TCREUR_Public/100927.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 27, 2010, Vol. 11, No. 190


C Z E C H   R E P U B L I C

CC SYSTEMS: Is Insolvent; Creditors to Decide Fate in November
VLTAVSKY MLYN: To Wind Up Operation; Over 200 Jobs Affected


TDC AS: Fitch Affirms Long-Term Issuer Default Rating at 'BB'


PEUGEOT SA: S&P Changes Outlook to Stable; Affirms 'BB+' Rating
PLYSOROL: Commercial Court Orders Liquidation
FCC PROUDREED: Fitch Affirms Rating 'BBsf' Rating on Class E Notes


ALBERT BALLIN: Moody's Assigns 'B1' Corporate Family Rating
HYPO REAL: Asset Transfer to Bad Bank Gets Provisional OK From EU
LANTIQ DEUTSCHLAND: Moody's Assigns 'B2' Corporate Family Rating


* GREECE: Denies Extension of International Rescue Loan Agreement


ARGONCAPITAL PLC: S&P Cuts Rating on Series 87 Notes to 'B- (sf)'
BRENNANS LAW: Liquidator Has License Deal With Brady & Co.
KEITH SIMPSON: Owes Nearly EUR1 Million; Liquidator Appointed
MCINERNEY HOMES: Business Plan Realistic, High Court Judge Rules
WILLOW NO 2: Moody's Assigns Provisional B2 Rating on 2017 Notes


IT HOLDING: Gianfranco Ferre Unit Will Be Sold Soon


ABN AMRO: S&P Junks Rating on Junior Subordinated Notes
ARRAN CORPORATE: Fitch Affirms 'CCCsf' Ratings on Three Tranches
NIBC BANK: S&P Raises Ratings on Hybrid Instruments to 'BB'


* ROMANIA: 11,221 Firms in Insolvency During First Quarter


SAAB AUTOMOBILE: Vastra Gotaland Seeks Help to Recover US$15.9MM


ERDEMIR GROUP: Moody's Affirms Corporate Family Rating at 'B2'

U N I T E D   K I N G D O M

1ST DENTAL: Appoints Administrators; Suspends Shares on AIM
ABODE VENTURES: In Liquidation; Bar Still Trading
BUSINESS FOCUS: Placed in Liquidation; 800 Trainees Affected
FAB UK: S&P Affirms 'BB- (sf) Rating on Class BE Notes
NORTHERN ROCK: S&P Raises Rating on Tier One Notes to 'B'

SHAFTESBURY AVENUE: Awaits Decision on Future; Owes GBP600,000


* BOND PRICING: For the Week September 20 to September 24, 2010


C Z E C H   R E P U B L I C

CC SYSTEMS: Is Insolvent; Creditors to Decide Fate in November
CTK, citing the economic daily E15, reports that CC Systems is

According to CTK, insolvency proceedings with the company were
launched in October last year.

CTK relates E15 said more than 80 creditors have lodged claims for
about CZK34 million so far.

CTK notes board chairman Michal Racak said a meeting of creditors
will decide on the fate of the company at the beginning of

CC Systems organizes retraining and educational courses using
money from EU funds.

VLTAVSKY MLYN: To Wind Up Operation; Over 200 Jobs Affected
CTK, citing local daily Ceskokrumlovsky denik, reports that
Vltavsky mlyn is winding up its operation, affecting more than 200

CTK relates the paper mill was declared bankrupt on Sept 20.
According to CTK, creditors' claims exceed CZK1 billion.

The main reasons for the bankruptcy are the economic crisis and a
steep increase in input prices, insolvency administrator Petr Hain
told CTK.

Vltavsky mlyn is a paper mill based in the Czech Republic.


TDC AS: Fitch Affirms Long-Term Issuer Default Rating at 'BB'
Fitch Ratings has affirmed the Long-term Issuer Default Rating of
TDC A/S at 'BB' and Short-term IDR at 'B'.  At the same time,
Fitch affirmed all of TDC's debt instruments, as detailed at the
end of this release.  The Outlook for the Long-term IDR is

The recent announcement of TDC's intended disposal of Sunrise (the
Swiss mobile and alternative fixed operator) to CVC Capital
Partners for cash proceeds of CHF3.3 billion (DKK18.5 billion)
follows the regulatory block on the merger of Sunrise and Orange
Switzerland that arose earlier in the year.  Although Fitch
acknowledges that this transaction could potentially accelerate
TDC's deleveraging profile, the company has not announced an
intended use of the cash proceeds at this stage.  Therefore, no
new rating action has been taken in respect of this announcement,
and instead the agency will continue to await further
developments.  The disposal itself is subject to Swiss regulatory
approval and antitrust clearance, and is expected to close in

TDC's 'BB' Long-term IDR is supported by its domestic incumbent
status.  However, the rating is currently constrained by TDC's
financial profile (Fitch-calculated net debt to EBITDA of 3.3x and
net FFO Adjusted leverage of 4.2x at H110 at the Angel Lux Common
S.A. consolidated level, prior to the Sunrise disposal) and
limited geographical footprint covering the Nordic region and,
until now, Switzerland.

The Positive Outlook (assigned since November 2009) reflects the
anticipated further deleveraging from internally generated
cashflows and TDC's improved operational performance over recent
periods.  If the Sunrise disposal results in accelerated
deleveraging, then Fitch could consider an upgrade to TDC's
ratings.  Specifically, Fitch has indicated that a net FFO-
adjusted leverage metric below 4x could be commensurate with a
'BB+' Long-term IDR.  Indeed, TDC's rating could even return to
investment grade territory, despite its relatively small size and
limited geographical footprint (even more so following the
disposal of Sunrise, effectively its only business outside the
core Nordic region).  However, such an action will be dependent on
TDC attaining a financial leverage profile more in line with
smaller investment grade peers.

TDC Group debt instruments affirmed:

  -- TDC A/S senior secured facilities: Affirmed at 'BB+'
  -- TDC A/S senior unsecured notes: Affirmed at 'BB'
  -- Angel Lux Common S.A. unsecured notes: Affirmed at 'BB-'.


PEUGEOT SA: S&P Changes Outlook to Stable; Affirms 'BB+' Rating
Standard & Poor's Ratings Services said it revised its outlook on
French automaker Peugeot SA to stable from negative.  S&P also
affirmed its 'BB+' long-term and 'B' short-term corporate credit
ratings on PSA.

At the same time, Standard & Poor's also revised its outlook to
stable from negative on PSA's fully owned captive finance
subsidiary, Banque PSA Finance.  S&P also affirmed its 'BBB' long-
term counterparty credit rating on BPF.

"The outlook revision reflects S&P's view that PSA's 2010
operating performance will likely improve versus 2009 results,"
said Standard & Poor's credit analyst Barbara Castellano.

S&P believes this will support the strengthening of PSA's credit
ratios to levels consistent with the current ratings.

The ratings reflect S&P's view of the group's fair business risk
profile and its significant financial risk profile.  PSA's
business risk profile is driven by low profitability linked to
exposure to the cyclical, highly competitive, and structurally
oversupplied auto industry.  These constraints are balanced to a
degree by the group's strong and growing market position as
Western Europe's second-largest car manufacturer and largest light
commercial vehicle manufacturer.

In the first six months of this year, PSA reported an operating
margin before restructuring costs of 4%, up from a negative 3.5%
in the same period of 2009.  S&P believes that the improvement
stems from rising demand for cars in Western Europe and even
greater demand increases outside the region, PSA's cost
reductions, and the low average age of its model range.  PSA's
unit sales firmly outpaced those of the EU-27 member countries,
climbing 13.5% in the first half of 2010, against the the EU-27's
0.2% gain (Source: ACEA).  The group has achieved ?854 million in
savings out of ?1.1 billion targeted for 2010 as part of its aim
to save ?3.3 billion by 2012.  Lastly, PSA's European model range
has a low average age of about three years, and the group reaping
the benefits of its offering of new models.

S&P think the auto division could achieve its target of breakeven
in terms of operating results in the second half of this year,
despite slowing auto demand in Western Europe.  Overall, full-year
unit sales for the region will likely decrease 6%-8%.  In S&P's
view, this should translate into some softening in PSA's unit
sales, with a negative impact on the auto division's 2.5%
operating margin reported in the first half.

"The stable outlook reflects S&P's opinion that PSA will likely
maintain credit ratios that S&P considers commensurate with the
'BB+' rating, including FFO to adjusted debt of about 25%," said
Ms. Castellano.  "It also factors in the gradual and steady
improvement of PSA's industrial division operating margin so far
this year, and potential widening beyond the very low single
digits achieved in the years before the recession."

S&P could lower the ratings on PSA if S&P perceive a sudden
worsening in its profitability or that sizable, unexpected cash
burn impairs the industrial division's financial profile.

S&P could raise the ratings on the group if S&P sees structural
improvement in the profitability of its industrial activities,
which in turn would enable it to generate sustainable stronger
earnings from car sales and reduce its dependence on the European
market.  Since S&P believes that this process is likely to stretch
out over the medium term, at least, S&P considers a near-term
upgrade to be unlikely.

PLYSOROL: Commercial Court Orders Liquidation
EUWID Wood Products and Panels reports that the commercial court
in Lisieux, France granted the application submitted by the
insolvency administrators for Plysorol and instituted liquidation
proceedings for the company, which has been insolvent since
April 2010.

The report says the court also ordered that business operations at
Plysorol could be continued for a maximum of a further two months.

As reported in the Troubled Company Reporter-Europe on April 9,
2010, Union de recouvrement des cotisations de securite sociale et
d'allocations familiales Plysorol filed a petition to initiate new
judicial rescue proceedings against Plysorol at a commercial court
in Lisieux.  The Company is said to be in arrears with social
security contributions to the organization, responsible for
levying social welfare deductions in France, for about EUR1.4
million even though they were deducted from employees' pay.

