLIDATED: Former Director Godley Jailed for Fraud
Iain Martin at Citywire reports that William Godley, a former
director of the GBP250-million investment group Imperial
Consolidated, has been sentenced to three-and-a-half years
imprisonment for conspiracy to defraud at Blackfriars Crown Court.

The report relates Mr. Godley was jailed after he pleaded guilty
to his involvement in the Ponzi scheme, which left 3,500 investors
out-of-pocket.  Imperial Consolidated promised high returns to
overseas lenders through commercial lending but was loss-making
and insolvent, the report says citing the Serious Fraud Office.

Mr. Godley has been disqualified from acting as a company director
for six years and confiscation proceedings have been adjourned,
the report notes.

Imperial Consolidated was a UK and offshore finance group.

LEGION GROUP: Appoints MCR as Administrators
The Board of Legion Group plc, having carefully considered the
financial position and  prospects of the Company, appointed Paul
Williams, John Whitfield and Paul Clark of MCR as Joint
Administrators of the Group on August 6, 2010, with immediate
effect.  MCR were also appointed to Legion FM Limited, a
subsidiary company.

On July 19, 2010, the Group requested a suspension of trading of
its shares with immediate effect pending clarification of the
Company's financial position.

The Group had stated that it had been in discussions with HM
Revenue & Customs regarding outstanding PAYE and VAT liabilities.
HMRC had positively indicated for a protracted period that these
liabilities would be subject to a Time to Pay Agreement.  Based on
the correspondence with HMRC, the Directors reasonably believed
that a payment plan could be agreed.  However upon receipt of a
payment of GBP1.5 million, HMRC became less receptive to
subjecting the outstanding amount to a feasible payment schedule.
The Group received a winding up petition from HMRC, following
failure to pay certain liabilities.

Lloyds TSB had agreed to provide the Group with a new GBP7.5
million invoice discounting facility.  As a result of the Group's
financial difficulties with HMRC and the presentation of the
winding-up petition, the Group breached its facilities with Lloyds
TSB.  The Group cannot pay creditors in the ordinary course of
business and the Board agreed the Group was insolvent and could no
longer continue trading.

The Board resolved to seek the appointment of administrators to
the Group.  The Joint Administrators have successfully concluded a
sale of the business and certain assets to OCS Group UK Limited, a
leading support services provider ensuring the preservation of
2,800 jobs.

Legion Group plc provides security services.

MODUS PROPERTIES: Creditors Back CVA; Firm Exits Administration
The Joint Administrators of Modus Properties (Wigan) Limited and
Modus (Wigan) Limited, Mark Firmin and Richard Fleming from KPMG,
disclosed the approval of CVA proposals in respect of the Grand
Arcade Shopping Centre in Wigan.

The CVA was initially proposed some weeks ago as part of an offer
for the shopping center from Redefine International plc.  The
offer comprised the making of funds available for distribution to
both preferential and unsecured creditors through Company
Voluntary Arrangements for each company.

To come into effect, a CVA has to be approved by 75% of creditors.
At a creditor's meeting held earlier Thursday, the two CVAs were
voted through by 100% of creditors.  This results in the Joint
Administrators exiting the administration, rescuing the companies
as a going concern.

Mark Firmin, joint administrator and partner at KPMG
Restructuring, commented: "We are delighted that the CVA has been
met with 100 percent approval from creditors.  Our primary
objective from the outset of this administration was to ensure the
survival of the businesses as a going concern.  Not only has this
been achieved, but the creditors of the two companies will receive
a higher dividend distribution than would otherwise be available."

He added: "This also demonstrates the versatility of a CVA
process.  Not only is it a tool that can be used to restructure
traditional retail and trading businesses; in this instance, we
were able to find an elegant solution for a distressed property
company which ultimately delivered maximum value."

MRS DISTRIBUTION: Faces Administration; Up to 275 Jobs at Risk
Simon Bain at The Herald reports that MRS Distribution is going
into administration with the likely loss of up to 275 jobs.

According to The Herald, the company has debts of more than GBP10

The Herald's sources said employees were told late on Thursday
that the company was about to call in KPMG as administrators, but
that its JBT Distribution subsidiary would continue.

The Herald notes haulage contracts for customers including Whyte &
Mackay, Nairns Oatcakes and packaging group Chesapeake are said by
employees to have been transferred from MRS to its sister company,
with some vehicles being rebadged overnight.  Employees were told
that unless they were working for JBT, there would be immediate
redundancies, and that overtime payments, already subject to a 26-
week delay, would not be met, The Herald relates.

MRS Distribution is an independent haulier based at Bathgate in
West Lothian.

