/raid1/www/Hosts/bankrupt/TCREUR_Public/100823.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 23, 2010, Vol. 11, No. 165

                            Headlines



G R E E C E

BANK OF GREECE: Moody's Corrects Rating on Bonds to 'Ba1'


I R E L A N D

ANGLO IRISH: Finance Dept. to Review Executives' Salaries
EBS BUILDING: Bids Expected in Next Few Days
G CLANCY: In Liquidation; Owes EUR1.7 Million to Creditors


K A Z A K H S T A N

BTA BANK: Confirms Trade Finance Payment Date
BTA BANK: Granted Permanent Protection of UK Restructuring
KAUPTHING BANK: Ex-Chair Questioned by Prosecutor Over Collapse


L A T V I A

PAREX BANKA: To Return LVL400 Million to Latvia After Asset Sales


R U S S I A

CB RENAISSANCE: Fitch Assigns 'B-' Issuer Default Rating


T U R K E Y

ALTERNATIFBANK AS: Fitch Affirms 'BB' Issuer Default Ratings


U N I T E D   K I N G D O M

ACCLAIM: Bought Out of Administration by Crown
BELFAST CLINIC: In Administration; PwC Seeks Buyers
BODIAM MANOR: In Administration; Nearly 50 Jobs Affected
BURNSIDE UK: In Administration; KPMG Seeks Buyer
CANARY WHARF: Fitch Cuts Rating on Class D2 Tranche to 'BBsf'

CONNAUGHT PLC: Accounting Issues May Hamper Sale Process
CRYSTAL PALACE: Exits Administration; Transfer Embargo Lifted
EUROSAIL-UK: S&P Raises Ratings on Three Classes of Notes to BB
KELMAN ENGINEERING: Owes GBP1.75 Mil. to 200 Unsecured Creditors
KEYDATA INVESTMENT: N&P to Repay Couple Affected by Collapse

REALTIME WORLDS: Re-employs 23 People on MyWorld 3D Game
WHEATSHEAF SHOPPING: In Receivership; Business as Usual
WILLS & CO: FSA Withdraws Winding-Up Petition After CVA Approval


X X X X X X X X

* BOND PRICING: For the Week August 16 to August 20, 2010




                         *********



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


BANK OF GREECE: Moody's Corrects Rating on Bonds to 'Ba1'
---------------------------------------------------------
Moody's Investors Service has corrected the foreign currency bond
rating of the Bank of Greece to Ba1 from A2, aligning the rating
with the Government of Greece's foreign currency bond rating.  The
BOG's Ba1 foreign currency bond rating has a stable outlook.
Moody's has also withdrawn this rating for business reasons, as
the BOG will not be issuing debt on an ongoing basis, in line with
the practice for Eurosystem national central banks.

                         Ratings Rationale

The Hellenic Republic is legally responsible for the payments on
the bonds that are currently outstanding.  Due to an
administrative error, the ratings of the Bank of Greece were
inadvertently omitted from several rating actions relating to the
Hellenic Republic.

The missing rating actions are: November 4, 2002: upgraded from A2
to A1; October 29, 2009: placed under review for possible
downgrade; December 22, 2009: downgraded from A1 to A2, with a
negative outlook; April 22, 2010: downgraded from A2 to A3, with
the rating under review for possible downgrade.

The last rating action that should have been taken regarding BOG
was on June 14, 2010, when Moody's downgraded the government of
Greece's foreign currency bond rating to Ba1 from A3.

As mentioned above, Moody's Investors Service has withdrawn the
credit rating for its own business reasons.  Please refer to
Moody's Investors Service's Withdrawal Policy, which can be found
on Moody's website, www.moodys.com.

All rated BOG debt matures by September 6, 2010.  To the best of
Moody's knowledge, no other rated instruments are affected by this
action.

                      Regulatory Disclosures

The rating has been disclosed to the rated entity or its
designated agents and issued with no amendment resulting from that
disclosure.

Moody's Investors Service may have provided Ancillary or Other
Permissible Service(s) to the rated entity or its related third
parties within the three years preceding the Credit Rating Action.
Please see the ratings disclosure page www.moodys.com/disclosures
on Moody's website for further information.

Moody's Investors Service adopts all necessary measures so that
the information it uses in assigning a credit rating is of
sufficient quality and from reliable sources; however, Moody's
Investors Service does not and cannot in every instance
independently verify, audit or validate information received in
the rating process.


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


ANGLO IRISH: Finance Dept. to Review Executives' Salaries
---------------------------------------------------------
Mary Regan at The Irish Examiner reports that the Department of
Finance has confirmed that wages of top Anglo Irish Bank staff
will be reviewed in the coming months.

According to the report, the opposition party on Thursday said it
was "stunned" to learn that Finance Minister Brian Lenihan
approved pay increases to top bosses last July because of the
"increased workload" facing the bailed-out bank.

The report says the minister agreed to increase the salaries of
the chairman and board members to levels above those recommended
by an independent committee set up to examine bankers' pay at
institutions covered by the government's guarantee.

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

                           *     *     *

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

On April 7, 2010, the Troubled Company Reporter-Europe reported
that Fitch Ratings affirmed Anglo Irish Bank Corporation's lower
Tier 2 subordinated debt downgraded to 'CCC' from 'BBB+'.  Fitch
affirmed the rating on the bank's Upper Tier 2 subordinated notes
at 'CC'.  It also affirmed the rating on the bank's Tier 1 notes
at 'C'.


EBS BUILDING: Bids Expected in Next Few Days
--------------------------------------------
Carmel Crimmins at Irish Examiner reports that sources told
Reuters that EBS Building Society will receive bids from private
equity groups and bancassurer Irish Life & Permanent in the next
few days.

According to the report, the state-run building society has set a
deadline of August 20 for offers and one source said three private
equity groups -- US firm JC Flowers, Britain's Doughty Hanson and
Dublin-based Cardinal Asset Management -- are expected to bid, as
well as Irish Life & Permanent.  A second source confirmed the
bancassurer will take part, the report states.

EBS needs to find EUR775 million by the end of the year to shore
up its capital base following the property market collapse and
tougher regulatory requirements, the report notes.

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

                          *     *     *

As reported by the Troubled Company Reporter-Europe on June 7,
2010, Moody's Investors Service downgraded the non-cumulative Tier
1 instruments of EBS Building Society to Ca from Caa1 (issued
through EBS Capital No1 S.A.), and the dated subordinated debt one
notch to Baa1 from A3.  These rating actions follow the issuance
of a "Special Investment Share" to the Irish government that is
similar in scope to a nationalization, and the forthcoming
issuance of a Promissory Note to the government that will provide
capital to the society.  The other ratings of the society
including the D BFSR, the A2 long-term bank deposit and senior
debt rating and the Aa1-rated government guaranteed debt were all
unaffected.


G CLANCY: In Liquidation; Owes EUR1.7 Million to Creditors
----------------------------------------------------------
Limerick Post reports that G Clancy & Co. Ltd. has gone into
liquidation.

The report relates Matt Gaule, a partner with insolvency firm
Gaule Bermingham & Company, was appointed liquidator last week at
a meeting of the firm's creditors.

According to the report, a statement of affairs shows the company
owes EUR1.7 million to creditors, including Philips Electronics
Ltd. and Bank of Ireland.

The company has realizable assets of just EUR31,512 leaving it
unlikely that any creditor will receive a payout, the report
notes.