FCC PROUDREED: Fitch Affirms Rating 'BBsf' Rating on Class E Notes
Fitch Ratings has affirmed FCC Proudreed Properties 2005's

  -- EUR208.7m Class A (FR0010247577): affirmed at 'AAAsf';
     Outlook Stable

  -- EUR56.8m Class B (FR0010247585): affirmed at 'AAsf'; Outlook

  -- EUR28.4m Class C (FR0010247593): affirmed at 'Asf'; Outlook

  -- EUR28.4m Class D (FR0010247601): affirmed at 'BBBsf'; Outlook

  -- EUR28.4m Class E (FR0010247619): affirmed at 'BBsf'; Outlook

The affirmation of the notes reflects the stable performance of
the underlying collateral since the agency's last review.  Asset
sales have also helped to continue to reduce the transaction's
outstanding balance, to EUR350.7 million from EUR397.4 million at
closing.  The loan is interest only and all repayment of debt due
to asset sales thus far has been used to pay down the Class A

The properties securing the France Paris loan (72% of the
portfolio by market value) and the Proudreed loan were last
revalued in December 2009, showing a like-for-like market value
decline of 9.3% and 7.9%, respectively, compared to their
valuations one year ago.  The France Paris loan is now secured by
80 properties and the Proudreed loan is secured by 31 properties,
down from 99 and 35, respectively, at closing.  The loans have
reported LTV of 63% and 55.7%, respectively.  Fitch estimates LTVs
of 81.6% and 73.7%, respectively.

As the loans are hedged via a combination of caps (70% of
outstanding transaction balance) and swaps (30%), low current
EURIBOR rates have contributed to strong reported ICR coverage
ratios of 5.95x and 4.89x for the France Paris and Proudreed
loans, respectively, as of the July IPD.  If interest rates were
to reach the loans' cap strike rate, the ICR would still be
comfortably in excess of 2.0x coverage.  Such strong coverage will
provide, at least whilst short-term interest rates remain low,
ample cushioning if occupancy or operating income declines in the
near future or if costs rise.  Operating costs are currently at
levels that Fitch considers to be below the long-term average for
this type of collateral.

Over the last year, the vacancy within the Proudreed portfolio has
fallen to 7.7% from 10.7%, while the vacancy within the France
Paris portfolio has increased to 15% from 12.9%.  Despite this
vacancy uplift in the Proudreed portfolio, vacancy remains within
the range that Fitch would expect for this type of portfolio.

Fitch will continue to monitor the performance of the transaction.


ALBERT BALLIN: Moody's Assigns 'B1' Corporate Family Rating
Moody's Investors Service has assigned a provisional (P)B1
corporate family rating and probability of default rating to
Albert Ballin Holding Gmbh & Co. KG (AB GMBH, and holding company
for Hapag-Lloyd Group, HL).  Concurrently, Moody's has also
assigned a provisional (P)B3 senior unsecured rating to the
proposed US$500 million senior unsecured notes to be issued by
Hapag Llyods AG (HL AG) and guaranteed by its parent company, AB
GMBH, with maturities from 5 year to 7 years.  The rating outlook
is stable.

These ratings were assigned:

  - Provisional CFR of (P) B1 to AB GMBH

  - Provisional PDR of (P) B1 to AB GMBH

  - Provisional senior Unsecured rating on the proposed US$500
    million notes issuance of (P)B3, LGD-5, 85% to be Issued by HL

                         Ratings Rationale

"Moody's rating is based on its expectation that the extremely
weak financial results and credit metrics that HL recorded in 2009
will improve going forward," says Marco Vetulli, a Moody's Vice
President and lead analyst for Hapag-Lloyd Group.  The rating is
predicated on the group's refinancing being successfully achieved
according to plan and the company being able to follow a
disciplined capital investment policy thereafter.

In addition, Moody's says that the rating is constrained by HL's
currently complex (and evolving) capital structure.  While Moody's
expects a strong financial performance in the current year, helped
by a significant industry recovery, there is also the likelihood
that the company's performance in 2011 may slightly weaken.

Moreover, as a general factor that affects the industry, Moody's
has taken into account the reliance of container shipping
operators on short-term contracts, which imply a greater exposure
to cyclical trends compared with other types of shipping
companies.  This represents a negative factor for the ratings of
container shipping companies, given their high operating leverage
and, therefore, high sensitivity to revenue shifts.

However, on the positive side, the CFR also reflects HL's (i)
relatively good market position, given that the company is one of
the largest container operators in the world (ranking fourth
behind the much larger Maersk, MSC and CMA); (ii) its strong
diversification in terms of customers and trade lines; and (iii)
its relatively low capex programme (HL has one of the smallest
order books in the industry), which will help the company to
reduce leverage with positive free cash flow and also (iv) the
support received from shareholders, the German government and the
City of Hamburg during the economic crisis, which negatively
impacted the company's performance during 2009.

In addition, Moody's believes that HL's strong liquidity profile
post bond issuance and closing of new US$360 million syndicated
revolving credit facility should allow the company to more
comfortably weather any potential additional crises in the
industry.  Moreover, the current value of the fleet (approximately
twice the level of the group's debt) also supports the current
rating in light of the potentially high recovery rate.  The rating
agency has also taken into account the positive upturn experienced
by container shipping market in 2010.

The assigned ratings are provisional because of the existing
standstill agreement with regard to HL's debt.  Moody's
understands that the company intends to use part of the proceeds
of the planned bond issue to repay the amounts due under the
standstill agreement in order to cancel it.  In addition, the
provisional ratings reflect (i) the uncertainties related to the
complexity of the proposed transaction; (ii) that the group is
expected to avoid in a timely manner any potential breach of
covenants following the cancellation of the standstill agreement;
and (iii) that Moody's issues provisional ratings in advance of
the final sale of securities and these ratings reflect the rating
agency's preliminary credit opinion regarding the proposed bond
issue.  Moody's endeavours to assign a definitive CFR and rating
on the notes.  A definitive rating may differ from a provisional

The proposed US$500 million senior unsecured will be issued by
Hapag-Llyods AG and will be guaranteed by its parent company, AB
GMBH.  The (P)B3 rating and LGD5 - 85% assessment on notes is two
notches lower than AB GMBH's CFR and PDR of (P)B1.  This
differential reflects (i) that the notes will be contractually
subordinated to approximately EUR 1.3 billion of existing secured
debt; and (ii) the proposed US$360 million revolving credit
facility, which the company intends to sign as part of the
transaction.  The provisional rating on the notes differs from the
simple application of the LGD model in light of (i) the
significant amount of secured debt that will rank ahead of the
bond; and (ii) the fact that unencumbered assets are relatively
low, despite the current fleet valuation being well in excess of
AB GMBH's total indebtedness, which would suggest a relatively
high recovery rate

All existing secured facilities are secured on either vessels or
containers and will include Korean Export Insurance Corporation (K
Sure) facilities, which are expected to be available to the
company as part of the bond issue transaction.  Moody's
understands that the new US$360 million facility will be secured
on AB GMBH's 25% stake in CTA and benefit from a second lien claim
on the assets of the group.

The stable rating outlook reflects Moody's view that HL's
strengthened capital structure and liquidity profile should
support the company's ability to withstand potential further
crises in the industry.  The outlook (and the rating) also
reflects the rating agency's expectation that AB GMBH will
maintain: (i) financial leverage below 5x (as adjusted by Moody's
for operating leases and pension items); (ii) a retained cash flow
/net debt ratio above 10%; and (iii) positive free cash flow going

A rating downgrade could potentially result from deteriorating
market conditions leading to financial leverage increasing towards
6x and/or EBIT interest cover falling below 1.5x, together with
prolonged negative free cash flow and deterioration in HL's
liquidity profile.

Given that HL's immediate target will be to demonstrate its
ability to maintain an adequate financial profile (as described in
the "Outlook" section, above), Moody's considers it unlikely that
there will be any upward pressure exerted on the company's rating
in the short term.  However, upward pressure could materialize
over time as a result of a reduction in the company's leverage
below 4x and an increase in its interest coverage, which is
currently weak for the rating category.

Headquartered in Hamburg, Germany, AB GMBH is the fourth-largest
container shipping company in the world (measured in 20-foot
equivalent units, or "TEU").  The company generated revenues of
around EUR3.3 billion for the last nine months of the year ending
on 31 December 2009.  HL is its main operating Company.

                      Regulatory Disclosures

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

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

However, the credit rating action was based on limited historical

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

MOODY'S adopts all necessary measures so that the information it
uses in assigning a credit rating is of sufficient quality and
from sources MOODY'S considers to be reliable including, when
appropriate, independent third-party sources.  However, MOODY'S is
not an auditor and cannot in every instance independently verify
or validate information received in the rating process.

HYPO REAL: Asset Transfer to Bad Bank Gets Provisional OK From EU
The Irish Times reports that the European Union provisionally
approved Hypo Real Estate's transfer of about EUR200 billion of
risky assets to a "bad bank" while questioning if the lender can

"The huge transfer of impaired assets to a 'bad bank' and the
additional state guarantees should contribute once and for all to
stabilizing Hypo Real Estate," The Irish Times quoted EU
competition commissioner Joaquin Almunia as saying in a statement
on Friday.  "At this stage I still have doubts about the long-term
viability of HRE."

According to The Irish Times, the EU said it would take the
transfer of about EUR200 billion of toxic and non-strategic
assets, plus up to EUR40 billion of extra state guarantees, into
account in its ongoing investigation.

                          Asset Transfer

On Sept. 24, 2010, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that Hypo Real Estate will transfer
EUR191.1 billion (US$256 billion) of assets to a bad bank.
Bloomberg disclosed Germany's Soffin bank-rescue fund said in an
e-mailed statement on Wednesday that the portfolio of credits,
securities and derivatives will be moved to FMS Wertmanagement as
of Sept. 30 and the entity will have capital of as much as EUR3.87
billion.  Soffin said including an additional EUR2.08 billion in
fresh capital that will be transferred to FMS, Hypo Real Estate
will have received a total of EUR9.95 billion from the bank-rescue
fund, according to Bloomberg.

                         State Guarantees

As reported by the Troubled Company Reporter-Europe on Sept. 13,
2010, Soffin, as cited by Bloomberg News, said Hypo Real Estate
will get EUR40 billion (US$50.7 billion) of state guarantees to
safeguard restructuring efforts.  Bloomberg disclosed the bank-
rescue fund said the infusion will swell government guarantees to
the Munich-based lender to EUR142 billion.

                      About Hypo Real Estate

Germany-based Hypo Real Estate Holding AG (FRA:HRXG) -- is a German holding company for
the Hypo Real Estate Group.  It is an international real estate
financing company, combining commercial real estate financing
products with investment banking.  The Company divides its
operations into three business units: Commercial Real Estate,
which provides real estate financing on the international and
German market; Public Sector & Infrastructure Finance, and Capital
Markets & Asset Management.  Hypo Real Estate Group operates
through a number of subsidiaries, including, among others, Hypo
Real Estate Bank International AG that focuses on Pfandbrief-based
commercial real estate financing in all international markets, and
offers large-volume investment banking and structured finance
transactions; Hypo Real Estate Bank AG that focuses on the
commercial real estate financing and refinancing business in
Germany, and DEPFA Bank plc in Dublin, Ireland, which is a
provider of public finance.