PORTSMOUTH FOOTBALL: CVA Can Proceed, High Court Rules
James Lumley at Bloomberg News reports that the HM Revenue &
Customs failed to block an agreement that English soccer team
Portsmouth reached with creditors to bring it out of bankruptcy

According to Bloomberg, Justice George Mann at the High Court in
London ruled the club's "company voluntary arrangement" can
proceed.  Lawyers for HMRC argued in a two-day hearing that the
arrangement would still leave GBP13 million (US$20.6 million) in
unpaid tax, Bloomberg discloses.

"HMRC is not rendered any worse off" by the agreement "bearing in
mind what the alternatives would be," Bloomberg quoted Justice
Mann as saying at a hearing Thursday.  If the deal was blocked,
the club would face "liquidation" and "relegation".

Bloomberg recalls Portsmouth, known by fans as "Pompey," in
February became the first Premier League soccer club to seek
protection from creditors, after amassing more than GBP100 million
of debt.  The club was docked nine points by the league in March
and was close to liquidation after entering administration, a form
of bankruptcy protection, Bloomberg recounts.

Bloomberg notes the government's lawyer, Gregory Mitchell, said
the tax authority won't appeal Thursday's ruling.

Bloomberg relates Richard Sheldon, Portsmouth's lawyer, said
during the hearing that the club would probably be liquidated if
it lost the case as it would be unable to assure the Football
League it could fulfill its playing schedule.

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

ROSETTA I: S&P Downgrades Ratings on Class B & C Notes
Standard & Poor's Ratings Services lowered its credit ratings on
Rosetta I S.A.'s class B and C notes.  At the same time, S&P
affirmed its rating on the class A notes.

The rating actions follow S&P's review of the transaction using
revised recovery assumptions that S&P published in July 2010 for
European bank hybrid securities held within collateralized debt
obligation portfolios.

Rosetta I closed in October 2002 and is a cash flow CDO
collateralized by a portfolio comprising hybrid capital securities
issued in 2002, or earlier, by European banking groups.

The cash flows from any pool of corporate debt are at risk because
of potential defaults among the corporate borrowers in the pool.
In S&P's view, the cash flows from Rosetta I's portfolio are at
additional risk for these reasons:

* Bank hybrid capital securities may defer interest;

* The hybrid bank capital securities in Rosetta I's portfolio all
  have call dates before the transaction's legal final maturity
  date in October 2013, but it is possible that several of these
  may not be called or otherwise redeemed until after October
  2013; and

* Under Rosetta I's terms and conditions, the issuer will likely
  auction "affected securities" -- those that are not redeemed or
  called before October 2013 -- potentially introducing material
  market value risk into the transaction.

In S&P's opinion, the likelihood of these additional risks
affecting future cash flows in Rosetta I has risen since the
transaction closed.  In the past two years, several highly rated
banking groups have chosen not to call hybrid capital securities
or have deferred interest payments on them.

According to S&P's analysis, the portfolio currently contains
three securities (approximately 11.32% of aggregate investments)
where S&P has lowered its issue rating to 'C' following interest
deferral.  In addition, Rosetta I's investment administrator has
confirmed that four affected securities have been auctioned to
date, incurring a loss of par to the transaction totaling
EUR6.43 million.

On a more positive note, S&P has observed that several portfolio
securities have recently been called or repaid as originally
expected, and that all auctions to date have achieved prices above
those S&P assumed in its original analysis.

S&P last reviewed Rosetta I in March 2010.  At that time, S&P took
into account market developments affecting bank hybrid capital
securities and assessed the impact of scenarios where the
transaction experienced varying levels of par loss resulting from
defaults with low recoveries and from auction sales at impaired

Having taken into account the possibility of low recoveries in
S&P's earlier analysis, the impact on Rosetta I's ratings
following the publication of its revised recovery assumptions is,
in S&P's view, limited.

The current 'BBB' rating on class A continues to reflect S&P's
opinion of the creditworthiness of the notes, and S&P has
therefore affirmed the rating.  However, S&P considers it
appropriate to lower the ratings on the class B and C notes by one
notch in each case, to 'BB-' and 'CCC-', respectively.

                           Ratings List

                           Rosetta I S.A.
          EUR153.5 Million Floating and Fixed-Rate Notes

                         Ratings Lowered

             Class             To                 From
             -----             --                 ----
             B                 BB-                BB
             C-1               CCC-               CCC
             C-2               CCC-               CCC
             C-3               CCC-               CCC

                          Rating Affirmed

                      Class             Rating
                      -----             ------
                      A                 BBB

ST URSULA'S: Parents May Launch Rescue Campaign
BBC News reports that parents of pupils at St. Ursula's, which
went into administration, are to mount a rescue campaign for the
debt-ridden private Catholic school.

