TCREUR_Public/100906.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, September 6, 2010, Vol. 11, No. 175



AGEAS HYBRID: Fitch Affirms 'BB+' Rating on Hybrid Instruments

C Z E C H   R E P U B L I C

* CZECH REPUBLIC: Corporate Insolvencies Reach 468 in August


THEOLIA SA: First-Half Net Loss Widens to EUR24.2 Million


ARCANDOR AG: Essen Court Approves Sale of Karstadt to Berggruen
CONTI-GUMMI: Moody's Assigns (P)'B1' Rating on Senior Notes
CONTI-GUMMI: S&P Assigns 'B' Rating on Proposed Senior Notes
DEUTSCHE HYPOTHEKENBANK: Moody's Cuts Bank Strength Rating to 'D+'
ESTATE GERMANY: Moody's Withdraws Ba2 (sf) Rating on Class E Notes

WILHELM MENDE: Files for Insolvency in Osterode District Court


AER ARANN: Seven Groups Mull Investment
ANGLO IRISH: European Commission Concerned Over Bailout Cost
EBS BUILDING: Fitch Upgrades Individual Rating to 'D/E'
ERC IRELAND: Moody's Downgrades Corporate Family Rating to 'B3'
IRISH NATIONWIDE: Fitch Upgrades Individual Rating to 'E'


BTA BANK: U.S. Judge Says Chapter 15 Stay Is Not Global


ARES EURO: S&P Raises Rating on Class E Notes to CCC+ (sf)


PAPELARIA FERNANDES: Jose Berardo Rules Out Further Investment


BOM CAPITAL: Fitch Assigns Rating on Senior Limited Recourse Loan
SIBUR OJSC: Fitch Gives Positive Outlook; Affirms 'BB' Rating


AYT CAIXANOVA: Fitch Affirms 'BB-sf' Rating on Class C Notes
TDA SA: Fitch Corrects August 23 Press Release on Note Ratings


HQ BANK: Carnegie to Take Over Following Liquidation


RODOVID BANK: Administration to Be Extended for Three Months

U N I T E D   K I N G D O M

BARWELL TRAVEL: Ceases Trading; Customers' Fate Unclear
GECO 2002: S&P Affirms Ratings on Various Classes of Notes
GREEN PARCS: Owed GBP14 Million at June; Recovery Unlikely
HALLIWELLS: Partners Have to Repay More Than GBP2MM in Bank Loans
NDF ADMINISTRATION: Administration to Be Extended for Another Year

POLLY PECK: Asil Nadir to Face Fraud Trial in October 2011
TOMAHAWK HOTELS: Goes Into Administration
TOR DESIGNS: Files for Insolvency
WELDON PLANT: In Administration; Up to 113 Jobs at Risk
WHITEHAVEN RLFC: Seeks Administration; Dick Raaz Mulls Bid


* BOND PRICING: For the Week August 30 to September 3, 2010



AGEAS HYBRID: Fitch Affirms 'BB+' Rating on Hybrid Instruments
Fitch Ratings has affirmed AG Insurance's Insurer Financial
Strength rating at 'A+' and Long-term Issuer Default Rating at
'A'.  Fitch has also affirmed the Long- and Short-term IDRs of the
five Ageas holding companies: ageas SA/NV, ageas N.V., Brussels
Liquidation Holding (formerly Fortis Brussels, in liquidation),
ageas Utrecht N.V. and ageas Insurance NV., at 'BBB+' and 'F2'
respectively.  The agency has simultaneously revised the Outlooks
on the IFS rating and all the Long-term IDRs to Stable from

Fitch has also affirmed the IFS ratings and the Long-term IDRs of
Milleniumbcp-Ageas operating entities and the Ageas Insurance
Company (Asia) Ltd.  The Outlooks on the IFS ratings and Long-term
IDRs are Stable.  A full rating breakdown is provided at the end
of this comment.

The Outlook revision to Stable reflects the low remaining exposure
of AG Insurance's investment portfolio to certain euro zone
sovereign issuers, particularly Greece (rated 'BBB-', Outlook
Negative).  The company has significantly reduced its southern
European sovereign bond portfolio since the beginning of 2010,
with the exposure to Greece at end-June 2010 representing less
than 3% of AG Insurance's total bond portfolio at market value.

AG Insurance's ratings continue to reflect its excellent capital
adequacy, leading business position in Belgium and good
profitability.  These strengths are somewhat offset by the
company's lack of geographic diversification.  AG Insurance
reported a net profit of EUR432 million in 2009 compared with EUR6
million in 2008, mainly due to its increased operating results and
significantly higher investment results.  At end-June 2010,
despite the difficult operating environment, especially in non-
life insurance, AG Insurance remained profitable with a net profit
of EUR117 million and a regulatory solvency ratio at 195% of the
required minimum.  Fitch expects AG Insurance's solvency to remain
excellent and that no exceptional dividend will be paid to the
holding companies in the foreseeable future.

The rating affirmation of the MBCPA group of companies reflects
the strong standalone position of the group within the Portuguese
market, a good and consistent level of profitability achieved in
recent years and continuing strong capitalization.  Following the
reorganization of the Ageas group, MBCPA has become a more
substantial part of the group in terms of assets and its earnings
contribution.  Subsequently, the ratings also factor in some
benefit from the operational support provided by the Ageas group,
in terms of Ageas's considerable experience of bancassurance and
potential capital support.  The Stable Outlook reflects Fitch's
expectation that, in the foreseeable future, the financial profile
and performance of the MBCPA group will be maintained at or close
to the level seen in recent years.

The rating actions on AICA do not assume group support and reflect
its excellent level of standalone risk-adjusted capitalization
which supports the asset risks and insurance liabilities.  To
reduce undue risk exposure to a single invested asset, AICA
disposed a property investment in May 2010.  The disinvestment
along with the elimination of the bank loan which was secured by
the office property further improved AICA's liquidity as well as
its overall financial leverage.  The ratings also acknowledge the
low product guarantee features and its continued effort to expand
its product reach by strengthening its distribution platform.

The Outlooks of the Ageas holding companies' Long-term IDRs were
revised to Stable as a consequence of the revision of AG
Insurance's Outlook to Stable.  The ratings of the Ageas holding
companies continue to take into account the fact that they have
more cash than needed to repay their debt.  Nevertheless, Fitch
believes that the holding companies face litigation risk as a
consequence of the restructuring of the Ageas group which is
reflected by the fact that their IDRs are two notches lower than
that of AG Insurance.

The scope of the Ageas group changed significantly following the
dismantlement of the group in September/October 2008.  The holding
companies are now active only in insurance business and hold a 75%
stake in AG Insurance as well as a number of stakes in insurance
companies located in the UK, Continental Europe and Asia.  AG
Insurance is the largest Belgian life insurer with a 30% market
share and the second-largest non-life insurer with a 15% market

The ratings actions are:

AG Insurance

  -- IFS rating affirmed at 'A+'; Outlook revised to Stable from

  -- Long-term IDR affirmed at 'A'; Outlook revised to Stable from

Ocidental-Companhia Portuguesa de Seguros de Vida S.A.

  -- IFS rating affirmed at 'A'; Stable Outlook

Ocidental-Companhia Portuguesa de Seguros S.A.

  -- IFS rating affirmed at 'A'; Stable Outlook

Companhia Portuguesa de Seguros de Saude S.A.

  -- IFS rating affirmed at 'A'; Stable Outlook

Ageas Insurance Company (Asia) Ltd

  -- IFS rating affirmed at 'A-'; Stable Outlook
  -- Long-term IDR affirmed at 'BBB+'; Stable Outlook

Ageas Capital (Asia) Ltd

  -- senior unsecured rating affirmed at 'BBB+'

Ageas SA/NV

  -- Long-term IDR affirmed at 'BBB+'; Outlook revised to Stable
     from Negative

  -- Short-term IDR affirmed at 'F2'

Ageas N.V.

  -- Long-term IDR affirmed at 'BBB+'; Outlook revised to Stable
     from Negative

  -- Short-term IDR affirmed at 'F2'

Brussels Liquidation Holding (formerly Fortis Brussels, in

  -- Long-term IDR affirmed at 'BBB+'; Outlook revised to Stable
     from Negative

  -- Short-term IDR affirmed at 'F2'

Ageas Utrecht N.V.

  -- Long-term IDR affirmed at 'BBB+'; Outlook revised to Stable
     from Negative

  -- Short-term IDR affirmed at 'F2'

Ageas Insurance N.V.

  -- Long-term IDR affirmed at 'BBB+'; Outlook revised to Stable
     from Negative

  -- Short-term IDR affirmed at 'F2'

Ageas Finance N.V.

  -- Senior unsecured affirmed at 'BBB'

Ageas Hybrid Financing

  -- Hybrid capital instruments affirmed at 'BB+'

Ageasfinlux SA

  -- Hybrid capital instruments affirmed at 'BB'

C Z E C H   R E P U B L I C

* CZECH REPUBLIC: Corporate Insolvencies Reach 468 in August
CTK, citing Creditreform, reports that a total of 1,307 insolvency
petitions were filed in the Czech Republic in August, of which 468
against legal entities and 839 against individuals.

According to the report, the number of insolvency petitions filed
against legal entities increased slightly in August, after falling
in July.  Around half of insolvency proposals filed against legal
entities lead to declarations of bankruptcy, the report notes.  In
August, a total of 123 bankruptcies were declared, mostly by
transport and construction firms, the report discloses.


THEOLIA SA: First-Half Net Loss Widens to EUR24.2 Million
Tara Patel at Bloomberg News reports that Theolia SA's first-half
net loss widened to EUR24.2 million (US$31 million) from EUR14.1

According to Bloomberg, the company's net cash position fell to
EUR78.6 million from EUR94.2 million due to investments in wind
farms in Italy, Germany and France.  The operating loss due to
provisions over the period was EUR8.2 million compared with
operating income of EUR2 million at the end of June 2009,
Bloomberg discloses.

Bloomberg relates Theolia in July raised EUR60 million in a rights
offering, short of a EUR100 million target.  Previous management
announced the plan to restructure EUR253 million of convertible
bonds in a share sale to help avoid creditor protection, Bloomberg

Theolia SA (EPA:TEO) -- is a
France-based energy company that develops and manages renewable
energy sources.  It specializes in the production of electricity
using wind power, as well as in the construction of wind power
plants and turbines, based notably in France and Germany.
Additionally, the Company is engaged in non-wind turbine
activities, such as the utilization of biomass, cogeneration and
biogas techniques for the production of electricity, through its
subsidiary, THENERGO.  Theolia SA operates several subsidiaries,
including Ventura, Natenco SAS, Meastrale Green Energy and Theolia
Iberica.  The Company is operational in such countries as Germany,
Spain, Brazil, Greece, Italy, India and Morocco.