                           *     *     *

As reported by the Troubled Company Reporter-Europe, Bloomberg
News said Chancellor Angela Merkel's government took over Hypo
Real Estate in 2009 after the lender's Dublin-based Depfa Bank Plc
unit couldn't raise financing when the bankruptcy of Lehman
Brothers Holdings Inc. froze credit markets.  Hypo Real was one of
seven banks to fail stress tests on 91 of Europe's biggest lenders
in July, according to Bloomberg.

LANTIQ DEUTSCHLAND: Moody's Assigns 'B2' Corporate Family Rating
Moody's Investors Service has assigned a B2 corporate family
rating and B3 probability of default Rating to Lantiq Deutschland
GmbH of Neubiberg, Germany.  Concurrently, Moody's has assigned
(P)B2 ratings with a loss-given-default rating of LGD3, 32% to the
proposed US$225 million senior secured loans of Lantiq, and a
(P)Ba2 rating LGD1 (0.1%) to the US$20 million secured revolving
credit facility with superpriority ranking in liquidation.  The
outlook for the ratings is stable.  This is the first time that
Moody's has assigned ratings to Lantiq.

Moody's issues provisional ratings for debt instruments in advance
of the final sale of securities or conclusion of credit
agreements.  Upon a conclusive review of the final documentation,
Moody's will endeavor to assign a definitive rating to the
different capital instruments.  A definitive rating may differ
from a provisional rating.  Among other things, Moody's used these
to arrive at the B2 CFR: (i) audited carve-out financial
statements for Infineon Technologies AG's Wireline Communications
Division -- which became Lantiq following the sale of the division
to the private equity investor Golden Gate Capital -- for the
fiscal years ended 30 September 2008 and 2009; (ii) due diligence
reports for the fiscal quarters ended 30 September 2008 and 2009
through June 2010; (iii) a pro-forma capital structure provided by
the management team; and (iv) the draft credit agreement dated 17
September 2010.

                         Ratings Rationale

"The B2 CFR reflects Lantiq's strategic challenges of a
comparatively small scale, a relatively concentrated customer base
and narrow product range directed at a segment of the
communications equipment market with limited growth potential, in
Moody's view," says Wolfgang Draack, a Moody's Senior Vice
President and lead analyst for Lantiq.

As a fabless designer, Lantiq buys integrated circuits from
semiconductor foundries and focuses entirely on the design and
marketing of semiconductors.  Moody's understands that this
business model will increase the company's operating flexibility
and help it to avoid capacity investments and idle costs in
depressed demand situations compared with a vertically integrated
semiconductor company.  On the other hand, for a relatively small
design house, it also creates reliance on a few large
semiconductor foundries, and initially Infineon, which may lead to
supply constraints during upturns in the semiconductor industry.
Such conditions are currently being experienced by Lantiq, with
the company consequently unable to fully meet the relatively
strong demand and achieve a material improvement in its revenues.
However, the company's underlying profitability is gradually
improving, benefiting from stable pricing as well as cost-saving
measures implemented by management.

In assigning the B2 CFR, Moody's recognizes Lantiq's operating and
cost flexibility and relatively modest leverage (3.4x pro-forma
debt/EBITDA including Moody's adjustments).  The CFR is further
underpinned by a solid liquidity profile, benefiting from the
company's expected strong free cash flow generation and limited
capex needs and debt amortization in the coming months.

The stable outlook on the ratings is based on Moody's view that:
(i) Lantiq is currently operating in a climate of favorable
demand, which will support its targeted profit improvements; and
(ii) setting up the necessary infrastructure in an independent
fabless design house will take time and be costly, and that the
company will remain susceptible to demand volatility as a result
of its narrow product range.  If Lantiq is able to meet its
ambitious business plan through 2011 by achieving an operating
margin above 5% and reducing debt/EBITDA below 3x, this would have
a positive impact on its rating.

"Lantiq's main challenges lie in establishing an effective
infrastructure, soliciting continued support from its existing
customer base, securing sufficient supplies from the foundries,
and finding acceptance for its home networking product range,"
explains Mr.  Draack.  Failure to achieve one or more of these
targets could result in operating margins close to or below break-
even level and negative FCF, which would likely push debt/EBITDA
above 5x and exert pressure on the rating.

In line with Moody's LGD approach, the rating agency groups
Lantiq's debt into three classes of creditor protection: (i) the
US$20 million secured revolving credit with superpriority ranking
in liquidation with LGD1 (0.1%); (ii) US$225 million worth of
senior secured term loans, and about US$70 million trade payables
at LGD3 (32%); and (iii) approximately US$20 million worth of
pension obligations and next year's installment of capital leases
as an estimate of the lease rejection claim in liquidation ranked
LGD6 (91%).  The revolving credit facility and term loans benefit
from guarantees by Lantiq Holdco S.a.r.L and other intermediate
holding companies, as well as from security interests in
substantially all of the assets of the major operating
subsidiaries of the group.  Post the refinancing, the external
debt of Lantiq's operating subsidiaries should be negligible, in
Moody's view.  The rating agency assigned a basket E, 100% equity
characteristics, to Lantiq Holdings' US$145 million worth of
preferred equity certificates.

Lantiq Deutschland GmbH, headquartered in Neubiberg (Munich,
Germany), is a leading designer of communications semiconductors
deployed by major carriers in traditional voice and broadband
access networks around the world.  The Lantiq group company has an
operating history of almost 25 years and employs around 1,000
employees worldwide (mostly chip designers).  Headquartered in
Neubiberg (Munich, Germany), Lantiq generated around US$450
million worth of revenues in fiscal year ending September 30,
2009.  Lantiq is the former Wireline Communications Division of
Infineon Technologies AG and was carved out from Infineon in
November 2009.

                      Regulatory Disclosures

Information sources used to prepare the credit rating are these:
parties involved in the ratings, parties not involved in the
ratings, public information, confidential and proprietary Moody's
Investors Service's information, confidential and proprietary
Moody's Analytics' 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.  However, the credit rating
action was based on limited historical data.

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

MOODY'S adopts all necessary measures so that the information it
uses in assigning a credit rating is of sufficient quality and
from sources MOODY'S considers to be reliable including, when
appropriate, independent third-party sources.  However, MOODY'S is
not an auditor and cannot in every instance independently verify
or validate information received in the rating process.


* GREECE: Denies Extension of International Rescue Loan Agreement
Officials in Greece and the European Union on Thursday denied
media reports that Athens is seeking an extension of an
international rescue loan agreement beyond 2012, Derek Gatopoulos
writes for The Associated Press.

"There will be no extension of the (loan) agreement -- we state
this categorically, and of course there is no question of
extending the loan repayment period," government spokesman Giorgos
Petalotis said, according to the AP.

The AP notes in Brussels, European Commission spokesman Amadeu
Altafaj Tardio added: "There is no discussion, there is no plan,
no preparations for any eventual extension of the current loan
arrangement with Greece."

The AP relates Greece narrowly avoided bankruptcy in May, when it
began receiving rescue loans worth EUR110 billion over three years
from European countries and the International Monetary Fund.  In
return for the loans, Greece has imposed punishing austerity
measures to try and force down its hefty budget deficit, including
wide-ranging labor reforms, Greece narrowly avoided bankruptcy in
May, when it began receiving rescue loans worth EUR110 billion
over three years from European countries and the International
Monetary Fund, the AP discloses.


ARGONCAPITAL PLC: S&P Cuts Rating on Series 87 Notes to 'B- (sf)'
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on ArgonCapital PLC's
series 85 and 87 notes.

Due to an error when surveilling these transactions, S&P had
assumed that all the assets in the portfolio were senior ranking
when the majority are in fact subordinated obligations and
therefore should be subject to S&P's lower recovery assumptions.
The rating actions follow the application of S&P's lower recovery
assumptions for the majority of the assets in the portfolio and
the downgrades reflect its opinion of the current credit quality
of the portfolio.

These two transactions are synthetic collateralized debt
obligations referencing a portfolio of European structured finance

                           Ratings List

      Ratings Lowered and Removed From CreditWatch Negative

                        Argon Capital PLC

        ?23 Million Limited Recourse Secured Variable-Rate
                  Credit-Linked Notes Series 85

           To                      From
           --                      ----
           BB+ (sf)                A+ (sf)/Watch Neg

        ?20 Million Limited Recourse Secured Variable-Rate
                  Credit-Linked Notes Series 87

           To                      From
           --                      ----
           B- (sf)                 BBB- (sf)/Watch Neg

BRENNANS LAW: Liquidator Has License Deal With Brady & Co.
---------------------------------------------------------- reports that the liquidator of Brennans Law
Searchers Limited has confirmed he has entered into a license
agreement with Brady & Co. (Law Searchers) Limited as part of the
creditors' voluntary liquidation (CVL) process. relates Ken Fennell of kavanaghfennell has
been appointed liquidator to the company.

"The license agreement offers the opportunity to safeguard the
business and jobs while we undergo the sales process", quoted Micheal Leydon of kavanaghfennell, who
is also involved in the liquidation, as saying. says a number of parties have expressed
interest in buying Brennan's assets.

"We issued an information brochure and we're actively addressing
the queries subsequently arising from interested parties,"
Mr. Leydon said, according to  "We would be
hopeful of completing a sale within the 7-10 days."

Brennans Law Searchers Limited is a legal search company based in

KEITH SIMPSON: Owes Nearly EUR1 Million; Liquidator Appointed
------------------------------------------------------------- reports that Ken Fennell of kavanaghfennell
has been appointed liquidator to Keith Simpson & Associates, as
part of a creditors' voluntary liquidation process. relates a meeting of creditors on Tuesday
heard that bad debts, totaling nearly EUR1 million, were the main
reason for the company's difficulties.

The liquidator will now move to determine the best way to realize
the company's assets, including a substantial amount of work in
progress, notes.

Keith Simpson & Associates is a Dublin-based architecture and
design firm.

MCINERNEY HOMES: Business Plan Realistic, High Court Judge Rules
Barry O'Halloran at The Irish Times reports that the High Court's
Mr. Justice Frank Clark said that McInerney's business plan is
realistic and the group's Irish businesses have a reasonable
prospect of survival.

According to The Irish Times, Mr. Justice Clark said he was
satisfied that McInerney's business plan represented a realistic
approach to its difficulties, even though he accepted it may not
work.   The Irish Times relates the judge said he took comfort
from the fact Oaktree, which has committed to putting at least
EUR10 million into the Irish operation in the short term, is
willing to invest.

