TCREUR_Public/100830.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 30, 2010, Vol. 11, No. 170


C Z E C H   R E P U B L I C

ECM REAL ESTATE: Net Loss Widens; Doubt Raised Over Future


ARCANDOR AG: Borletti to Submit Improved Bid for Karstadt Unit
ENTRY FUNDING: Moody's Confirms Ca Ratings on Two Classes of Notes
IKB DEUTSCHE: Probe Into Near-Collapse to Spur Further Lawsuits


WIND HELLAS: Senior Noteholders Agree to Quit Trading Bonds


BKV: Hungary Sets Up Bankruptcy Committee to Settle Finances
SZEVIEP: Csongrad County Court Orders Liquidation


AER ARANN: Enters Interim Examinership; Flights Not Affected
ANDREW MANNION: In Receivership; 70 Jobs Affected
CLANCY QUAY: Auditors Give Adverse Opinion on 2008 Accounts
MCINERNEY HOMES: High Court Appoints Interim Examiner


TIRRENIA DI NAVIGAZIONE: Union Balks at Bad Company Proposal


CADOGAN SQUARE: S&P Affirms Rating on Class E Notes at 'CCC'


PAPELARIA FERNANDES: Closes 12 Stores; Sacks 100 Employees


BANK OF KHANTY-MANSIYSK: S&P Affirms 'B+' Long-Term Rating
NOTA-BANK: Moody's Assigns 'E+' Bank Financial Strength Rating
SVIAZ-BANK OJSC: Moody's Upgrades Deposit Ratings to 'B1'

* Fitch Assigns 'BB-' Bond Rating on Republic of Khakassia


TDA SA: Fitch Affirms 'Bsf' Rating on Series D Notes


KIA MOTORS UKRAINE: Undergoing Liquidation

U N I T E D   K I N G D O M

CPC PACKAGING: In Administration; 95 Jobs Affected
EMI GROUP: Pension Dispute Casts Doubt on Future
FLETCHER O'BRIEN: Goes Into Liquidation
HUMBERSIDE OPTICAL: In Administration; 20 Jobs Affected
RT PROPERTIES: In Receivership; Owner Contests Property Writedown

ST. URSULA'S: Oasis Trust Nears Acquisition Deal
TRIFFITT TRAILERS: In Administration; Business Up for Sale
WHITEHAVEN RL: To Go Into Administration to Avert Winding-Up Order


* BOND PRICING: For the Week August 23 to August 27, 2010


C Z E C H   R E P U B L I C

ECM REAL ESTATE: Net Loss Widens; Doubt Raised Over Future
Krystof Chamonikolas at Bloomberg News reports that ECM Real
Estate Investments AG said late Wednesday that the company's net
loss widened to EUR41.1 million (US$52 million) from EUR18.6
million a year earlier as asset values declined 21%.

The company is in breach of bond covenants and will need
"significant additional funding," auditor Deloitte SA said in a
preamble to the company's statement, according to Bloomberg.
Bloomberg notes the auditor wrote that this raises "substantial
doubt about the ability of the entity to continue as a going

ECM called for a bondholder meeting on Sept. 9 that is expected to
vote on the management's plan to restructure its debt, Bloomberg
says, citing a statement on the company's website.

"The company's destiny depends heavily on the outcome of the
bondholders' meeting," Igor Muller, an analyst at Prague-based
brokerage Wood & Co., wrote in a report Thursday, according to
Bloomberg.  "If they decide not to give ECM time until 2014 to
resolve its situation and ask for immediate repayment of 125
percent of the debt's nominal value, the company will be instantly

ECM Real Estate Investments AG is a real estate development and
investment company based in the Czech Republic.  The Company's
offer comprises real estate development projects, leasing of
retail space, offices and conference center, sale of flats and
houses and facility management.  In addition, it offers lease of
space for telecommunication equipment.  ECM Real Estate
Investments AG operates in the Czech Republic, as well as in
Russia, China, Cyprus, Luxembourg and others, through its
subsidiaries, including ECM China Investments sro, POYNTON sro,
ECM Byty sro, China East Investment Ltd, PROSPECT LLC, RYAZAN
INVESTORS COMPANY Ltd, among others.


ARCANDOR AG: Borletti to Submit Improved Bid for Karstadt Unit
Ragnhild Kjetland at Bloomberg News, citing Handelsblatt, reports
that Maurizio Borletti, the owner of Italy's La Rinascente and
France's Printemps department stores, is planning to submit an
"improved bid" for Arcandor AG's insolvent department-store chain

According to Bloomberg, Mr. Borletti said in an interview that he
wouldn't expect his bid to run into any difficulty with European
competition authorities.

On Aug. 9, 2010, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that Karstadt's creditor committee on
Aug. 5 rejected opening talks with Borletti on selling Karstadt.
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 potential
buyer Berggruen Holdings Ltd.

As reported by the Troubled Company Reporter-Europe on Aug. 4,
2010 Bloomberg News said Mr. Borletti made an approach for
Karstadt.  Bloomberg disclosed Mr. Borletti on Aug. 2 said that he
submitted the offer, worth EUR100 million (US$131.8 million) on
July 29 to administrator Klaus Hubert Goerg.  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, as cited by Bloomberg, said he won't take any money
out of Karstadt within the next five years.

                        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.

ENTRY FUNDING: Moody's Confirms Ca Ratings on Two Classes of Notes
Moody's Investors Service confirmed the ratings of these notes
issued by Entry Funding No.1 plc:

Issuer: Entry Funding No.1 plc

  -- EUR358.5M A Notes, Confirmed at Baa3 (sf); previously on Apr
     29, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade

  -- EUR8M B Notes, Confirmed at Caa1 (sf); previously on Apr 29,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- EUR8M C Notes, Confirmed at Caa3 (sf); previously on Apr 29,
     2010 Caa3 (sf) Placed Under Review for Possible Downgrade

  -- EUR10M D Notes, Confirmed at Ca (sf); previously on Apr 29,
     2010 Ca (sf) Placed Under Review for Possible Downgrade

  -- EUR11M E Notes, Confirmed at Ca (sf); previously on Apr 29,
     2010 Ca (sf) Placed Under Review for Possible Downgrade

Entry Funding No.1 plc, issued in December 2006, is a cash-flow
collateralized debt obligation backed by a static portfolio of
Certificates of Indebtedness ("Schuldscheine") issued by German
SME borrowers.  Those Certificates represent senior unsecured debt
with various redemption dates all falling on or before the
scheduled maturity date of this CDO transaction in September 2011.
Following partial amortization and excluding defaults, the current
outstanding pools amounts to approximately EUR198.8 million with
exposure to 177 borrowers.

The rating actions primarily reflect the positive impact of the
shortened time to maturity on the expected loss of each class,
which mitigates the credit deterioration experienced by the
portfolio pool since last rating action in August 2009.  In
addition, substantial deleveraging of the senior most class
contributed to the maintenance of OC levels consistent with the
current ratings.

The transaction has experienced an increase in defaults and
impairments, from 19 obligations, totaling EUR31.4 million, at the
time of last rating action, to 35 obligations, totaling EUR46.4
million.  The cumulative recovery on the defaulted obligations to
date is EUR3.57 million.  According to the latest Investor Report,
no recovery is expected on 8 defaulted obligations, totaling
EUR10.8 million.  The credit indicators assigned to the borrowers
by the originator Landesbank Baden-Wrttemberg are used by Moody's
to assess the credit quality of the.  Indicators provided by LBBW
indicate a credit deterioration across the portfolio which is
reflected in a substantial increase in the Weighted Average Rating
of the portfolio and EUR16 million of assets have a credit quality
consistent with a Moody's Caa rating range.

In addition, the investor report details an increase in the
Principal Deficiency Ledger from approximately EUR20.8 million at
time of last rating action to approximately EUR30.5 million.  The
PDL is a measure representing the cumulative nominal amount of
defaults in a transaction.  It is cured by the sequential
redemption of the notes from excess available funds until the PDL
has been reduced to zero.  Moody's anticipates the average excess
available funds to be around EUR 1 million per quarterly payment
date over the remaining life of the transaction.  Excess spread
will therefore not allow for a complete pay down of the PDL by the
scheduled maturity date of the transaction.

The current portfolio has a credit quality consistent with these
equivalent rating distribution (excluding amortized and defaulted
assets): 0.11% A3, 2.8% Baa1, 3.88% Baa2, 10.74% Baa3, 8.69% Ba1,
13.02% Ba2, 24.93% Ba3, 11.87% B1, 14.42% B2, 1.45% B3, 1.35%
Caa1, 5.74% Caa2 and 1% Caa3.  The two largest sector
concentrations are in the Retail and Capital Equipment sectors,
representing 20% and 18% of the current pool, respectively.