ARCANDOR AG: Essen Court Approves Sale of Karstadt to Berggruen
Holger Elfes at Bloomberg News reports that an Essen court on
Friday approved the sale of Arcandor AG's Karstadt department-
store chain to billionaire Nicolas Berggruen, ending insolvency
procedures which started in June 2009.

According to Bloomberg, the court released its decision by e-mail
after Mr. Berggruen's bid for the insolvent retailer was accepted
by two groups of creditors on Thursday.  Bloomberg relates holders
of so-called mezzanine financing, a combination of debt and
equity, backed the offer hours after the transaction was approved
by creditors of Karstadt's biggest landlord, the Highstreet

Bloomberg recounts Mr. Berggruen signed a contract to acquire
Karstadt on June 8 and then held talks with the retailers'
landlords about lower rents.

Klaus-Hubert Goerg, the insolvency administrator for Arcandor and
Karstadt, said previously that the shareholders wouldn't benefit
from any proceeds related to the sale of the department-store
chain, Bloomberg notes.

                       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.

CONTI-GUMMI: Moody's Assigns (P)'B1' Rating on Senior Notes
Moody's Investor Service has assigned a provisional (P) B1 rating
to Continental's proposed senior secured notes issued by Conti-
Gummi Finance B.V. guaranteed by Continental AG and certain
subsidiaries of Continental AG.  The corporate family rating of
Conti remains at B1 with a stable outlook.

                        Ratings Rationale

Proceeds of the proposed notes issuance are planned to be used to
refinance part of the outstanding pro-forma debt of EUR7.1 billion
(as per June 30, 2010 taking into account the impact of the usage
of the net proceeds from the issuance of the EUR750 million notes
issued in July 2010 drawn under the company's syndicated credit
facilities due August 2012.  Given the 7 year maturity of the
proposed notes a successful issue would further lengthen the
uneven debt structure of Conti as well as further reduce the
currently high reliance on bank financing.

Conti's short term liquidity is good reflecting limited debt
maturities for the next 12 months, a sizable cash position (more
than EUR1.2 billion as of June 30, 2010) and notable availability
under its revolving credit facility as well as cash outflows for
capital expenditure.  The headroom under the company's covenant
test is comfortable following the successful rights issue which
was used to reduce indebtedness and the re-setting agreed with its
lending banks in December 2009.

The proposed secured senior notes will benefit from the same
security package as the bond launched in July and the existing
syndicated credit facility and rank effectively pari passu with
this debt.  All this debt will benefit from guarantees of
subsidiaries of Continental AG representing more than 75% of
consolidated revenues, assets and EBITDA.  Moreover, the proposed
notes will also be secured by shares of operating subsidiaries.
Under Moody's Loss Given Default Methodology this results in the
provisional (P) B1 rating for the proposed senior secured notes
which is at the same level as the existing bond rating as well as
the corporate family rating of Conti.

The provisional ratings are based on the preliminary terms and
conditions received so far and are subject to Moody's satisfactory
review of the final documentation.

                     Regulatory Disclosures

Information sources used to prepare the credit rating are these:
parties 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.

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

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.

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.

CONTI-GUMMI: S&P Assigns 'B' Rating on Proposed Senior Notes
Standard & Poor's Ratings Services said that it assigned its 'B'
debt rating to the proposed senior secured notes (proposed notes)
to be issued by Germany-based auto supplier Continental AG's
(B/Stable/B) financial subsidiary Conti-Gummi Finance B.V. (not
rated).  At the same time, S&P assigned a recovery rating of '3'
to the proposed notes, indicating S&P's expectation of meaningful
(50%-70%) recovery in the event of a payment default.  S&P
understand that the proposed notes will total at least ?750

The rating on the proposed notes reflects S&P's view of their
position in Continental's capital structure, as they rank pari
passu with the group's existing ?9.5 million syndicated bank
facilities (of which ?5.7 billion are currently outstanding) and a
?1.29 billion forward-start facility.  S&P believes that the
proposed notes and the existing facilities benefit from the same
security package--comprising extensive share pledges from material
subsidiaries and security over cash pooling accounts--and also
have security over intercompany loans.  Furthermore, the
syndicated bank facilities also benefit from upstream guarantees
from material subsidiaries.  However, the holders of both the
proposed notes and existing 8.5% notes have less favorable status
on enforcement than the bank lenders.  This is because the
noteholders' vote would not count unless the total amount of all
notes issued subject to the security pooling agreement accounts
for at least 65% of the total debt secured in line with the same

Under S&P's simulated default scenario, a hypothetical default
would be triggered by refinancing risk on the syndicated bank debt
maturing in August 2012.  Therefore, S&P does not anticipate that
the bank lenders will be in a position to gain a senior position
prior to the simulated default.

                        Recovery Analysis

The recovery rating on the proposed notes is '3', indicating S&P's
expectation of meaningful (50%-70%) recovery for creditors in the
event of a payment default.

For the purposes of its analysis, S&P value the business on a
going-concern basis because S&P believes that Continental's
leading global market position, satisfactory business risk
profile, and specific industry characteristics--such as what S&P
views as a well-diversified customer base and the cash-generative
nature of the business--would be recognized by potential buyers,
even under distressed circumstances.  Balance-sheet asset values
underpin S&P's assessment of Continental's enterprise value, and
S&P estimate the distressed valuation at about ?9.6 billion.

S&P's recovery rating and default scenario are based on the
assumption that following the issue of the proposed notes,
Continental will use the proceeds to partially repay ?1.29 billion
outstanding under the group's forward-start facility due August

S&P assume that a deterioration in sales, along with lower
capacity utilization, would squeeze Continental's margins.  In
S&P's opinion, this would, in turn, lead to reduced EBITDA and
then to a payment default that S&P forecast would occur by 2012.
S&P believes that the hypothetical default would most likely be
triggered by the group's inability to refinance its syndicated
bank debt at maturity in August 2012.

From S&P's stressed enterprise value of approximately ?9.6
billion, S&P deduct priority claims comprising 50% of the current
net pension deficit, accounts-receivable factoring, a European
Investment Bank (foreign currency, AAA/Stable/A-1+) loan, finance
leases, and the structurally senior debt of the subsidiary
companies.  S&P assume that about ?1 billion of debt will be drawn
at the operating subsidiaries, including ?370 million undrawn as
of June 30, 2010.  This leaves sufficient value to provide
meaningful (50%-70%) recovery prospects for the proposed
noteholders, leading us to assign a recovery rating of '3' to the
proposed notes.

The recovery rating is based on Continental's current capital
structure, and S&P considers that the proposed notes rank pari
passu with the existing 8.5% notes and the syndicated bank debt,
which could change materially on the path to default.  Any
material change in the group's capital structure, such as a
significant reduction of prior-ranking debt, could affect the
outcome and recovery prospects for the proposed notes.

S&P's rating on the proposed notes is based on preliminary
information and is subject to S&P's satisfactory review of the
final documentation.  In the event of any changes to either the
amount or terms of the bond, the issue and recovery ratings will
be subject to further review.

                           Ratings List

                            New Rating

                     Conti-Gummi Finance B.V.

            Senior secured notes (proposed)*         B
            Recovery rating                          3

                  * Guaranteed by Continental AG

DEUTSCHE HYPOTHEKENBANK: Moody's Cuts Bank Strength Rating to 'D+'
Moody's Investors Service has downgraded the bank financial
strength rating of Deutsche Hypothekenbank Actien Gesellschaft to
D+ from C- and affirmed its A1 long-term ratings and its A2
subordinated debt ratings.  The outlook on all ratings has been
changed to negative.  The covered bond ratings for the bank remain

The downgrade of the BFSR reflects Moody's concerns about the
bank's capacity to absorb potential future losses given its
significant exposure to commercial real-estate lending.  The
rating agency believes that the international commercial real-
estate market may face ongoing credit deterioration and could
represent a major source of credit losses, with limited visibility
over the next 12-18 months.

The level of the long-term ratings reflects Moody's view that
Deutsche Hypo will continue to benefit from support provided by
its parent NORD/LB (Aa2 /stable, C- /negative) as well as the
existing support mechanism available to members of the Sparkassen
Finanzgruppe (Aa2/C+/stable).  The short-term ratings were
affirmed at P-1.

  BFSR Downgrade Reflects Weak Capitalization And Asset Quality

The downgrade of the BFSR to D+, which maps to a baseline credit
assessment of Ba1, was triggered by Moody's reassessment of the
bank's regulatory capital levels and loss-absorption capacity
after Deutsche Hypo had reported a decline in its Tier 1 ratio to
6.5% as of June 2010 from 7.9% a year earlier.  The lower BFSR
also reflects the bank's weak absolute capitalization (measured as
shareholders' equity as a percentage of total assets), which was
0.9% as of June 2010.  Moody's views this capital level as weak
not only in the context of the risk profile of its commercial real
estate activities, but also considering the weakened quality of
public-sector assets and the persistent volatility in credit
markets.  In the light of these developments and the bank's poor
earnings outlook, the BFSR is more appropriately positioned at the
D+ level.

Going forward, the rating agency will closely monitor the bank's
progress in achieving a capital structure that is commensurate
with the bank's future business risk profile.  Moody's understands
that management will proactively address the bank's capitalization
and undertake steps to achieve a reduction in its total risk
exposure which will, however, remain challenging according to the
rating agency.  Although Moody's recognizes that Deutsche Hypo
will likely receive additional capital from its parent bank,
NORD/LB, this is only reflected in the fully supported senior
unsecured and deposit ratings and not in the BFSR.

         Negative Outlook on A1 Long-Term Ratings in Line
                      with Outlook on D+ BFSR

The negative outlook on the D+ BFSR reflects Moody's view that a
recovery of the bank's earnings profile and capital generation
capacity may take longer than that anticipated in Moody's base-
case assumptions.  Moreover, a swift recovery of the bank's
intrinsic financial strength is currently not envisaged as higher
credit costs and an increase in non-performing loans in commercial
real estate lending are set to continue for the foreseeable
future, putting further pressure on the bank's capitalization over
the next few quarters.  A failure to successfully improve the
bank's capitalization could lead to additional rating pressure.

The negative outlook on the long-term ratings relates to the
existing negative outlook of NORD/LB's intrinsic financial
strengths.  A downgrade of the parent's BFSR or BCA may translate
into a lower long-term rating for the bank.