The store closed earlier this month after suffering a significant
decline in business, the report discloses.  The property crash and
a crowded marketplace have been blamed for the closure, the report
says.

G Clancy & Co. Ltd. is an electrical goods store based in
Limerick.


===================
K A Z A K H S T A N
===================


BTA BANK: Confirms Trade Finance Payment Date
---------------------------------------------
BTA Bank JSC disclosed that all monies payable under existing
Self-Liquidating Trade Finance Transactions will be remitted to
the relevant creditors on the Distribution Date -- currently
expected to be August 26, 2010.

BTA Bank AO (BTA Bank JSC), formerly Bank TuranAlem AO --
http://bta.kz/-- is a Kazakhstan-based financial institution,
which is involved in the provision of banking and financial
products for private and corporate clients.

The BTA Group is one of the leading banking groups in the
Commonwealth of Independent States and has affiliated banks in
Russia, Ukraine, Belarus, Georgia, Armenia, Kyrgyzstan and Turkey.
In addition, the Bank maintains representative offices in Russia,
Ukraine, China, the United Arab Emirates and the United Kingdom.
The Bank has no branch or agency in the United States, and its
primary assets in the United States consist of balances in
accounts with correspondent banks in New York City.

As of November 30, 2009, the Bank employed 5,043 people inside
and 4 people outside Kazakhstan.  It has no employees in the
United States.  Most of the Bank's assets, and nearly all its
tangible assets, are located in Kazakhstan.

JSC BTA Bank, also known as BTA Bank of Kazakhstan, filed for
Chapter 15 bankruptcy protection in New York on Feb. 4, 2010
(Bankr. S.D.N.Y. Case No. 10-10638), listing more than US$1
billion in both assets and debt.

On March 9, 2010, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that JSC BTA Bank was granted relief in
the U.S. under Chapter 15 when the bankruptcy judge in New York
ruled t that the court in Kazakhstan abroad is home to the
"foreign main proceeding."  Consequently, creditor actions in the
U.S. were permanently halted, forcing creditors to hash out their
claims and receive distributions in Kazakhstan, according to
Bloomberg.

BTA Bank is represented in the Chapter 15 proceedings by White &
Case LLP.


BTA BANK: Granted Permanent Protection of UK Restructuring
----------------------------------------------------------
BTA Bank disclosed that the Supreme Law Court of England and Wales
remained valid its previous order of December 18, 2009, on
provision of postponement on all claims of creditors to the Bank.
A respective order on extension of the postponement was issued by
the Court on August 16, 2010.

The postponement in regard of all claims of creditors to the Bank
will remain valid after the completion of the restructuring of BTA
by virtue of the decision of the Almaty Special Economical Court.

The Order on Extension as well as the Order on Postponement were
issued by the Court in accordance with the UNCITRAL Model Law on
Cross-Border Insolvency of 1997 (the Law).  The Bank's appeal to
the Court pursued international recognition of legitimacy of the
restructuring of BTA Bank by countries that ratified the Law.

                         About BTA Bank

BTA Bank AO (BTA Bank JSC), formerly Bank TuranAlem AO --
http://bta.kz/-- is a Kazakhstan-based financial institution,
which is involved in the provision of banking and financial
products for private and corporate clients.

The BTA Group is one of the leading banking groups in the
Commonwealth of Independent States and has affiliated banks in
Russia, Ukraine, Belarus, Georgia, Armenia, Kyrgyzstan and Turkey.
In addition, the Bank maintains representative offices in Russia,
Ukraine, China, the United Arab Emirates and the United Kingdom.
The Bank has no branch or agency in the United States, and its
primary assets in the United States consist of balances in
accounts with correspondent banks in New York City.

As of November 30, 2009, the Bank employed 5,043 people inside
and 4 people outside Kazakhstan.  It has no employees in the
United States.  Most of the Bank's assets, and nearly all its
tangible assets, are located in Kazakhstan.

JSC BTA Bank, also known as BTA Bank of Kazakhstan, filed for
Chapter 15 bankruptcy protection in New York on Feb. 4, 2010
(Bankr. S.D.N.Y. Case No. 10-10638), listing more than US$1
billion in both assets and debt.

On March 9, 2010, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that JSC BTA Bank was granted relief in
the U.S. under Chapter 15 when the bankruptcy judge in New York
ruled t that the court in Kazakhstan abroad is home to the
"foreign main proceeding."  Consequently, creditor actions in the
U.S. were permanently halted, forcing creditors to hash out their
claims and receive distributions in Kazakhstan, according to
Bloomberg.

BTA Bank is represented in the Chapter 15 proceedings by White &
Case LLP.


KAUPTHING BANK: Ex-Chair Questioned by Prosecutor Over Collapse
---------------------------------------------------------------
The Scotsman reports that Sigurdur Einarsson, the former chairman
of Kaupthing, was questioned by a special prosecutor Thursday over
the collapse of the Icelandic bank in 2008.

The Scotsman relates Mr. Einarsson was questioned at the
prosecutor's office about his activities at Kaupthing, which
folded under the weight of huge debts.  According to The Scotsman,
Mr. Einarsson has told Icelandic media the accusations against him
are groundless and he would not take part in a "charade" to
placate a public angry over the collapse of the banking system and
the failure of the authorities to head off the crisis.

As reported by the Troubled Company Reporter-Europe on May 14,
2010, Bloomberg News, citing Interpol's Web site, related that
Iceland issued an arrest warrant for Mr. Einarsson.  Bloomberg
disclosed Iceland's special prosecutor was investigating
Kaupthing's 2008 collapse as well as alleged market manipulation
and forgery before and after it.

                       About Kaupthing Bank

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

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


===========
L A T V I A
===========


PAREX BANKA: To Return LVL400 Million to Latvia After Asset Sales
-----------------------------------------------------------------
Aaron Eglitis at Bloomberg News reports that Parex Banka AS
Chairman Christopher Gwilliam said the bank plans to return about
LVL400 million (US$726.1 million) to the state over the next seven
years.

According to Bloomberg, Mr. Gwilliam will run Parex as a so-called
bad bank that will manage the lender's distressed assets and be
responsible for paying off EUR432.5 million of Eurobonds and
syndicated loans that predate the takeover.  Parex's retail
banking assets have been transferred to a new entity, Citadele
Banka AS, which the government plans to sell, Bloomberg discloses.

Parex was Latvia's second-biggest bank before a run on deposits
forced the state to take over the lender at the end of 2008,
Bloomberg notes.  Latvia turned to a group led by the European
Commission and the International Monetary Fund for a EUR7.5
billion (US$9.7 billion) loan to avoid default, and then poured
about LVL800 million in deposits into the bank to stabilize it,
Bloomberg relates.

                       About Parex banka

Founded in 1992, Parex banka -- http://www.parexgroup.com/--
currently employs some 1,900 people at branches all over Latvia
and offers universal banking services throughout the Baltic
region, the CIS and other European nations such as Germany,
Switzerland and Sweden.  Parex Group companies operate across the
banking, finance, leasing, asset management and life insurance
sectors.  Currently, the Latvian Privatisation Agency is the
majority shareholder of Parex banka, holding 73.4% of the Bank's
shares, but 22.4% are controlled by the European Bank for
Reconstruction and Development.  Parex banka has signed up to the
European Code of Conduct on housing loans.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on April 7,
2010, Fitch Ratings said the announced restructuring plan of Parex
banka (rated Long-term Issuer Default Rating 'Restricted
Default'), would be positive for depositors if it succeeds.  The
current 'RD' rating reflects the deposit restrictions imposed on
the bank, and may be upgraded on completion of the restructuring
and the removal of the deposit restrictions.