According to BBC, Shelley Hill, whose daughter attended the
school, said parents might launch a fund-raising campaign to try
to pay off the debts.

BBC relates meetings between the school, the administrators Grant
Thornton, Oasis Community Learning, which had offered the school
support in becoming an academy, and the Sisters of Mercy were held
and are expected to continue next week, the report says.

The sisters have said they could only support a deal, which would
see the school remain Catholic, the report notes.

"We've set up a parents campaign group to see if there's anything
we can do in a positive manner," the report quoted Mrs. Hill as
saying.  "We've got the backing of the administrators to do this
and we will be keeping parents informed of updates as soon as we
get them."

As reported by the Troubled Company Reporter-Europe on Aug. 5,
2010, Evening Post said Nigel Morrison and Trevor O'Sullivan, both
partners of Grant Thornton, were appointed joint administrators of
the school.  Evening Post disclosed Mr. O'Sullivan said: "The
school has suffered from a progressive decline in pupil numbers --
from a peak of about 400 to the current level of about 160 -- such
that it is no longer financially viable in its current format.
While the trustees have made every effort to find a potential
purchaser capable of delivering a sustainable school operation,
unfortunately this has not been achievable in the context of the
many constraints and short timescale available.  As a result,
there is no available funding and the trust has been unable to
meet July salary payments.  Consequently, the school will close.
In these circumstances, our priority will be to deal with the
difficult positions in which both the staff and parents find
themselves.  For example, we will provide every assistance we can
in helping parents to find alternative places for their children,
including liaising with the local education authority here in
Bristol and also seek to arrange meetings with parents and
teachers, at the school, as soon as practical."

St. Ursula's is a Bristol-based independent mixed catholic private

UK HOUSING: In Administration; Tenants May Face Losses
BBC News reports that UK Housing Alliance (North West) Ltd. has
gone into administration, putting tenants at risk of losing
thousands of pounds.

The report relates administrators Baker Tilly said the tenants
could rent as normal but 30% payback was no longer guaranteed.
According to the report, Bruce Mackay, a partner with Baker Tilly,
said the firm would do all they could to help those affected.

Based in Didsbury, UK Housing Alliance (North West) Ltd. is a sale
and rent back housing company.

VIRGIN MEDIA: Fitch Affirms Issuer Default Rating at 'BB'
Fitch Ratings has affirmed Virgin Media Inc.'s Long-term Issuer
Default Rating at 'BB' with Stable Outlook and the Short-term IDR
at 'B'.  At the same time, Fitch has affirmed all of Virgin
Media's debt instrument ratings, as detailed at the end of this

Virgin Media's IDR of 'BB' is supported by its "second-incumbent"
qualities, reflected in its superior network infrastructure and
strong market share within its geographical footprint.  Although
not geographically diversified, Virgin Media nonetheless exhibits
low-investment-grade type operating characteristics further
supported by EBITDA margins of over 38% and pre-dividend free cash
flow (FCF) margins of approximately 10% in Q210.  Financial
leverage, however, is more characteristic of the 'BB' rating
category, as net debt to EBITDA at end-Q210 was 3.9x.  Funds from
operations (FFO) interest coverage of 3.4x is somewhat weaker
compared with 'BB' and 'BBB' range telecoms peers.

Revenue, EBITDA and FCF growth trends for 2010 have been
exceptionally strong.  However, Fitch is cautious over growth
rates in the medium to long term on the basis that next generation
fiber investments could result in greater competitive and pricing
pressures at the 10-20MB broadband tier despite Virgin Media's
network advantage.  Nonetheless, in Fitch's forecast scenario,
deleveraging is anticipated to continue at a reasonable pace, with
the company's target net leverage of 3x (net debt to operating
cashflow or OCF) still considered achievable within the stated
two-to-three years timeframe.  Virgin Media's announcement at end-
July of up to GBP375 million share buybacks over the coming 12
months ends uncertainty over the company's future financial policy
and Fitch has factored this into its forecasts.

Virgin Media's disposal of its VMTV content business to British
Sky Broadcasting (Sky, 'BBB+'/Stable) has not impacted the rating,
since content is considered non-core to the business model.
Further, the disposal enabled Virgin Media to agree improved
access to premium Sky HD programming which other competitors do
not have.