ESTATE GERMANY: Moody's Withdraws Ba2 (sf) Rating on Class E Notes
Moody's Investors Service has withdrawn the ratings of the Senior
Credit Default Swap and the Classes D and E of EMEA CMBS Notes
issued by Estate Germany 2007-1 due to the early redemption of all
Notes in full(amounts reflect initial outstandings):

  -- EUR1947.27679M Super Senior CDS, Withdrawn (sf); previously
     on Oct 8, 2007 Assigned Aaa (sf)

  -- EUR45.6M Class D Floating Rate Credit Linked Notes, Withdrawn
     (sf); previously on Oct 8, 2007 Assigned Baa2 (sf)

  -- EUR39.9M Class E Floating Rate Credit Linked Notes, Withdrawn
     (sf); previously on Oct 8, 2007 Assigned Ba2 (sf)

The Senior CDS was terminated on August 26, 2010 while the Classes
D and E Notes were fully repaid on August 27, 2010.  The early
redemption by the issuer follows the occurrence of a Regulatory
Event.  There are no further notes outstanding under this

The last rating action for this transaction was on October 10,
2008.  The last Performance Overview for this transaction was
published on February 25, 2010.

WILHELM MENDE: Files for Insolvency in Osterode District Court
EUWID Wood Products and Panels reports that Wilhelm Mende filed
for insolvency proceedings before Osterode district court again
from within ongoing insolvency plan procedures.

According to the report, the action was triggered by an impending
inability to pay arising from a sharp decline in sales figures.
In 2009, Mende's sales had already fallen by around 30% to EUR34
million from EUR50 million in 2008, the report notes.

Wilhelm Mende is a German thin chipboard and blockboard


AER ARANN: Seven Groups Mull Investment
Ciaran Hancock at The Irish Times reports that seven groups are
set to receive an information memorandum relating to the sale of
Aer Arann.  The seven groups comprise airlines and private equity,
The Irish Times says.

According to The Irish Times, the document will be sent in the
coming days to those who have expressed an interest in investing
in the loss-making Irish regional airline.

The Irish Times relates informed sources said an investment of
EUR5-EUR10 million is likely to be sought from any new owner.
This will comprise additional working capital for the business and
funds to repay some creditor debts, The Irish Times discloses.  A
lot will be depend on the haircut that can be agreed with
creditors, who are believed to be owed about EUR10 million on a
going concern basis, The Irish Times notes.

It is understood that Aer Arann owner Padraig O'Ceidigh will be
one of those parties in receipt of the sale memorandum, The Irish
Times states.  Mr. O'Ceidigh is believed to be seeking to put
together a consortium to take control of the business, which has
lost EUR18 million since the start of 2008, the Irish Times says.


The Irish Times notes it is understood that the interim examiner
-- Grant Thornton's Michael McAteer -- is keen to conclude the
airline's examinership speedily.

A full hearing on the examinership will be held at the High Court
on Wednesday, Sept. 8.  It is due to be heard by Justice Mary
Finlay Geoghegan, The Irish Times discloses.

The examinership is not expected to be opposed by any creditors,
The Irish Times notes.

As reported by the Troubled Company Reporter-Europe on Aug. 30,
2010, The Irish Times said Aer Arann entered interim examinership.
The Irish Times disclosed the High Court was told on Aug. 26 that
the airline was seeking the protection of the court because it is
currently insolvent and cannot pay its debts.  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, according to The Irish Times.  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 disclosed.

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.

ANGLO IRISH: European Commission Concerned Over Bailout Cost
------------------------------------------------------------ reports that the European Commission is growing
increasingly concerned about the cost of rescuing Anglo Irish

According to, officials in Brussels now want clear
reassurances that there will be no further escalation in the cost
of keeping the bank afloat if they approve its restructuring plan,
despite claims made by Anglo chief Mike Aynsley. relates Mr. Aynsley said that the price of
recapitalizing the nationalized lender can be contained at that
level of the EUR25 billion plan to restructure the bank's ailing

It's understood that the commission would not object on
competition if the decision was taken to liquidate the bank, notes.

Arthur Beesley, Suzanne Lynch and Stephen Collins at The Irish
Times report that Minister for Finance Brian Lenihan will meet EU
competition commissioner Joaquin Almunia in Brussels early this
week as the government presses for a swift decision on the EUR25
billion rescue of Anglo.  Mr. Lenihan's meeting with Mr. Almunia
is likely to take place today, Sept. 6, as ministers gather in
Brussels for two days of scheduled talks on the financial crisis,
The Irish Times discloses.

The Irish Times relates Taoiseach Brian Cowen on Friday reiterated
the government's opposition to shutting the bank, saying an
immediate wind-up of Anglo would cost the Irish taxpayer EUR70
billion or more.

The Irish Times recounts officials in the commission have been
examining a revised restructuring plan for Anglo since the end of
May, an intricate process which follows their dismissal in March
of the first version of the plan.  According to The Irish Times,
as the review continues, officials in Brussels are testing in
detail the assumptions in the government's analysis -- reiterated
by Mr. Cowen on Friday -- that keeping the bank open represents
the option with the lowest cost for Irish taxpayers.

Although Dublin expects a ruling this month, Mr. Almunia is yet to
reach a decision in principle on the current proposal for Anglo
and has not started the process of consulting with his fellow
commissioners on the bank's plan, The Irish Times notes.

Brussels officials say they are conscious of the need to bring the
matter to a conclusion quickly as uncertainty about the rising
cost of the bailout has undermined market confidence in Irish debt
and the State's economic plan, according to The Irish Times.

Meanwhile, reports that the European Central Bank
has distanced itself from the problems of Anglo insisting it's
Ireland's problem. relates President Jean Claude Trichet has said
that the Irish government is solely responsible for dealing with
the bank's mounting debts.

Anglo Irish Bank Corp PLC --
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: Fitch Upgrades Individual Rating to 'D/E'
Fitch Ratings has revised the Rating Watch on EBS Building
Society's Long-term Issuer Default, senior unsecured ratings and
Support Rating Floor -- all rated at 'BBB-' -- to Evolving from

At the same time, the agency has downgraded the society's Short-
term IDR to 'F3' from 'F2' and placed it on Rating Watch Evolving
and placed the Support Rating at '2' on Rating Watch Negative.  It
has also upgraded the Individual Rating to 'D/E' from 'F'.  Fitch
has also placed EBS's mortgage covered securities, rated 'AA', on
Rating Watch Evolving.  A full rating breakdown is provided at the
end of this comment.

The Rating Watch Evolving reflects uncertainty over the business
model and future ownership of the society, while the downgrade of
the Short-term IDR places it at the lowest investment grade,
better aligning it with the Long-term IDR.  Fitch considers that
the prospects and direction of EBS depend on the outcome of the
sale of the society by the Irish government, its majority owner.
When the outcome of the sale is known, Fitch will take into
account in its assessment the new ownership structure for EBS and
any attached conditions, the new owner's proposed operating model,
access to funding, impact on franchise and potential sources of

By upgrading the Individual rating of EBS to 'D/E', Fitch notes
the injection of capital into the society by the Irish government
and the success of the society's capital management exercise.
Fitch expects EBS to receive capital from its new owner on
completion of the acquisition and in any case to comply with the
financial regulator's minimum capital requirements of 8% tier 1
capital ratio by end-2010.  The 'D' element in the Individual
rating indicates that the society is still facing serious
challenges in its operating environment, asset quality and
profitability but also acknowledges its strong retail funding and
lending franchises and the prospective EUR875 million of capital
injection from the government by end-2010.  The 'E' element in the
rating indicates that Fitch considers additional capital may still
be required in view of uncertainty surrounding potential loan

The Rating Watch Negative on the society's Support rating reflects
uncertainty over the possible level of future support for the
society.  Fitch expects to resolve the Watch when the sale is
completed and, as above will take into account the new ownership
structure for EBS and any attached conditions, the new owner's
proposed operating model, access to funding, impact on franchise
and potential sources of support.

Fitch has also placed EBS's MCS on Rating Watch Evolving,
reflecting the placing of the issuer's Long-term IDR on Rating
Watch Evolving.  The Rating Watch will be resolved upon the
conclusion of the Rating Watch on the issuer's Long-term IDR.  A
change in EBS Mortgage Finance's IDR would in turn affect the
rating of the MCS, all else being equal.

EBS Building Society

  -- Long-term IDR 'BBB-'; Rating Watch changed to Evolving from

  -- Short-term IDR downgraded to 'F3' from 'F2'; placed on Rating
     Watch Evolving

  -- Individual upgraded to 'D/E' from 'F'

  -- Support Rating '2'; placed on Rating Watch Negative

  -- Support Rating Floor 'BBB-'; Rating Watch changed to Evolving
     from Positive

  -- Senior unsecured notes 'BBB-'; Rating Watch changed to
     Evolving from Positive

  -- Short-term debt downgraded to 'F3' from 'F2'; placed on
     Rating Watch Evolving

  -- Deposit notes 'BBB-'; Rating Watch changed to Evolving from

  -- Sovereign-guaranteed long-term notes affirmed at 'AA-'

  -- Sovereign-guaranteed short-term notes affirmed at 'F1+'

  -- Preference shares affirmed at 'CCC'

EBS Mortgage Finance

  -- Long-term IDR 'BBB-'; Rating Watch changed to Evolving from

  -- Short-term IDR downgraded to 'F3' from 'F2'; placed on Rating
     Watch Evolving

  -- Support rating '2'; placed on Rating Watch Negative

  -- Covered bonds 'AA'; Rating Watch changed to Evolving from

ERC IRELAND: Moody's Downgrades Corporate Family Rating to 'B3'
Moody's Investors Service has downgraded to B3 from B2 the
corporate family rating and probability-of-default rating of ERC
Ireland Finance Ltd, an indirect parent company of eircom Group
Ltd. At the same time, Moody's has downgraded these ratings to
Caa2 from Caa1: (i) ERCIF's EUR350 million worth of senior
unsecured notes due in 2016; and (ii) the EUR350 million second-
lien term loan of ERC Ireland Holdings Ltd.  The rating of ERCIH's
EUR3.3 billion senior secured facility was downgraded to B2 from
B1.  The outlook on the ratings is negative.

                         Rating Rationale

"The downgrade reflects Moody's concerns about the likelihood of a
covenant breach within the next 12 months, coupled with the lack
of clarity regarding the company's plans to resolve the short-term
covenant issue and the long-term financial strategy of the
company," says Ivan Palacios, a Moody's Vice President -- Senior
Analyst, and lead analyst for the company.

In its Q4 2009/10 results, eircom acknowledged that it may breach
covenants under its existing facilities within the next 12 to 18
months, given that the company has high levels of debt and its
covenants tighten over the next few quarters.

In the year ending June 2010, eircom's revenues showed a declining
trend.  In addition, the company's reported consolidated EBITDA
fell by EUR16 million (2.3%), with stability in its fixed-line
business offset by a decline in its mobile division.

In Moody's view, the very challenging operating conditions that
eircom is facing are unlikely to change in the short term.
Despite management's success in reducing eircom's cost base in
order to maintain EBITDA in light of declining revenues, and
savings in capex to increase free cash flow generation, Moody's
believes that the company's EBITDA will continue to decline, which
could lead to a covenant breach in the quarter ending June 2011.