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


CB RENAISSANCE: Fitch Assigns 'B-' Issuer Default Rating
--------------------------------------------------------
Fitch Ratings has assigned CB Renaissance Capital (OOO) a Long-
term local currency Issuer Default Rating of 'B-' with Stable
Outlook.  Simultaneously, Fitch has assigned the bank's upcoming
issues of fixed-rate RUB-denominated bonds (Series BO1-BO3)
expected ratings of Long-term 'B-', National Long-term 'BB-(rus)'
and Recovery Rating of 'RR4'.  The three-year bonds are to be
issued in three series of RUB5 billion, RUB4 billion and RUB3
billion each.

The final ratings on the bonds are contingent on the receipt of
final documents conforming to information already received.

CBRC's other ratings are Long-term foreign currency IDR 'B-
'/Stable Outlook, Short-term IDR 'B', Individual 'D/E', Support
'5', Support Rating Floor 'No Floor' and National Long-term 'BB-
(rus)'/Stable.

CBRC's obligations under the notes rank equally with the claims of
other senior unsecured creditors, save the claims of retail
depositors, which under Russian law rank above those of other
senior unsecured creditors.  Retail deposits accounted for 36% of
CBRC's total liabilities at end-H110, according to local GAAP
accounts.

At end-H110, CBRC was the 89th-largest bank in Russia by total
assets, focused on the consumer finance market (it operates under
the brand name 'Renaissance Credit').  CBRC is part of the broader
Renaissance Group, which also includes Renaissance Capital
investment banking group (holding company Renaissance Financial
Holdings Limited rated 'B'/Stable), the merchant banking entity
Renaissance Partners and asset manager Renaissance Investment
Management.


===========
T U R K E Y
===========


ALTERNATIFBANK AS: Fitch Affirms 'BB' Issuer Default Ratings
------------------------------------------------------------
Fitch Ratings has affirmed Alternatifbank A.S.'s Long-term foreign
and local currency Issuer Default Ratings at 'BB', respectively,
and its National Long-term rating at 'AA(tur)'.  The Outlooks on
all three Long-term ratings are Stable.  Fitch has additionally
affirmed ABank's Short-term foreign and local currency IDRs at
'B', Individual Rating at 'D', and Support Rating at '3'.

Alternatifbank A.S.'s Long-term IDRs, National Long-term Rating
and Support Rating reflect the support from its majority
shareholder, the Anadolu Group.  ABank is 78%-controlled by
Anadolu Endustri Holding A.S., and 18% by other Anadolu Group
companies, with the balance publicly quoted.  The Anadolu Group is
a leading Turkish conglomerate with interests in the beverage,
automotive, financial services, energy, tourism, consumer
durables, healthcare, IT and stationery sectors, mainly through
joint ventures with global partners.  The group's main operation
is the beverage group consisting of Anadolu Efes, which is also
the largest shareholder of Coca Cola Icecek A.S. ('BBB-'/Outlook
Stable).  The contribution from Anadolu Efes to total group
revenues of US$5 billion in 2009 was 70%.  ABank accounted for 10%
of pre-tax group earnings in 2009.

The Anadolu Group showed its commitment to the bank through cash
capital injections and asset purchases of a total equivalent of
US$207.6 million between 2001-2008.  Additionally, the group
partially places its excess liquidity at the bank in the form of
term deposits which equal around 20% of total customer deposits at
ABank.  These have remained stable, as the Anadolu Group has large
amounts of cash flow from its businesses and also has high tax
payments, the latter contributing 1.13% to Turkey's tax revenue.
ABank also benefits from group synergies, which has enabled the
bank to expand its customer base to include the retailers and
large distributors handling its group companies' products.  Fitch
believes that the Anadolu Group would have a high propensity to
support ABank, but considers its ability to do so as moderate as
reflected in its Support Rating of '3'.

ABank's Individual Rating reflects its limited franchise and
deterioration in asset quality, which is balanced by its sound
profitability, comfortable liquidity; and only adequate
capitalization.  ABank's asset quality has deteriorated
significantly, mainly as a result of the major contraction of the
economy in 2009.  Nevertheless, the NPL ratio slightly improved to
6.47% at end-H110 from 6.75% at end-2009, but still remained
higher than the sector average of 4.41%, reflecting ABank's focus
on smaller SMEs.  Total reserve coverage, including general
reserves, equaled 71% at end-H110.  A larger nominal reserve
coverage would be better, as the collateral might be difficult to
liquidate in adverse market conditions.

ABank's profitability was adversely affected by a spike in loan
impairment charges in 2009.  In H110, efficiency was hampered by
growing expenses while narrower margins negatively impacted
profitability.  However, profitability remained sound with a
reversal of loan impairment charges through collections and an
increasing contribution of net fees and commissions.

ABank is mainly funded by customer deposits and also has access to
funding from international markets.  There is small exposure to
market risk, and liquidity is comfortable given the favorable
repricing and maturity profile of assets and liabilities.  In
Fitch's opinion, capitalization is considered only adequate in a
challenging operating environment and higher levels of
capitalization would provide a more comfortable buffer against
potential risks.

ABank is a medium-sized bank which provides corporate and
commercial banking services through 47 branches in Turkey with a
focus on small- and medium-sized enterprises.

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


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


ACCLAIM: Bought Out of Administration by Crown
----------------------------------------------
Event magazine reports that Crown Business Communications has
bought Acclaim out of administration.

According to the report, Acclaim's managing director Simon Hambley
is now sales director at Crown and all 16 employees have moved
into the Crown offices.

Citing records at Companies House, the report says Acclaim owed
creditors GBP1.3 million in 2008, and this year Portland was
appointed as administrator and given the task of finding a buyer.

London-based Acclaim offers a full suite of live event and
communication media services.


BELFAST CLINIC: In Administration; PwC Seeks Buyers
---------------------------------------------------
BBC News reports that The Belfast Clinic has been placed into
administration.

According to the report, the clinic has experienced financial
difficulties following the suspension of the National Health
Service's waiting list initiative.

The report says administrators PricewaterhouseCoopers will now
seek to sell the facility.

The company's last set of accounts filed in February this year
said it lost almost GBP650,000 between April 2008 and September
2009, the report discloses.  The accounts indicate the losses were
mainly due to start-up costs and directors anticipated that the
trading performance would improve, the report notes.

The Belfast Clinic on the Lisburn Road employs 31 professional,
administrative and nursing staff and uses a bank of up to 70
agency nursing staff.  Its services included cosmetic surgery,
gynecology, ophthalmology and urology, according to BBC News.


BODIAM MANOR: In Administration; Nearly 50 Jobs Affected
--------------------------------------------------------
Laura Button at Hastings & St. Leonards Observer reports that
Bodiam Manor School has closed, leaving one hundred children
without a school place for September and nearly 50 staff without a
job.

The report relates the school told staff on August 11 that it was
going into administration.

According to the report, the sudden closure, after more than 50
years, has been blamed on a falling number of children on the
school roll.

Buckswood, based at Guestling, was considering taking on the
troubled school, but was ultimately unable to do so, the report
notes.

Bodiam Manor School is an independent day school for boys and
girls aged three to 13 years.


BURNSIDE UK: In Administration; KPMG Seeks Buyer
------------------------------------------------
Business 7 reports that Burnside UK has been put into
administration.