The banks objected to the company's proposed rescue, which will
see them take a haircut on their loans, on the basis that they
would fare better in a receivership, The Irish Times says.  The
Irish Times notes that while the rescue deal could see them get
EUR60 million, their lawyers said they could recover EUR90 million
over an extended receivership.  Justice Clarke noted they would
have to subtract receivership costs from that figure, according to
The Irish Times.  The Irish Times relates the judge said either
way, it was "highly improbable" the banks would be fully repaid.

As reported by the Troubled Company Reporter-Europe on Sept. 15,
2010, The Irish Times said that the High Court confirmed the
appointment of an examiner to McInerney Homes and a number of
related companies.  The Irish Times disclosed Mr. Justice Frank
Clarke ruled that examiner William O'Riordan of
PricewaterhouseCoopers must address a number of issues of concern
to the court by early October or the process, opposed by a
syndicate of three banks.   Mr. O'Riordan was confirmed as
examiner to McInerney Homes Ltd, Cleaboy Business Park, Waterford,
McInerney Holdings Public Limited Company, McInerney Construction
Holdings Ltd., McInerney Contracting Ltd., according to The Irish
Times.  The Irish Times disclosed Mr. Justice Frank Clarke ruled
that examiner William O'Riordan of PricewaterhouseCoopers must
address a number of issues of concern to the court by early
October or the process, opposed by a syndicate of three banks
which are owed EUR113 million by McInerney, could be terminated.
Should the process be allowed continue he has until the end of
November to put together a scheme of arrangement that will ensure
McInerney's survival, The Irish Times stated.

McInerney Homes is an Irish housebuilder.

WILLOW NO 2: Moody's Assigns Provisional B2 Rating on 2017 Notes
Moody's Investors Service has assigned these provisional ratings
to notes to be issued by Willow No. 2 (Ireland) PLC:

  -- US$ Loan Participation Notes due [2017], Assigned (P)B2

The (P) B2 rating addresses the expected loss posed to investors
by the legal final maturity of the transaction.

                         Ratings Rationale

The provisional B2 rating of the Notes is based primarily on:

  - The ability of the Borrower, currently rated B2, the ultimate
    obligor in respect of payments under the Notes, to make timely
    payments of interest and principal on the loan.

  - The sub-participation of rights and interests by the Lender to
    the Issuer for the benefit of Noteholders under English law.

  - The charge and assignment of rights and interests by the
    Issuer to the Trustee for the benefit of Noteholders under
    English law.

  - The rating of the Lender.

The issue proceeds from the Notes will be used to fund a loan
extended to Yasar Holdings A.S. (as the "Borrower"), currently
rated B2 CFR.  Interest and principal repayment of the loan will
be used to make interest and principal payments on the Notes
(perfect match).

Unlike issuances of loan repackage securities based on outright
assignment of Lender's rights to the Issuer, in this transaction
Barclays Bank PLC (as "the Lender") will agree to grant only a
participating interest in the underlying loan to the Issuer.
Although such sub-participation mechanism cannot be characterized
as a true sale transfer, under the deed of sub-participation the
Lender will assign by way of security (not absolute assignment)
all its rights, interest and title in amounts deposited in the
collection account and payable under the loan.

Holding loan interests through a participation exposes the Issuer
to additional risks.  Among such risks is a potential failure of
the Lender to pass through the payments on the underlying loan to
the Issuer for reasons that may include the potential bankruptcy
or insolvency of the Lender.  Notwithstanding such exposure, an
additional default probability of 0,14% contributed by the
exposure to Aa3 rated Barclays Bank PLC is negligible in relation
to 21.7% default probability associated with B2 rating of the
Borrower.  Although in Moody's view the security arrangements in
this transaction do not in and of themselves sufficiently mitigate
the exposure to the Lender's insolvency, the exposure to Barclays
via the sub-participation mechanism is unlikely to materially
affect the provisional B2 rating of the Notes while the Lender is
sufficiently highly rated.  The rating of the Notes however
remains linked to the rating of Barclays.

During the life of the deal the Borrower will pass interest and
the repayment of principal on the loan to the account in the name
of Barclays held with Citibank N.A London Branch.  Then such
amounts will be transferred to the Principal Paying Agent account
(Citibank N.A London Branch) in the name of Issuer and the Issuer
will pay the amounts due on the Notes.  The Lender will only
account to the Issuer for amounts equivalent to principal and
interest actually received from the Borrower under the loan

The notes will be issued on a limited recourse basis by the
Issuer, who will charged and assign its rights and interests over
the loan agreement and transaction account (the "Collateral") to
the Trustee for the benefit of Noteholders.  This property charged
to the Trustee is however reflective of the limitations applicable
to the security arrangements between the Lender and the Issuer.

Upon a Borrower event of default all amounts payable under the
loan agreement by the Borrower will be due and payable.  In the
event of a Lender default, the Trustee may enforce the security
and the Borrower will no longer pay into the transaction account
in the name of Barclays but instead will be instructed by the
Trustee to direct the payments to the Issuer.  Once the security
over the Collateral is realized, Noteholders will only have
recourse to proceeds from the Collateral and will bear any
shortfall.  They will not be able to take further steps against
the Issuer to recover any shortfall and the right to receive such
sums will be extinguished.

Moody's issues provisional ratings in advance of the final sale of
the securities.  The ratings, however, only represent Moody's
preliminary credit opinion.  Upon conclusive review of all
transaction and associated documents, Moody's will endeavor to
assign definitive ratings to the notes.  A definitive rating may
differ from a provisional rating.

                      Regulatory Disclosures

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

Information sources used to prepare the credit rating are these:
parties involved in the ratings, public information and
confidential and proprietary Moody's Investors Service's

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

MOODY'S adopts all necessary measures so that the information it
uses in assigning a credit rating is of sufficient quality and
from sources MOODY'S considers to be reliable including, when
appropriate, independent third-party sources.  However, MOODY'S is
not an auditor and cannot in every instance independently verify
or validate information received in the rating process.


IT HOLDING: Gianfranco Ferre Unit Will Be Sold Soon
Christina Passariello at The Wall Street Journal reports that
Gianfranco Ferre SpA, a unit of IT Holding SpA, will be sold in
the coming weeks after more than a year in bankruptcy protection.

Doug Song's private-equity firm Prodos Capital Management LLC is
the final bidder for Ferre, the Journal discloses.

According to the Journal, the challenge for Ferre's new owners
will be to build up a new following for this tarnished house.

As reported by the Troubled Company Reporter-Europe, IT Holding
was granted bankruptcy protection in February 2009 along with all
of its units after failing to make payments to lenders and

                      About IT Holding SpA

Based in Milan, Italy, IT Holding SpA (BIT:ITH) -- operates in the luxury goods market.
The company and its subsidiaries design, produce and distribute
apparel, accessories, eyewear and perfumes.  Its brand portfolio
embraces: owned brands, Gianfranco Ferre, Malo, Exte, as well as
licensed brands, Versace Jeans Couture, Versace Sport, Just
Cavalli, C'N'C Costume National and Galliano.  The company's
production facilities are located in Italy.  IT Holding SpA has a
worldwide distribution network, including 39 directly operated
stores, 274 monobrand stores and over 6,000 department and
specialty stores.  In order to be present in the most significant
markets, IT Holding SpA has dedicated market companies: ITTIERRE
and IT Asia Pacific Limited, among others.


ABN AMRO: S&P Junks Rating on Junior Subordinated Notes
Standard & Poor's Ratings Services said that it has lowered its
junior subordinated rating on a ?750 million Upper Tier 2
instrument issued by Netherlands-based ABN AMRO Bank N.V. to 'CC'
from 'B'.  The counterparty credit ratings and stand-alone credit
profiles of ABN AMRO and the ratings on other debt securities
issued by the bank are unaffected.

ABN AMRO launched a tender offer on Sept. 20, 2010, for a cash
repayment on this ?750 million security.  The offered repurchase
price is 86% of the nominal amount.  S&P understand that the bank
hopes the offer will help it manage its capital position and
address the expectations of some investors in this instrument
pending the introduction of Basel III regulations.

The downgrade reflects S&P's view that the tender offer for the
?750 million hybrid instrument is a "distressed exchange" under
S&P's criteria.  S&P base its view of distressed exchange on a
section in the tender offer documentation stating that ABN AMRO
will defer annual coupons on the instrument in February 2012 and
February 2013.  Under its criteria, S&P therefore consider that
the tender offer for this instrument is equivalent to a payment

This news follows an announcement by ABN AMRO on Aug. 16, 2010,
that the European Commission has imposed a ban on coupon payment
for its Tier 1 and Tier 2 instruments, unless there was a legal
obligation to do so.  Indeed, the bank stated that it will pay the
Feb. 17, 2011, coupon on the ?750 million Upper Tier 2 instrument
because it is triggered by a dividend payment from the former ABN
AMRO Bank holding company.  However, the EC ban will apply to the
subsequent coupon dates in February 2012 and February 2013.

This offer does not materially change S&P's view of ABN AMRO's
credit profile.  The ?750 million instrument is currently factored
into S&P's calculation of the bank's total adjusted capital as an
"intermediate-adequate capital instrument," under its criteria for
hybrid equity content.  S&P understand that ABN AMRO intends to
issue a new regulatory capital instrument in the future.  S&P does
not expect this will materially change its view of the bank's
capital position.  However, S&P will review the situation once S&P
has a clear view of the success of the offer.  S&P will also
examine the equity content of any future issue under its criteria.

S&P will lower the issue ratings to 'C' at completion of the offer
on Sept. 27, 2010.  S&P will subsequently raise its rating of any
remaining debt to 'CC' to reflect the high likelihood of future
coupon suspension.  S&P expects to lower this future 'CC' rating
on any remaining debt to 'C' after the first missed coupon date in
February 2012 has passed.

ARRAN CORPORATE: Fitch Affirms 'CCCsf' Ratings on Three Tranches
Fitch Ratings has affirmed all outstanding tranches of Arran
Corporate Loans No. 1 B.V.'s due 2025.  A full rating breakdown is
provided at the end of this comment.

The transaction benefits from high deleveraging, which offsets the
concentration risk due to the reduced number of obligors in the
portfolio.  The Class A notes have paid in full while the Class B
balance has decreased to 67% of its original value as at the
September 2010 interest payment date.  The number of obligors in
the portfolio has reduced to 28 as at the June 2010 trustee report
compared to 44 as at the September 2009 trustee report.  There has
only been one default to date (GBP11,666,667), which received a
recovery of GBP8,750,000 (75%).  Furthermore, the PDL balance has
reduced to GBP1,261,805 (43% of the GBP2,916,667 net loss) due to
excess spread.