The company has appointed financial advisors to assess its options
regarding its covenants and long-term financial strategy.  These
options could include a covenant reset and/or an equity cure.
Nevertheless, no timing has been given for the finalization of
these discussions and all options are being considered at this
stage.  Moody's believes that the prior B2 CFR was inconsistent
with the high likelihood of a covenant breach in the short term
and the current level of uncertainty regarding the options that
eircom is assessing.

Moody's also notes that eircom's strategic shareholders, STT
Communications and the ESOT, have not yet given any public
indication of their intentions regarding the company's longer-term
capital structure or plans to inject equity into the business in
order to avoid a covenant breach.

It is Moody's expectation that, in the absence of other capital
structure measures, eircom's adjusted leverage will remain around
5.5x in financial year 2010/11, a similar level as that reported
in FY 2009/10.  Adjusted leverage excludes the PIK instrument
issued by ERC Ireland Preferred Equity Limited ("ERCIPE"), as
ERCIPE does not have a strict creditor claim on the restricted
group and the tight indenture covenant package of the acquisition
facilities prevents cash leakage from the restricted group.

The company's debt instruments, and particularly the EUR350
million worth of floating-rate notes and the second lien
facilities, have been trading at significant discounts to par
value in the past few months.  Moody's notes that any negative
implications on the debt-holder's recovery prospects from
potential debt-restructuring measures involving a discounted offer
on debt components of eircom's capital structure could be
considered a distressed exchange and, by implication, a default
under Moody's methodologies.

The negative outlook on the ratings mainly reflects the lack of
clarity with regard to eircom's long-term capital structure plans
and Moody's expectation that, in the short term, the company will
operate with reduced headroom under financial covenants.  Further
downward pressure on the rating could occur as a result of: (i) an
absence of a detailed plan to reset covenants or bring additional
equity; and/or (ii) indications that eircom might consider a
discounted offer on the debt components of its capital structure.

Upward pressure on the rating is unlikely over the short term as a
result of the negative outlook.  However, the rating outlook could
be stabilized if eircom proactively manages the covenant situation
while maintaining its current financial profile, with a
debt/EBITDA ratio of around 5.5x.  Upward pressure could be
exerted on the rating over the medium term if the business plan is
successfully executed and an equity injection allows eircom to
rebalance its capital structure and maintain adequate headroom
under financial covenants.

The last rating action on eircom was implemented on May 27, 2010,
when Moody's downgraded the CFR and PDR of ERCIF to B2 from B1.

ERCIF (previously known as BCM Ireland Finance Ltd) and ERCIH
(previously known as BCM Ireland Holdings Ltd) are holding
companies of eircom, the principal provider of fixed-line
telecommunications services in Ireland and, following its
acquisition of Meteor, the third-largest mobile operator in the
country.  In the last 12 months ended June 30, 2010, eircom
generated revenues of EUR1.82 billion and adjusted EBITDA (as
reported by the company) of EUR679 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 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.

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

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.

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.

IRISH NATIONWIDE: Fitch Upgrades Individual Rating to 'E'
Fitch Ratings has affirmed Irish Nationwide Building Society's
Long-term Issuer Default Rating at 'BBB-', removed the rating from
Rating Watch Positive and assigned a Stable Outlook.  Fitch has
simultaneously taken the same ratings actions with respect to
INBS's senior unsecured rating and Support Rating Floor.  A full
rating breakdown is provided at the end of this comment.

INBS's Long and Short-term IDRs and Support Rating are based on
Fitch's view that there is a high probability of continuing
support for the society from its 51% owner, the Irish government
(rated 'AA-'/Stable Outlook).  The Long-term IDR is at its Support
Rating Floor of 'BBB-'.

The removal of the Rating Watch Positive on the Long-term IDR,
senior unsecured rating and Support Rating Floor reflects the
reduced likelihood of the society benefiting from a corporate
transaction, such as the negotiations with EBS Building Society in
early 2010.  The downgrade of the Short-term IDR places it at the
lowest investment grade level, reflecting a reduced presence of
positive elements and better aligning it with the Long-term IDR.
However, Fitch expects that once the society has undertaken a
certain minimum level of internal restructuring, its prospects,
including a possible sale, will be reviewed by the Irish
government.  INBS has returned to a traditional building society
business model, but the sale of its commercial real estate assets
to the National Asset Management Agency will reduce its size and
could limit its prospects.

As a result of its receipt of state aid in the form of capital
injections, guaranteed funding and the sale of commercial real
estate loans to NAMA, INBS has submitted proposals for
restructuring to the European Commission, which is likely to
influence the strategic direction of the society.

The upgrade of INBS's Individual Rating to 'E' recognizes the
government's injection of EUR2.7 billion capital into the society,
but also acknowledges that the society is still likely to require
further external support.  The sale at a loss of loans to NAMA is
likely to lead the society to report losses in 2010 which Fitch
expects to be larger than the society's capital base.  Fitch thus
expects that the society will require additional capital to comply
with the Irish Financial Regulator's minimum capital requirements
of an 8% Tier 1 capital ratio by end-2010.

The downgrading of INBS's subordinated debt reflects Fitch's view
that it could be at risk in view of the uncertainty over the
society's future which might lead to a debt restructuring.  As
Fitch judges that the likelihood of the society benefiting from a
corporate transaction has diminished, which reduces also the
likelihood of potential benefits for subordinated debtholders


  -- Long-term IDR: affirmed at 'BBB-'; removed from Rating Watch
     Positive; assigned Stable Outlook

  -- Short-term IDR: downgraded to 'F3' from 'F2'

  -- Individual Rating: upgraded to 'E' from 'F'

  -- Support Rating: affirmed at '2'

  -- Support Rating Floor: affirmed at 'BBB-'; removed from Rating
     Watch Positive

  -- Senior unsecured notes: affirmed at 'BBB-'; removed from
     Rating Watch Positive

  -- Sovereign guaranteed notes: affirmed at 'AA-'

  -- Lower Tier 2 subordinated debt: downgraded to 'B+' from
     'BB+'; Rating Watch revised to Negative from Evolving


BTA BANK: U.S. Judge Says Chapter 15 Stay Is Not Global
WestLaw reports that a bankruptcy judge in New York held, on a
question of apparent first impression, that the automatic stay
that arises in a Chapter 15 case upon the recognition of a foreign
main proceeding applies to a debtor within the United States for
all purposes, and may extend to the debtor as to proceedings in
other jurisdictions for purposes of protecting property of the
debtor that is within territorial jurisdiction of the United
States.  However, in keeping with the more limited extent of a
bankruptcy court's in rem jurisdiction in Chapter 15 cases, only
over property of the debtor within the territorial jurisdiction of
the United States and not over all property of estate wherever
located, the stay that arises in cases under Chapter 15 does not
apply globally to all proceedings against the debtor.  A contrary
construction would lead to an absurd result by converting a
bankruptcy court in the United States into what would amount to a
global clearing house and by improperly centralizing global
control of dispute resolution within an ancillary case in the
United States that was meant merely to support, not to supplant,
the foreign main proceeding.  In re JSC BTA Bank, --- B.R. ----,
2010 WL 3306885 (Bankr. S.D.N.Y.) (Peck, J.).

A copy of the Honorable James M. Peck's Memorandum Decision dated
Aug. 23, 2010, is available at:

                          About BTA Bank

BTA Bank AO (BTA Bank JSC), formerly Bank TuranAlem AO -- 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, commenced
insolvency proceedings in the Specialized Financial Court of
Almaty City, Republic of Kazakhstan.  Anvar Galimullaevich
Saidenov, the Chairman of the Management Board of BTA Bank, then
filed a Chapter 15 petition (Bankr. S.D.N.Y. Case No. 10-10638) on
Feb. 4, 2010, estimating more than US$1 billion in assets and

On March 9, 2010, the Troubled Company Reporter-Europe reported
that JSC BTA Bank was granted relief in the U.S. under Chapter 15
when the bankruptcy judge in New York recognized the Kazakh
proceeding as the "foreign main proceeding."  Consequently,
creditor actions in the
U.S. were permanently halted, forcing creditors to prosecute out
their claims and receive distributions in Kazakhstan.

In the U.S., the Foreign Representative is represented by Evan C.
Hollander, Esq., and Douglas P. Baumstein, Esq., at White & Case
LLP in New York City.

Bloomberg News reports that the Specialized Financial Court of
Almaty approved BTA Bank's debt restructuring on Aug. 31, 2010,
trimming its obligations from US$16.7 billion to US$4.2 billion,
and extending its longest maturity dates to 20 year from eight.
Creditors who hold 92 percent of BTA's debt approved the
restructuring plan in May.  BTA reportedly distributed
US$945 million in cash to creditors and new debt securities
including US$5.2 billion of recovery units (representing an 18.5%
equity stake) and US$2.3 billion of senior notes on Sept. 1, 2010.
BTA forecasts profit of slightly more than US$100 million in 2011,
Chief Executive Officer Anvar Saidenov told reporters in Almaty.


ARES EURO: S&P Raises Rating on Class E Notes to CCC+ (sf)
Standard & Poor's Ratings Services raised its credit ratings on
Ares Euro CLO I B.V.'S class A, B, C, D, and E notes.  At the same
time, S&P affirmed its rating on the class F notes.

The rating actions follow S&P's assessment of trends that S&P has
observed in the transaction over several months, including a
reduction in the amount of defaulted obligations, positive credit
migration in the underlying portfolio, and an increase in the par
amount of the collateral of about ?9 million since December 2009.
S&P has also noted an increase in the credit enhancement for all
classes of notes since S&P last took rating action on the
transaction in December 2009.  These factors positively affected
the cash flow performance of the transaction.

In S&P's opinion, the credit enhancement available to the class A,
B, C, D, and E notes is now at levels that are consistent with a
higher rating than previously assigned.  S&P has therefore raised
its ratings on these classes.

Ares Euro CLO I is a cash flow collateralized loan obligation
transaction collateralized by a pool of primarily European
leveraged loans.  The transaction closed in September 2006 and is
managed by Intermediate Capital Managers Ltd.

                           Ratings List

                       Ares Euro CLO I B.V.
                 ?356 Million Floating-Rate Notes

                          Ratings Raised

              Class       To               From
              -----       --               ----
              A-1         AAA (sf)         AA+ (sf)
              A-2         A+ (sf)          BBB+ (sf)
              A-3         A+ (sf)          BBB+ (sf)
              B-1         BBB+ (sf)        BB+ (sf)
              B-2         BBB+ (sf)        BB+ (sf)
              C           BB+ (sf)         B+ (sf)
              D           B+ (sf)          CCC (sf)
              E           CCC+ (sf)        CCC- (sf)

                        Rating Affirmed

                      Class       Rating
                      -----       ------
                      F           CCC- (sf)


PAPELARIA FERNANDES: Jose Berardo Rules Out Further Investment
Joao Lima at Bloomberg News, citing Publico, reports that
Portuguese investor Jose Berardo doesn't plan to financially
support the recovery of Papelaria Fernandes-Industria e Comercio

Bloomberg relates Mr. Berardo, as cited by the Portuguese
newspaper, said that if he could, he would sell his stake in
Papelaria Fernandes.