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of rating committee
considerations.  Moody's considers as well the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, and
specific documentation features.  All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, may influence the final rating decision.

Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, as primarily evidenced by uncertainties
regarding credit conditions and refinancing opportunities of
German SME borrowers in the general economic environment.

IKB DEUTSCHE: Probe Into Near-Collapse to Spur Further Lawsuits
James Wilson at The Financial Times reports that Hans Joerg
Schuettler, IKB's chief executive, has warned investors that a
controversial investigation into its near-collapse could lead to
further lawsuits against the German bank and threaten its

The FT relates a special audit of the circumstances surrounding
the bank's near-collapse has now restarted after minority
shareholders successfully challenged a decision by Lone Star, the
US investor that took over IKB following the crisis, to shelve the

Mr. Schuettler, as cited by the FT, said any findings of the
special audit could give ammunition to IKB customers or investors
to launch damaging legal claims.

"Our position is unchanged.  In the interests of the company,
third parties should not be given the chance to use any findings
for the justification of their own claims," Mr. Schuettler said at
the bank's annual meeting, according to the FT.  "Even unfounded
claims bring considerable legal risks and operational burdens and
can mean the company is endangered."

No date has been set for the completion of the special audit,
which is being carried out by a German auditor, the FT notes.

IKB had to be bailed out in 2007 after it ran up massive exposure
to an off-balance sheet vehicle that was stocked with failing
subprime investments, the FT discloses.

                 About IKB Deutsche Industriebank

IKB Deutsche Industriebank AG -- is a
Germany-based banking company, which specializes in the field of
long-term financing.  It offers a range of financial products and
services directed at medium-sized domestic as well as
international companies and project partners.  The Company's
focuses on the two segments Corporate Customers, including
domestic corporate financing, especially lending, but also product
leasing and private equity; and Real Estate Customers, which
provides customized financing solutions as well as related
services for industrial real estate.  As of March 31, 2009, it
operated through direct and indirect subsidiaries, including the
wholly owned IKB Capital Corporation and IKB Equity Finance GmbH,
among others; its two majority owned subsidiaries; as well as two
affiliated companies.  The Company's subsidiaries are located in
Germany, the United States, the Netherlands, Luxembourg, Austria,
the Czech Republic, France, Hungary, Poland, Russia, Slovakia and

                          *     *     *

As reported by the Troubled Company Reporter-Europe on Sept. 21,
2009, Moody's Investors Service confirmed the Baa3 long-term debt
and deposit ratings, Ba2 subordinated debt ratings and Prime-3
short-term rating of IKB Deutsche Industriebank, reflecting
Moody's assessment of a very high probability of ongoing external
support.  The outlook on the senior and junior debt ratings
remains negative.  IKB's E bank financial strength rating, mapping
to a stand-alone baseline credit assessment of Caa1, was affirmed,
with a stable outlook.  Moody's downgraded the upper Tier 2 junior
subordinated instruments issued by IKB and its vehicle ProPart
Funding Ltd to C from Ca, the lowest level on Moody's rating
scale, and the Tier 1 instruments issued by IKB Funding Trust I &
II and Capital Raising GmbH to Ca from Caa3.  Moody's said the
outlook on the instruments is stable.


WIND HELLAS: Senior Noteholders Agree to Quit Trading Bonds
Wind Hellas Telecommunications SA's senior noteholders agreed to
stop trading their bonds in return for access to confidential data
they need before making a bid for the company, John Glover at
Bloomberg News reports, citing two people familiar with the

Bloomberg says a formal agreement not to trade the securities,
known as going restricted, is necessary because of the market-
sensitive information investors require prior to making an offer.
Gaining restricted status advances the sale process for the Greek
mobile-phone operator that reneged on EUR1.8 billion (US$2.3
billion) of debt last month, Bloomberg notes.

According to Bloomberg, one of the people said the senior
bondholders want to work with Wind Hellas's current management
team if they acquired the company.

Last month creditors granted a so-called debt standstill until
Nov. 5 to prevent it defaulting, Bloomberg discloses.  Under the
standstill agreement, Wind Hellas deferred a EUR17.5 million
interest payment on its EUR250 million revolving credit facility,
Bloomberg says.  It also missed a EUR23 million coupon payment on
its EUR1.2 billion of floating-rate notes due July 15, Bloomberg

A proposal from senior bondholders may have competition, Bloomberg
says.  Wind Hellas said Aug. 2 it received offers from a "number
of potential investors."  Buyers have until Sept. 15 to make a
Wind Hellas Bidders Swap Bond Trading Rights for Company Data
binding offer, Bloomberg relates.

                         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.


BKV: Hungary Sets Up Bankruptcy Committee to Settle Finances
MTI Econews reports that the National Economy Ministry said that
the Hungarian government decided to set up a "bankruptcy
committee" in order to settle the finances of BKV.

According to the report, the Ministry said the Budapest City
Council is no longer able to "take control" of the financial
situation of the company, which has come to the brink of
bankruptcy, and has therefore decided to set up a three-strong
committee, to be led by state secretary of the National Economy
Ministry in charge of public finances Gyorgy Naszvadi.  The report
relates the statement said the committee's members will be
appointed by the national economy minister, the national
development minister and the minister of interior affairs.

The report notes the statement added the setting up the bankruptcy
committee will be the first step in consolidating BKV's financial
position, and the government intends to negotiate on the company's
future and a financial bailout package with the new city
municipality.  Municipal elections will be held in October, the
report states.

The report relates Budapest Mayor Gabor Demszky said on July 26
that BKV's solvency could be jeopardized in October if the
government does not pay the funding approved by the previous
government in December 2009.  The previous government transferred
HUF10 billion of the HUF17 billion in extra support it agreed to
BKV, and the remaining HUF7.6 billion in government funding was to
be transferred to BKV by July 15, the report discloses.  The extra
support was aimed at cutting the company's losses from HUF23
billion last year to HUF3.7 billion by the end of 2010 according
to the agreement, the report says.

BKV is a Budapest transport company.

SZEVIEP: Csongrad County Court Orders Liquidation
The Csongrad County Court on August 13 ordered the liquidation of
Szeviep, MTI-Econews reports, citing a court spokesman.

Szeviep has been under bankruptcy protection since April 29, the
report notes.  The report relates the last meeting with creditors
was held on July 27 when banks turned down a proposed bankruptcy

Szeviep is a Hungarian construction company.


AER ARANN: Enters Interim Examinership; Flights Not Affected
The Irish Times reports that Aer Arann has entered interim

The Irish Times relates at a High Court sitting on Thursday
evening, Ms. Justice Maureen Clark appointed Michael McAteer of
Grant Thornton as interim examiner to the business.

According to The Irish Times, Fine Gael said the examinership was
necessary to give the airline time to find an investor and have a

The case will come before the courts for a full hearing on
September 8, when it is expected that the company will enter
examinership for a period of at least 70 days, the report
discloses.  In the interim, the company will operate under the
protection of the courts, the report notes.

The court was told that the airline was seeking the protection of
the court because it is currently insolvent and cannot pay its
debts, The Irish Times relates.  It is understood that the
decision to petition for examinership was also prompted by the
company's difficulties in servicing its contracts with aircraft
leasing companies, The Irish Times notes.  The court heard that
the airline's creditors include AIB, which is owed EUR3.9 million,
the Revenue Commissioners, the Dublin Airport Authority, Aer
Lingus and the Irish Aviation Authority, The Irish Times
discloses.  The court heard AIB is prepared to provide a EUR1
million overdraft to the airline during the period of court
protection, and Aer Lingus is supporting the petition, The Irish
Times notes.

The Irish Times relates counsel for the airline told the court
that the airline's deficit as a going concern was approximately
EUR10 million, and that there would be EUR19 million available for
unsecured creditors.  In a statement on Thursday, the company said
it has incurred losses of EUR18 million since 2008, The Irish
Times discloses.  It lost EUR6 million in both 2008 and 2009 and
has already lost EUR6 million to date this year, primarily due to
the impact of the volcanic ash disruption, The Irish Times states.

The court heard that the company is looking to secure additional
investment, and to date three investors had expressed an interest,
The Irish Times discloses.

According to The Irish Times, the airline said that its day-to-day
operations would not be affected during the interim examinership
period and that all flights would operate as scheduled.  This
includes the regional flights operated by Aer Arann on behalf of
Aer Lingus, The Irish Times notes.