The transaction is a securitization of GBP-denominated bank loans
and undrawn facilities to large UK corporate entities originated
by The Royal Bank of Scotland Group plc (RBS, rated 'AA-
'/'F1+'/Outlook Stable) in the UK.

Arran Corporate Loans No. 1 B.V. is a special-purpose vehicle
incorporated in the Netherlands with limited liability.  All the
classes of credit-linked notes are backed by a credit default swap
between the issuer and RBS, as the CDS counterparty.  Under the
CDS, the issuer receives a premium from the swap counterparty in
exchange for loss protection on the reference portfolio.

The ratings for the class A and B notes address timely payment of
interest and ultimate payment of principal in accordance with the
terms and conditions of the notes.  The ratings for the class C,
D, E and F notes address the ultimate payment of interest and
ultimate payment of principal in accordance with the terms and
conditions of the notes.

The rating actions affecting Arran Corporate Loans No. 1 B.V. are:

  -- GBP60.7m class B1 ISIN XS0257999846: affirmed at 'AA+sf';
     Outlook Stable; 'LS-3'

  -- EUR73.8m class B2 ISIN XS0257999929: affirmed at 'AA+sf';
     Outlook Stable; 'LS-3'

  -- US$49m class B3 ISIN USN06375AB09: affirmed at 'AA+sf';
     Outlook Stable; 'LS-3'

  -- GBP26.25m class C1 ISIN XS0258000107: affirmed at 'A+sf';
     Outlook Stable; 'LS-4'

  -- EUR38m class C2 ISIN XS0258000289: affirmed at 'A+sf';
     Outlook Stable; 'LS-4'

  -- GBP42.5m class D1 ISIN XS0258000446: affirmed at 'BBB+sf';
     Outlook Stable; 'LS-4'

  -- EUR50m class D2 ISIN XS0258000529: affirmed at 'BBB+sf';
     Outlook Stable; 'LS-4'

  -- GBP39.25m class E1 ISIN XS0258000875: affirmed at 'BB+sf';
     Outlook Stable; 'LS-4'

  -- EUR38m class E2 ISIN XS0258000958: affirmed at 'BB+sf';
     Outlook Stable; 'LS-4'

  -- US$28m class E3 ISIN XS0258001097: affirmed at 'BB+sf';
     Outlook Stable; 'LS-4'

  -- GBP70.5m class F1 ISIN XS0258001170: affirmed at 'CCCsf';

  -- EUR10m class F2 ISIN XS0258001253: affirmed at 'CCCsf'; 'RR5'

  -- US$5m class F3 ISIN XS0258001337: affirmed at 'CCCsf' ; 'RR5'

Fitch has assigned an Issuer Report Grade of 'Four Stars' to the
issuer to reflect its good investor reporting.  Fitch notes that
the investor reports provide consistent reporting which includes
details of note balances, credit events, portfolio distributions,
and portfolio tests.  However, the reports lack some portfolio
information and a performance commentary.

NIBC BANK: S&P Raises Ratings on Hybrid Instruments to 'BB'
Standard & Poor's Ratings Services said that it raised the ratings
on Netherlands-based NIBC Bank N.V.'s hybrid instruments to 'BB'
from 'BB-'.  At the same time, S&P affirmed the 'BBB/A-2' long-
and short-term counterparty credit ratings.  The outlook is

"In March 2009, for European banking groups, S&P widened the gap
between the long-term counterparty credit rating and the hybrid
security rating to three notches in most cases," said Standard &
Poor's credit analyst Alexandre Birry.  "S&P widened it to four or
more notches in certain cases, based on various factors, including
the elimination of ordinary dividends.  NIBC was one of the
issuers for which S&P moved to a four-notch gap, reflecting the
group's decision not to pay a dividend in 2008 and 2009."

Mr. Birry continued: "NIBC's holding company resumed cash
dividends on ordinary shares in 2010.  As a result, S&P is now
reducing the gap between the long-term counterparty credit rating
and the hybrid security rating to three notches."

NIBC's counterparty ratings reflect its sound capitalization and
expertise in its niche corporate banking franchise, which is
mostly based in The Netherlands and Germany.  They also consider
the bank's track record of volatile profitability.  The bank's
wholesale funding reliance is somewhat mitigated by its
conservative liquidity management.

Owing to its retail deposit base and the large amount of
government-guaranteed debt raised in 2008-2009, S&P see NIBC as
having moderate systemic importance in The Netherlands
(AAA/Stable/A-1+), which S&P classify as a supportive country
under its methodology.  S&P does not give the ratings on NIBC any
uplift above its stand-alone credit profile for potential external
institution-specific support.

The negative outlook reflects S&P's view of a still-hesitant
recovery in some of the bank's operating segments, although S&P
believes that downside risk is gradually subsiding.

Further evidence of stabilizing asset quality could lead to a
revision of the outlook to stable.  Conversely, renewed pressure
on asset quality or revenue generation, or signs over time of a
greater challenge in prefunding maturing government-guaranteed
debt, would exert negative pressure on the ratings.

Because of S&P's view of NIBC's moderate systemic importance, S&P
believes the authorities would offer specific support if needed,
but only when the bank is under extreme stress.  Therefore, S&P
would only start to incorporate notches for extraordinary support
if NIBC's stand-alone credit profile deteriorated by more than two


* ROMANIA: 11,221 Firms in Insolvency During First Quarter
Romanian news agency ACT Media reports that 11,221 of companies in
Romania were in insolvency during the first quarter of this year.
ACT Media relates about 6,255 companies were in the general
procedure of insolvency, 2,235 in simplified insolvency, 2,717 in
bankruptcy and 14 judicial reorganization, according to a study
made by Coface Romania.

The number of companies in insolvency increased by 7.5% against
the same period of last year, when there were 10,435 files, the
report notes.

ACT Media notes that in the study made by Coface Romania "there
were taken into discussion companies which started bankruptcy
procedure, companies in judicial reorganization and companies for
which the bankruptcy procedure was closed due to the lack of
assets, irrespective of the starting year."

"Commerce, constructions and transports were the most affected of
the sectors.  The extension of economic recession made that the
four positions in the ranking of insolvencies to stay unchanged
and during the first part of 2010, the domains of commerce
(retail, distribution and wholesale), constructions and transport
remaining the most affected by the financial crisis with a
percentage of 50%of the insolvencies; these domains were the most
accessible to those who start a business over the last years due
to the investments reduced and high yields."

Important increases of the number of insolvencies were recorded in
the textile sector, metallurgy, real estate, entertainment,
transport, constructions and services, the Coface representative
said, according to ACT Media.  "Agriculture is a domain where it
increased from 372 to 537 over the first part of 2010.  However,
agriculture could become a attractive domain for foreign investors
due to the dropping prices on agricultural lands, the soil quality
and vast lands insufficiently exploited to the moment. The
accession of European funds for the development of agriculture is
an option viable for the strengthening of this domain.  The
stimulation of producers and the implementation of an efficient
system of trading for domestic produce could positively influence
the evolution of the companies in agriculture."

"The surest domains are: extraction, health and social assistance,
production and supply of electricity, water and gas
The domains with the lowest share in the total of insolvencies
over the first part of 2010, are activities in extraction, health
and social assistance, production and supply of electricity, water
and gas. The essential characteristic of those sectors is the fact
that access is restrictive due to investments, and the number of
players limited."

"Most affected counties: Braila, Salaj, Calarasi and Botosani
The territorial distribution of insolvency is rather uniform as
compared to 2009.  Out of the first 10 counties only Bucuresti and
Arad kept their positions; Bucuresti is first with 12.5% of the
total of insolvencies, and Arad -- 9th with 2.94% of the total.
The number of insolvencies in Braila increased four times against
the same period of last year and almost two times against the end
of 2009, when the county had 111 and 239 respectively companies in
insolvency, which showed a rapid deterioration of the economic
situation in the county."

"Significant increase was recorded in Salaj, Calarasi and
Botosani, counties which advanced 25, 20 and 18 places in the top
of insolvencies, being situated in the first part of the ranking."


SAAB AUTOMOBILE: Vastra Gotaland Seeks Help to Recover US$15.9MM
Reuters reports that a local authority in western Sweden is
enlisting the help of the government's debt collector to recover
US$15.9 million it spent supporting Saab, now owned by Dutch group

According to Reuters, the government of Vastra Gotaland in western
Sweden, home to Saab's main production plant, covered wages when
Saab Automobile was under administration before its sale to

As reported by the Troubled Company Reporter-Europe on Sept. 9,
2010, Saab and Spyker previously said the company should only be
required to pay part of the amount demanded, claiming the debt to
the government should be treated the same as all of its other
debts, which were written down as part of the administration
process.  Reuters disclosed the government of Vastra Gotaland set
a Sept. 20 deadline for Saab to repay the debt.

With an annual production of up to 126,000 cars, Saab's current
models include the 9-3 (available as a convertible or sport
sedan), the luxury 9-5 sedan (also available in a sport wagon),
and the seven-passenger 9-7X SUV.  As it prepared to separate from
General Motors, Saab filed for bankruptcy protection in February
2009.  A year later, in February 2010, GM sold Saab to Dutch
sports car maker Spyker Cars for about US$400 million in cash and


ERDEMIR GROUP: Moody's Affirms Corporate Family Rating at 'B2'
Moody's Investors Service has affirmed Erdemir Group's B2
corporate family rating and national scale ratings.  At
the same time the outlook for the ratings has been changed from
negative to stable.

The change in outlook has been prompted by the strong improvement
in Erdemir's performance which has allowed the credit metrics to
strengthen against a backdrop of slow economic recovery.  Moody's
also notes that the successful refinancing of a major part of its
short term debt into long term committed debt has improved
Erdemir's liquidity profile, though the latter remains relatively

Erdemir's profitability has recovered in the last three quarters
from the very weak results in 2009 and Moody's expects that the
positive performance will continue primarily driven by the strong
economic growth of Turkey.  This has led to a strong improvement
in profitability and leverage -- Erdemir's EBIT margin in H1 2010
has improved to 18.9% (according to Moody's calculation) as
compared to 1.0% in financial year 2009, and debt/EBITDA improved
to 5.2x per end of June 2010 on a last twelve months basis against
a debt/EBITDA of 15.1x for full year 2009.

Although H2 2010 might perform slightly weaker, Moody's still
expects Erdemir's full year results and leverage ratios to be at
the upper end of the range required for the B2 rating category.