Burnside UK and its sister operation Burnside Inns operates The
Plough Hotel in Stenhousemuir; The Graeme hotel, bar and
restaurant in Falkirk; and The Red Lion hotel and Chinese
restaurant in Larbert, Stirlingshire, the report discloses.

The report says all of the businesses are continuing to trade --
with 47 staff retained -- while a buyer is sought.

According to the report, Blair Nimmo, joint administrator and head
of restructuring for KPMG in Scotland, said: "All three businesses
have a strong reputation in the local market.  Despite this,
Burnside (UK) and Burnside Inns have suffered, like many companies
in the leisure and tourism sector, from the wider challenging
economic conditions.  However we are optimistic that a buyer can
be found for these businesses."

Convivial Management Services has been appointed as managing
agents to run the businesses, the report relates.

Burnside UK is a hospitality operator.


CANARY WHARF: Fitch Cuts Rating on Class D2 Tranche to 'BBsf'
-------------------------------------------------------------
Fitch Ratings has affirmed six tranches of Canary Wharf Finance II
plc and downgraded the transaction's class D2 notes.  Fitch has
simultaneously revised the Outlook on the class C2 notes to
Negative from Stable.  The rating actions are:

  -- GBP1,151.7m class A1 due October 2037 (XS0112279616):
     affirmed at 'AAAsf'; Outlook Stable

  -- GBP400m class A3 due October 2037 (XS0130681512): affirmed at
     'AAAsf'; Outlook Stable

  -- GBP222m class A7 due October 2037 (XS0295171341): affirmed at
     'AAAsf'; Outlook Stable

  -- GBP198.7m class B due October 2037 (XS0112281190): affirmed
     at 'AAsf'; Outlook Stable

  -- GBP104m class B3 due October 2037 (XS0295172075): affirmed at
     'AAsf'; Outlook Stable

  -- GBP275m class C2 due October 2037 (XS0295172406): affirmed at
     'Asf'; Outlook revised to Negative from Stable

  -- GBP125m class D2 due October 2037 (XS0295172745): downgraded
     to 'BBsf' from 'BBBsf'; Outlook Stable

The downgrade of the junior note reflects updated information on
the level of costs incurred by the borrower in relation to the
vacant space in the portfolio, resulting in lower cashflow being
available for debt service payments.  Fitch is concerned that this
could result in some of the scheduled principal payments being
deferred for an extended period.  The shortfall would increase
further and become particularly significant if the HQ2 building
has not been relet by the expiry of the HQ2 facility.  The
facility will provide up to four years of rental income once
Nomura exercises its lease break option which is expected to occur
on 30 September 2010.

In June 2010, a new lease was agreed with Shell International Ltd
to take 186,903 square feet in 40 Bank Street.  The new lease
includes a 42 month rent free period and the starting rent will be
GBP37.50 per sq ft.  This creates an income shortfall in
comparison to the surrendered Barclay's lease on the space, and
therefore GBP37.3 million has been deposited in the reserve
account to cover the debt service each period.

Over the last three quarters, the reserve account has been drawn
by a total of GBP13.1 million to meet debt service payments.  The
aggregate balance of the reserve account at the last interest
payment date was GBP49.1 million.

The collateral was re-valued at GBP2.96 billion in December 2009.
The re-valuation showed a market value decline of 33.2% from the
peak value in October 2007, but a 7% increase on December 2008, in
line with the reported tightening of prime London office yields.
The latest valuation results in a loan, minus cash reserves, to
value ratio of 82.1% (disregarding cash collateral in relation to
the HQ2 facility).

The transaction is secured by seven prime office buildings on
London's Canary Wharf estate.  The majority of rental income is
derived from tenants in the financial services industry that
contribute a strong weighted average tenant rating of 'BBB+'.
Excluding the space previously occupied by Lehman, the WA term to
lease break is 11.5 years and to expiry is 13.0 years.  The
vacancy rate currently stands at 3.9% of the total floor area.
The risk of greatly increased vacancy rates on the Canary Wharf
estate in the wake of the financial crisis now appears less likely
to materialize, with much of the grey space (physical rather than
economic vacancy) having been sub-let or retained by the current
tenant.


CONNAUGHT PLC: Accounting Issues May Hamper Sale Process
--------------------------------------------------------
Alistair Gray and Anousha Sakoui at The Financial Times report
that accountancy issues at Connaught may affect the ability of the
company to sell off parts of its business.  The sale is one of the
potential options under consideration as part of the FTSE 250
company's talks with lenders over its debts, the FT notes.

The FT relates one person familiar with the matter stressed that
most of the challenges lay in the group's social housing division
and that the potential problems were relatively minor elsewhere.

Accounting practices at Connaught, which has been audited by PwC
since 2006, are being independently reviewed by Deloitte, the FT
discloses.

Connaught blamed its original profit warning in June on work
within its social housing division that had been "deferred" due to
public spending cuts, the FT recounts.

As reported by the Troubled Company Reporter-Europe on Aug. 2,
2010, The FT said bankers granted Connaught a vital short-term
GBP15 million (US$23 million) overdraft facility.  The FT
disclosed the cash injection, which Connaught confirmed it had
received on July 29, gives the company time to negotiate a deal
with lenders to safeguard its longer-term future.  Connaught
warned that it was in urgent need of additional funds, in part
because suppliers and subcontractors -- which include Travis
Perkins and BSS, the builders' merchants -- had exerted
"additional pressure" on the group since it issued a profit
warning last month, according to the FT.  The FT noted that
while the cash injection gives Connaught some breathing space, the
group is still set to breach the terms of its loans as it warned
that net debt would be higher at its financial year-end next month
than the GBP120 million it had previously advised.

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


CRYSTAL PALACE: Exits Administration; Transfer Embargo Lifted
-------------------------------------------------------------
BBC Sport reports that Crystal Palace has confirmed that it is out
administration.

BBC relates the club entered into administration in January and
narrowly avoided relegation to League One after being docked 10
points as punishment.

According to BBC, a statement on the club's Web site has revealed
the Football League has now accepted the club's new owners --
Steve Parish's CPFC 2010 consortium.

The news not only marks an end to the rescue process but also
results in the lifting of the club's transfer embargo, BBC notes.


EUROSAIL-UK: S&P Raises Ratings on Three Classes of Notes to BB
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Eurosail-UK 2007-3BL PLC's class A1b, A1c, A2a, A2b, and A2c
notes.  At the same time, S&P has affirmed its ratings on the
class A3a, A3c, B1a, B1c, C1a, C1c, D1a, E1c, and ETc notes.

S&P understand that the transaction continues to meet its
principal and interest obligations and that the reserve fund is at
its required amount.  In the past three quarters, principal
payments have averaged ?14,478,504 and, in its opinion, this
principal payment rate is likely to continue.  Subsequently, S&P
believes that the class A1 notes will fully redeem in the near
term and have therefore raised S&P's ratings on the class A1
notes.

Once the class A1 notes have fully redeemed, the A2 notes will be
the next class to receive principal payments.  Therefore, in S&P's
opinion, the creditworthiness of these notes has slightly improved
and so S&P has raised its rating on this class to 'BB' from 'B'.

However, this transaction no longer has the benefit of a
sterling/euro or sterling/U.S. dollar currency swap.  As part of
S&P's cash flow analysis, S&P has stressed these mismatches from
the current spot rate.  This was the main reason for the previous
downgrades in September and December 2008.  For the purposes of
S&P's credit analysis, S&P considers the implications from the
unhedged currency risk which could result in a potential principal
loss from exchanging principal at the relevant period spot rate
compared with the swap rate at closing.