The company also said it intended to preserve as many of the jobs
as possible, as well as hundreds of associated jobs in airports
and aviation support services firms, The Irish Times discloses.

Separately, John Mulligan at Irish Independent reports that
industry sources ruled out any suggestion that Aer Lingus could
move to acquire Aer Arann as the regional carrier struggles for

According to Irish Independent, some insiders suggested that Aer
Lingus could move to protect its association with Aer Arann by
taking over the carrier and attempting to turn it into a
profitable operation.  But people close to Aer Lingus dismissed
any notion that the former state-owned carrier would make such an
approach, Irish Independent notes.

Irish Independent relates it was speculated that Aer Lingus could
come under political pressure to save Aer Arann if its prospects
further deteriorate. But as Aer Lingus chief executive Christoph
Mueller continues to push through a major cost-saving program,
it's unlikely the company would be in any position to attempt such
a takeover, Irish Independent says.  Such a move would also likely
meet resistance from unions at Aer Lingus, Irish Independent

Aer Arann operates 13 aircraft.  It employs 320 people at its
bases in Dublin and Galway, as well as in Shannon, Cork, Waterford
and the Isle of Man.

ANDREW MANNION: In Receivership; 70 Jobs Affected
Adrian Cusack at The Westmeath Independent reports that a receiver
has been appointed to Andrew Mannion Structural Engineers, leaving
more than 70 staff out of work.

Citing a statement on the company's Web site, the report says
Farrell Grant Sparks was appointed as receiver and manager over
the company by Ulster Bank Ireland Limited.

FGS is now acting as receiver and manager for two other elements
of the business, Andrew Mannion Engineering Ltd. and Andrew
Mannion Structural Engineers Ltd., which employed 60 people in
total, the report discloses.  It's understood that a liquidator
was appointed to one aspect of the company, Andrew Mannion
Erection Ltd., which employed 11 people, the report notes.

The receivership process means the company has currently ceased
trading and its staff have been made redundant, the report states.

The report relates Derek Scanlon of FGS Longford on Tuesday stated
that the receiver is "actively looking for purchasers of the
business and assets which would allow it to continue as a going

The general downturn in the construction sector is thought to be
the main factor which has brought the company to the receivership
stage the report notes.

Andrew Mannion Structural Engineers, based on the Clara Road in
Moate, was regarded as the country's largest independent
structural steel fabricator.

CLANCY QUAY: Auditors Give Adverse Opinion on 2008 Accounts
Simon Carswell at The Irish Times reports that KPMG, auditors to
Clancy Quay Properties, gave "an adverse opinion" on the company's
2008 accounts, which have just been filed, saying they do not give
a true and fair view of the firm's affairs or the loss for the
financial year.

Led by developer David Kennedy, Clancy Quay Properties planned to
build more than 700 new homes, restaurants, shops and a hotel on
the 14.5-acre site beside the Liffey at Islandbridge, the report

According to the report, the accountants said the firm had made no
provision for impairment of the site's value and the property had
not been valued since its purchase.  They advised an impairment
provision be taken given very significant reductions in similar
properties, the report notes.  The report relates the company said
it is difficult to value the site and there is uncertainty as to
whether it can secure finance to complete the project.

The company posted a loss of EUR1.4 million for 2008 but no
turnover, compared with a profit of EUR7,000 on a turnover of
EUR27 million the previous year, the report discloses.

The report notes Clancy Quay Properties said the site had a
carrying value of EUR190 million at the end of 2008 and the
directors said they considered it difficult to establish a
valuation in light of current market conditions.

The firm is financed by Bank of Scotland (Ireland) and by National
Irish Bank, according to the report.

Clancy Quay Properties is a property developer based in Ireland.

MCINERNEY HOMES: High Court Appoints Interim Examiner
Barry O'Halloran at The Irish Times reports that the High Court on
Thursday gave McInerney Homes protection from its creditors in the
first case of its kind to involve a business with debts destined
for the National Asset Management Agency.

The Irish Times relates the High Court on Thursday appointed Billy
O'Riordan of PricewaterhouseCoopers as interim examiner to the
company, which gives McInerney automatic protection from its Irish
creditors, to which it owes a total of EUR111 million.

According to The Irish Times, the issue is due to be heard again
on September 7.  If the court finalizes the appointment of an
examiner, this will give the company protection from creditors for
up to 100 days, which is designed to allow the examiner time to
come up with a rescue plan for the company, The Irish Times notes.
The company must demonstrate that it has a reasonable chance of
survival for this to happen, The Irish Times says.

McInerney's Irish debts are owed to a syndicate of three
institutions, Bank of Ireland, State-owned Anglo Irish Bank and
Belgian lender KBC, The Irish Times discloses.  The examinership
does not affect its British business or lenders, The Irish Times
notes.  State agency Nama is due to take over the debt owed to
Bank of Ireland and Anglo later this year as part of the sixth
tranche of property related debts, The Irish Times discloses.

Meanwhile, Emmet Oliver and John Mulligan at Irish Independent
report that taxpayers appear to be one of the losers from the
decision of quoted company McInerney to apply for examinership.

Anglo Irish Bank and Bank of Ireland are both key lenders to the
housebuilder and their debts are unlikely to be honored in full no
matter what happens from here on, Irish Independent says.
McInerney has EUR240 million of debt in total and the Irish banks
are believed to be owed EUR111 million of this, split between
Anglo and Bank of Ireland, The Irish Independent discloses.

If McInerney emerges from examinership, and it's a big if, the
banks will take significant write-downs on their loans, otherwise
the examinership is pointless, Irish Independent says.

Equally if the examinership does not get approval and the firm
goes into liquidation or receivership, the banks will lose that
way too because the assets of the company will in know way cover
these debts, Irish Independent states.

Separately, Irish Independent's Mr. Oliver reports that Quinn
Insurance and foreign lender KBC are also among those likely to
lose out as McInerney's Irish division goes into examinership.

Quinn Insurance holds a 4.6% stake in the company and the Quinn
family has been reported to own a larger stake in the McInerney
business, Irish Independent discloses.  These stakes are set to be
either entirely wiped out or hugely reduced in value through the
examinership process, Irish Independent notes.

An examiner from PricewaterhouseCoopers will now draw up a scheme
of arrangement, which creditors, including the banks, will be able
to vote on, Irish Independent discloses.

Irish Independent relates McInerney said it needed to go into
examinership after banks cancelled its overdraft and ordered that
all cash from house sales to be transferred to them.

McInerney Homes is an Irish housebuilder.


TIRRENIA DI NAVIGAZIONE: Union Balks at Bad Company Proposal
Jeffrey Donovan at Bloomberg News, citing La Stampa daily, reports
that Tirrenia di Navigazione SpA doesn't need to offload its debt
into a "bad company" before being sold.

According to Bloomberg, Giuseppe Caronia, head of the UIL
Trasporti union, as quoted by La Stampa, said Tirrenia's assets
are valued at more than its debt, which taxpayers shouldn't have
to pay for.

Bloomberg notes La Stampa said Industry Ministry Undersecretary
Stefano Saglia proposed putting Tirrenia's estimated debt of
EUR600 million (US$762 million) into a bad company as the
government seeks a buyer for the ferry operator.

As reported by the Troubled Company Reporter-Europe on Aug. 16,
2010, Bloomberg News said that a Rome judge on Aug. 12 declared
Tirrenia insolvent, the first step toward placing the company
under state administration.  Bloomberg disclosed Italy failed this
month to sell Tirrenia and on Aug. 5 approved "emergency financial
provisions" to help guarantee ferry services.  The sale was pulled
after the government did not reach a final agreement with bidder
Mediterranea Holding, according to Bloomberg.  Bloomberg noted
Rome newspaper la Repubblica, citing Nicola Coccia, a Mediterranea
shareholder, reported Mediterranea may team up with other
operators such as Moby SpA and Grandi Navi Veloci SpA to make a
new offer for Tirrenia.  Uil Trasporti, as cited by Bloomberg,
said it may appeal the ruling and will fight against the state-
owned company's breakup.

Tirrenia, founded in 1936, runs passenger and cargo ships linking
the mainland with islands Sardinia, Sicily and Corsica as well as


CADOGAN SQUARE: S&P Affirms Rating on Class E Notes at 'CCC'
Standard & Poor's Ratings Services raised its credit rating on
Cadogan Square CLO III B.V.'s class A notes.  At the same time,
S&P affirmed its ratings on the class B, C, D, and E notes.