On Aug. 30, 2010, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that Papelaria Fernandes, which is
undergoing an insolvency process, said it closed 12 of its 14
stores and fired 100 employees in the past two weeks.  Bloomberg
disclosed the company said 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.


BOM CAPITAL: Fitch Assigns Rating on Senior Limited Recourse Loan
Fitch Ratings has assigned BOM Capital P.L.C.'s upcoming three-
year CHF350 million issue of senior limited recourse loan
participation notes an expected Long-term 'BBB-' rating.  The
coupon rate is 4.5%.  The final rating is contingent on the
receipt of documents conforming materially to information already

The notes are to be used solely for financing a loan to Russia's
Bank of Moscow (rated Long-term IDR 'BBB-'/Stable Outlook, Short-
term 'F3', Support '2', Individual 'D', National 'AA+(rus)').  BOM
Capital, an Irish-domiciled special purpose vehicle, will only pay
noteholders principal and interest received from BOM.  BOM Capital
will charge certain of its rights and interests under the loan to
BNY Corporate Trustee Services Limited.  BOM Capital's claims
under the loan will rank at least equally with the claims of other
senior unsecured creditors of BOM, except those whose claims are
preferred by any bankruptcy, insolvency, liquidation or similar
laws of general application.  Under Russian law, the claims of
retail depositors rank above those of other senior unsecured
creditors.  At end-2009, retail deposits and current accounts made
up 24% of BOM's non-equity funding, according to the bank's
audited IFRS accounts.

BOM is one of Russia's five largest banks.  BOM's Long-term Issuer
Default Rating of 'BBB-' reflects potential support for the bank
from the City of Moscow ('BBB'/Stable Outlook).  The city owns
46.48% of BOM directly and controls a further 17.32% through
Stolichnaya Insurance Group.  Any major changes in the
relationship between the city and the bank, for example, as a
result of the potential change in the city's mayor, could impact
BOM's ratings.

SIBUR OJSC: Fitch Gives Positive Outlook; Affirms 'BB' Rating
Fitch Ratings has changed OJSC SIBUR Holding's Outlook to Positive
from Stable.  Its Long- and Short-term Issuer Default ratings have
been affirmed at 'BB' and 'B', respectively.

The Outlook change partly reflects SIBUR's better-than-expected
operating performance during 2009 and H110, which underlines the
resilience of its business model in combination with timely
measures by management to reduce costs and safeguard liquidity.
The Positive Outlook also reflects Fitch's improved expectations
for the current year.  In particular it reflects Fitch's
expectation that further expanding SIBUR's APG processing capacity
(towards 22bn cubic metres) and tripling polymer production
capacity by end-2012 will result in stronger underlying
profitability and cash generation for SIBUR in the medium-term.
Successful execution of the capex program over the next 18-24
months while maintaining moderate financial leverage and an
adequate liquidity position could result in a rating upgrade.  The
'BB' rating reflects SIBUR's position as the largest vertically
integrated petrochemicals producer in Russia by revenues (RUB161.4
billion (US$5.2 billion)), and its leading domestic market
positions in most of its products.  The ratings benefit from
SIBUR's strong and competitive cost position, underpinned by its
access to low-cost APG feedstock which has resulted in strong
operating profitability and cash-generation.  The ratings also
reflect SIBUR's solid financial profile, its long-term debt
maturity profile, moderate financial leverage and adequate
liquidity position.

However, the ratings remain constrained by SIBUR's exposure to the
pricing volatility of its feedstock and energy inputs, and of its
petrochemicals products.  In addition, all of Sibur's key
operating assets and its country of incorporation are in Russia
('BBB'/'F3'/Stable), which entails higher-than-average political,
business and regulatory risks, The ratings also incorporate the
supply-driven downturn in the chemicals cycle, characterized by
significant capacity coming on stream in the Middle East and Asia,
depressing global capacity utilization rates and weak
petrochemicals product pricing.  While SIBUR business mix
incorporates a degree of diversification and downstream
integration into fertilizers and tires, it is overall less
diversified in terms of products compared with some of its
international peers.  While the company has built a track record
in the completion of small-to-mid-sized projects, Fitch notes the
size of its current capex program nonetheless gives rise to
material execution risks.

Total debt at end-Q110 fell to RUB56.8 billion from RUB59.3
billion at FYE09.  SIBUR has been operating with a relatively low
financial leverage, with reported net debt to EBITDA of 0.8x at
end-Q110, down from 1.4x at FYE09, as a result of strong operating
performance in the first six months of 2010.  SIBUR's liquidity
position is adequate with RUB15.3 billion in cash on balance sheet
at end-Q110 versus RUB15.9 billion at FYE09.  By end-Q110, SIBUR
had further increased its funds available in committed credit
facilities to around US$793 million (RUB23.4 billion).  So far in
2010, SIBUR has raised about US$1.4 billion in secured project-
finance debt with Vnesheconombank (VEB, 'BBB'/'F3'/Stable) and a
syndicate of international banks to fund its expansion program.
It has comfortable headroom under leverage and gearing covenants
contained in several of its credit facilities.  Fitch expects that
debt maturing in FY10 and FY11 of around US$440 million (RUB13.6
billion) can be repaid by SIBUR out of either available liquidity
or from operating cash flows.  Fitch expects SIBUR to follow a
conservative financial policy as expressed in a maximum leverage
ratio of debt to EBITDA below 2.5x, despite its sizeable capex
program between 2010 and 2014.


AYT CAIXANOVA: Fitch Affirms 'BB-sf' Rating on Class C Notes
Fitch Ratings has affirmed AyT CAIXANOVA FTPYME I, FTA's notes:

  -- EUR40,346,656 Class T affirmed at 'AAAsf'; Outlook Stable;
     assigned Loss Severity Rating 'LS-2'

  -- EUR42,415,716 Class A affirmed at 'AAAsf'; Outlook Stable;
     assigned Loss Severity Rating 'LS-2'

  -- EUR30,000,000 Class B affirmed at 'A-sf'; Outlook Stable;
     assigned Loss Severity Rating 'LS-3'

  -- EUR26,000,000 Class C affirmed at 'BB-sf'; Outlook Stable;
     assigned Loss Severity Rating 'LS-3'

The transaction's performance is in line with Fitch's
expectations.  Current levels of 90+ day delinquencies are 3% of
the current portfolio, and 1% of the portfolio has defaulted.  The
reserve fund has been drawn to provision for defaults and now
stands at 94% of its minimum required amount (EUR23 million).

The transaction has benefited from deleveraging driven by high
portfolio redemptions (constant pre-payment rate of 12%).  As a
result of the sequential priority of payments, credit enhancement
levels have significantly increased.  The class T and A notes now
have 59.6% CE respectively and the class C notes 16.6%.  Given
this level of protection and the current balance of arrears,
Fitch's Outlook for the ratings is Stable.

However, Fitch expects that funds received from the swap
counterparty over the next 12 months will not cover the interest
due on the notes.  The sequential deleveraging of the transaction
has increased the average cost of funding while the swap
counterparty continues to pay the issuer at Euribor plus 0.7%.  As
a result, Fitch expects the reserve fund to be drawn to pay
interest on the notes.  While this means there will be less funds
to cover portfolio losses, Fitch remains confident that CE levels
will remain adequate to protect the notes.  Fitch had factored
these factors into its ratings at closing, and hence the
performance is in line with the agency's expectations outlined in
the New Issue Report.  At this point, Fitch expects no further
excess spread.

The transaction is a cash flow securitisation of a static pool of
unsecured loans to Spanish small and medium enterprises granted by
Caixa de Aforros de Vigo, Ourense e Pontevedra, which was
downgraded on August 2 to 'BBB+' from 'A-' and placed on Rating
Watch Negative.

The issuer is represented by Ahorro y Titulizacion SGFT SA (AyT,
or the sociedad gestora), a special purpose management company
with limited liability, incorporated under the laws of Spain.  The
notes pay interest and principal on a semi-annual basis.  In the
event of interest payments being deferred they do not accrue

Fitch has assigned the transaction an Issuer Report Grade of 'One
Star', which equates to "poor" investor reporting.  Although the
reports provide basic details sufficient for Fitch's analysis, the
agency did not assign a higher score due to the semi-annual
reporting nature, and lack of relevant information regarding
counterparties.  Fitch would expect investor reports to at least
be published on a quarterly basis regardless of the payment
frequency of the transaction.  The agency further notes irregular
reporting of the transaction's reserve fund.

TDA SA: Fitch Corrects August 23 Press Release on Note Ratings
Fitch Ratings corrected the ratings release published on
August 23, 2010.  The rating of Series C is 'BBB-sf' and not
'BBBsf' as previously stated.

Fitch Ratings has affirmed TDA SA Nostra Empresas 1, FTA:

  -- EUR79,494,669 Series A : affirmed at 'AAAsf', Outlook Stable;
     assigned Loss Severity Rating 'LS-2'

  -- EUR25,000,000 Series B : affirmed at 'Asf', Outlook Stable;
     assigned Loss Severity Rating 'LS-3'

  -- EUR14,000,000 Series C: affirmed at 'BBB-sf', Outlook Stable;
     assigned Loss Severity Rating 'LS-3'

  -- EUR13,800,000 Series D: affirmed at 'BB-sf', Outlook Stable;
     assigned Loss Severity Rating 'LS-3'

  -- EUR6,000,000 Series E: affirmed at 'Bsf', Outlook Stable;
     assigned Loss Severity Rating 'LS-5'

The affirmation reflects the high levels of credit enhancement,
which range from 21.4% for the junior notes to 64% for the senior
notes; the reserve fund of EUR29.6 million; and low arrears.
Fitch considers these factors will provide enough protection to
the different classes after analyzing potential risks to this deal
and associated mitigating factors.

The reserve fund account is held at Caja de Ahorros y Monte de
Piedad de Las Baleares ('BBB'/Stable/'F3').  This represents
significant counterparty risk for the transaction although it is
mitigated by a guarantee from the Confederacion Espanola de Cajas
de Ahorros (CECA, 'AA-'/Negative/'F1+').

Currently the transaction amortizes sequentially.  However, Fitch
believes that it is highly likely that the transaction's
amortization will become pro-rata in the near future as it is in
compliance with delinquency and subordination triggers.  However,
Fitch expects that amortization will revert back to sequential in
the medium term given the historical volatility in delinquency and
prepayment rates.