Weighing negatively on Erdemir's rating is its relatively high
dependency on iron ore and coking coal supply from third parties
which could lead to a squeeze in margins if continued increases in
raw materials cannot be passed on.  Taking into account the
commoditized nature of the steel industry, its volatility, current
overcapacities in the mature markets and limited market power of
steel producers, Moody's would expect the performance of the
company to continue and show some volatility.

The stable outlook reflects the expectation that Erdemir's
leverage will improve further from the currently achieved level,
but also takes into account the recent high volatility in the
company's results and the limited visibility regarding the future
development in the steel industry.

Moody's would consider an upgrade of Erdemir's rating if the
company can achieve a debt/EBITDA of below 3.5x on a sustainable
basis.  An upgrade would also require the ability of Erdemir to
generate positive free cash flows of at least US$100 million in

The rating would come under pressure if Erdemir fails to improve
its debt/EBITDA ratio to below 4.5x and if the company fails to
generate positive free cash flows which would be applied to debt

Erdemir is the largest steel manufacturer in Turkey with a market
share of around 25%.  Erdemir produces both long steel as well as
flat steel products which are sold to the domestic (ca. 70% of
sales) and international (ca. 30% of sales) markets.  The company
is majority owned by Ordu Yardimlasma Kurumu.  Erdemir generated
revenues of TRY6.1 billion until June 2010 on a last twelve months
basis.  The company operates two integrated steel plants in Eregli
and Iskenderun.

Moody's last rating action on Erdemir was the downgrade of the
rating to B2 from Ba3 on April 1, 2009.  Moody's last announcement
on Erdemir was the change in outlook from stable to negative on 18
November 18, 2009.

U N I T E D   K I N G D O M

1ST DENTAL: Appoints Administrators; Suspends Shares on AIM
----------------------------------------------------------- reports that 1st Dental Laboratories has
appointed administrators and suspended its shares on AIM.

According to the report, the Company said it had come under severe
pressure from HMRC and other creditors in recent weeks to meet
financial obligations. relates the Company said the directors had
taken advice from insolvency experts to look at the options for
the group, given the overall worsening of the market situation and
the financial position of the group and have considered possible
methods of refinancing.

The directors have also taken into account that there appears to
be little likelihood of trading conditions improving in the near
future, the report adds.

"The directors have reluctantly come to the view that the group is
in danger of trading while insolvent and cannot raise additional
funds within the short term and have consequently decided to
appoint an administrator," 1st Dental said in a statement.

"This should provide a window of opportunity for the group to
protect itself from claims from creditors, to look at options for
realising value and with the objective of meeting creditor
obligations as far as possible in due course."

                         About 1st Dental

1st Dental Laboratories Plc is an investment holding company.
Through its subsidiaries, the Company is principally engaged in
the manufacturing of dental appliances.  1st Dental Laboratories
Plc is a healthcare group focused on the dental sector, and
operates dental laboratories in the United Kingdom.  It supplies
from 14 laboratories around the United Kingdom.  The Company
expanded eTeeth, its online offer to dentists, during the fiscal
year ended November 30, 2009. The Company's subsidiary, 1st Dental
Limited, is engaged in the provision of dental laboratory
services.  As of November 30, 2009, 1st Dental Laboratories Plc's
dormant subsidiaries were Aesthetic Dental Services Limited,
Corporate Laboratories Limited and Benchmark Dental Laboratories
Holdings Limited.

ABODE VENTURES: In Liquidation; Bar Still Trading
The Manchester Confidential reports that Abode Ventures Ltd, the
owner of Abode bar in Chorlton, has gone into liquidation.
Blackpool-based insolvency firm Campbell, Crossley & Davis is
acting as the Company's liquidator.

According to the report, local insiders said the Abode bar is
still trading despite its parent firm going under.

The Confidential, citing Abode's latest set of abbreviated
accounts for the year to September 2009, discloses that the
Company has debts of GBP105,000.  No turnover figure is given.

BUSINESS FOCUS: Placed in Liquidation; 800 Trainees Affected
Neil Hodgson at Liverpool Echo reports that Business Focus &
Associates was placed into liquidation on September 23, 2010.

The report relates liquidator Clive Morris of insolvency
specialist Marshall Peters said the company ceased trading last

According to Liverpool Echo, BFA provided training on behalf of
Learn Direct for a number of years, but Mr. Morris explained: "The
relationship seems to have deteriorated and BFA is owed GBP170,000
from Learn Direct.  "As a result BFA can't pay its bills and its
debts are GBP400,000."

The collapse affects 800 trainees, including 200 who have
completed their NVQ qualifications but have not received
certificates, the report says.

Business Focus & Associates --
provides a wide range of training including Professional Short
Courses, E-learning, Driver Training, NVQ's and Management

FAB UK: S&P Affirms 'BB- (sf) Rating on Class BE Notes
Standard & Poor's Ratings Services lowered and placed on
CreditWatch negative its credit rating on FAB UK 2004-1 Ltd.'s
class A-3E and A-3F notes.  At the same time, S&P affirmed its
ratings on the class A-1E, A-1F, A-2E, and BE notes, and the S1
combination notes.

These rating actions reflect S&P's assessment of the credit and
cash flow analysis for this transaction.  In particular, when
subjecting the transaction to its cash flow stresses, S&P has
observed that the class A-3 experiences interest shortfalls in
connection with scenarios where sterling LIBOR rates remain at
their current level or below.  In S&P's view, the effect of a low
interest rate environment on the class A-3 notes is particularly
severe, because a portion of these notes (class A-3F) pays a
relatively high fixed coupon (6.5% semiannually) compared with the
interest income generated from the largely floating-rate assets.

The class A-3 notes comprise a floating-rate (A-3E) and a fixed-
rate portion (A-3F) and both rank pari passu in terms of interest
and principal payments.  S&P's ratings on the class A-1, A-2, and
A-3 notes address the timely payment of interest and principal,
while the rating on the class BE notes addresses the ultimate
repayment of interest and principal.

In S&P's view, the possibility of interest shortfalls on the class
A-3 notes under a low interest rate environment is magnified due
to these: According to the transaction documents, principal
proceeds cannot be used to cover potential interest shortfalls on
class A-3 unless classes A-1 and A-2 are fully repaid;

The transaction is currently failing its weighted-average spread
test (calculated on the floating-rate assets) and its weighted-
average coupon test (calculated on the fixed-rate assets); and

There is currently no hedge in place providing the issuer with
fixed-rate interest income.

S&P has therefore lowered and placed on CreditWatch negative the
ratings on the class A-3E and A-3F notes.  S&P will continue to
monitor the impact of interest rates and changes in the weighted-
average spread and weighted-average coupon generated by the
portfolio on the class A-3 notes.  S&P note that as of the latest
available trustee report of August 2010, the interest income,
including interest income projections, exceeds the projected
interest payments due to classes A-1E, A-1F, A-2E, A-3E, and A-3F.

Overall, S&P note that the credit enhancement available to all the
classes of notes has increased as the transaction has entered its
amortization phase and continues to repay the notes in order of
seniority, starting with the class A-1E and A-1F notes (both
ranking pari passu).  As of the latest available trustee report of
August 2010, classes A-1E and A-1F have amortized by about 7.4%
each.  At the same time, the total collateral balance excluding
defaulted assets but including principal cash remains above the
target par amount.  As of the latest available trustee report, the
transaction's total collateral balance, excluding defaulted assets
but including principal cash, equals about ?201.6 million,
compared with a target par amount requirement of ?200 million on
the effective date.

S&P has therefore affirmed the ratings on the class A-1E, A-1F, A-
2E, and BE notes and the class S1 combination notes.  S&P believes
there is sufficient credit enhancement available to maintain S&P's
ratings on these notes.

FAB UK 2004-1 is a cash flow collateralized debt obligation
transaction that closed in April 2004.  FAB UK 2004-1's portfolio
comprises primarily U.K. prime and subprime residential mortgage-
backed securities, commercial mortgage-backed securities, and to a
lesser extent CDOs of corporate and other asset-backed securities.
The transaction is in its amortization phase.

                           Ratings List

                        FAB UK 2004-1 Ltd.
       ?214 Million Fixed, Floating, And Zero-Coupon Notes

        Ratings Lowered And Placed On Creditwatch Negative

      Class            To                           From
      -----            --                           ----
      A-3E             BBB- (sf)/Watch Neg          BBB (sf)
      A-3F             BBB- (sf)/Watch Neg          BBB (sf)

                         Ratings Affirmed

             Class                           Rating
             -----                           ------
             A-1E                            AAA (sf)
             A-1F                            AAA (sf)
             A-2E                            AA+ (sf)
             BE                              BB- (sf)
             S1 combination note [1]         AAA (sf)

[1] The ?10 million class S1 combination notes comprise ?7.5
    million class A-1F notes and ?2.5 million class C subordinated
    notes.  The rating on the class S1 combination notes addresses
    the payment of ?7.5 million of principal.

NORTHERN ROCK: S&P Raises Rating on Tier One Notes to 'B'
Standard & Poor's Ratings Services said that it has raised its
rating on the ?200 million 7.053% callable perpetual Tier One
Notes issued by Northern Rock (Asset Management) PLC (A/Stable/A-
1) to 'B' from 'C'.  The counterparty credit ratings and the
ratings on NRAM's other debt securities are unaffected, including
the 'C' ratings on its ?300 million 8.399% reserve capital
instruments and its rated Upper Tier 2 issues.

The rating action on the TONs issue reflects the resumption of
coupon payments on Sept. 21, 2010.  Under the terms and conditions
of the TONs, coupons may be deferred only if the issuer is
noncompliant with applicable capital regulations.  The coupon due
on Sept. 21, 2009 was deferred for this reason.  Following its
legal and capital restructuring at year-end 2009, NRAM now
satisfies the applicable capital regulations and the annual TONs
coupon that fell due Sept. 21, 2010 was accordingly paid.  S&P
expects that NRAM will continue to satisfy the applicable capital
regulations for the foreseeable future.  The six-notch gap between
the revised issue rating on the TONs and the 'BBB' stand-alone
credit profile on NRAM reflects S&P's uncertainty over its ability
to repay junior subordinated debt in full when its wind down is

S&P expects that coupons on NRAM's RCIs and rated Upper Tier 2
issues will remain suspended for the foreseeable future.
Therefore, the 'C' ratings on these instruments are unaffected.