The rating actions follow S&P's assessment of trends that S&P has
observed in the transaction over several months.  These include a
reduction in the level of defaulted assets in the underlying
portfolio, rising overcollateralization test ratio results, and
diversion of interest receipts to reduce the principal balance of
the class A notes and to reinvest in additional collateral.

S&P's analysis indicates that these developments have helped
increase the credit enhancement of all classes of notes since S&P
last took rating action on the transaction in January 2010.

In S&P's opinion, the credit enhancement available to the class A
notes is now at a level consistent with a higher rating than
previously assigned.  S&P has therefore raised its rating on the
class A notes to 'AA- (sf)' from 'A+ (sf)'.

However, in S&P's opinion the credit enhancement available to the
remaining classes of rated notes is not currently sufficient to
support higher ratings.  S&P has therefore affirmed its ratings on
classes B, C, D, and E.

Cadogan Square CLO III is a cash flow collateralized loan
obligation collateralized by a pool of primarily European
leveraged loans.  The transaction closed in December 2006 and is
managed by Credit Suisse International.

                           Ratings List

                    Cadogan Square CLO III B.V.
        EUR507 Million Senior Secured Floating-Rate Notes

                          Rating Raised

              Class          To               From
              -----          --               ----
              A              AA- (sf)         A+ (sf)

                         Ratings Affirmed

                     Class          Rating
                     -----          ------
                     B              BBB+ (sf)
                     C              BB+ (sf)
                     D              B+ (sf)
                     E              CCC (sf)


PAPELARIA FERNANDES: Closes 12 Stores; Sacks 100 Employees
Jim Silver at Bloomberg News reports that Papelaria Fernandes-
Industria e Comercio SA, which is undergoing an insolvency
process, said it closed 12 of its 14 stores and fired 100
employees in the past two weeks.

Bloomberg relates the company said late Wednesday in a regulatory
filing that a "total lack of liquidity" made the closings and the
job cuts necessary.

Papelaria Fernandes-Industria e Comercio SA is a Lisbon-based
stationery retailer.


BANK OF KHANTY-MANSIYSK: S&P Affirms 'B+' Long-Term Rating
Standard & Poor's Ratings Services said it revised its outlook on
Russia-based Bank of Khanty-Mansiysk (JSC) to positive from
stable.  At the same time, the 'B+' long-term and 'B' short-term
counterparty credit ratings, and the 'ruA+' Russia national scale
rating were affirmed.

"The outlook revision reflects S&P's view that the negative impact
of the economic downturn on BKM has been less harsh than S&P
previously anticipated, and that the bank has demonstrated a
fairly resilient financial profile," said Standard & Poor's credit
analyst Maria Malyukova.

BKM is steadily improving its liquidity and capitalization, while
asset quality indicators have deteriorated to a lesser degree than
its peers.  The ratings also benefit from BKM's links to the
Khanty-Mansiysk Autonomous Okrug (BBB-/Negative/--) and its good
market position in its home region.

The ratings on BKM are constrained in S&P's opinion by
uncertainties regarding its further privatization and the ongoing
challenging operating environment in Russia, which continues to
pressurize borrowers' creditworthiness and banks' asset quality in
the country.

KMAO remains the main shareholder of the bank, although it
decreased its stake to 44.2% from 66.3% after the RUB3.5 billion
share issue in 2009.

S&P classify BKM as a government-related entity.  In accordance
with S&P's criteria for GREs, S&P considers that BKM performs an
"important" role for KMAO given its ongoing servicing of KMAO-
linked companies and budget recipients, and its participation in
regional investment programs.  S&P now consider the bank's link
with KMAO as "limited", as opposed to "strong" previously,
reflecting the reduction in the ownership to a 44% minority,
although it still holds a controlling stake.  It remains uncertain
whether KMAO will further reduce its ownership of BKM in line with
its privatization process of the bank.  Given S&P's current view
of its role and link, S&P add one notch of uplift above the
standalone credit profile of the bank to reflect its view that
there is a moderate likelihood that KMAO would provide
extraordinary support in case of need.

"S&P would consider raising the rating if S&P believed that BKM's
asset quality was improving and if evidence confirmed a
sustainable improvement in its financial performance, including a
strengthening of its funding profile, profitability, and if
capitalization was ample," said Ms. Malyukova.

S&P could consider a negative rating action if the bank's
financial standing weakened materially, caused either by
significantly accelerating credit risks, liquidity shortages, or
strong pressure on capitalization.

S&P could withdraw the one-notch uplift attributable to BKM's GRE
status if the bank is further privatized, with KMAO reducing its
ownership to less than a 25% blocking stake, if an outside party
attains a majority ownership stake in BKM, if the bank's role to
KMAO reduces to limited importance, or if the rating on KMAO was
lowered to a level whereby the capacity to support BKM was
severely constrained.

NOTA-BANK: Moody's Assigns 'E+' Bank Financial Strength Rating
Moody's Investors Service has assigned these global scale ratings
to Russia's NOTA-Bank: a bank financial strength rating of E+
(mapping to a Baseline Credit Assessment of B3), and long-term and
short-term local and foreign currency deposit ratings of B3/Not
Prime.  Concurrently, Moody's Interfax Rating Agency assigned a
long-term national scale rating of to NOTA-Bank.  The
outlook on the global scale ratings is stable, while the national
scale rating carries no specific outlook.

                        Ratings Rationale

Moody's assessment is primarily based on NOTA-Bank's audited
financial statements for 2009 prepared under IFRS, signed on
June 25, 2010.

According to Moody's, NOTA-Bank's ratings derive from the bank's
satisfactory financial fundamentals, particularly its liquidity
profile, profitability and capitalization.  The rating agency
notes NOTA-Bank's good liquidity profile, whereby the bank's loan-
to-deposit ratio stood at 60% at December 31, 2009, while the
share of liquid assets accounted for nearly a half of the total
assets as of the same date (as per the audited IFRS accounts).
NOTA-Bank posted a profit of RUB561 million (US$18.5 million) in
2009 (under IFRS), up from RUB164 million (US$5.6 million) in 2008
-- the bank's major income streams being of recurring nature
(interest and commissions).  In addition to NOTA-Bank's
satisfactory internal capital generation capacity, its
shareholders have been providing capital injections to the bank --
as recently as Q2 2010 the bank commenced a process to increase
its Tier 1 capital by further RUB500 million, to be completed by
YE2010, which should help NOTA-Bank to realize its near-term
business expansion plans.

At the same time, NOTA-Bank's ratings are constrained by the
bank's still narrow franchise, whereby it still ranks 111th among
Russian financial institutions by total assets (as at 1H 2010).
This raises, inter alia, concentration issues: as reported in
NOTA-Bank's audited IFRS statements, at YE2009 the bank's
aggregate exposure to the nine largest customers accounted for 33%
of total gross loans and 144% of total equity, while the ten
largest depositors together comprised 38% of total customer
funding.  This renders the bank vulnerable to the financial
performance and commitment of a limited number of major customers.
Another constraining factor is the bank's recent growth -- the
bank's loan portfolio grew 68% in 2009 and 77% in 2008, although
from a very low base.  Such rapid growth, may, in Moody's view,
lead to understatement of the real level of problem loans.
Moody's also notes the dominance of uncollateralized loans in
NOTA-Bank's loan portfolio, which reduces the bank's negotiation
power and the potential recovery prospects.

According to Moody's, NOTA-Bank's B3 deposit ratings may be
upgraded if it expands its market franchise and reduces its credit
and funding concentrations, while also maintaining adequate
financial fundamentals.

Conversely, any failure by NOTA-Bank to maintain stable liquidity
profile, or deterioration of the bank's asset quality,
profitability and/or capital levels, especially in view of the
bank's aggressive business expansion, may exert negative pressure
on its ratings.

Domiciled in Moscow, NOTA-Bank reported -- as at December 31, 2009
-- total IFRS assets of US$498 million (YE2008: US$356 million)
and total equity of US$54.4 million (YE2008: US$35.2 million); the
bank's net IFRS income for the period then ended amounted to
US$18.5 million (2008: US$5.6 million).

                      Regulatory Disclosures

Information sources used to prepare the credit rating are these:
parties involved in the ratings, parties not involved in the
ratings, public information, confidential and proprietary Moody's
Investors Service's information.

Moody's Investors Service considers the quality of information
available on the issuer or obligation satisfactory for the
purposes of assigning a credit rating.

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.