The transaction remains highly concentrated: 90% of the pool is in
the Illes Balears and the largest obligor represents 5.7% of the
balance (top 10 being 32%) and this could further impact the
credit quality of the deal.  However, the low LTV ratio and the
significant mortgage collateral of 88% of the loan balance,
coupled with the high levels of credit enhancement are deemed to
be sufficient to mitigate this risk.

This transaction is a securitization of a static pool of 391
secured and unsecured loans (originated by Caja de Ahorros y Monte
de Piedad de Las Baleares and granted to small and medium-sized

TDA SA Nostra Empresas 1 Fondo de Titulizacion de Activos is the
first single-seller SME securitization transaction originated by
Sa Nostra.  The issuer is legally represented and managed by TDA,
a special-purpose management company with limited liability
incorporated under the laws of Spain.

Fitch has assigned an Issuer Report Grade of Three Stars 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 he concentration
analysis, but which lack information such as triggers for
counterparties involved in the transaction.


HQ BANK: Carnegie to Take Over Following Liquidation
Nina Larson at Agence France-Presse reports HQ Bank said on Friday
its rival Carnegie would buy it after the authorities revoked its
licenses and forced it into liquidation.

"The board of HQ AB has decided to sell all common shares in its
subsidiary HQ Bank . . . (and) HQ Fonder . . . to the Carnegie
group," the company said in a statement, according to AFP.

AFP relates the Swedish Financial Supervisory Authority, which
revoked HQ's licenses on Aug. 28 and had opposed an initial
Carnegie bid a day later, said it now approved the SEK268 million
(EUR29 million, US$37 million) deal.

The agency stressed however that HQ for the time being officially
remained in liquidation, AFP states.

As part of the deal, Carnegie will buy all the issued shares in HQ
Bank for SEK268 million, which correspond to outstanding
convertible bonds held by the bank's employees that, if HQ had
declared bankruptcy, would have become worthless, AFP discloses.
Carnegie said it would also buy all issued shares in HQ Fonder
from investment company Oeresund for SEK850 million, allowing it
to convert the shares to its own, AFP notes.

HQ Bank is an investment bank based in Sweden.  It is owned by
securities broker HQ AB.


RODOVID BANK: Administration to Be Extended for Three Months
Daryna Krasnolutska at Bloomberg News reports that Ukraine's
central bank said it will extend administration of PAT Rodovid
Bank for three months.

Bloomberg relates the central bank on Friday said in a statement
on its Web site that the administration is extended from Sept. 16
through Dec. 15.

According to Bloomberg, the statement said the regulator also
appointed Yuriy Raytburg as administrator to replace Mykola

As reported by the Troubled Company Reporter-Europe on March 17,
2009, the central bank introduced provisional administration into
the bank in March 2009.

Rodovid Bank is based in Kyiv.  The net assets of the bank were
estimated at UAH16,952.2 million as of January 1, 2010, the
credits and debts of clients were valued at UAH5,355.5 million,
and the equity of shareholders was estimated at UAH4,336.4
million, according to Ukrainian News Agency.

U N I T E D   K I N G D O M

BARWELL TRAVEL: Ceases Trading; Customers' Fate Unclear
The London Daily News reports that Barwell Travel ceased trading
last week.

According to The London Daily News, the company was not an ABTA
member meaning travelers money was not protected.  The Civil
Aviation Authority says it is unclear whether holidaymakers are
protected, The London Daily News notes.

Barwell Travel was licensed to sell 600 packages a year and it is
believed the majority of its bookings were for accommodation-only
at La Manga Club, The London Daily News discloses.  It was reliant
on low-cost airlines for seats, so none of its forward booked
passengers come under the CAA's Atol consumer protection scheme
because they had bought accommodation-only, The London Daily News

The London Daily News says people are now being redirected to
administrators Bridge Business Recovery on 020 7025 6130.

The London Daily News relates James Carr of Bridge Business
Recovery confirmed there was no rescue plan for Barwell, which
will be declared insolvent on Oct. 1, but he said the firm was
unable to advise customers in the meantime.

Separately, travelweekly reports that La Manga Club in Murcia,
Spain, has refuted suggestions that a lack of air capacity to the
region is undermining its viability for tour operators following
the collapse of Barwell Travel.

travelweekly relates in a lengthy statement Julio Delgado, chief
executive of La Manga Club, said although Barwell Travel had found
it difficult to make money from selling the resort other partners
were trading successfully.  According to the report, Mr. Delgado
said, although the resort is in the Spanish equivalent of Chapter
11 administration, this was a voluntary arrangement to help it get
its finances in order and it expects to leave administration soon.

Barwell Travel is a travel company based in Chessington.

GECO 2002: S&P Affirms Ratings on Various Classes of Notes
Standard & Poor's Ratings Services affirmed and removed from
CreditWatch developing its credit ratings on the class A3 and A4
notes in GECO 2002 Ltd., and affirmed and removed from CreditWatch
negative its ratings on the class B, C, D, and E notes in Deutsche
Pfandbriefbank AG's ESTATE UK-3 transaction.  This follows S&P's
affirmation of the ratings on Deutsche Pfandbriefbank's public-
sector covered bonds, which serve as note collateral for these

On Aug. 6, 2010, S&P affirmed its 'AA+' rating on Deutsche
Pfandbriefbank's public-sector covered bonds that secure all the
credit-linked notes in these transactions.  On April 16, S&P had
lowered its ratings on the covered bonds to 'AA+/Watch Dev' from
'AAA/Watch Neg'.

All ratings affirmed are equal to or lower than the rating on
Deutsche Pfandbriefbank's public-sector covered bonds.

Deutsche Pfandbriefbank's ESTATE UK-3 and GECO 2002 are synthetic
commercial mortgage-backed securities (CMBS) transactions where
the payments under the notes are synthetically linked to the
performance of a pool of commercial mortgage loans in the U.K.
and Germany, respectively.

                           Ratings List

                    Deutsche Pfandbriefbank AG
   GBP113.68 Million Floating-Rate Amortizing Credit-Linked Notes
                          (ESTATE UK-3)

     Ratings Affirmed and Removed From CreditWatch Negative

         Class        To               From
         -----        --               ----
         B            AA (sf)          AA (sf)/Watch Neg
         C            A (sf)           A (sf)/Watch Neg
         D            BBB (sf)         BBB (sf)/Watch Neg
         E            BBB- (sf)        BBB- (sf)/Watch Neg

                       Ratings Unaffected

              Class        To               From
              -----        --               ----
              A1+          AAA (sf)         AAA (sf)
              A2           AAA (sf)         AAA (sf)

                           GECO 2002 Ltd.
   ?594.25 Million Floating-Rate Amortizing Credit-Linked Notes
           and Floating-Rate Amortizing Funding Notes

     Ratings Affirmed and Removed From CreditWatch Developing

         Class        To               From
         -----        --               ----
         A3           AA+ (sf)         AA+ (sf)/Watch Dev
         A4           AA+ (sf)         AA+ (sf)/Watch Dev

                        Ratings Unaffected

              Class        To               From
              -----        --               ----
              B            AA (sf)          AA (sf)
              C            A (sf)           A (sf)
              D            BBB (sf)         BBB (sf)
              E            BB (sf)          BB (sf)

GREEN PARCS: Owed GBP14 Million at June; Recovery Unlikely
Declan Harte at The Press and Journal reports that Green Parcs,
owner of a Moray caravan park and subject of a fraud
investigation, went into administration with debts of GBP14

According to the report, the spiraling debt forced the company to
call in administrators in June.

The report says people left out of pocket may never be able to
recover their money.

The report recounts police launched an investigation at Silver
Sands in August last year after residents raised concerns about
caravan ownership.

The report relates Lossiemouth councilor David Stewart said:
"There are quite a few local businessmen still waiting for payment
for work that they carried out at Silver Sands.  There is little
chance that they will get full repayment now, I am sure.  As for
those who tried to buy caravans, there will be little chance of
them getting their money back either."

According to the report, Green Parcs also owns caravan sites at
Forres and Dornoch and all three complexes have been put up for
sale by administrators.

The report notes a spokeswoman for administrator Deloitte said it
was taking offers from firms interested in buying the business.

"The level of secured debt is GBP10.3 million and the level of
unsecured debt is GBP3.7 million," the report quoted the
spokeswoman as saying.

"This involves a whole range of creditors such as those who
supplied the firm goods, and may include caravan-owners if they
were owed money at the time it went into administration.  We have
had a significant level of interest in buying Green Parcs and will
be looking at the interested parties over the next few weeks."

Green Parcs is based in Liecester.

HALLIWELLS: Partners Have to Repay More Than GBP2MM in Bank Loans
Claire Ruckin at Legal Week reports that Halliwells partners look
set to be asked to repay more than GBP2 million in additional bank
loans taken in 2010 as further details of the now-defunct firm's
finances and partner liabilities emerge.

The report relates the firm conducted a voluntary cash call at the
beginning of the year which saw 28 partners contribute a total of
GBP2.3 million, facilitated by professional practice loans taken
out from The Co-operative Bank.

According to the report, partners put in varying amounts depending
on whether they had received a payout on completion of the firm's
new offices in Spinningfields.  Those who received the windfall
contributed GBP20,000 per equity point, while those who did not
put in GBP10,000 per point, the report says.

The capital raising was at the request of the Royal Bank of
Scotland and came at the same time that the firm renegotiated
GBP19.8 million of loan facilities with the bank, the report

The cash injection came in addition to a mandatory capital raising
conducted in 2008, when partners doubled what they had in the
firm, the report says.  At the time PPLs were taken out with
Handelsbanken, the report states.

Partners will now be expected to pay back outstanding loans with
The Co-op, Handelsbanken and RBS -- with some partners liable for
in excess of GBP500,000, the report discloses.

Halliwells issued a notice of intention to appoint administrators
in June, concluding the break-up and sale of its business the
following month, the report recounts.

Halliwells is a law firm based in Manchester.

NDF ADMINISTRATION: Administration to Be Extended for Another Year
Rob Langston at WhatInvestment reports that Grant Thornton,
administrators of NDF Administration, has warned investors that it
plans to keep the company in administration for another year.

According to the report, Grant Thornton said it was continuing to
negotiate a sale of the firm's ISA Mortgage Book, but believed it
would be a "protracted process involving contract negotiations
with third-party insurers."

The report relates Grant Thornton warned the complexity of
administration would require considerable technical development to
integrate the book into their business.

Regulatory permission may also be required of a potential buyer,
which could take up to six months, the report says.

The report notes the administrator said NDF Administration
retained Financial Services Authority permissions that could be
lost if the company was wound up, and remove the mortgage book's
realizable value.