                            Rating List

                          Ratings Raised

                Northern Rock (Asset Management) PLC

      ?200mn 7.053% callable perp core tier one nts hybrid

                       To            From
                       --            ----
                       B             C

SHAFTESBURY AVENUE: Awaits Decision on Future; Owes GBP600,000
Gideon Spanier at London Evening Standard reports that Shaftesbury
Avenue club has brought in insolvency experts after running up
almost GBP600,000 in unpaid bills because of the recession.

According to London Evening Standard, shareholders, who include
dot-com entrepreneur Martha Lane Fox, celebrity agent Simon Fuller
and former Monty Python star Terry Gilliam, must approve a deal to
restructure the debts.

London Evening Standard says creditors and shareholders will meet
on Oct. 8 to decide the future of the club.  Accountants David
Rubin & Partners are hopeful the club's owner, CenturyLeisure, can
be saved, London Evening Standard notes.

"It is a proposed Company Voluntary Arrangement, which is not a
liquidation or insolvency.  The company has made a proposal that
we feel to be fair and realistic and we're confident that
creditors will approve it," Asher Miller, a partner at David
Rubin, said of the deal, according to London Evening Standard.
"It is business as usual. Century is a popular club.  It has got a
good membership base."

London Evening Standard notes Mr. Miller said he did not expect
the shareholders to have to inject any cash into the business as
part of the restructuring.  London Evening Standard relates he
explained the club was suffering "an overhang of debts from the
last two years that killed the economy for everybody".

Century, which opened in spring 2001 as a rival to Soho House, was
particularly hit by a drop in income from events, London Evening
Standard discloses.

Shaftesbury Avenue club caters to the media and TV crowd.


* BOND PRICING: For the Week September 20 to September 24, 2010

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

BAWAG                   5.430  2/26/2024      EUR     73.75
BAWAG                   5.310  2/12/2023      EUR     74.45
RAIFF ZENTRALBK         4.500  9/28/2035      EUR     50.37
RAIFF ZENTRALBK         5.470  2/28/2028      EUR     62.81

FORTIS BANK             8.750  12/7/2010      EUR     13.34

CZECH REPUBLIC          2.750  1/16/2036      JPY     74.43

MUNI FINANCE PLC        0.250  6/28/2040      CAD     23.95
MUNI FINANCE PLC        0.500  3/17/2025      CAD     55.20
MUNI FINANCE PLC        0.500  9/24/2020      CAD     69.48
MUNI FINANCE PLC        1.000  2/27/2018      AUD     69.69
MUNI FINANCE PLC        1.000  6/30/2017      ZAR     67.62

AIR FRANCE-KLM          4.970   4/1/2015      EUR     15.00
ALCATEL SA              4.750   1/1/2011      EUR     16.61
ALCATEL-LUCENT          5.000   1/1/2015      EUR      3.25
ALTRAN TECHNOLOG        6.720   1/1/2015      EUR      4.71
ATOS ORIGIN SA          2.500   1/1/2016      EUR     52.10
BNP PARIBAS            10.050  7/24/2012      USD     64.27
CALYON                  6.000  6/18/2047      EUR     47.30
CAP GEMINI SOGET        3.500   1/1/2014      EUR     43.79
CAP GEMINI SOGET        1.000   1/1/2012      EUR     44.01
CLUB MEDITERRANE        4.375  11/1/2010      EUR     49.88
EURAZEO                 6.250  6/10/2014      EUR     56.28
FAURECIA                4.500   1/1/2015      EUR     21.46
GROUPE VIAL             2.500   1/1/2014      EUR     20.58
MAUREL ET PROM          7.125  7/31/2014      EUR     15.98
MAUREL ET PROM          7.125  7/31/2015      EUR     13.17
NEXANS SA               4.000   1/1/2016      EUR     62.78
PEUGEOT SA              4.450   1/1/2016      EUR     31.08
PUBLICIS GROUPE         1.000  1/18/2018      EUR     48.28
PUBLICIS GROUPE         3.125  7/30/2014      EUR     37.92
RHODIA SA               0.500   1/1/2014      EUR     47.30
SOC AIR FRANCE          2.750   4/1/2020      EUR     20.73
SOITEC                  6.250   9/9/2014      EUR      9.26
TEM                     4.250   1/1/2015      EUR     55.09
THEOLIA                 2.700   1/1/2041      EUR     12.30
VALEO                   2.375   1/1/2011      EUR     46.95
ZLOMREX INT FIN         8.500   2/1/2014      EUR     55.88
ZLOMREX INT FIN         8.500   2/1/2014      EUR     55.88

DEUTSCHE BK LOND        3.000  5/18/2012      CHF     62.38
DEUTSCHE BK LOND        0.500  8/25/2017      BRL     52.08
ESCADA AG               7.500   4/1/2012      EUR     17.99
HSH NORDBANK AG         4.375  2/14/2017      EUR     76.99
L-BANK FOERDERBK        0.500  5/10/2027      CAD     49.92
QIMONDA FINANCE         6.750  3/22/2013      USD      3.69
RENTENBANK              1.000  3/29/2017      NZD     73.92
SOLON AG SOLAR          1.375  12/6/2012      EUR     39.04

ATHENS URBAN TRN        5.008  7/18/2017      EUR     69.38
ATHENS URBAN TRN        4.851  9/19/2016      EUR     72.38
HELLENIC REP I/L        2.900  7/25/2025      EUR     50.39
HELLENIC REP I/L        2.300  7/25/2030      EUR     45.78
HELLENIC REPUB          5.000  8/22/2016      JPY     66.68
HELLENIC REPUB          5.200  7/17/2034      EUR     70.29
HELLENIC REPUBLI        4.500  9/20/2037      EUR     56.28
HELLENIC REPUBLI        4.600  9/20/2040      EUR     56.35
HELLENIC REPUBLI        5.300  3/20/2026      EUR     61.33
HELLENIC REPUBLI        3.700  7/20/2015      EUR     70.75
HELLENIC REPUBLI        4.700  3/20/2024      EUR     59.32
HELLENIC REPUBLI        6.250  6/19/2020      EUR     69.69
HELLENIC REPUBLI        6.000  7/19/2019      EUR     67.59
HELLENIC REPUBLI        4.600  7/20/2018      EUR     63.89
HELLENIC REPUBLI        4.300  7/20/2017      EUR     65.16
HELLENIC REPUBLI        5.900  4/20/2017      EUR     73.17
HELLENIC REPUBLI        3.600  7/20/2016      EUR     66.84
NATIONAL BK GREE        3.875  10/7/2016      EUR     73.01
YIOULA GLASSWORK        9.000  12/1/2015      EUR     70.42
YIOULA GLASSWORK        9.000  12/1/2015      EUR     67.88

ALLIED IRISH BKS        5.250  3/10/2025      GBP     61.25
DEPFA ACS BANK          5.125  3/16/2037      USD     72.45
DEPFA ACS BANK          0.500   3/3/2025      CAD     36.26
DEPFA ACS BANK          4.900  8/24/2035      CAD     65.39
DEPFA ACS BANK          1.920   5/9/2020      JPY     71.90
DEPFA ACS BANK          5.125  3/16/2037      USD     72.93
DEPFA BANK PLC          3.150   4/3/2018      EUR     69.31
HYPO PUBLIC FIN         5.400  3/26/2024      EUR     66.03
IRISH NATIONWIDE       13.000  8/12/2016      GBP     64.77

COMUNE DI MILANO        4.019  6/29/2035      EUR     71.93

ARCELORMITTAL           7.250   4/1/2014      EUR     30.29
BREEZE FINANCE          4.524  4/19/2027      EUR     66.75
GLOBAL YATIRIM H        9.250  7/31/2012      USD     72.63
IIB LUXEMBOURG         11.000  2/19/2013      USD     60.00
INTL INDUST BANK        9.000   7/6/2011      EUR     44.38
LIGHTHOUSE INTL         8.000  4/30/2014      EUR     61.63
LIGHTHOUSE INTL         8.000  4/30/2014      EUR     62.21

APP INTL FINANCE       11.750  10/1/2005      USD      0.01
ARPENI PR INVEST        8.750   5/3/2013      USD     42.75
ARPENI PR INVEST        8.750   5/3/2013      USD     42.75
BK NED GEMEENTEN        0.500  2/24/2025      CAD     55.59
BRIT INSURANCE          6.625  12/9/2030      GBP     67.34
ELEC DE CAR FIN         8.500  4/10/2018      USD     54.43
INDAH KIAT INTL        12.500  6/15/2006      USD      0.01
IVG FINANCE BV          1.750  3/29/2017      EUR     73.35
NATL INVESTER BK       25.983   5/7/2029      EUR     26.10
NED WATERSCHAPBK        0.500  3/11/2025      CAD     54.18
Q-CELLS INTERNAT        5.750  5/26/2014      EUR     70.00
RBS NV EX-ABN NV        6.316  6/29/2035      EUR     69.73
SIDETUR FINANCE        10.000  4/20/2016      USD     62.00

EKSPORTFINANS           0.500   5/9/2030      CAD     42.97
NORSKE SKOGIND          7.000  6/26/2017      EUR     74.88

REP OF POLAND           3.220   8/4/2034      JPY     67.65
REP OF POLAND           3.300  6/16/2038      JPY     65.97
REP OF POLAND           2.648  3/29/2034      JPY     59.98