SVIAZ-BANK OJSC: Moody's Upgrades Deposit Ratings to 'B1'
Moody's Investors Service has upgraded the local and foreign
currency deposit ratings of Sviaz-Bank to B1 from B2.  Its Bank
Financial Strength Rating of E+ was affirmed but now maps to a
Baseline Credit Assessment of B2, up from the previously assigned
B3.  The deposit ratings carry a positive outlook while the
outlook for the BFSR is stable.  Concurrently, Moody's Interfax
Rating Agency upgraded the bank's long-term National Scale Rating
to from  National scale ratings carry no specific

                        Ratings Rationale

Moody's notes that the BCA uplift to B2 from B3 reflects the
recovery of Sviaz-Bank's lending and deposit-taking franchise as
well all as its track record of healthy financial performance in
H1 2010 and strong capital adequacy levels.  As per IFRS financial
statements for Q1 2010 (reviewed by independent auditors), the
bank recorded net income of RUB847 million (US$29 million) driven
by renewed lending in 2009 and stabilization of loan book quality.
In 2009 and Q1 2010 Sviaz-Bank issued RUB43 billion of new loans
representing over 47 % of its gross loan book as of March 31,
2010, and demonstrated 22% growth in the bank's deposit base for
the same period.  Thus the bank recovered its market franchise
which was damaged in late 2008.  Sviaz-Bank reported strong
capital adequacy ratios aided by recovery in recurring income
generation as well as capital injections, with the Tier 1 CAR at
23.7% and Total CAR at 47.4%, which support the bank's potential
losses absorption capacity.

Sviaz-Bank is almost fully owned by state-owned corporation
Vnesheconombank (rated Baa1), which bailed out the bank in late
2008 and provided capital and liquidity support to restore the
bank's operations.  Recently, the parent announced its plan to
launch the Post-Bank initiative in which Sviaz-Bank will be
transformed into new institution named Post-Bank in partnership
with state-owned corporation Post of Russia and with a private
bank that will be selected by open tender.

Post-Bank will be focused on providing a wide range of financial
services to corporate, SME and retail customers using the
unrivalled countrywide distribution capacity of Post of Russia.
Moody's views positively the steps that have already been taken as
part of preparation for launching this initiative.  The rating
agency believes that the implementation of this initiative could
lead to closer strategic fit of Sviaz-Bank to its parent, and thus
is likely to result in a higher probability of support from VEB to
Sviaz-Bank in case of need.  Thus, the rating agency assigns a
positive outlook to Sviaz-Bank's deposit rating of B1, which
incorporates one-notch uplift from the bank's BCA of B2 on the
back of Moody's current assessment of low probability of parental
support.  Successful completion or implementation of this
initiative and a track record of financial performance in line
with the parent's strategy would likely lead to a reassessment of
the rating agency's support assumptions and, thus, an upgrade of
the deposit rating.

Moody's previous rating action on Sviaz-Bank was on September 25,
2009, when the BFSR was upgraded to E+ from E, its long-term local
currency and foreign currency bank deposit ratings were upgraded
to B2 from Caa2, and its NSR was upgraded to from

Based in Moscow, Russia, Sviaz-Bank reported total IFRS assets of
RUB123 billion as at March 31, 2010, and net income of RUB847
million for Q1 2010.

                      Regulatory Disclosures

Information source used to prepare the credit rating is these:
parties involved in the ratings, parties not involved in in the
ratings, public information, and confidential and proprietary
Moody's Investors Service's information.

Moody's Investors Service considers the quality of information
available on the issuer or obligation satisfactory for the
purposes of maintaining a credit rating.

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.

* Fitch Assigns 'BB-' Bond Rating on Republic of Khakassia
Fitch Ratings has assigned the Republic of Khakassia's RUB1.2
billion domestic bond (ISIN RU000A0JQZX0), due August 25, 2013,
final ratings of Long-term local currency 'BB-' and National Long-
term 'A+(rus)'.

The Republic has Long-term local and foreign currency ratings of
'BB-', respectively, and a National Long-term rating of 'A+(rus)'.
The Long-term ratings have Stable Outlooks.  The republic's Short-
term foreign currency rating is 'B'.

The bond has a 8.2% fixed-rate coupon.  The principal will be
amortized by 45% of the initial bond issue value on August 22,
2012.  The remaining 55% will be redeemed on August 25, 2013.  The
proceeds from the bond issue will be used to refinance maturing
debt and to fund capital expenditure.

Khakassia is located in southwest Siberia.  Its GRP accounts for
0.2% of national GDP, and the republic has 538,000 inhabitants,
representing 0.4% of the national population.


TDA SA: Fitch Affirms 'Bsf' Rating on Series D Notes
Fitch Ratings has affirmed TDA SA Nostra Empresas 2, FTA:

  -- EUR165,801,448 Series A: affirmed at 'AAAsf'; Outlook Stable;
     assigned Loss Severity Rating 'LS-2'

  -- EUR50,400,000 Series B: affirmed at 'Asf'; Outlook Stable;
     assigned Loss Severity Rating 'LS-3'

  -- EUR36,500,000 Series C: affirmed at 'BBsf'; Outlook Stable;
     assigned Loss Severity Rating 'LS-3'

  -- EUR10,400,000 Series D : affirmed at 'Bsf'; Outlook Stable;
     assigned Loss Severity Rating 'LS-5'

The transaction has experienced relatively low delinquencies and
high prepayments since the last review.  Credit enhancement has
increased faster than expected due to a Constant pre-payment rate
of 18.5%.  The credit enhancement now stands at 14.7% for the
junior notes and up to 51.7% for the senior notes.  The reserve
fund is still fully funded at EUR38.7 million.

The portfolio remains highly concentrated with 95% of the assets
related to the Balearic Islands, which leads to industry
concentrations in building, construction and tourism-related
activities.  The collateral quality is strengthened by mortgage
collateral amounting to 88% of the loan balance.

A potential counterparty risk is that the reserve fund account is
held at Caja de Ahorros y Monte de Piedad de Las Baleares (Sa
Nostra, rated 'BBB'/Stable/'F3').  The account is guaranteed by
Banco Popular Espanol S.A, ('A'/Stable/'F1').  However, the
guarantee can be revoked if Sa Nostra is downgraded below 'BBB'.
Fitch believes this risk is mitigated by a clause that states the
guarantee cannot be revoked before the account is moved to the
Treasury account, which is currently held at Banco Santander

Fitch has assigned an Issuer Report Grade of Three Stars to the
issuer to reflect its satisfactory investor reporting.  Fitch
notes that the investor reports provide, on a monthly basis, many
details regarding the key features of the deal and its structure
alongside key portfolio stratification relevant to the
concentration analysis, but which lack information such as
triggers for counterparties involved in the transaction

The transaction is a cash flow securitization of a static pool of
1,039 secured and unsecured loans granted by Caja de Ahorros y
Monte de Piedad de Las Baleares to small- and medium-sized
enterprises and self employed individuals in Spain.  The issuer is
legally represented and managed by Titulizacion de Activos
S.G.F.T., S.A.  (TDA or the gestora), a limited liability company
incorporated under Spanish law, the activities of which are
limited to the management of securitization funds.


KIA MOTORS UKRAINE: Undergoing Liquidation
Interfax-Ukraine, citing a notice appearing on Aug. 27 in the
government newspaper Uriadovy Kurier newspaper, reports that KIA
Motors Ukraine is being liquidated.

The report relates the court made the ruling to liquidate the
company on August 3, 2010.  Oleh Rybachuk has been appointed
liquidator, the report discloses.

Kyiv Economic Court opened a case on the bankruptcy of KIA Motors
Ukraine on February 11, 2010, the report notes.

KIA Motors Ukraine distributed KIA cars in Ukraine.

U N I T E D   K I N G D O M

CPC PACKAGING: In Administration; 95 Jobs Affected
Helen Morris at PrintWeek reports that CPC Packaging UK has gone
into administration, resulting in the loss of 95 jobs.

The report relates Grant Thornton UK partners Alastair Wardell and
Daniel Smith were appointed joint administrators of CPC Packaging
UK and its operating subsidiaries on Thursday.  According to the
report, the administrators said the appointment followed "a
difficult period" for the group, during which it suffered a fire
in December 2008 at its King's Lynn, Norfolk, business that
affected operations "for some time".

High raw material prices over the course of the past year also
impacted profitability at the business, the report states.

"The administrators and their team need to quickly ascertain
whether there is a possibility that some or all of the business
can be sold," the report quoted Mr. Wardell as saying.  "The
Bristol site will continue production in the short term to satisfy
customer demands, while purchasers for the business are sought."