The firm was put into administration in October 2009 and its
investment books were acquired by Meteor Asset Management earlier
this year.

As reported by the Troubled Company Reporter-Europe on Jan. 6,
2010, NDF Administration and its sister company Defined Returns
went into administration on October 14, 2009, as they were unable
to meet their liabilities for potential compensation claims for
Lehman-backed structured plans.  Meteor Asset Management acquired
the structured product books of both NDF Administration and
Defined Returns.

NDF Administration was a structured product provider.

POLLY PECK: Asil Nadir to Face Fraud Trial in October 2011
James Lumley at Bloomberg News reports that Justice David Bean
ruled on Friday that Asil Nadir, the executive who returned to the
U.K. to face fraud charges two decades after fleeing the country,
is scheduled to face trial in October 2011.

According to Bloomberg, the London judge at the Old Bailey
overruled a request by Mr. Nadir's lawyer William Clegg to hold
the trial earlier.  The judge said that it was "unrealistic" for
the prosecution to be expected to re-compile a 17-year-old case on
short notice.

Mr. Nadir left the U.K. in 1993 after being charged with theft and
false accounting by the Serious Fraud Office, which prosecutes
major financial crime, Bloomberg relates.  The SFO said Mr. Nadir
embezzled about GBP30 million (US$46 million) from Polly Peck, a
food-packaging firm that collapsed in 1990 when it was unable to
pay its debts, Bloomberg discloses.  Polly Peck's administrators
found more than GBP700 million was unrecoverable from units of the
company, which Mr. Nadir built up during the 1980s by expanding
into areas such as electronics and hotel franchises Bloomberg

Mr. Clegg, as cited by Bloomberg, said Mr. Nadir, who denies
wrong-doing, plans to bring an abuse of process application to
halt his prosecution.  Bloomberg notes Judge Bean ruled that
application will be heard in March.

TOMAHAWK HOTELS: Goes Into Administration
BBC News reports that Tomahawk Hotels Ltd. has gone into

The report relates joint administrators BDO LLP said they had been
called in on Aug. 24.

Two Tomahawk directors have been made redundant, the report says.
No other job losses are expected, the report notes.

According to the report, a BDO spokeswoman said they had appointed
hotel group BDL Management Ltd. to assist with operations at the

Bradford-based Tomahawk Hotels Ltd. had operated the Aston Hall
Hotel in Sheffield, Bradford's Great Victoria Hotel and the
Woodlands Hotel in Leeds.

TOR DESIGNS: Files for Insolvency
4BR reports that Tor Designs & Marketing Ltd. has filed for

According to the report, a formal insolvency proceedings notice
was issued on August 19, 2010, by J. C. Handley, the company's

Based in Leeds, Tor Designs specializes in the supply, embroidery
and print of corporate, club and team clothing.

WELDON PLANT: In Administration; Up to 113 Jobs at Risk
Michael Lane at Construction News reports that Weldon Plant has
gone into administration after it failed to renegotiate its
banking facilities, putting as many as 113 jobs at risk.

The report says it is thought that the firm's overdraft with Royal
Bank of Scotland was cut from GBP3.15 million to GBP2.2 million.
According to the report, Peter Webb, the company's chairman, said
in a statement: "This has placed strain upon our cash flow and has
delayed payments to suppliers and subcontractors, many of whom are
small sole traders and partnerships."

Weldon Plant is a Corby-based construction firm.  The company
carries out demolition and earthworks as well as small civil
projects.  It employs 140 people and owns a fleet of specialist
machinery and vehicles.

WHITEHAVEN RLFC: Seeks Administration; Dick Raaz Mulls Bid
Hanna Sharpe at Business Sale Report reports that rival bidders
are pursuing Whitehaven Rugby League Football Club as it heads
towards administration in the face of a threatened winding-up
order due to a GBP64,000 income tax bill.

The report relates since the winding-up threat, Whitehaven RLFC's
board of directors filed a notice of intent to go into
administration.  This enables prospective administrators RSM Tenon
to receive offers to buy the club during a 10-day period, although
any bid would have to prove acceptable to Tenon before the club
can actually go into administration, the report says.

According to the report, Dick Raaz, Haven's American chairman, is
leading a consortium to buy the club and a group of local
supporters are also bidding to purchase it.  Mr. Raaz's bid will
enable a new club to be formed and total debts of around
GBP300,000 wiped out, the report discloses.

The supporters are also planning to make "a viable offer to run
the club," to give fans a say in the formation of a new rugby
league club, the report notes.

Whitehaven RLFC is a rugby league team playing in Whitehaven in
West Cumbria.


* BOND PRICING: For the Week August 30 to September 3, 2010

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

RAIFF ZENTRALBK          4.500  9/28/2035     EUR    72.68

FORTIS BANK              8.750  12/7/2010     EUR    14.43

MUNI FINANCE PLC         0.500  9/24/2020     CAD    69.42
MUNI FINANCE PLC         1.000  2/27/2018     AUD    67.17
MUNI FINANCE PLC         0.250  6/28/2040     CAD    23.98
MUNI FINANCE PLC         1.000  6/30/2017     ZAR    70.45
MUNI FINANCE PLC         0.500  3/17/2025     CAD    54.85

AIR FRANCE-KLM           4.970   4/1/2015     EUR    14.64
ALCATEL SA               4.750   1/1/2011     EUR    16.57
ALCATEL-LUCENT           5.000   1/1/2015     EUR     3.18
ALTRAN TECHNOLOG         6.720   1/1/2015     EUR     4.61
ATOS ORIGIN SA           2.500   1/1/2016     EUR    50.71
BNP PARIBAS             10.050  7/24/2012     USD    64.27
CALYON                   6.000  6/18/2047     EUR    48.87
CAP GEMINI SOGET         1.000   1/1/2012     EUR    44.03
CAP GEMINI SOGET         3.500   1/1/2014     EUR    43.31
CLUB MEDITERRANE         4.375  11/1/2010     EUR    49.86
EURAZEO                  6.250  6/10/2014     EUR    55.73
FAURECIA                 4.500   1/1/2015     EUR    20.83
GROUPE VIAL              2.500   1/1/2014     EUR    19.26
MAUREL ET PROM           7.125  7/31/2014     EUR    15.89
MAUREL ET PROM           7.125  7/31/2015     EUR    12.71
NEXANS SA                4.000   1/1/2016     EUR    61.28
PEUGEOT SA               4.450   1/1/2016     EUR    29.58
PUBLICIS GROUPE          3.125  7/30/2014     EUR    37.70
PUBLICIS GROUPE          1.000  1/18/2018     EUR    48.39
RHODIA SA                0.500   1/1/2014     EUR    47.22
SOC AIR FRANCE           2.750   4/1/2020     EUR    20.53
SOITEC                   6.250   9/9/2014     EUR     9.54
TEM                      4.250   1/1/2015     EUR    55.93
THEOLIA                  2.700   1/1/2041     EUR    12.50
VALEO                    2.375   1/1/2011     EUR    46.94
ZLOMREX INT FIN          8.500   2/1/2014     EUR    52.75
ZLOMREX INT FIN          8.500   2/1/2014     EUR    52.75

DEUTSCHE BK LOND         0.500  8/25/2017     BRL    52.91
DEUTSCHE BK LOND         3.000  5/18/2012     CHF    60.88
HSH NORDBANK AG          4.375  2/14/2017     EUR    74.94
L-BANK FOERDERBK         0.500  5/10/2027     CAD    49.40
QIMONDA FINANCE          6.750  3/22/2013     USD     3.69
RENTENBANK               1.000  3/29/2017     NZD    74.07
SOLON AG SOLAR           1.375  12/6/2012     EUR    40.01

ATHENS URBAN TRN         4.851  9/19/2016     EUR    73.16
ATHENS URBAN TRN         5.008  7/18/2017     EUR    71.13
HELLENIC RAILWAY         4.500  12/6/2016     JPY    60.90
HELLENIC REP I/L         2.300  7/25/2030     EUR    47.06
HELLENIC REP I/L         2.900  7/25/2025     EUR    52.42
HELLENIC REPUB           5.200  7/17/2034     EUR    68.34
HELLENIC REPUB           5.250   2/1/2016     JPY    69.17
HELLENIC REPUB           5.000  8/22/2016     JPY    66.00
HELLENIC REPUBLI         5.300  3/20/2026     EUR    60.26
HELLENIC REPUBLI         3.700  7/20/2015     EUR    70.88
HELLENIC REPUBLI         3.600  7/20/2016     EUR    67.79
HELLENIC REPUBLI         5.900  4/20/2017     EUR    74.46
HELLENIC REPUBLI         4.300  7/20/2017     EUR    66.16
HELLENIC REPUBLI         4.600  7/20/2018     EUR    65.47
HELLENIC REPUBLI         6.000  7/19/2019     EUR    69.40
HELLENIC REPUBLI         6.250  6/19/2020     EUR    70.71
HELLENIC REPUBLI         4.700  3/20/2024     EUR    59.78
HELLENIC REPUBLI         4.500  9/20/2037     EUR    53.81
HELLENIC REPUBLI         4.600  9/20/2040     EUR    53.76
NATIONAL BK GREE         3.875  10/7/2016     EUR    73.42
YIOULA GLASSWORK         9.000  12/1/2015     EUR    66.88
YIOULA GLASSWORK         9.000  12/1/2015     EUR    68.43

ALLIED IRISH BKS         5.250  3/10/2025     GBP    74.35
DEPFA ACS BANK           1.920   5/9/2020     JPY    71.20
DEPFA ACS BANK           5.125  3/16/2037     USD    75.32
DEPFA ACS BANK           0.500   3/3/2025     CAD    35.97
DEPFA ACS BANK           4.900  8/24/2035     CAD    65.43
DEPFA BANK PLC           3.150   4/3/2018     EUR    69.09
HYPO PUBLIC FIN          5.400  3/26/2024     EUR    65.44
COMUNE DI MILANO         4.019  6/29/2035     EUR    73.45

ARCELORMITTAL            7.250   4/1/2014     EUR    29.56
BREEZE FINANCE           4.524  4/19/2027     EUR    66.75
GLOBAL YATIRIM H         9.250  7/31/2012     USD    71.50
IIB LUXEMBOURG          11.000  2/19/2013     USD    60.00
INTL INDUST BANK         9.000   7/6/2011     EUR    50.50
LIGHTHOUSE INTL          8.000  4/30/2014     EUR    62.30
LIGHTHOUSE INTL          8.000  4/30/2014     EUR    61.63