PORTUGUESE OT'S         4.100  4/15/2037      EUR     74.57

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     13.00
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     35.01
BANK OF MOSCOW          7.500   2/1/2013      RUB     15.60
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      3.00
BASHKIRENERGO           8.300   3/9/2011      RUB      3.01
CB STROYCREDIT          9.500   8/1/2011      RUB     15.50
CENTREINVEST GRO        9.250  6/24/2014      RUB     12.00
CREDIT EUROPE BA       11.500  6/28/2011      RUB      2.00
DALSVYAZ                7.600  5/30/2012      RUB      3.01
DALUR-FINANS           14.000   2/5/2013      RUB      4.00
DIPOS                   8.000  6/19/2012      RUB     25.01
DVTG-FINANS            17.000  8/29/2013      RUB     12.00
EESK                    8.740   4/5/2012      RUB     20.01
ENERGOSPETSSNAB         8.500  5/30/2016      RUB      0.10
ENERGOSTROY-FINA       12.000  5/20/2011      RUB      2.00
EUROKOMMERZ            16.000  3/15/2011      RUB      0.01
FAR EASTERN GENE       10.500   3/8/2013      RUB     17.01
FINANCEBUSINESSG       12.500  6/22/2011      RUB      2.00
FINANCEBUSINESSG       10.000   7/1/2013      RUB      2.00
FORTUM OJSC             7.600   2/6/2013      RUB      3.00
GLAVSTROY-FINANS        1.000  3/17/2011      RUB      5.01
GLOBEX-FINANS           0.100  4/26/2011      RUB     21.01
GRACE DIAMOND          15.000   6/7/2012      RUB      2.00
GRADOSTROY-INVES       11.000   3/3/2011      RUB      3.00
HORTEX-FINANS          13.000  8/14/2013      RUB      3.00
IART                   12.000   8/4/2013      RUB      5.00
IAZS                   11.000  12/8/2010      RUB      2.00
INPROM                  9.500  5/18/2011      RUB     30.46
INTERGRAD              15.000   7/9/2014      RUB      2.01
INTERSOFT              10.070  3/31/2025      RUB      1.00
INTL INDUST BANK       13.250   1/3/2018      RUB      3.00
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     20.01
KOSMOS-FINANS          10.200  6/16/2011      RUB     20.01
KRASNODAR               8.500   7/3/2013      RUB      2.00
KRAYINVESTBANK          8.500   8/5/2011      RUB      3.00
KUBANSKAYA NIVA        15.500  2/20/2014      RUB      2.00
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     31.01
M-INDUSTRIYA           12.250  8/16/2011      RUB     37.80
M-INDUSTRIYA           14.250  7/10/2013      RUB      6.00
MACROMIR-FINANS         7.750   7/3/2012      RUB      1.01
MAIN ROAD OJSC         10.200   6/3/2011      RUB      3.00
MIG-FINANS              0.100   9/6/2011      RUB      1.02
MIRAX                  17.000  9/17/2012      RUB     33.04
MIRAX                  14.990  5/17/2011      RUB     30.11
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     18.01
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       13.000  9/25/2012      RUB      2.00
NATIONAL CAPITAL       12.500  5/20/2011      RUB      2.00
NATIONAL FACTORI       11.500   5/3/2011      RUB      2.00
NAUKA-SVYAZ            15.000  6/27/2013      RUB      3.00
NEW INVESTMENTS        12.000   7/7/2011      RUB      2.00
NOK                    12.500  8/26/2014      RUB      3.00
NOK                    15.500  9/22/2011      RUB     65.01
NOMOS-LEASING          12.000   7/8/2011      RUB      2.00
NUTRINVESTHOLDIN       11.000  6/30/2014      RUB     17.00
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      2.01
PENSION FUND REA        5.000   5/7/2019      RUB      2.00
PERVYI OBIEDINEO       10.000  4/24/2013      RUB     15.73
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     70.00
RAF-LEASING            12.500  2/21/2012      RUB      3.00
RAILTRANSAUTO          17.500  12/4/2013      RUB      3.00
REGIONENERGO            8.500  5/30/2016      RUB      2.00
RFA-INVEST             10.000  11/4/2011      RUB      3.00
RMK PARK PLAZA         10.000   1/8/2013      RUB     25.01
ROSSELKHOZBANK         11.500  9/27/2017      RUB      2.00
RVK-FINANS              9.500  7/21/2011      RUB     22.02
RYBINSKKABEL            0.010  2/28/2012      RUB      1.00
SAHO                   15.000  5/21/2012      RUB     14.00
SATURN                 10.000   6/6/2014      RUB      5.00
SENATOR                14.000  5/18/2012      RUB     26.01
SETL GROUP             11.700  5/15/2012      RUB     24.02
SEVKABEL-FINANS        10.500  3/27/2012      RUB     20.00
SIBIRSKAYA AGRAR       17.000  9/12/2012      RUB      2.00
SIBUR                   9.250  3/13/2015      RUB      2.01
SIBUR                  10.470  11/1/2012      RUB      3.00
SIBUR                   7.300  3/13/2015      RUB      2.01
SIBUR                  13.500  3/13/2015      RUB      2.01
SIBUR                   9.000  3/13/2015      RUB      2.01
SISTEMA-HALS            8.500   4/8/2014      RUB      2.00
SISTEMA-HALS            8.500  4/15/2014      RUB      2.00
SOUTHERN STOCK C       15.750  4/29/2014      RUB     10.00
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      1.00
TECHNONICOL-FINA       13.500  9/11/2013      RUB      2.00
TERNA-FINANS            1.000  11/4/2011      RUB      1.00
TGK-1                   8.500  3/11/2014      RUB     12.01
TGK-4                   8.000  5/31/2012      RUB     15.50
TK FINANS              12.600   9/5/2011      RUB     12.00
TOP-KNIGA              20.000  12/9/2010      RUB     40.00
TRANSCREDITFACTO       12.000  11/1/2012      RUB     12.00
TRANSCREDITFACTO       12.000  6/11/2012      RUB      4.00
TRANSFIN-M             11.000  12/3/2015      RUB      1.00
TRANSFIN-M             11.000  12/3/2015      RUB     12.00
TRANSFIN-M             10.750  8/10/2012      RUB     11.02
TRANSFIN-M             14.000  7/10/2014      RUB      3.00
TRANSFIN-M             11.000  12/3/2014      RUB     12.00
TRANSFIN-M             11.000  12/3/2014      RUB      3.00
TRANSFIN-M             11.000  12/3/2014      RUB      3.00
TRANSFIN-M             11.000  12/3/2014      RUB     12.00
TRANSFIN-M             11.000  12/3/2015      RUB      3.00
TRANSFIN-M             11.000  12/3/2015      RUB      3.00
TRANSNEFT              11.750  10/1/2019      RUB      2.00
TVER VAGONOSTRO         7.000  6/12/2013      RUB      1.00
UNITAIL                12.000  6/22/2011      RUB     15.50
UNITED HEAVY MAC       13.000  8/30/2011      RUB     16.05
UNITED HEAVY MAC       13.000  5/31/2013      RUB      3.02
URALCHIMPLAST           8.000  1/21/2011      RUB      2.00
URALELEKTROMED          8.250  2/28/2012      RUB      2.00
URALSVYAZINFORM         7.500   4/2/2013      RUB     11.01
VESTER-FINANS          15.250  8/11/2011      RUB      2.01
VKM-LEASING FINA        1.000  5/18/2011      RUB      1.00
VMK-FINANCE            16.000  5/21/2014      RUB     12.00
VOSTOCHNY EXPRES       12.500   3/7/2013      RUB     12.00
XM STROYRESURS         10.000  7/12/2011      RUB     33.01
YUGFINSERVICE          15.250  5/20/2014      RUB      3.00
ZHELEZOBETON           10.000  5/27/2011      RUB      6.01
ZHILSOTSIPOTEKA-        9.000  7/26/2011      RUB      2.00

AYT CEDULAS CAJA        3.750  6/30/2025      EUR     72.77
BANCAJA                 1.500  5/22/2018      EUR     62.63
BANCAJA EMI SA          2.755  5/11/2037      JPY     50.75
BANCO GUIPUZCOAN        1.500  4/18/2022      EUR     64.13
CAIXA TERRASSA          1.500  3/12/2022      EUR     54.93
CEDULAS TDA 6           3.875  5/23/2025      EUR     73.85
CEDULAS TDA A-5         4.250  3/28/2027      EUR     75.72
CEDULAS TDA A-6         4.250  4/10/2031      EUR     71.09

SWEDISH EXP CRED        9.000  8/28/2011      USD      9.56

UBS AG                 10.580  6/29/2011      USD     37.50
UBS AG                 13.300  5/23/2012      USD      4.05
UBS AG                 14.000  5/23/2012      USD      8.83
UBS AG JERSEY          14.640  1/31/2011      USD     37.08
UBS AG JERSEY          13.900  1/31/2011      USD     34.74
UBS AG JERSEY          10.990  3/31/2011      USD     31.46
UBS AG JERSEY          10.820  4/21/2011      USD     21.61
UBS AG JERSEY          11.030  4/21/2011      USD     20.57
UBS AG JERSEY          10.650  4/29/2011      USD     15.79
UBS AG JERSEY          10.280  8/19/2011      USD     35.91
UBS AG JERSEY          10.360  8/19/2011      USD     49.70
UBS AG JERSEY          11.150  8/31/2011      USD     38.35
UBS AG JERSEY           9.350  9/21/2011      USD     64.71
UBS AG JERSEY           3.220  7/31/2012      EUR     55.82
UBS AG JERSEY           9.450  9/21/2011      USD     50.04
UBS AG JERSEY          16.170  1/31/2011      USD     13.05
UBS AG JERSEY          10.000  2/11/2011      USD     59.90
UBS AG JERSEY          15.250  2/11/2011      USD     11.53
UBS AG JERSEY          12.800  2/28/2011      USD     34.42

BANK OF SCOTLAND        6.984   2/7/2035      EUR     70.83
BARCLAYS BK PLC         8.550  1/23/2012      USD     10.62
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         7.610  6/30/2011      USD     53.00
BARCLAYS BK PLC        12.950  4/20/2012      USD     22.60
BARCLAYS BK PLC        10.350  1/23/2012      USD     20.64
BARCLAYS BK PLC        10.600  7/21/2011      USD     41.21
BRADFORD&BIN BLD        4.910   2/1/2047      EUR     53.98
BRADFORD&BIN BLD        5.500  1/15/2018      GBP     44.23
BRADFORD&BIN PLC        6.625  6/16/2023      GBP     45.05
BRADFORD&BIN PLC        7.625  2/16/2049      GBP     44.19
CO-OPERATIVE BNK        5.875  3/28/2033      GBP     76.43
EFG HELLAS PLC          6.010   1/9/2036      EUR     33.38
EFG HELLAS PLC          5.400  11/2/2047      EUR     60.25
ENTERPRISE INNS         6.375  9/26/2031      GBP     71.54
HBOS PLC                4.500  3/18/2030      EUR     77.02
HBOS PLC                6.000  11/1/2033      USD     62.71
HBOS PLC                6.000  11/1/2033      USD     62.71
NORTHERN ROCK           5.750  2/28/2017      GBP     70.50
PUNCH TAVERNS           6.468  4/15/2033      GBP     71.88
ROYAL BK SCOTLND        9.500   4/4/2025      USD     72.34
ROYAL BK SCOTLND        6.316  6/29/2030      EUR     69.14
ROYAL BK SCOTLND       10.000  2/15/2045      USD     72.63
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          6.464  3/30/2032      GBP     63.71
UNIQUE PUB FIN          7.395  3/28/2024      GBP     75.66
WESSEX WATER FIN        1.369  7/31/2057      GBP     32.57


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

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

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

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


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

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

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

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

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

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
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                 * * * End of Transmission * * *