The report notes Mr. Wardell added that the 95 redundancies had
taken place mainly at the company's King's Lynn site, which
accounts for the majority of staff there, and that the business
would be marketed as a turnkey operation.

Citing accounts filed at Companies House, the report says combined
staff at the two sites in 2008 was 162.  Turnover for the year
ending December 31, 2008, at CPC King's Lynn was GBP12.3 million,
on which it made a pre-tax loss of GBP642,000, the report
discloses.  CPC Bristol's turnover for the same year was GBP11.4
million with a pre-tax loss of GBP188,000, the report states.

CPC Packaging UK is part of the Paris-based Groupe CPC.

EMI GROUP: Pension Dispute Casts Doubt on Future
BBC News reports that the Pensions Regulator has been asked to
decide on the funding of the main EMI pension scheme because the
trustees and the company cannot agree.

According to BBC, the shortfall in the EMI fund is estimated at
between GBP115 million and GBP217 million.  The company has hinted
that if the regulator's ruling is too harsh it might tip the firm
into insolvency, BBC notes.

BBC relates in its annual report, EMI said the dispute over the
size of the deficit -- a debt owed by firm to the scheme -- was
one of the factors that had cast "fundamental uncertainty" over
the company's future.  The EMI pension scheme has 269 active
members and was closed to new joiners in November 2005, BBC

"The outcome of the [regulator's] determination could conceivably
push the company into administration," independent pension
consultant John Ralfe warned, according to BBC.

The deficit in the EMI pension scheme has been unresolved since
2007, despite first being referred to the Pensions Regulator in
the same year, BBC notes.

EMI Group Ltd. -- is the fourth
largest record company in terms of market share (behind Universal
Music Group, Sony Music Entertainment, and Warner Music Group).
It houses recorded music segment EMI Music and EMI Music
Publishing.  EMI Music distributes CDs, videos, and other formats
primarily through imprints and divisions such as Capitol Records
and Virgin, and sports a roster of artists such as The Beastie
Boys, Norah Jones, and Lenny Kravitz.  EMI Music Publishing, the
world's largest music publisher, handles the rights to more than a
million songs.  EMI Music operates through regional divisions (EMI
Music North America, International, and UK & Ireland).  Private
equity firm Terra Firma owns EMI.

FLETCHER O'BRIEN: Goes Into Liquidation
DIY Week reports that Fletcher O'Brien has gone into liquidation.

The report relates Chris Ratten and Jeremy Woodside of RSM Tenon
were appointed as joint liquidators of the company at a creditors
meeting that took place on Thursday.

Based in Lancashire, Fletcher O'Brien is the creator of Tabs for
Tools, which provides tool retailers and distributors with
electronic trading systems and transactional Web sites.

HUMBERSIDE OPTICAL: In Administration; 20 Jobs Affected
BBC News reports that Humberside Optical Services Ltd. has gone
into administration.

According to the report, the firm said it had struggled as
consumers were spending less money on eyewear during the economic
downturn.  The report relates administrators said 20 of the firm's
40 staff had been made redundant and it was looking for a buyer
for the firm.

"The administrators are continuing to trade the business and are
confident that they will be able to secure a sale of the business
as a going concern," the report quoted joint administrator Andrew
McKenzie, of Begbies Traynor, as saying.  "The poor recent trading
of the business has left the firm with unserviceable debt, and
forced the redundancies in order to give the business any chance
of survival."

Humberside Optical Services Ltd, which is based at Barton-upon-
Humber, near Hull, has been supplying opticians with lenses and
frames since 1987.

RT PROPERTIES: In Receivership; Owner Contests Property Writedown
Bridging & Commercial reports that RT Properties was taken into
receivership by the Royal Bank of Scotland on Tuesday.

The report relates the bank took over all but two of property
entrepreneur Roy Thomas' assets.

According to the report, the company ran into trouble after it was
charged a fixed rate loan breakage of GBP14.8 million by RBS.  The
company ran a portfolio of 25 properties and in Cardiff nine
properties, the report discloses.

The report says Mr. Thomas is contesting the decision of RBS to
write down his property portfolio by GBP30 million to GBP35
million.  He is currently in talks with the bank and still retains
ownership of two of his properties, including a factory site he
bought for around GBP7 million in 2007, the report notes.

The report relates Mr. Thomas said: "For me it is absolutely
devastating because I feel it is an unnecessary situation.  The
bank is transferring all the properties except two into its own
property company.  It is a tragedy. The business was successful.
It was letting to small businesses on flexible terms.  It leaves
private investors and creditors out in the cold, and the whole
thing is unnecessary."

RT Properties is a UK property company.

ST. URSULA'S: Oasis Trust Nears Acquisition Deal
BBC News reports that Bristol City Council's deal to buy a
Catholic private school which has gone into administration should
be complete within "a few days".

According to BBC, The Oasis Trust, which will have responsibility
for running St. Ursula's for the first year, said it would reopen
for lessons on September 14.  The school will then become a state-
funded academy in September 2011, BBC says.

As reported by the Troubled Company Reporter-Europe on Aug. 13,
2010, BBC News said St. Ursula's went into administration week
after a bid to make it a non-denominational academy was rejected
by the Sisters of Mercy, the Catholic nuns who ran the school.
BBC disclosed the school had struggled to remain financially
viable because of falling pupil numbers.  About 160 pupils were
left without schools and 40 staff lost their jobs, BBC noted.

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.

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

TRIFFITT TRAILERS: In Administration; Business Up for Sale
Farmers Guardian reports that Triffitt Trailers UK Limited has
gone into administration.

The report relates Andrew Nichols and John Butler of Driffield-
based Redman Nichols Butler were appointed joint administrators of
Triffitt Trailers last week.  The company will continue to trade
under the supervision of the administrators while the business and
assets are marketed for sale, the report notes.

Triffitt Trailers was founded in 1969, and manufactures
agricultural trailers with capacities from four to 22 tonnes from
premises at Full Sutton Industrial Estate, Full Sutton near York.
Turnover for the company at year end August 31, 2009 was
GBP1,743,117, with ten employees working from leased site at Full
Sutton, according to Farmers Guardian.

WHITEHAVEN RL: To Go Into Administration to Avert Winding-Up Order
News & Star reports that Whitehaven Rugby League club is set to go
into administration within the next 10 days to stave off a winding
up order over a GBP64,000 tax bill.

The report relates the club's AGM on Thursday night heard that HM
Revenue & Customs is demanding payment in full and the club, with
debts of around GBP250,000, cannot afford to pay.

According to the report, shareholders were told of a potential
rescue deal with chairman Dick Raaz and directors Ralph Calvin and
Michael Wood preparing to form a consortium to bid for the club.

The report says the Haven board was on Friday expected to file a
notice of intent to go in to administration, which will give
breathing space for a buyer to emerge.

The report notes the AGM heard that the Haven board inherited
debts of GBP305,576 when it took over in early 2009, increased
gross income by GBP115,000 over the year and cut the debt slightly
to under GBP282,000.  Last year's operating loss was GBP21,635,
down from GBP92,799 in 2008, the report states.

The report says home attendances plummeted this year, hitting
income and Haven was relegated from the Championship.

Whitehaven is a rugby league team playing in Whitehaven in West


* BOND PRICING: For the Week August 23 to August 27, 2010

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

RAIFF ZENTRALBK          4.500   9/28/2035      EUR    73.48

FORTIS BANK              8.750   12/7/2010      EUR    14.43
NTRP                     8.750    8/2/2010      USD    78.50

MUNI FINANCE PLC         0.500   9/24/2020      CAD    69.83
MUNI FINANCE PLC         1.000   2/27/2018      AUD    67.41
MUNI FINANCE PLC         0.250   6/28/2040      CAD    23.99
MUNI FINANCE PLC         0.500   3/17/2025      CAD    55.18
MUNI FINANCE PLC         1.000   6/30/2017      ZAR    68.32