Therefore, S&P has affirmed its 'B-' ratings on the class A3 notes
and the remaining subordinate notes, reflecting its view of the
potential--depending on exchange rate movements during the life of
the deal--for there to be principal shortfalls in respect of some
or all of these notes.  However, if exchange rates were to change
so that they exceed the swap rate at closing, this would reduce
the potential for principal shortfalls--although for the purposes
of its analysis, S&P would continue to stress cash flows in the
absence of a replacement swap.

With regard to the servicing of the portfolio, since June 2009
there has been a reduction in the stock of repossessions (to 91
from 173 properties in the last quarter).  As a consequence,
losses in June 2010 were ?2.4 million.  These losses were covered
through excess spread.

In addition, S&P has been following legal action in relation to
Eurosail 2007-3BL.  In a recent High Court judgment, Eurosail
2007-3BL was found not to be insolvent within the meaning of
s123(2) of the Insolvency Act 1986 as amended by the terms and
conditions of the notes.  However, S&P understand that leave to
appeal has been granted and S&P will continue to monitor this
transaction under S&P's normal surveillance procedures.

Eurosail-UK 2007-3BL closed in July 2007 and securitizes mortgages
originated by Southern Pacific Mortgage Ltd., Preferred Mortgages
Ltd., Matlock London Ltd., Langersal No. 2 Ltd., Alliance &
Leicester PLC, London Mortgage Co., Southern Pacific Personal
Loans Ltd., and Amber Homeloans Ltd.

                           Ratings List

                     Eurosail-UK 2007-3BL PLC

                GBP268.525 Million, EUR345 Million,
     and US$300.000 Million Mortgage-Backed Floating-Rate Notes
    and an Overissuance of GBP9.75 Million Excess-Spread-Backed
                       Floating-Rate Notes

                          Ratings Raised

                                    Rating
                                    ------
                 Class         To             From
                 -----         --             ----
                 A1b           AAA            BB
                 A1c           AAA            BB
                 A2a           BB             B
                 A2b           BB             B
                 A2c           BB             B

                         Ratings Affirmed

                       Class         Rating
                       -----         ------
                       A3a           B-
                       A3c           B-
                       B1a           B-
                       B1c           B-
                       C1a           B-
                       C1c           B-
                       D1a           B-
                       E1c           B-
                       ETc           B-


KELMAN ENGINEERING: Owes GBP1.75 Mil. to 200 Unsecured Creditors
----------------------------------------------------------------
David Telfer at The Press and Journal reports that Kelman
Engineering owed GBP1.75 million to 200 unsecured creditors when
it went bust in June.

According to the report, the unsecured creditors are mainly in the
north-east and principally suppliers of steel, paint, transport
and financial services.

The report relates following a first meeting of creditors of
Kelman on Thursday, insolvency practitioner Michael Reid, of
Aberdeen firm Meston Reid and Co., said that most of the company's
95 staff had been made redundant after he became provisional
liquidator on June 22, with just a few staying on to complete
outstanding contracts.

The report notes Mr. Reid said Kelman had a turnover of GBP4.1
million in the year to March 2009 and GBP5.6 million in the year
to March 2010, however, the company had found that Matrix
Engineered Systems, which it acquired out of administration in
December 2008, was heavily loss-making and general economic forces
in the past 18 months resulted in bigger competitors that were
more able to cut prices moving into its markets.

Mr. Reid said it was too early to say what creditors might
receive, according to the report.

Mr. Reid was not confirmed as liquidator after a creditor proposed
that Blair Nimmo, head of KPMG's insolvency practice in Scotland,
be appointed to the role, the report discloses.  Mr. Nimmo was
duly elected by creditors present, the report states.

Kelman Engineering was a Turiff-based fabrication business.


KEYDATA INVESTMENT: N&P to Repay Couple Affected by Collapse
------------------------------------------------------------
BBC News reports that the Norwich & Peterborough building society
has been told by the Financial Ombudsman Service to repay
GBP28,000 to a couple to whom it sold a policy from troubled
investment firm Keydata.

BBC relates Keydata went into administration last year and most of
the GBP450 million invested by 30,000 investors is now at risk.

The N&P sold Keydata policies to about 3,500 of its customers and
has denied any liability for their losses, BBC discloses.

According to BBC, the FOS ruling says the N&P wrongly advised the
couple to invest more than 40% of their savings in the investments
-- second-hand life insurance policies from the US -- that were
too risky for their circumstances.

The FOS ruling is a preliminary one, BBC states.

The N&P's chief executive Matthew Bullock said he expected a final
decision in September, after his society had gone back to the FOS
to argue that the policies had not been as inherently risky as the
adjudicator had suggested, BBC discloses.

The FOS decision opens up the possibility that many of the other
N&P customers who were advised to put their savings in Keydata
policies may demand similar compensation, at great expense to the
society, BBC notes.

As reported by the Troubled Company Reporter-Europe, Dan
Schwarzmann and Mark Batten of PricewaterhouseCoopers LLP were
appointed joint administrators of Keydata on June 8, 2009.  The
appointment was made based on an application to court by the
FSA on insolvency grounds.

Keydata Investment Services Ltd. designs, distributes and
administers structured investment products.  Keydata operates from
three locations, being London, Glasgow and Reading and administers
its own products as well as portfolios for third parties.


REALTIME WORLDS: Re-employs 23 People on MyWorld 3D Game
--------------------------------------------------------
Business 7 reports that administrators said 23 people of Realtime
Worlds' 60-strong team in Dundee have been re-employed on its
MyWorld 3D game.

According to the report, joint administrator Ken Pattullo, of
Begbies Traynor, said: "As a smaller entity MyWorld is attracting
considerable interest from potential buyers and 23 members of the
team who had been working on the project clearly add value to it
as a standalone business, hence the fact we have been able to
offer a limited number of those jobs back."

The team working on MyWorld had been made redundant days before
the administration, the report notes.

As reported by the Troubled Company Reporter-Europe on Aug. 19,
2010, Realtime Worlds went into administration after disappointing
sales of its latest title.  The FT disclosed Begbies Traynor said
"lackluster demand" for APB: All Points Bulletin, which was
several years in the making, contributed to the company's demise.

Dundee-based Realtime Worlds is a software technology company
specializing in the entertainment sector.  The company was founded
in 2002 by Dave Jones, who had previously created Lemmings and
Grand Theft Auto.


WHEATSHEAF SHOPPING: In Receivership; Business as Usual
-------------------------------------------------------
Rochdale Online reports that the Wheatsheaf Shopping Centre in
Rochdale has been placed into receivership.

The report relates KPMG has been appointed receiver, but shop
keepers and shoppers have been assured that it is business as
usual at the center.


WILLS & CO: FSA Withdraws Winding-Up Petition After CVA Approval
----------------------------------------------------------------
Will Roberts at IFAonline reports that the Financial Services
Authority has withdrawn its petition for the winding up of Wills &
Co. after creditors approved its proposal for a company voluntary
arrangement.

In July, the FSA confirmed the stockbroker was in default after
the Financial Services Compensation Scheme found it to be unable
to pay claims -- a decision which allowed the start of
compensation claims against the firm.

Earlier this year, the FSA stopped the firm from giving investment
advice due to poor sales practices, including poor risk warnings
and misleading information to its high-risk penny share customers.