APP INTL FINANCE        11.750  10/1/2005     USD     0.01
ARPENI PR INVEST         8.750   5/3/2013     USD    43.38
ARPENI PR INVEST         8.750   5/3/2013     USD    43.38
BK NED GEMEENTEN         0.500  2/24/2025     CAD    55.34
BLT FINANCE BV           7.500  5/15/2014     USD    74.50
BLT FINANCE BV           7.500  5/15/2014     USD    74.88
BRIT INSURANCE           6.625  12/9/2030     GBP    67.75
ELEC DE CAR FIN          8.500  4/10/2018     USD    55.92
IVG FINANCE BV           1.750  3/29/2017     EUR    72.77
NATL INVESTER BK        25.983   5/7/2029     EUR    24.29
NED WATERSCHAPBK         0.500  3/11/2025     CAD    53.90
Q-CELLS INTERNAT         5.750  5/26/2014     EUR    69.91
RBS NV EX-ABN NV         6.316  6/29/2035     EUR    70.98
TJIWI KIMIA FIN         13.250   8/1/2001     USD     0.01

EKSPORTFINANS            0.500   5/9/2030     CAD    42.30
NORSKE SKOGIND           7.000  6/26/2017     EUR    71.01

REP OF POLAND            3.220   8/4/2034     JPY    67.98
REP OF POLAND            3.300  6/16/2038     JPY    66.56
REP OF POLAND            2.648  3/29/2034     JPY    60.54

ACBK-INVEST              9.500  4/14/2011     RUB     2.00
AGROKOM GROUP           10.000  6/21/2011     RUB     3.00
AGROSOYUZ               17.000  3/28/2012     RUB    22.00
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     2.00
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     3.01
DALSVYAZ                15.000  7/17/2012     RUB     2.00
DALUR-FINANS            14.000   2/5/2013     RUB     4.00
DIPOS                    8.000  6/19/2012     RUB    24.01
DVTG-FINANS             17.000  8/29/2013     RUB    20.00
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
FINANCEBUSINESSG        10.000   7/1/2013     RUB     2.00
FINANCEBUSINESSG        12.500  6/22/2011     RUB     2.00
GLOBEX-FINANS            0.100  4/26/2011     RUB    20.01
GRACE DIAMOND           15.000   6/7/2012     RUB     2.00
GRADOSTROY-INVES        11.000   3/3/2011     RUB     3.00
HCF BANK                 7.500  9/16/2010     RUB    11.00
HORTEX-FINANS           13.000  8/14/2013     RUB     3.00
IART                    12.000   8/4/2013     RUB     5.00
INPROM                   9.500  5/18/2011     RUB    26.00
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    16.00
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     3.00
KUBANSKAYA NIVA         15.500  2/20/2014     RUB    11.00
LADYA FINANS            13.750  9/13/2012     RUB     2.00
LEKSTROY                 0.100  7/22/2011     RUB     4.00
LLC VICTORIA FIN         8.000  2/12/2013     RUB     2.00
LR-INVEST               13.750  7/17/2012     RUB     3.00
LSR-INVEST               9.250  7/14/2011     RUB    30.01
M-INDUSTRIYA            12.250  8/16/2011     RUB    31.00
M-INDUSTRIYA            14.250  7/10/2013     RUB    50.00
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     1.00
METROSTROY INVES        10.500  9/23/2011     RUB     7.00
MIA                      7.250  2/23/2012     RUB    11.00
MIA                     12.500  10/1/2015     RUB    12.00
MIA                      7.400  7/17/2014     RUB    12.00
MIRAX                   14.990  5/17/2011     RUB    37.00
MIRAX                   17.000  9/17/2012     RUB    26.00
MORTON-RSO              12.000  2/28/2011     RUB     2.00
MOSKOMMERTSBANK         12.000  2/15/2011     RUB     2.00
MOSKOMMERTSBANK          1.000  6/12/2013     RUB    17.01
MOSMART FINANS           0.010  4/12/2012     RUB     1.90
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                 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     1.55
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     2.00
NOK                     12.500  8/26/2014     RUB     2.00
NOMOS-LEASING           12.000   7/8/2011     RUB     2.00
NUTRINVESTHOLDIN        11.000  6/30/2014     RUB    22.00
OBYEDINEONNYE KO         3.000  5/16/2012     RUB     2.00
OJSC FCB                11.000   8/7/2012     RUB     4.00
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    11.00
POLYPLAST               19.000  6/21/2011     RUB    51.00
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     3.00
RAILTRANSAUTO           17.500  12/4/2013     RUB     3.00
RAZGULYAY-FINANS        17.000  9/27/2011     RUB    60.00
REGIONENERGO             8.500  5/30/2016     RUB     2.00
RFA-INVEST              10.000  11/4/2011     RUB     3.00
RMK PARK PLAZA          10.000   1/8/2013     RUB    24.01
RUSSIAN STANDARD         7.800  9/20/2011     RUB    17.01
RVK-FINANS               9.500  7/21/2011     RUB    22.01
RYBINSKKABEL             0.010  2/28/2012     RUB     1.00
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    30.01
SIBUR                   13.500  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                    9.000  3/13/2015     RUB     2.00
SIBUR                    9.250  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    30.00
SYNTERRA                 0.010   8/1/2013     RUB    65.02
TALIO-PRINCEPS          16.000  5/17/2012     RUB     4.00
TATTELECOM               8.250  11/1/2012     RUB     1.59
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    25.01
TRANSCREDITFACTO        12.000  11/1/2012     RUB     5.00
TRANSCREDITFACTO        12.000  6/11/2012     RUB     4.00
TRANSFIN-M              10.750  8/10/2012     RUB    11.00
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     3.00
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     3.00
TRANSFIN-M              11.000  12/3/2015     RUB     5.00
TRANSFIN-M              11.000  12/3/2014     RUB     6.00
TRANSNEFT               11.750  10/1/2019     RUB     2.00
TVER VAGONOSTRO          7.000  6/12/2013     RUB     1.00
UNITED HEAVY MAC        13.000  8/30/2011     RUB    15.50
UNITED HEAVY MAC        13.000  5/31/2013     RUB     3.01
URALCHIMPLAST            8.000  1/21/2011     RUB     3.00
URALELEKTROMED           8.250  2/28/2012     RUB     2.00
VESTER-FINANS           15.250  8/11/2011     RUB    11.00
VKM-LEASING FINA         1.000  5/18/2011     RUB     1.00
VMK-FINANCE             16.000  5/21/2014     RUB     5.00
VTB 24                   7.350   2/5/2013     RUB     1.81
VTB-LEASING FINA         9.800  11/6/2014     RUB     2.00
XM STROYRESURS          10.000  7/12/2011     RUB    32.01
YUGFINSERVICE           15.250  5/20/2014     RUB     2.00
ZHELEZOBETON            10.000  5/27/2011     RUB     5.01
ZHILSOTSIPOTEKA-         9.000  7/26/2011     RUB     2.00

AYT CEDULAS CAJA         3.750  6/30/2025     EUR    75.18
BANCAJA                  1.500  5/22/2018     EUR    61.75
BANCAJA EMI SA           2.755  5/11/2037     JPY    49.88
BANCO GUIPUZCOAN         1.500  4/18/2022     EUR    54.91
CAIXA TERRASSA           1.500  3/12/2022     EUR    52.04
CEDULAS TDA A-6          4.250  4/10/2031     EUR    74.87

SWEDISH EXP CRED         9.000  8/28/2011     USD     9.80

UBS AG                  13.300  5/23/2012     USD     4.02
UBS AG                  10.580  6/29/2011     USD    37.50
UBS AG                  14.000  5/23/2012     USD     8.83
UBS AG JERSEY            3.220  7/31/2012     EUR    55.60
UBS AG JERSEY            9.450  9/21/2011     USD    50.04
UBS AG JERSEY            9.350  9/21/2011     USD    62.33
UBS AG JERSEY           11.150  8/31/2011     USD    38.35
UBS AG JERSEY           10.360  8/19/2011     USD    49.70
UBS AG JERSEY           10.280  8/19/2011     USD    35.83
UBS AG JERSEY           11.030  4/21/2011     USD    20.57
UBS AG JERSEY           10.820  4/21/2011     USD    21.61
UBS AG JERSEY           16.160  3/31/2011     USD    43.29
UBS AG JERSEY           10.990  3/31/2011     USD    31.46
UBS AG JERSEY           12.800  2/28/2011     USD    34.42
UBS AG JERSEY           11.000  2/28/2011     USD    63.92
UBS AG JERSEY           15.250  2/11/2011     USD    11.63
UBS AG JERSEY           10.000  2/11/2011     USD    59.81
UBS AG JERSEY           16.170  1/31/2011     USD    13.05
UBS AG JERSEY           14.640  1/31/2011     USD    37.08
UBS AG JERSEY           10.650  4/29/2011     USD    15.79
UBS AG JERSEY           13.900  1/31/2011     USD    34.88
BANK OF SCOTLAND         6.984   2/7/2035     EUR    70.38
BARCLAYS BK PLC         10.350  1/23/2012     USD    20.64
BARCLAYS BK PLC          7.610  6/30/2011     USD    53.33
BARCLAYS BK PLC         10.950  5/23/2011     USD    59.50
BARCLAYS BK PLC         10.800  7/31/2012     USD    26.68
BARCLAYS BK PLC          9.000  6/30/2011     USD    43.24
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         12.950  4/20/2012     USD    22.60
BRADFORD&BIN BLD         5.500  1/15/2018     GBP    44.97
BRADFORD&BIN BLD         4.910   2/1/2047     EUR    60.29
BRADFORD&BIN PLC         6.625  6/16/2023     GBP    45.22
BRADFORD&BIN PLC         7.625  2/16/2049     GBP    46.43
CO-OPERATIVE BNK         5.875  3/28/2033     GBP    75.72
EFG HELLAS PLC           5.400  11/2/2047     EUR    56.63
EFG HELLAS PLC           6.010   1/9/2036     EUR    65.75
ENTERPRISE INNS          6.375  9/26/2031     GBP    71.06
ENTERPRISE INNS          6.875   5/9/2025     GBP    77.94
HBOS PLC                 6.000  11/1/2033     USD    63.48
HBOS PLC                 4.500  3/18/2030     EUR    73.17
HBOS PLC                 6.000  11/1/2033     USD    63.48
NORTHERN ROCK            4.574  1/13/2015     GBP    75.10
NORTHERN ROCK            5.750  2/28/2017     GBP    68.75
PARAGON GROUP            7.000  4/20/2017     GBP    80.00
PUNCH TAVERNS            6.468  4/15/2033     GBP    71.87
ROYAL BK SCOTLND         6.316  6/29/2030     EUR    68.74
TXU EASTERN FNDG         6.750  5/15/2009     USD     2.48
TXU EASTERN FNDG         6.450  5/15/2005     USD     2.38
UNIQUE PUB FIN           7.395  3/28/2024     GBP    74.63
UNIQUE PUB FIN           6.464  3/30/2032     GBP    62.79
WESSEX WATER FIN         1.369  7/31/2057     GBP    24.89


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 * * *