AIR FRANCE-KLM           4.970    4/1/2015      EUR    14.29
ALCATEL SA               4.750    1/1/2011      EUR    16.55
ALCATEL-LUCENT           5.000    1/1/2015      EUR     3.12
ALTRAN TECHNOLOG         6.720    1/1/2015      EUR     4.55
ATOS ORIGIN SA           2.500    1/1/2016      EUR    49.51
CALYON                   6.000   6/18/2047      EUR    54.43
CAP GEMINI SOGET         3.500    1/1/2014      EUR    42.01
CAP GEMINI SOGET         1.000    1/1/2012      EUR    43.28
CLUB MEDITERRANE         4.375   11/1/2010      EUR    49.80
EURAZEO                  6.250   6/10/2014      EUR    55.10
FAURECIA                 4.500    1/1/2015      EUR    20.51
GROUPE VIAL              2.500    1/1/2014      EUR    19.00
MAUREL ET PROM           7.125   7/31/2015      EUR    12.19
MAUREL ET PROM           7.125   7/31/2014      EUR    15.76
NEXANS SA                4.000    1/1/2016      EUR    59.68
PEUGEOT SA               4.450    1/1/2016      EUR    28.93
PUBLICIS GROUPE          1.000   1/18/2018      EUR    48.15
PUBLICIS GROUPE          3.125   7/30/2014      EUR    37.15
RHODIA SA                0.500    1/1/2014      EUR    47.22
SOC AIR FRANCE           2.750    4/1/2020      EUR    20.41
SOITEC                   6.250    9/9/2014      EUR     9.25
TEM                      4.250    1/1/2015      EUR    54.95
THEOLIA                  2.700    1/1/2041      EUR    12.28
VALEO                    2.375    1/1/2011      EUR    46.91
ZLOMREX INT FIN          8.500    2/1/2014      EUR    51.00
ZLOMREX INT FIN          8.500    2/1/2014      EUR    51.00

DEUTSCHE BK LOND         0.500   8/25/2017      BRL    53.42
DEUTSCHE BK LOND         3.000   5/18/2012      CHF    60.38
ESCADA AG                7.500    4/1/2012      EUR    17.99
HSH NORDBANK AG          4.375   2/14/2017      EUR    74.48
L-BANK FOERDERBK         0.500   5/10/2027      CAD    49.70
QIMONDA FINANCE          6.750   3/22/2013      USD     3.69
SOLON AG SOLAR           1.375   12/6/2012      EUR    40.24

ATHENS URBAN TRN         5.008   7/18/2017      EUR    72.66
ATHENS URBAN TRN         4.851   9/19/2016      EUR    74.31
HELLENIC RAILWAY         4.500   12/6/2016      JPY    65.82
HELLENIC REP I/L         2.900   7/25/2025      EUR    49.12
HELLENIC REP I/L         2.300   7/25/2030      EUR    45.91
HELLENIC REPUB           5.000   8/22/2016      JPY    66.26
HELLENIC REPUB           5.250    2/1/2016      JPY    74.35
HELLENIC REPUB           5.200   7/17/2034      EUR    68.23
HELLENIC REPUBLI         3.600   7/20/2016      EUR    67.59
HELLENIC REPUBLI         4.600   9/20/2040      EUR    53.17
HELLENIC REPUBLI         4.500   9/20/2037      EUR    52.81
HELLENIC REPUBLI         5.300   3/20/2026      EUR    60.28
HELLENIC REPUBLI         4.700   3/20/2024      EUR    59.44
HELLENIC REPUBLI         6.250   6/19/2020      EUR    70.11
HELLENIC REPUBLI         6.000   7/19/2019      EUR    69.48
HELLENIC REPUBLI         4.600   7/20/2018      EUR    65.18
HELLENIC REPUBLI         4.300   7/20/2017      EUR    65.58
HELLENIC REPUBLI         5.900   4/20/2017      EUR    74.13
HELLENIC REPUBLI         3.700   7/20/2015      EUR    69.78
NATIONAL BK GREE         3.875   10/7/2016      EUR    73.67
YIOULA GLASSWORK         9.000   12/1/2015      EUR    65.75
YIOULA GLASSWORK         9.000   12/1/2015      EUR    67.57

ALLIED IRISH BKS         5.250   3/10/2025      GBP    63.91
DEPFA ACS BANK           0.500    3/3/2025      CAD    42.98
DEPFA ACS BANK           1.920    5/9/2020      JPY    71.68
DEPFA ACS BANK           4.900   8/24/2035      CAD    73.31
DEPFA BANK PLC           3.150    4/3/2018      EUR    68.65
HYPO PUBLIC FIN          5.400   3/26/2024      EUR    64.85
IRISH LIFE & PER         4.625    5/9/2017      EUR    70.73

ARCELORMITTAL            7.250    4/1/2014      EUR    28.29
BREEZE FINANCE           4.524   4/19/2027      EUR    66.75
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    56.13
LIGHTHOUSE INTL          8.000   4/30/2014      EUR    60.95
LIGHTHOUSE INTL          8.000   4/30/2014      EUR    60.99


APP INTL FINANCE        11.750   10/1/2005      USD     0.01
ARPENI PR INVEST         8.750    5/3/2013      USD    42.13
ARPENI PR INVEST         8.750    5/3/2013      USD    42.13
ASTANA FINANCE           7.875    6/8/2010      EUR    16.46
BK NED GEMEENTEN         0.500   2/24/2025      CAD    55.96
BLT FINANCE BV           7.500   5/15/2014      USD    75.25
BRIT INSURANCE           6.625   12/9/2030      GBP    66.80
ELEC DE CAR FIN          8.500   4/10/2018      USD    55.73
IVG FINANCE BV           1.750   3/29/2017      EUR    72.75
NATL INVESTER BK        25.983    5/7/2029      EUR    24.92
NED WATERSCHAPBK         0.500   3/11/2025      CAD    54.26
Q-CELLS INTERNAT         5.750   5/26/2014      EUR    69.66
RBS NV EX-ABN NV         6.316   6/29/2035      EUR    71.66
TJIWI KIMIA FIN         13.250    8/1/2001      USD     0.01

EKSPORTFINANS            0.500    5/9/2030      CAD    42.45
NORSKE SKOGIND           7.000   6/26/2017      EUR    66.20

REP OF POLAND            2.648   3/29/2034      JPY    62.03
REP OF POLAND            3.300   6/16/2038      JPY    68.23
REP OF POLAND            3.220    8/4/2034      JPY    69.28