The Stable Outlook reflects the continued strong progress made on
both operating key performance indicators, such as Average Revenue
Per User and revenue generating units/Subscriber, as well as
financial metrics, including Fitch's forecasts for FCF generation
and deleveraging (measured by FFO adjusted leverage).  Positive
rating momentum is likely to arise as the company makes further
progress towards its stated net debt to OCF target of 3x.

Virgin Media debt instruments affirmed:

* Virgin Media Investment Holdings senior secured loan facilities:

* Virgin Media Secured Finance Plc 2018 senior secured bonds:

* Virgin Media Finance Plc 2016 and 2019 senior notes: 'BB'

WRAPIT PLC: Directors Disqualified Following Probe
Directors of Wrapit Plc, a failed wedding gift company based in
Wandsworth, London, have been disqualified from acting as company
directors for a combined total of 15 years following an
investigation carried out by The Insolvency Service on behalf of
the government.

Managing Director Peter Gelardi and Retail Director Pepita Diamand
were each disqualified for eight years and seven years
respectively, following an investigation into their conduct as

Insolvency Service investigators found that between June 2008 and
July 2008 Wrapit made a number of false credit card refunds
totaling GBP243,445.

The "refunds" were processed through the company's merchant card
processing facility even though no underlying sales transactions
had taken place.  The money was then used to pay staff salaries,
certain suppliers of goods and services, and Mr. Gelardi and Ms.
Diamand.  This improper action enabled Wrapit to continue trading,
and to continue taking advance payments of at least GBP872,000
from new customers, at a time when the company was already
insolvent.  Mr. Gelardi made the decision to make the false
refunds and Ms. Diamand assisted in implementing the decision.

Wrapit began trading in 2001 to provide an internet based wedding
gift service.  Couples used the company's "virtual department
store" to create gift lists which were purchased by their wedding
guests.  Wrapit's accounts show that the company never made a
profit and when it collapsed in August 2008 there were 72,000
undelivered wedding gifts for which the company owed over GBP4

The company entered administration in August 2008 with debts of
over GBP7 million.

Commenting on the investigation, Vicky Bagnall, Director of
Company Investigations for The Insolvency Service said: "In this
sad case thousands of newly-weds have had their big day spoilt
following the wrong-doing of Wrapits directors.  The undertakings
signed by Gelardi and Diamand send a clear message to other
company directors; if you run a business in a way that is
detrimental to either its customers or its creditors you could be
investigated by The Insolvency Service and as a result removed
from the business environment."

The disqualification against Ms. Diamand took effect on August 6
and while Mr. Gelardi's disqualification will take effect on
August 19, 2010.

* UK: Company Liquidations Up 0.5% to 4,080 in 2nd Qtr. 2010
The Insolvency Service published statistics showing insolvencies
in the second quarter of 2010 on August 6.

                       Company Insolvencies

There were 4,080 compulsory liquidations and creditors' voluntary
liquidations in total in England and Wales in the second quarter
of 2010 (on a seasonally adjusted basis).  This was an increase of
0.5% on the previous quarter and a decrease of 19.1% on the same
period a year ago.

This was made up of 1,169 compulsory liquidations (which are down
9.9% on the previous quarter and down 21.0% on the corresponding
quarter of the previous year), and 2,911 creditors voluntary
liquidations (which are up 5.4% on the previous quarter and down
18.3% on the corresponding quarter of the previous year).

In the twelve months ending Q2 2010, approximately 1 in 127 active
companies (or 0.8%) went into liquidation, which is a slight
decrease from the previous quarter, when this figure stood at 1 in

Additionally, there were 1,311 other corporate insolvencies in the
second quarter of 2010 (not seasonally adjusted) comprising 302
receiverships, 777 administrations and 232 company voluntary
arrangements.  In total these represented a decrease of 14.3% on
the same period a year ago.

        Individual Insolvencies (not seasonally adjusted)

There were 34,743 individual insolvencies in England and Wales in
the second quarter of 2010.  This was an increase of 5.0% on the
same period a year ago.

This was made up of 14,982 bankruptcies (which were down 20.6% on
the corresponding quarter of the previous year), 13,466 Individual
Voluntary Arrangements (IVAs), (which were up 10.2% on the
corresponding quarter of the previous year) and 6,295 Debt Relief
Orders (DROs).

In the second quarter of 2010, 85.7% of bankruptcies were made on
the petition of the debtor, comparable to the levels for recent
quarters.  The percentage of bankruptcy orders involving trading
debts (self-employed bankruptcies) was 12.7% in the first quarter
of 2010 (second quarter 2010 figures for trading-related
bankruptcies are not yet available), similar to the level for 2009
as a whole.


* BOND PRICING: For the Week August 2 to August 6, 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
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

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

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

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