Wills & Co. is a London-based stockbroker.


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


* BOND PRICING: For the Week August 16 to August 20, 2010
---------------------------------------------------------

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

AUSTRIA
-------
RAIFF ZENTRALBK         4.500  9/28/2035     EUR    72.74

BELGIUM
-------
NTRP                    8.750   8/2/2010     USD    77.50

FINLAND
-------
MUNI FINANCE PLC        0.250  6/28/2040     CAD    23.99
MUNI FINANCE PLC        1.000  2/27/2018     AUD    66.85
MUNI FINANCE PLC        0.500  9/24/2020     CAD    69.36
MUNI FINANCE PLC        0.500  3/17/2025     CAD    54.84
MUNI FINANCE PLC        1.000  6/30/2017     ZAR    66.94

FRANCE
------
AIR FRANCE-KLM          4.970   4/1/2015     EUR    14.34
ALCATEL SA              4.750   1/1/2011     EUR    16.54
ALCATEL-LUCENT          5.000   1/1/2015     EUR     3.15
ALTRAN TECHNOLOG        6.720   1/1/2015     EUR     4.52
ATOS ORIGIN SA          2.500   1/1/2016     EUR    50.20
CALYON                  6.000  6/18/2047     EUR    50.55
CAP GEMINI SOGET        3.500   1/1/2014     EUR    42.14
CAP GEMINI SOGET        1.000   1/1/2012     EUR    43.53
CLUB MEDITERRANE        4.375  11/1/2010     EUR    49.79
EURAZEO                 6.250  6/10/2014     EUR    54.54
FAURECIA                4.500   1/1/2015     EUR    20.45
GROUPE VIAL             2.500   1/1/2014     EUR    18.99
MAUREL ET PROM          7.125  7/31/2014     EUR    15.73
MAUREL ET PROM          7.125  7/31/2015     EUR    12.34
NEXANS SA               4.000   1/1/2016     EUR    60.11
PEUGEOT SA              4.450   1/1/2016     EUR    29.26
PUBLICIS GROUPE         1.000  1/18/2018     EUR    48.10
PUBLICIS GROUPE         3.125  7/30/2014     EUR    37.29
RHODIA SA               0.500   1/1/2014     EUR    46.75
SOC AIR FRANCE          2.750   4/1/2020     EUR    20.43
SOITEC                  6.250   9/9/2014     EUR     9.63
TEM                     4.250   1/1/2015     EUR    54.50
THEOLIA                 2.700   1/1/2041     EUR    12.33
VALEO                   2.375   1/1/2011     EUR    46.90
ZLOMREX INT FIN         8.500   2/1/2014     EUR    51.00
ZLOMREX INT FIN         8.500   2/1/2014     EUR    51.00

GERMANY
-------
DEUTSCHE BK LOND        3.000  5/18/2012     CHF    60.63
DEUTSCHE BK LOND        0.500  8/25/2017     BRL    53.15
HSH NORDBANK AG         4.375  2/14/2017     EUR    73.90
L-BANK FOERDERBK        0.500  5/10/2027     CAD    49.45
QIMONDA FINANCE         6.750  3/22/2013     USD     3.69
SOLON AG SOLAR          1.375  12/6/2012     EUR    40.78

GREECE
------
ATHENS URBAN TRN        5.008  7/18/2017     EUR    73.33
ATHENS URBAN TRN        4.851  9/19/2016     EUR    74.98
HELLENIC REP I/L        2.900  7/25/2025     EUR    52.70
HELLENIC REP I/L        2.300  7/25/2030     EUR    47.95
HELLENIC REPUB          5.200  7/17/2034     EUR    67.22
HELLENIC REPUB          5.000  8/22/2016     JPY    68.91
HELLENIC REPUBLI        4.500  9/20/2037     EUR    54.14
HELLENIC REPUBLI        5.300  3/20/2026     EUR    61.87
HELLENIC REPUBLI        4.700  3/20/2024     EUR    61.69
HELLENIC REPUBLI        6.250  6/19/2020     EUR    73.31
HELLENIC REPUBLI        6.000  7/19/2019     EUR    72.19
HELLENIC REPUBLI        4.600  7/20/2018     EUR    67.62
HELLENIC REPUBLI        4.300  7/20/2017     EUR    67.38
HELLENIC REPUBLI        5.900  4/20/2017     EUR    75.88
HELLENIC REPUBLI        3.600  7/20/2016     EUR    69.66
HELLENIC REPUBLI        3.700  7/20/2015     EUR    71.27
HELLENIC REPUBLI        4.600  9/20/2040     EUR    54.55
NATIONAL BK GREE        3.875  10/7/2016     EUR    74.03
YIOULA GLASSWORK        9.000  12/1/2015     EUR    67.29
YIOULA GLASSWORK        9.000  12/1/2015     EUR    65.75

IRELAND
-------
ALLIED IRISH BKS        5.250  3/10/2025     GBP    61.75
DEPFA ACS BANK          4.900  8/24/2035     CAD    73.57
DEPFA ACS BANK          0.500   3/3/2025     CAD    40.96
DEPFA ACS BANK          1.920   5/9/2020     JPY    72.51
DEPFA BANK PLC          3.150   4/3/2018     EUR    71.04
HYPO PUBLIC FIN         5.400  3/26/2024     EUR    66.27
IRISH NATIONWIDE       13.000  8/12/2016     GBP    77.58
IRISH PERM PLC          7.284  2/15/2035     EUR    63.58

LUXEMBOURG
----------
ARCELORMITTAL           7.250   4/1/2014     EUR    28.65
BREEZE FINANCE          4.524  4/19/2027     EUR    90.05
GLOBAL YATIRIM H        9.250  7/31/2012     USD    71.63
IIB LUXEMBOURG         11.000  2/19/2013     USD    60.00
INTL INDUST BANK        9.000   7/6/2011     EUR    55.13
LIGHTHOUSE INTL         8.000  4/30/2014     EUR    63.13
LIGHTHOUSE INTL         8.000  4/30/2014     EUR    63.53

NETHERLANDS
-----------
APP INTL FINANCE       11.750  10/1/2005     USD     0.01
ARPENI PR INVEST        8.750   5/3/2013     USD    42.00
ARPENI PR INVEST        8.750   5/3/2013     USD    42.00
ASTANA FINANCE          7.875   6/8/2010     EUR    16.46
BK NED GEMEENTEN        0.500  2/24/2025     CAD    54.88
BLT FINANCE BV          7.500  5/15/2014     USD    73.13
BLT FINANCE BV          7.500  5/15/2014     USD    70.00
BRIT INSURANCE          6.625  12/9/2030     GBP    66.88
ELEC DE CAR FIN         8.500  4/10/2018     USD    56.52
FRIESLAND BANK          4.125   1/8/2016     EUR    54.45
FRIESLAND BANK          5.320  2/26/2024     EUR    43.71
IVG FINANCE BV          1.750  3/29/2017     EUR    73.01
NATL INVESTER BK       25.983   5/7/2029     EUR    24.32
NED WATERSCHAPBK        0.500  3/11/2025     CAD    54.10
NED WATERSCHAPBK        2.927  6/30/2045     EUR    74.24
Q-CELLS INTERNAT        5.750  5/26/2014     EUR    69.67
RBS NV EX-ABN NV        6.316  6/29/2035     EUR    70.97
TJIWI KIMIA FIN        13.250   8/1/2001     USD     0.01
TURANALEM FIN BV        8.250  1/22/2037     USD    50.06
TURANALEM FIN BV        8.500  2/10/2015     USD    49.69
TURANALEM FIN BV        8.000  3/24/2014     USD    46.90