ACBK-INVEST              9.500   4/14/2011      RUB     2.01
AGROKOM GROUP           10.000   6/21/2011      RUB     3.00
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           7.500    2/1/2013      RUB     2.03
BANK OF MOSCOW           6.450   7/29/2011      RUB     5.01
BANK SOYUZ               9.500   2/23/2011      RUB     3.01
BANK SOYUZ              16.000    5/2/2011      RUB     2.00
BARENTSEV FINANS        20.000    7/4/2011      RUB     2.00
CB STROYCREDIT           9.500    8/1/2011      RUB     1.69
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     4.01
DIPOS                    8.000   6/19/2012      RUB    24.01
DVTG-FINANS             17.000   8/29/2013      RUB    17.00
EESK                     8.740    4/5/2012      RUB    19.01
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    29.01
FINANCEBUSINESSG        10.000    7/1/2013      RUB     2.00
FINANCEBUSINESSG        12.500   6/22/2011      RUB     2.00
FORTUM OJSC              7.600    2/6/2013      RUB     3.01
GLOBEX-FINANS            0.100   4/26/2011      RUB    20.01
GRACE DIAMOND           15.000    6/7/2012      RUB     2.00
IART                    12.000    8/4/2013      RUB     5.01
IAZS                    11.000   12/8/2010      RUB     1.00
INPROM                   9.500   5/18/2011      RUB    25.02
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     2.00
KOMOS GROUP             13.500   7/21/2011      RUB    19.01
KOSMOS-FINANS           10.200   6/16/2011      RUB    19.01
KRAYINVESTBANK           8.500    8/5/2011      RUB     3.01
KUBANSKAYA NIVA         15.500   2/20/2014      RUB     2.01
LADYA FINANS            13.750   9/13/2012      RUB     2.00
LEKSTROY                 0.100   7/22/2011      RUB     4.01
LR-INVEST               13.750   7/17/2012      RUB     3.00
LSR-INVEST               9.250   7/14/2011      RUB    30.01
M-INDUSTRIYA            14.250   7/10/2013      RUB     5.01
M-INDUSTRIYA            12.250   8/16/2011      RUB    30.51
MACROMIR-FINANS          7.750    7/3/2012      RUB     6.00
MAIN ROAD OJSC          10.200    6/3/2011      RUB     3.00
MEDVED-FINANS           14.000   8/16/2013      RUB     2.65
METROSTROY INVES        10.500   9/23/2011      RUB     7.00
MIG-FINANS               0.100    9/6/2011      RUB     5.00
MIRAX                   14.990   5/17/2011      RUB    35.50
MIRAX                   17.000   9/17/2012      RUB    26.00
MOSKOMMERTSBANK         12.000   2/15/2011      RUB     2.01
MOSKOMMERTSBANK          1.000   6/12/2013      RUB    17.02
MOSMART FINANS           0.010   4/12/2012      RUB     1.91
MOSOBLGAZ               12.000   5/17/2011      RUB    72.50
MOSOBLTRUSTINVES        20.000   3/26/2011      RUB     6.99
MY BANK                 12.960   4/16/2015      RUB     1.00
MY BANK                 10.000    8/7/2012      RUB    11.00
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     1.00
NAUKA-SVYAZ             15.000   6/27/2013      RUB     3.00
NEW INVESTMENTS         12.000    7/7/2011      RUB     2.00
NOK                     15.500   9/22/2011      RUB    60.00
NOMOS-LEASING           12.000    7/8/2011      RUB     2.00
NOVOROSSIYSK            13.000   12/9/2011      RUB     2.00
NOVYE TORGOVYE S        15.000   4/26/2011      RUB    35.00
NUTRINVESTHOLDIN        11.000   6/30/2014      RUB    19.00
OBYEDINEONNYE KO         3.000   5/16/2012      RUB     2.01
OJSC FCB                11.000    8/7/2012      RUB     4.01
PEB LEASING             14.000   9/12/2014      RUB     2.00
PENSION FUND REA         5.000    5/7/2019      RUB     2.00
POLYPLAST               19.000   6/21/2011      RUB    33.00
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    17.01
RAF-LEASING             12.500   2/21/2012      RUB     3.01
RAILTRANSAUTO           17.500   12/4/2013      RUB     3.00
REGIONENERGO             8.500   5/30/2016      RUB     2.00
RFA-INVEST              10.000   11/4/2011      RUB     3.01
RIATO                   13.750    6/3/2013      RUB     2.00
ROSSELKHOZBANK          11.500   9/27/2017      RUB     2.00
ROTOR                    7.750    3/4/2014      RUB     1.51
RUSSIAN SEA             10.000   6/14/2012      RUB    50.01
RUSSIAN STANDARD         7.800   9/20/2011      RUB    17.00
RVK-FINANS               9.500   7/21/2011      RUB    22.02
SAHO                    15.000   5/21/2012      RUB    18.00
SATURN                  10.000    6/6/2014      RUB     5.00
SENATOR                 14.000   5/18/2012      RUB    25.01
SETL GROUP              11.700   5/15/2012      RUB    23.01
SEVKABEL-FINANS         10.500   3/27/2012      RUB    25.00
SIBUR                    9.250   3/13/2015      RUB     2.00
SIBUR                    9.000   3/13/2015      RUB     2.00
SIBUR                    9.000   3/13/2015      RUB     2.00
SIBUR                   10.470   11/1/2012      RUB     3.00
SIBUR                   13.500   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     2.00
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    65.02
TAIF-FINANS              8.420    9/9/2010      RUB    50.00
TALIO-PRINCEPS          16.000   5/17/2012      RUB     4.00
TECHNONICOL-FINA        17.000    3/7/2012      RUB    16.91
TECHNOSILA-INVES         7.000   5/26/2011      RUB     4.00
TERNA-FINANS             1.000   11/4/2011      RUB     9.01
TGK-4                    8.000   5/31/2012      RUB    75.01
TOP-KNIGA               20.000   12/9/2010      RUB    17.01
TRANSCREDITFACTO        12.000   6/11/2012      RUB     4.00
TRANSCREDITFACTO        12.000   11/1/2012      RUB     5.00
TRANSFIN-M              11.000   12/3/2014      RUB     3.00
TRANSFIN-M              10.750   8/10/2012      RUB     0.39
TRANSFIN-M              14.000   7/10/2014      RUB     3.00
TRANSFIN-M              11.000   12/3/2014      RUB     6.00
TRANSFIN-M              11.000   12/3/2014      RUB     6.00
TRANSFIN-M              11.000   12/3/2014      RUB     3.00
TRANSFIN-M              11.000   12/3/2015      RUB     3.00
TRANSFIN-M              11.000   12/3/2015      RUB     6.00
TRANSFIN-M              11.000   12/3/2015      RUB     5.00
TRANSFIN-M              11.000   12/3/2015      RUB     3.00
TRANSNEFT               11.750   10/1/2019      RUB    75.00
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
URALCHIMPLAST            8.000   1/21/2011      RUB     2.01
URALSVYAZINFORM          7.500    4/2/2013      RUB    12.00
URALSVYAZINFORM          8.500   3/13/2012      RUB     0.03
VESTER-FINANS           15.250   8/11/2011      RUB    11.00
VKM-LEASING FINA         1.000   5/18/2011      RUB     1.01
VMK-FINANCE             16.000   5/21/2014      RUB     5.00
XM STROYRESURS          10.000   7/12/2011      RUB    32.01
YUGFINSERVICE           15.250   5/20/2014      RUB     2.00
ZAO EUROPLAN            10.000   8/11/2011      RUB     2.01
ZAPSIBCOMBANK           11.000   9/15/2011      RUB     1.88
ZHELEZOBETON            10.000   5/27/2011      RUB     5.01
ZHILSOTSIPOTEKA-         9.000   7/26/2011      RUB     2.01

BANCAJA                  1.500   5/22/2018      EUR    62.29
BANCAJA EMI SA           2.755   5/11/2037      JPY    51.96
BANCO GUIPUZCOAN         1.500   4/18/2022      EUR    56.61
CAIXA TERRASSA           1.500   3/12/2022      EUR    53.02

SWEDISH EXP CRED         9.000   8/28/2011      USD     9.80

UBS AG                  10.580   6/29/2011      USD    37.50
UBS AG                  13.300   5/23/2012      USD     4.02
UBS AG                  14.000   5/23/2012      USD     8.83
UBS AG JERSEY            9.350   9/21/2011      USD    62.33
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    59.81
UBS AG JERSEY           15.250   2/11/2011      USD    11.63
UBS AG JERSEY           11.000   2/28/2011      USD    63.92
UBS AG JERSEY           12.800   2/28/2011      USD    34.42
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    49.70
UBS AG JERSEY           11.150   8/31/2011      USD    38.35
UBS AG JERSEY            9.450   9/21/2011      USD    50.04
UBS AG JERSEY            3.220   7/31/2012      EUR    53.50

AMDOCS LIMITED           0.500   3/15/2024      USD    74.25
BANK NADRA               8.000   6/22/2017      USD    67.50
BANK OF SCOTLAND         6.984    2/7/2035      EUR    70.10
BARCLAYS BK PLC         10.350   1/23/2012      USD    20.64
BARCLAYS BK PLC         12.950   4/20/2012      USD    22.60
BARCLAYS BK PLC         10.800   7/31/2012      USD    26.68
BARCLAYS BK PLC         10.600   7/21/2011      USD    41.21
BARCLAYS BK PLC          8.550   1/23/2012      USD    10.62
BARCLAYS BK PLC          7.610   6/30/2011      USD    53.33
BARCLAYS BK PLC          9.000   6/30/2011      USD    43.24
BRADFORD&BIN BLD         5.500   1/15/2018      GBP    44.97
BRADFORD&BIN BLD         4.910    2/1/2047      EUR    62.76
BRADFORD&BIN PLC         6.625   6/16/2023      GBP    44.83
BRADFORD&BIN PLC         7.625   2/16/2049      GBP    46.43
CO-OPERATIVE BNK         5.875   3/28/2033      GBP    77.08
EFG HELLAS PLC           6.010    1/9/2036      EUR    38.63
EFG HELLAS PLC           5.400   11/2/2047      EUR    57.25
ENTERPRISE INNS          6.375   9/26/2031      GBP    72.04
HBOS PLC                 4.500   3/18/2030      EUR    73.41
HBOS PLC                 6.000   11/1/2033      USD    63.76
HBOS PLC                 6.000   11/1/2033      USD    63.76
INEOS GRP HLDG           7.875   2/15/2016      EUR    76.53
NORTHERN ROCK            5.750   2/28/2017      GBP    69.00
PRINCIPALITY BLD         5.375    7/8/2016      GBP    65.44
PUNCH TAVERNS            6.468   4/15/2033      GBP    72.26
ROYAL BK SCOTLND         6.316   6/29/2030      EUR    68.01
ROYAL BK SCOTLND         9.500    4/4/2025      USD    70.55
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    75.55
UNIQUE PUB FIN           6.464   3/30/2032      GBP    62.62
WESSEX WATER FIN         1.369   7/31/2057      GBP    25.57


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.

                 * * * End of Transmission * * *