NORWAY
------
EKSPORTFINANS           0.500   5/9/2030     CAD    42.37
NORSKE SKOGIND          7.000  6/26/2017     EUR    67.00

POLAND
------
REP OF POLAND           3.220   8/4/2034     JPY    70.78
REP OF POLAND           3.300  6/16/2038     JPY    69.84
REP OF POLAND           2.648  3/29/2034     JPY    63.43

RUSSIA
------
ACBK-INVEST             9.500  4/14/2011     RUB     2.00
AGROKOM GROUP          10.000  6/21/2011     RUB     2.00
AGROSOYUZ              17.000  3/28/2012     RUB     2.00
APK ARKADA             17.500  5/23/2012     RUB     0.38
ARKTEL-INVEST          12.000   4/9/2012     RUB     2.00
ATOMSTROYEXPORT-        7.750  5/24/2011     RUB     2.00
BANK OF MOSCOW          6.450  7/29/2011     RUB     5.00
BANK OF MOSCOW          7.500   2/1/2013     RUB     2.02
BANK SOYUZ             16.000   5/2/2011     RUB     2.00
BANK SOYUZ              9.500  2/23/2011     RUB     3.00
BARENTSEV FINANS       20.000   7/4/2011     RUB    30.00
CB STROYCREDIT          9.500   8/1/2011     RUB    15.50
CENTREINVEST GRO        9.250  6/24/2014     RUB     3.00
CREDIT EUROPE BA       11.500  6/28/2011     RUB     2.00
DALSVYAZ                7.600  5/30/2012     RUB     3.00
DALUR-FINANS           14.000   2/5/2013     RUB     4.00
DIPOS                   8.000  6/19/2012     RUB    22.01
DVTG-FINANS            17.000  8/29/2013     RUB     9.30
EESK                    8.740   4/5/2012     RUB    17.01
ENERGOSPETSSNAB         8.500  5/30/2016     RUB     0.10
ENERGOSTROY-FINA       12.000  5/20/2011     RUB     2.00
EUROKOMMERZ            16.000  3/15/2011     RUB     0.01
FAR EASTERN GENE       10.500   3/8/2013     RUB    26.01
FINANCEBUSINESSG       12.500  6/22/2011     RUB     2.00
FINANCEBUSINESSG       10.000   7/1/2013     RUB     2.00
FORTUM OJSC             7.600   2/6/2013     RUB     3.00
GENERATING CO           8.500  6/21/2011     RUB     2.00
GLOBEX-FINANS           0.100  4/26/2011     RUB    18.01
GRACE DIAMOND          15.000   6/7/2012     RUB     2.00
GRADOSTROY-INVES       11.000   3/3/2011     RUB     2.00
HORTEX-FINANS          13.000  8/14/2013     RUB     3.00
IART                   12.000   8/4/2013     RUB     5.00
IAZS                   11.000  12/8/2010     RUB     1.00
INPROM                  9.500  5/18/2011     RUB    20.01
INTERGRAD              15.000   7/9/2014     RUB     2.00
INTERSOFT              10.070  3/31/2025     RUB     1.00
INTL INDUST BANK       13.250   1/3/2018     RUB     3.00
INVESTTORGBANK         14.500  10/8/2012     RUB    16.01
IZHAVTO                18.000   6/9/2011     RUB    11.31
KARUSEL FINANS         12.000  9/12/2013     RUB    10.00
KOMOS GROUP            13.500  7/21/2011     RUB    17.01
KOSMOS-FINANS          10.200  6/16/2011     RUB    17.01
KRAYINVESTBANK          8.500   8/5/2011     RUB     3.00
LADYA FINANS           13.750  9/13/2012     RUB     2.00
LEKSTROY                0.100  7/22/2011     RUB     3.01
LR-INVEST              13.750  7/17/2012     RUB     3.00
LSR-INVEST              9.250  7/14/2011     RUB    35.01
M-INDUSTRIYA           14.250  7/10/2013     RUB    45.00
M-INDUSTRIYA           12.250  8/16/2011     RUB    33.41
MACROMIR-FINANS         7.750   7/3/2012     RUB     5.02
MAIN ROAD OJSC         10.200   6/3/2011     RUB     3.00
METROSTROY INVES       10.500  9/23/2011     RUB     5.01
MIG-FINANS              0.100   9/6/2011     RUB     5.00
MIRAX                  17.000  9/17/2012     RUB    29.00
MIRAX                  14.990  5/17/2011     RUB    35.00
MOSKOMMERTSBANK        12.000  2/15/2011     RUB     2.00
MOSKOMMERTSBANK         1.000  6/12/2013     RUB    15.50
MOSMART FINANS          0.010  4/12/2012     RUB     1.81
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
MY BANK                10.000   8/7/2012     RUB     2.00
MY BANK                12.960  4/16/2015     RUB     1.00
NATIONAL CAPITAL       12.500  5/20/2011     RUB     3.00
NATIONAL CAPITAL       13.000  9/25/2012     RUB     2.00
NATIONAL FACTORI       11.500   5/3/2011     RUB     0.04
NAUKA-SVYAZ            15.000  6/27/2013     RUB     3.00
NEW INVESTMENTS        12.000   7/7/2011     RUB     2.00
NOK                    17.000  8/26/2014     RUB     1.00
NOK                    15.500  9/22/2011     RUB     2.00
NOMOS-LEASING          12.000   7/8/2011     RUB     2.00
NOVOROSSIYSK           13.000  12/9/2011     RUB     2.00
NUTRINVESTHOLDIN       11.000  6/30/2014     RUB    30.00
OBYEDINEONNYE KO        3.000  5/16/2012     RUB     2.01
OJSC FCB               11.000   8/7/2012     RUB     4.00
OSMO KAPITAL           10.200   3/7/2011     RUB     2.00
PEB LEASING            14.000  9/12/2014     RUB     2.00
PENSION FUND REA        5.000   5/7/2019     RUB     2.00
PETROCOMMERCE BK        5.000   7/6/2011     RUB    50.00
POLYPLAST              19.000  6/21/2011     RUB    32.00
PROM TECH              16.000  4/25/2011     RUB     2.00
PROMNESTESERVICE        9.500  12/5/2014     RUB     4.00
PROTEK-FINANS          12.000  11/2/2011     RUB    15.49
RAILTRANSAUTO          17.500  12/4/2013     RUB     2.00
REGIONENERGO            8.500  5/30/2016     RUB     2.00
RFA-INVEST             10.000  11/4/2011     RUB     3.00
RIATO                  13.750   6/3/2013     RUB    51.79
RMK PARK PLAZA         10.000   1/8/2013     RUB    22.01
ROSSELKHOZBANK          7.800   2/9/2018     RUB     3.01
ROSSELKHOZBANK         11.500  9/27/2017     RUB     2.00
ROTOR                   7.750   3/4/2014     RUB     1.51
RUSSIAN RAILWAYS       11.500  7/15/2019     RUB     0.75
RUSSIAN RAILWAYS       11.300  7/16/2018     RUB     0.74
RUSSIAN STANDARD        7.800  9/20/2011     RUB     1.59
RVK-FINANS              9.500  7/21/2011     RUB    20.01
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    23.01
SETL GROUP             11.700  5/15/2012     RUB    22.01
SEVKABEL-FINANS        10.500  3/27/2012     RUB    20.16
SIBUR                   9.000  3/13/2015     RUB     2.00
SIBUR                   9.250  3/13/2015     RUB     2.00
SIBUR                  13.500  3/13/2015     RUB     2.00
SIBUR                  10.470  11/1/2012     RUB     3.00
SIBUR                   9.000  3/13/2015     RUB     2.00
SISTEMA-HALS            8.500   4/8/2014     RUB     2.00
SOUTHERN STOCK C       15.750  4/29/2014     RUB     2.01
SPETSSTROYFINANC        8.500  5/30/2016     RUB     1.00
SVOBODNY SOKOL         18.000  5/24/2011     RUB    50.00
SYNTERRA                0.010   8/1/2013     RUB    33.01
TAIF-FINANS             8.420   9/9/2010     RUB     1.70
TALIO-PRINCEPS         16.000  5/17/2012     RUB     4.00
TECHNONICOL-FINA       17.000   3/7/2012     RUB    17.05
TECHNOSILA-INVES        7.000  5/26/2011     RUB     4.00
TERNA-FINANS            1.000  11/4/2011     RUB     7.00
TK FINANS              12.600   9/5/2011     RUB     1.00
TOP-KNIGA              20.000  12/9/2010     RUB    16.01
TRANSCREDITFACTO       12.000  6/11/2012     RUB     4.00
TRANSCREDITFACTO       12.000  11/1/2012     RUB     5.00
TRANSFIN-M             14.000  7/10/2014     RUB     3.00
TRANSFIN-M             10.750  8/10/2012     RUB     0.17
TRANSFIN-M              9.750  8/13/2013     RUB     0.05
TRANSFIN-M              9.750  8/13/2013     RUB     0.05
TRANSFIN-M             11.000  12/3/2014     RUB     3.00
TRANSFIN-M             11.000  12/3/2014     RUB     6.00
TRANSFIN-M             11.000  12/3/2014     RUB     3.00
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     5.00
TRANSFIN-M             11.000  12/3/2015     RUB     3.00
TRANSFIN-M             11.000  12/3/2015     RUB     6.00
TRANSNEFT              11.750  10/1/2019     RUB     2.00
TVER VAGONOSTRO         7.000  6/12/2013     RUB     1.00
UNITAIL                12.000  6/22/2011     RUB    15.50
UNITED HEAVY MAC       13.000  5/31/2013     RUB     3.00
UNITED HEAVY MAC       13.000  8/30/2011     RUB    50.03
URALCHIMPLAST           8.000  1/21/2011     RUB     2.00
URALELEKTROMED          8.250  2/28/2012     RUB     1.73
URALSVYAZINFORM         8.500  3/13/2012     RUB     0.04
URALSVYAZINFORM         7.500   4/2/2013     RUB    12.00
VESTER-FINANS          15.250  8/11/2011     RUB    10.01
VKM-LEASING FINA        1.000  5/18/2011     RUB     1.01
VLADPROMBANK           12.000   3/8/2011     RUB     2.00
VMK-FINANCE            16.000  5/21/2014     RUB     5.00
XM STROYRESURS         10.000  7/12/2011     RUB    30.01
YUGFINSERVICE          15.250  5/20/2014     RUB     2.00
ZAO EUROPLAN           10.000  8/11/2011     RUB     2.00
ZHELEZOBETON           10.000  5/27/2011     RUB     3.01
ZHILSOTSIPOTEKA-        9.000  7/26/2011     RUB     2.00

SPAIN
-----
AYT CEDULAS CAJA        3.750  6/30/2025     EUR    75.80
BANCAJA                 1.500  5/22/2018     EUR    61.66
BANCAJA EMI SA          2.755  5/11/2037     JPY    46.73
BANCO GUIPUZCOAN        1.500  4/18/2022     EUR    55.28
CAIXA TERRASSA          1.500  3/12/2022     EUR    52.20
CEDULAS TDA A-6         4.250  4/10/2031     EUR    75.60

SWEDEN
------
SWEDISH EXP CRED        9.000  8/28/2011     USD     9.99

SWITZERLAND
-----------
UBS AG                 14.000  5/23/2012     USD     8.83
UBS AG                 13.300  5/23/2012     USD     4.02
UBS AG                 10.580  6/29/2011     USD    38.50
UBS AG JERSEY          10.500  6/16/2011     USD    72.54
UBS AG JERSEY           9.500  8/31/2010     USD    55.10
UBS AG JERSEY          13.900  1/31/2011     USD    35.33
UBS AG JERSEY          14.640  1/31/2011     USD    37.08
UBS AG JERSEY          16.170  1/31/2011     USD    13.05
UBS AG JERSEY          10.000  2/11/2011     USD    59.88
UBS AG JERSEY          15.250  2/11/2011     USD    11.67
UBS AG JERSEY          11.000  2/28/2011     USD    63.92
UBS AG JERSEY          12.800  2/28/2011     USD    34.47
UBS AG JERSEY          10.990  3/31/2011     USD    31.46
UBS AG JERSEY          16.160  3/31/2011     USD    43.29
UBS AG JERSEY          10.820  4/21/2011     USD    21.61
UBS AG JERSEY          11.030  4/21/2011     USD    20.57
UBS AG JERSEY          10.650  4/29/2011     USD    15.79
UBS AG JERSEY          13.000  6/16/2011     USD    48.78
UBS AG JERSEY          10.280  8/19/2011     USD    35.83
UBS AG JERSEY          10.360  8/19/2011     USD    50.90
UBS AG JERSEY          11.150  8/31/2011     USD    38.35
UBS AG JERSEY           9.350  9/21/2011     USD    66.32
UBS AG JERSEY           9.450  9/21/2011     USD    50.47
UBS AG JERSEY           3.220  7/31/2012     EUR    54.21

UNITED KINGDOM
--------------
BANK NADRA              8.000  6/22/2017     USD    67.93
BANK OF SCOTLAND        6.984   2/7/2035     EUR    70.48
BARCLAYS BK PLC         8.550  1/23/2012     USD    11.42
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        10.800  7/31/2012     USD    26.68
BARCLAYS BK PLC        10.350  1/23/2012     USD    20.64
BARCLAYS BK PLC        12.950  4/20/2012     USD    19.76
BRADFORD&BIN BLD        4.910   2/1/2047     EUR    64.89
CO-OPERATIVE BNK        5.875  3/28/2033     GBP    76.40
EFG HELLAS PLC          6.010   1/9/2036     EUR    63.75
EFG HELLAS PLC          5.400  11/2/2047     EUR    56.38
ENTERPRISE INNS         6.375  9/26/2031     GBP    70.75
HBOS PLC                6.000  11/1/2033     USD    64.16
HBOS PLC                6.000  11/1/2033     USD    64.16
HBOS PLC                4.500  3/18/2030     EUR    72.88
PUNCH TAVERNS           6.468  4/15/2033     GBP    71.88
ROYAL BK SCOTLND        6.316  6/29/2030     EUR    67.74
TXU EASTERN FNDG        6.450  5/15/2005     USD     2.38
TXU EASTERN FNDG        6.750  5/15/2009     USD     2.48
UNIQUE PUB FIN          7.395  3/28/2024     GBP    74.37
UNIQUE PUB FIN          6.464  3/30/2032     GBP    62.62
WESSEX WATER FIN        1.369  7/31/2057     GBP    24.86


                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *