TCREUR_Public/101004.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, October 4, 2010, Vol. 11, No. 195

                            Headlines



D E N M A R K

* DENMARK: European Commission Approves Bank Wind-Up Scheme


G E R M A N Y

ADAM OPEL: Wants to Expand Into Six Markets Next Year
ADAM OPEL: Expects Sales in Europe to Remain Weak Next Year
ANGLO IRISH: Goldman Sachs Advises Ireland on Quinn Dealings
WESTLB AG: Put Up for Sale; Deal Expected by End of 2011


I R E L A N D

RIVOLI - PAN: Fitch Affirms Rating on Class C Notes at 'BBsf'


K A Z A K H S T A N

BTA BANK: Moody's Reviews 'E' Bank Financial Strength Rating


L U X E M B O U R G

GELDILUX-TS-2010 SA: Moody's Assigns 'Ba2' Rating on Class E Notes
INTELSAT SA: Unit Completes Consent Solicitations of 2014 Notes


N E T H E R L A N D S

NIELSEN COMPANY: Moody's Assigns (P)'Caa1' Rating on Senior Notes


R O M A N I A

* ROMANIA: Owes RON120-Mil. to Passenger Transport Firms


R U S S I A

MOSCOW INTEGRATED: Fitch Changes Outlook on BB+ Rating to Positive


U K R A I N E

BANK NADRA: Moody's Withdraws 'Caa2' Foreign Deposit Ratings
UKRPROMBANK LLC: Moody's Withdraws 'C' Foreign Deposit Ratings


U N I T E D   K I N G D O M

ARCHIAL GROUP: Ingenium Acquires Firm's UK Business
CONNAUGHT PLC: Council Scraps Firm's Job Plan for Norwich
GOLDTRAIL TRAVEL: Creditors to Appoint PwC as Liquidators
HOLIDAY INN: Under Receivership
LOTUS RESOURCES: Reaches Creditor Settlement

PENYMYNYDD CAR COLLECTION: Goes Into Administration
WESTMINSTER HOUSING: Declared Insolvent After Members Refuse Loan
WHALSAY FISH: Placed Into Administration

* UK Pension Regulator Faces Legal Challenge from Nortel, Lehman


X X X X X X X X

* BOND PRICING: For the Week September 27 to October 1, 2010




                         *********



=============
D E N M A R K
=============


* DENMARK: European Commission Approves Bank Wind-Up Scheme
-----------------------------------------------------------
The European Commission has authorized under EU State aid rules a
resolution scheme for the handing of distressed banks in Denmark.
The Commission found the scheme to be compatible with EU rules
that allow aid to remedy a serious disturbance in the economy of a
Member State.  In particular, the measure is limited in time and
scope, ensures adequate burden-sharing and contains safeguards to
avoid undue distortions of competition.

"A resolution scheme must bring swift and efficient support, when
a failing bank needs to be wound up, so as to safeguard financial
stability and minimize economic losses.  At the same time, moral
hazard and distortions of competition need to be limited in the
interest of European consumers and taxpayers.  I am satisfied that
the scheme created by Denmark fulfils these conditions," said
Joaquin Almunia, Commission Vice President in charge of
Competition Policy.

The objective of the scheme is to safeguard financial stability
and minimize economic losses, when a bank becomes unable to meet
the conditions set for its operation by the Danish Financial
Supervisory Authority.  It provides for an orderly winding up of
the failing bank, transferring its assets and part of its
liabilities to a bridge bank to be set up under the aegis of the
Danish Financial Stability Company. The latter would provide
capital, and, if necessary, liquidity to the bridge bank.

The Commission found the scheme to be in line with its Guidance
Communications on state aid to overcome the financial crisis.  In
particular, the aid is limited to the minimum necessary to ensure
an orderly winding-up.

Moreover, burden-sharing is ensured by excluding shareholders and
subordinated debt holders of the failed bank from any benefit from
the aid.  Finally, strong limitations on the activities and the
lifespan of the bridge bank will minimize distortions of
competition that may arise from the state measure.

The authorization is granted until 31 December 2010. Beyond that
date, the Commission will reassess the compatibility of the
measure on the basis of the evolution of the economic and
regulatory context.

The scheme was set up by Law nr. 721 of June 25, 2010, which
establishes the framework for the handling of distressed banks by
the Financial Stability Company, set up by Denmark in the wake of
the financial crisis.  It supersedes a temporary winding-up scheme
that was approved by the Commission until October 2010.

Also other countries are considering the creation of resolution
schemes to handle future bank failures in an orderly way. On this
topic, the Commission published a Communication on "Bank
Resolution Funds" in May as one of the tools to be used during the
management of future crises.


=============
G E R M A N Y
=============


ADAM OPEL: Wants to Expand Into Six Markets Next Year
-----------------------------------------------------
Daniel Schafer at The Financial Times reports that Adam Opel GmbH
would like to enter a number of markets outside Europe next year
in an attempt to boost the carmaker's flagging sales and
accelerate its path to profitability.

According to the FT, Opel wants to expand into "at least" six
markets in the coming year, probably including China, Australia
and Argentina, said Nick Reilly, head of Opel and Vauxhall, the
European marques of U.S. carmaker General Motors Co.

The ailing carmaker, which narrowly escaped insolvency last year,
sells only a tiny number of cars outside Europe, the FT discloses.

The FT relates Mr. Reilly said it would take nine to twelve months
for Opel to enter these markets, as it would take time to set up
dealerships and service networks.  He also said he was interested
in Chile, Israel and Australia, the FT notes.

Adam Opel GmbH -- http://www.opel.com/-- is General Motors
Corp.'s German wholly owned subsidiary.  Opel started making cars
in 1899.  Opel makes passenger cars (including the Astra, Corsa,
and Vectra) and light commercial vehicles (Combo and Movano).  Its
high-performance VXR range includes souped-up versions of Opel
models like the Meriva minivan, the Corsa hatchback, and the Astra
sports compact.  Opel is GM's largest subsidiary outside North
America.

                           *     *     *

As reported by the Troubled Company Reporter-Europe, Bloomberg
News said GM decided in June this year to fund Opel's EUR3.3
billion (US$4.3 billion) restructuring, after failing to secure
aid from European countries.  As reported by the Troubled Company
Reporter-Europe on June 11, 2010, Bloomberg News said Germany
turned down GM's request for EUR1.1 billion (US$1.3 billion) in
aid for its money-losing Opel division, forcing the automaker to
seek new ways to reorganize the unit.  Bloomberg disclosed Opel
sought EUR333 million in guarantees from the U.K., EUR437 million
from Austria and Spain combined and EUR50 million in project
financing from Poland.  Bloomberg said the Opel-Vauxhall
reorganization program includes eliminating 8,300 jobs from a
European workforce of 48,000 employees.


ADAM OPEL: Expects Sales in Europe to Remain Weak Next Year
-----------------------------------------------------------
Cornelius Rahn and Laurence Frost at Bloomberg News report Adama
Opel GmbH may struggle to raise car sales in Europe next year as
unemployment and government budget cuts discourage consumers from
making large purchases.

Bloomberg relates Opel chief Nick Reilly said Thursday industry
sales in the region remain "very weak".

Meanwhile, Daniel Schafer at The Financial Times reports
Mr. Reilly said Opel's European markets were improving everywhere
except in Germany.

According to the FT, he said that in Germany, the end of the
scrappage incentive was still taking its toll and Opel was still
reeling from the damage that last year's failed state aid
application and sales process had caused to the brand.

Mr. Reilly, as cited by the FT, said Opel had managed to lift its
European market share from 6% to 7% in September, adding that he
was expecting a further improvement in sales in the next three
months.

"We have forecast 1.2m sales in 2010 . . . but I am confident that
we will be able to exceed this," the FT quoted Mr. Reilly as
saying.

Mr. Reilly said Opel, which is heading for another loss this year,
would come very close to breaking even in 2011, the FT notes.

"We will have done most of our restructuring by then and we are
predicting European car markets to be flat next year, which is a
very conservative estimate.  So it is very likely that we will be
close to break-even by then," Mr. Reilly said, according to the
FT.

Adam Opel GmbH -- http://www.opel.com/-- is General Motors
Corp.'s German wholly owned subsidiary.  Opel started making cars
in 1899.  Opel makes passenger cars (including the Astra, Corsa,
and Vectra) and light commercial vehicles (Combo and Movano).  Its
high-performance VXR range includes souped-up versions of Opel
models like the Meriva minivan, the Corsa hatchback, and the Astra
sports compact.  Opel is GM's largest subsidiary outside North
America.

                           *     *     *

As reported by the Troubled Company Reporter-Europe, Bloomberg
News said GM decided in June this year to fund Opel's EUR3.3
billion (US$4.3 billion) restructuring, after failing to secure
aid from European countries.  As reported by the Troubled Company
Reporter-Europe on June 11, 2010, Bloomberg News said Germany
turned down GM's request for EUR1.1 billion (US$1.3 billion) in
aid for its money-losing Opel division, forcing the automaker to
seek new ways to reorganize the unit.  Bloomberg disclosed Opel
sought EUR333 million in guarantees from the U.K., EUR437 million
from Austria and Spain combined and EUR50 million in project
financing from Poland.  Bloomberg said the Opel-Vauxhall
reorganization program includes eliminating 8,300 jobs from a
European workforce of 48,000 employees.


ANGLO IRISH: Goldman Sachs Advises Ireland on Quinn Dealings
------------------------------------------------------------
Belfast Telegraph reports that investment bank Goldman Sachs is
snapping up discounted Quinn Group debt on behalf of clients while
simultaneously advising the Irish government on Anglo Irish Bank's
Quinn dealings.

According to Belfast Telegraph, Goldman Sachs has been retained by
the Republic's National Treasury Management Agency (NTMA) to run
the rule over various plans submitted by Anglo.  Belfast
Telegraph's sources confirmed this role includes examining Anglo's
proposal to buy embattled Quinn Insurance, which went into
administration in April, to improve the bank's chances of
recouping a EUR2.7 billion debt owed by the wider Quinn Group and
family.

Separately, Goldman Sachs traders have also been actively buying
up Quinn Group bonds on behalf of its clients, Belfast Telegraph
says.  It is understood that Goldman has taken a "small portion"
of the EUR50 million or so of Quinn debt that's been traded
recently, Belfast Telegraph discloses.  Belfast Telegraph notes
that while the small level of debt that's been bought by Goldman
means the bank's clients could not have a deciding say in the way
the Quinn Group's debt is ultimately restructured, the value of
Quinn debt held by Goldman's clients could rise or fall depending
on the way Anglo's outstanding issues with Quinn are resolved.

Belfast Telegraph relates the news comes as the Quinn Group's main
lenders, including Allied Irish Bank, Barclays, Bank of Ireland
and HSBC, prepare to meet over the coming days to discuss the
Cavan group's financial restructuring.

The Quinn Group has enlisted the restructuring expert Murdoch
McKillop of Talbot Hughes McKillop to advise it on the process,
Belfast Telegraph discloses.

Belfast Telegraph says Anglo believes its best chance of securing
repayment from the Quinn Group and Quinn family is by taking over
embattled Quinn Insurance.

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

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Sept. 17,
2010, Fitch Ratings affirmed Anglo Irish Bank Corporation Ltd.'s
Individual Rating at 'E'.  It also affirmed its ratings on the
bank's Lower Tier 2 Subordinated Notes at 'CCC' and Tier 1 Notes
at 'C'.

As reported by the Troubled Company Reporter-Europe on Sept. 15,
2010, Moody's Investors Service said that it is maintaining its
review for possible downgrade on the A3/P-1 deposit and senior
debt ratings, and on the Ba1 subordinated debt rating of Anglo
Irish Bank Corporation.  The junior subordinated debt is
downgraded to C from Caa2.  The backed-Aa2 rating (stable outlook)
on the government guaranteed debt, the C rating on the bank's tier
1 securities and the E bank financial strength rating -- mapping
to Caa1 on the long-term scale -- are unaffected by this rating
action.


WESTLB AG: Put Up for Sale; Deal Expected by End of 2011
--------------------------------------------------------
Aaron Kirchfeld and Alan Purkiss at Bloomberg News report that
WestLB AG, the German state-owned lender that must be sold by 2011
under conditions imposed by the European Commission, was offered
for sale by its shareholders in an advertisement in Financial
Times on Friday, Sept. 30.

Interested parties should submit "expressions of interest" in the
bidding process to Morgan Stanley, which is advising on the sale,
by Oct. 28, Bloomberg says, citing the newspaper advertisement.
According to Bloomberg, the advertisement said the aim is to sign
a purchase agreement by Aug. 31, 2011, and complete the sale by
Dec. 31, 2011.

Bloomberg relates Germany's Soffin bank-rescue fund, which
provided EUR3 billion (US$4.1 billion) of capital to WestLB, said
in June that a sale of the lender would start by Sept. 30 after
appointing Friedrich Merz, a lawyer and former lawmaker, to
oversee the process.  Bloomberg notes WestLB spokesman Armin Kloss
said Friday the advertisement is part of the agreed-upon sales
process.

                              Merger

As reported by the Troubled Company Reporter-Europe on Sept. 22,
2010, Bloomberg News said Bayerische Landesbank and WestLB, two
German state-owned lenders that needed government aid during the
financial crisis, were examining a possible merger that would
create the country's third-biggest bank.  "The goal is to have a
joint understanding by the end of the year on whether a merger
makes economic sense," Munich-based BayernLB and Dusseldorf-based
WestLB said in a joint e-mailed statement to Bloomberg on
Sept. 20.  Bloomberg disclosed as part of its restructuring,
WestLB set up a separate bad bank to rid itself of about a third
of its assets, including toxic securities.

                           About WestLB

Headquartered in Duesseldorf, Germany, WestLB AG (DAX:WESTLB)
-- http://www.westlb.com/-- provides financial advisory, lending,
structured finance, project finance, capital markets and private
equity products, asset management, transaction services and real
estate finance to institutions.  In the United States, certain
securities, trading, brokerage and advisory services are provided
by WestLB AG's wholly owned subsidiary WestLB Securities Inc., a
registered broker-dealer and member of the NASD and SIPC.
WestLB's shareholders are the two savings banks associations in
NRW (25.15% each), two regional associations (0.52% each), the
state of NRW (17.47%) and NRW.BANK (31.18%), which is owned by NRW
(64.7%) and two regional associations (35.3%).

                           *     *     *

As reported by the Troubled Company Reporter-Europe on May 6,
2010, Moody's Investors said WestLB AG's E+ bank financial
strength rating (BFSR, which maps directly to a B2 baseline credit
assessment, BCA), was affirmed and the outlook on this rating
changed to stable from developing.  Moody's affirmation of the E+
BFSR and the change of its outlook to stable reflects that,
despite positive developments, the BFSR remains constrained by the
bank's weak franchise, which includes several core segments that
do not (or only insufficiently) contribute to group profits, thus
resulting in the bank's continued dependence on volatile,
wholesale-focused sources of income.  Moody's does not rule out
that the bank could be split up and unwound if efforts to divest
the bank were to prove unsuccessful.


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


RIVOLI - PAN: Fitch Affirms Rating on Class C Notes at 'BBsf'
-------------------------------------------------------------
Fitch Ratings has revised Rivoli - Pan Europe 1 Plc's Outlook and
affirmed the notes:

  -- EUR350.8m class A (XS0278734644): affirmed at 'AAAsf';
     Outlook revised to Stable from Negative

  -- EUR43m class B (XS0278739874): affirmed at 'Asf'; Outlook
     revised to Stable from Negative

  -- EUR23.8m class C (XS0278741771): affirmed at 'BBsf'; Outlook
     revised to Stable from Negative

The affirmation of all note classes and revision of all Outlooks
to Stable reflects the broadly stable performance of the
transaction over the past year, in line with Fitch's expectations.
Since the last review, debt service coverage on the portfolio
improved to 2.7x in August 2010 from 2.5x in August 2009 and
occupancy has remained broadly stable at 97% (by estimated rental
value).

The pool has a reported WA loan-to-value ratio of 60.9% (up from
56.9% 12 months earlier), compared with the WA Fitch LTV of 73.6%
(broadly unchanged during the same period).  The differences
between the reported and Fitch LTVs are a reflection of Fitch's
more conservative assessment of value trends across European
commercial real estate, particularly at the secondary end of the
spectrum.

Rivoli - Pan Europe 1 plc is a securitization comprising five
commercial mortgage loans originated by Calyon ('AA-
'/Stable/'F1+'), which closed in December 2006.  Since closing,
there have been two property disposals within the SCI Nowa loan
(8.8% of the pool); this, coupled with scheduled amortization on
two of the loans, has resulted in a reduction in the pool balance
to EUR417.5 million from EUR479.8 million at closing.  The loans
are scheduled to mature between 2011 and 2015, while the final
legal maturity date of the notes is in August 2018.

The loans are secured by a mixture of assets across France (29% by
market value), Spain (47%) and the Netherlands (24%) with a large
concentration in office properties (54%).  The portfolio currently
comprises 22 diverse assets with a total MV of EUR685.6 million.
The properties are generally of good quality.

The pool is let to 135 tenants on 160 leases.  Nonetheless it
continues to have considerable single tenant exposure: three of
the loans, Santa Hortensia, SCI Nowa and Blue Yonder (accounting
for 53% of the total pool balance), are each single-let, albeit to
investment grade tenants.


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


BTA BANK: Moody's Reviews 'E' Bank Financial Strength Rating
------------------------------------------------------------
Moody's Investors Service has placed on review for possible
upgrade the E bank financial strength rating and Caa3 long-term
local and foreign currency deposit ratings of BTA Bank.  The C
long-term foreign currency debt ratings, assigned to its senior
unsecured, subordinated and junior subordinated bonds, which were
cancelled in the course of a debt restructuring, have been
withdrawn.

                        Ratings Rationale

The rating action follows the announcement that BTA Bank completed
the restructuring of US$16.65 billion debt on August 31, 2010, in
a deal that included cancellation of existing debt, debt-to-equity
conversion as well as the issuance of longer-maturity bonds.

According to the bank, as a result of the cancellation of the debt
and its conversion into equity, BTA Bank has been recapitalized by
over US$11 billion, which enabled it to meet the minimal capital
adequacy requirements of Kazakhstan's Financial Market Supervision
Authority, reporting a Tier 1 ratio of 10.8% and Tier 2 ratio of
14.9% as of September 1, 2010.  The liabilities of the Bank have
been reduced from approximately US$22.9 billion to approximately
US$12.6 billion and the maximum maturity profile of the market
debt was extended from 8 to 20 years.  BTA Bank's creditors now
hold 18.5% of the bank's capital, while the National Welfare Fund
-- Samruk-Kazyna -- remains its majority shareholder with a 81.48%
stake.

Moody's notes that the review of the bank's ratings is expected to
be finalized within the next few months and will focus on the
sustainability of BTA Bank's financial position in the long term,
as well as the reassessment of the level of government support
that is currently incorporated into the deposit ratings of the
bank.

According to Moody's, the review will focus on: (i) the ability of
BTA Bank to maintain the prudential capital requirements without
external support; (ii) the adequacy of the current level of loan
loss provisioning; (iii) the bank's ability to generate recurring
earnings in the longer term and (iv) the robustness of the bank's
liquidity position.

Moody's previous rating action on BTA Bank was on 30 July 2009,
when the rating agency downgraded the bank's senior unsecured debt
ratings to C, from Ca, and confirmed the Caa3 local and foreign
currency deposit ratings with developing outlooks.

                     Regulatory Disclosures

Information sources used to prepare the credit rating are these:
parties involved in the ratings, public information.

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

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


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L U X E M B O U R G
===================


GELDILUX-TS-2010 SA: Moody's Assigns 'Ba2' Rating on Class E Notes
------------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to this
class of notes issued by Geldilux-TS-2010 S.A.:

  -- Aaa (sf) to EUR500,000,000 Class A Secured Floating Rate
     Notes due 2018

  -- Aaa (sf) to EUR60,700,000 Class B Secured Floating Rate
     Notes due 2018

  -- A1 (sf) to EUR24,300,000 Class C Secured Floating Rate Notes
     due 2018

  -- Baa2 (sf) to EUR4,900,000 Class D Secured Floating Rate
     Notes due 2018

  -- Ba2 (sf) to EUR6,100,000 Class E Secured Floating Rate Notes
     due 2018

  -- A1 (sf) to EUR6,000,000 Liquidity Secured Floating Rate
     Notes due 2018

                        Ratings Rationale

The ratings of the notes take account of UniCredit Luxembourg S.A.
(rated A3/P-2) and UniCredit Bank AG (A1/P-1), as the major
transaction parties in this transaction, being experienced
originators and servicers respectively.  In the past, they have
used ABS term financing via the previously issued nine GELDILUX
transactions in respect of which the securitized portfolios have
shown excellent performance to date (i.e. in total over all
transactions only 10 obligors have defaulted since 1996).  Moody's
valued positively the limitation of the potential deterioration of
credit quality during the 5-year revolving period via eligibility
criteria and portfolio limits as the portfolio turns around very
quickly (with a max. weighted average life of 90 days).
Similarly, in its analysis Moody's relied strongly on the early
amortization triggers, especially the one stopping the
replenishment period in case UniCredit Bank AG loses a minimum
long term rating of A3.  In such situation the portfolio becomes
static and -- due to the 90 days weighted average life constraint
-- amortizes quickly.  In addition, upon UniCredit Bank AG losing
a Baa2 rating obligors will be notified and are also asked to pay
directly to the issuer's account.  The liquidity cushion in the
transaction is provided by (i) the interest rate swap counterparty
(paying 0.30% of extra spread to the structure) and (ii) the
EUR6.0 million issuer interest reserve, which is funded by the
liquidity note and available to fund shortfalls in respect of
senior fees, interest on the Class A to E notes as well as
interest on the liquidity notes.

Moody's assigned a Composite V Score of "Medium" to this
transaction, which is in line with the German SME ABS sector.
Nonetheless, for two sub-categories Moody's considers this
transaction better than the market.  First, the originator
provided a comprehensive set of different historical data covering
more than 10 years of data.  Second, Moody's believes that the
historical data performance variability is significantly lower
than for other German SME loan receivable portfolios, which is
caused by (i) the short-term nature of the loan contracts and (ii)
the specific origination and collection process applied to this
product type.

Moody's main modeling assumption for this transaction is the
bespoke default distribution derived via the Monte Carlo
simulation in CDOROM (v2.6).  Moody's derived this default
distribution from (i) the most concentrated pool composition (with
the minimum limit of 550 obligors) that would be possible in terms
of industry and single obligor concentration during the lifetime
of the transaction (based on the portfolio limits defined in the
transaction documents), (ii) a global correlation of 5% and (iii)
the average expected portfolio quality.  Moody's expect the
average default probability of the pool to be a Baa3 / Ba1 Moody's
equivalent (translating into 0.16% cumulative default rate over 90
days) taking into account: (i) the product characteristics and the
historical performance data and (ii) potential fluctuations of the
macroeconomic environment during the lifetime of this transaction
(including the 5-year revolving period).  The average recovery
rate assumption was set at 25% in line with previous transactions
because the non-accessory collateral is not assigned to the SPV
since it is granted by the borrower on a relationship level rather
than for the euro loan specifically.  Therefore, in case of
UniCredit Bank AG's insolvency the issuer depends on recoveries
assigned by the insolvency administrator, leaving the issuer in
the position of a senior unsecured creditor.  Finally, no
prepayments were assumed because there are no prepayments for this
type of loan receivables due to the short-term nature of the
underlying loan contracts.

For rating this transaction Moody's used the following model.  (i)
ABSROM (v.2.2.6) to model the cash flows and determine the loss
for each tranche and (ii) CDOROM (v.2.6) to determine the
transaction specific default distribution.

Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or
financial instruments in this transaction.

In the cash flow model Moody's modeled the initial as well as each
replenished portfolio separately with equally distributed
amortization and timing of default vectors over 90 days.
Similarly, the above described transaction specific default
distribution is applied to each portfolio when determining the
cash flows for each portfolio period.  The non defaulted amount is
used to purchase the new portfolio with the same characteristics
in terms of amortization and yield during the replenishment period
and as long as no early amortization event occurs.  Thereafter the
principal collections are used to pay down the notes.  The
ultimate losses in the portfolio are allocated to the Class A to
Class F notes in full reverse sequential order.

Moody's Parameter Sensitivities: Moody's principal portfolio model
inputs are Moody's cumulative default rate assumption and the
recovery rate.  Moody's tested 9 scenarios derived from different
combinations of mean default rate (i.e. adding a stress on the
expected average portfolio quality) and recovery rate.
Specifically, Moody's tested for the mean default rate: 0.16% as
base case, 0.21% as base case plus 30% default probability stress
and 0.26% as base case plus 60% default probability stress, and
for the recovery rate: 25% as base case, 15% as well as 5%.  The
model sensitivity output indicated that Class A would have
achieved a Aaa rating even if the cumulative mean default
probability had been as high as 0.26% (reflecting a default
probability stress of 160%), and the recovery rate as low as 5.00%
(all other factors being constant), while Class B would have
achieved a Aaa rating only in the base case scenario and a Aa1
rating or even a Aa2 rating (in case of 5% recovery rate and the
160% default probability stress).  Moody's Parameter Sensitivities
provide a quantitative / model-indicated calculation of the number
of rating notches that a Moody's-rated structured finance security
may vary if certain input parameters would change.

                     Regulatory Disclosures

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

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

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

MOODY'S 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.


INTELSAT SA: Unit Completes Consent Solicitations of 2014 Notes
---------------------------------------------------------------
Intelsat S.A.'s its subsidiary, Intelsat Corporation has received
the requisite consents to amend certain terms of the indenture
governing its 91/4% Senior Notes due 2014 and the indenture
governing its 6 7/8% Senior Secured Debentures due 2028.  The
consent solicitation with respect to the 2014 Notes expired at
5:00 p.m. New York City time on Wednesday, September 29, 2010 and
the consent solicitation with respect to the 2028 Notes expired at
5:00 p.m.  New York City time on Wednesday, September 29, 2010.

As of the 2014 Consent Time, Intelsat Corp had received tenders of
US$546,286,000 aggregate principal amount of the 2014 Notes
pursuant to its previously announced cash tender offer for the
2014 Notes and, as of the 2028 Consent Time, Intelsat Corp had
received tenders of US$124,859,000 aggregate principal amount of
the 2028 Notes pursuant to its previously announced cash tender
offer for the 2028 Notes.

The withdrawal deadline relating to each Tender Offer occurred at
5:00 p.m., New York City time, on Wednesday, September 29, 2010.
Notes previously tendered and Notes that are tendered after the
date hereof may not be withdrawn except as required by law.  The
Tender Offers are scheduled to expire at 11:59 p.m., New York City
time, on Thursday, October 14, 2010, unless extended or earlier
terminated by Intelsat Corp.

Intelsat Corp has been advised by each of Wells Fargo Bank,
National Association, as the trustee under the indenture governing
the 2014 Notes, and The Bank of New York Mellon Trust Company,
N.A., as the trustee under the indenture governing the 2028 Notes,
that, as of the 2014 Consent Time and the 2028 Consent Time,
consents were delivered and not revoked in respect of at least a
majority in aggregate principal amount of each of the 2014 Notes
and the 2028 Notes.  As a result, Intelsat Corp and Wells Fargo
Bank, National Association have entered into a supplemental
indenture implementing the amendments to the 2014 Notes and the
related indenture and Intelsat Corp and The Bank of New York
Mellon Trust Company, N.A. have entered into a supplemental
indenture implementing the amendments to the 2028 Notes and the
related indenture.  The amendments amend each of the indentures
for the Notes, among other things, to eliminate substantially all
of the restrictive covenants, certain events of default and
certain other provisions contained in each indenture.

Intelsat Corp will make a payment to each security holder of the
2014 Notes that validly tendered its 2014 Notes, and did not
validly withdraw, and validly delivered its consent prior to the
2014 Consent Time, and did not validly revoke such consent, equal
to US$1,035.00 per US$1,000 principal amount of the notes for
which such security holder provided its consent, including accrued
and unpaid interest.  Intelsat Corp will make a payment to each
security holder of the 2028 Notes that validly tendered its 2028
Notes, and did not validly withdraw, and validly delivered its
consent prior to the 2028 Consent Time, and did not validly revoke
such consent, equal to US$1,200.00 per US$1,000 principal amount
of the notes for which such security holder provided its consent,
including accrued and unpaid interest.

Holders tendering their 2014 Notes after the 2014 Consent Time but
before the Expiration Time will receive the tender offer
consideration of US$1,005.00 per US$1,000 principal amount of 2014
Notes tendered.

Holders tendering their 2028 Notes after the 2028 Consent Time but
before the Expiration Time will receive the tender offer
consideration of US$1,160.00 per US$1,000 principal amount of 2028
Notes tendered.

Upon the terms and conditions described in each Offer to Purchase
and Consent Solicitation Statement, payment for Notes accepted for
purchase will be made (1) with respect to 2014 Notes and 2028
Notes validly tendered and not validly withdrawn at or prior to
the 2014 Consent Time and the 2028 Consent Time, respectively,
promptly after such acceptance for purchase (which is currently
expected to be on or around September 30, 2010), and (2) with
respect to 2014 Notes and 2028 Notes validly tendered after the
2014 Consent Time and 2028 Consent Time, respectively, but at or
before the applicable Expiration Time, promptly after such
Expiration Time (which is currently expected to be October 15,
2010, unless the applicable Tender Offer is extended).

Intelsat Corp will pay accrued and unpaid interest on all Notes
tendered and accepted for payment in the Tender Offers from the
last interest payment date to, but not including, the date on
which the Notes are purchased.

                        About Intelsat S.A.

Based in Luxembourg, Intelsat S.A. provides fixed satellite
services worldwide.  Its unit Intelsat Corporation, --
http://www.intelsat.com/-- formerly known as PanAmSat
Corporation, is a global provider of video, corporate, Internet,
voice and government communications services with a fleet of 25
satellites in-orbit.

Intelsat S.A.'s balance sheet at June 30, 2010, showed
US$17.34 billion in total assets, US$814.64 million in total
current liabilities, US$15.22 billion in long term debt,
US$128.77 million in deferred revenue, US$254.63 million in
deferred satellite performance, US$548.71 million in deferred
income taxes, US$239.87 million in accrued retirement benefits,
a US$335.15 million redeemable non-controlling interest,
US$8.88 million commitment and contingencies, and a stockholders'
deficit of US$210.76 million.

Intelsat S.A. reported revenue of US$635.3 million and a net loss
of US$180.6 million for the three months ended June 30, 2010.

Intelsat S.A., formerly Intelsat, Ltd., carries a 'Caa1' corporate
family rating from Standard & Poor's.


=====================
N E T H E R L A N D S
=====================


NIELSEN COMPANY: Moody's Assigns (P)'Caa1' Rating on Senior Notes
-----------------------------------------------------------------
Moody's Investors Service assigned a (P)Caa1 rating to The Nielsen
Company B.V.'s proposed issue of US$500 million of senior notes
due 2018 via its subsidiaries, Nielsen Finance LLC and Nielsen
Finance Co (the Issuers) in a private offering.  Nielsen intends
to use the net proceeds of the issue to retire a portion of the
Issuers' 10% Notes due 2014, as well as to pay other obligations
related to such indebtedness.  The transaction is therefore seen
to be ratings neutral and consistent with ratings assigned to the
various debt instrument classes.  The assigned rating assumes that
there will be no material variations to the draft legal
documentation reviewed by Moody's.  Nielsen's B2 Corporate Family
Rating and all other ratings remain unchanged.

Nielsen's B2 CFR takes into account company's strong international
business positions with a track record of steady revenue growth in
its core areas and meaningful profit improvements, which have
facilitated the company's de-leveraging since its 2006 LBO.  The
ratings also acknowledge high barriers to entry and the company's
completion of its business transformation plan in 2009.  However,
the ratings continue to reflect the company's still significant
leverage, the competitive and price challenges for Nielsen's "Buy"
division as well as the challenges associated with those
businesses which are exposed to discretionary client spending and
are exposed to cyclical downturns.  A positive outlook is based on
the expectation that Nielsen will continue to be free cash flow
positive and can maintain de-leveraging momentum during 2010 and
beyond, while at the same time taking the refinancing initiatives
necessary to address its upcoming maturities.  The (P)Caa1 rating
also takes into account the proposed notes' effective
subordination to Nielsen's senior secured debt.

Moody's has taken note of the S-1 filing for an initial public
offering by Nielsen Holdings B.V.  Nielsen Holdings indirectly
owns 100% of Nielsen's shares.  The filing indicates that Nielsen
Holdings intends to use the anticipated net proceeds from the IPO
(~US$ 1.7 billion) to repay certain of the group's existing
indebtedness.  Moody's understands that Nielsen remains committed
to the IPO process.  Should the IPO proceed as currently described
in the filing and debt be reduced materially and be sustained at
the reduced level, strong upward pressure from the current B2 CFR
would result.  Moody's will closely monitor the further evolution
of the IPO process and comment from time to time as warranted.

The last rating action was on April 27, 2009 when Moody's assigned
a (P)Caa1 rating to Nielsen's issue (through the Issuers) of
senior notes due 2016.  Nielsen's ratings were assigned by
evaluating factors Moody's believe are relevant to the credit
profile of the issuer, such as i) the business risk and
competitive position of the company versus others within its
industry, ii) the capital structure and financial risk of the
company, iii) the projected performance of the company over the
near to intermediate term, and iv) management's track record and
tolerance for risk.  These attributes were compared against other
issuers both within and outside of Nielsen's core industry and
Nielsen's ratings are believed to be comparable to those of other
issuers of similar credit risk.

Active in approximately 100 countries, with headquarters in
Haarlem, The Netherlands and New York, USA, The Nielsen Company
B.V. is a global information and media company.


=============
R O M A N I A
=============


* ROMANIA: Owes RON120-Mil. to Passenger Transport Firms
--------------------------------------------------------
Romania's Transport Ministry has a RON120 million debt to
passenger transport firms, which represents overdue payments for
ticket price subsidies granted to disadvantaged people.

Mediafax relates Romanian Transport Operator Federation (FORT)
president Augustin Hagiu said Thursday, during the Mediafax talks
about Transport & Logistics seminar, authorities were asked to
compensate the ministry's debts to transporters with the sums owed
by the latter to the state budget, adding the request was
rejected.

According to Mediafax, Mr. Hagiu said state's debts to
transporters are overdue by one year.

Mr. Hagiu, as cited by Mediafax, said of the total number of
transport firms, 45% were closed down or filed for insolvency.

Mediafax notes Finance Minister Gheorghe Ialomitianu said
Wednesday that the state's debts to transporters will be
compensated with sums owed to the budget.


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


MOSCOW INTEGRATED: Fitch Changes Outlook on BB+ Rating to Positive
------------------------------------------------------------------
Fitch Ratings has changed the Outlook for Moscow Integrated Power
Company's Long-term foreign currency Issuer Default Rating of
'BB+' to Positive from Stable.  At the same time, Fitch affirmed
MIPC's Short-term foreign currency IDR at 'B'.  Fitch also changed
the Outlook for MIPC's National Long-term 'AA(rus)' rating to
Positive from Stable, and affirmed the Short-term National rating
at 'F1+(rus)'.

MIPC's ratings are linked to those of the City of Moscow
('BBB'/Positive), its major shareholder, and reflect strong
operational and strategic ties with the city, in accordance with
Fitch's 'Parent and Subsidiary Rating Linkage' criteria.  The
Outlook changes for MIPC follow the agency's September 16, 2010,
decision to change the Outlooks for the City of Moscow's ratings
to Positive from Stable.


=============
U K R A I N E
=============


BANK NADRA: Moody's Withdraws 'Caa2' Foreign Deposit Ratings
------------------------------------------------------------
Moody's Investors Service has withdrawn all ratings of Bank Nadra.
At the time of withdrawal, Bank Nadra's ratings were: long-term
local and foreign currency deposit ratings of Caa2, short-term
local and foreign currency ratings of Not Prime, Bank Financial
Strength Rating of E and National Scale Rating of B3.ua.  The
outlook on the bank's BFSR is stable, while the outlook on the
deposit ratings is negative.

                        Ratings Rationale

Moody's Investors Service has withdrawn the credit rating for its
own business reasons.

Moody's most recent rating action on Bank Nadra was on March 1,
2010, when the rating agency confirmed the bank's Caa2 local and
foreign currency deposit ratings and B3.ua National Scale Rating
and assigned negative outlook on the deposit ratings.

Headquartered in Kiev, Ukraine, Bank Nadra reported total assets
of UAH24.8 billion (US$3.1 billion) and total equity of UAH475
million (US$59.3 million) according to Ukrainian Accounting
Standards at year-end 2009.

                     Regulatory Disclosures

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

MOODY'S 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.


UKRPROMBANK LLC: Moody's Withdraws 'C' Foreign Deposit Ratings
--------------------------------------------------------------
Moody's Investors Service has withdrawn all ratings of
Ukrprombank.  At the time of withdrawal, Ukrprombank LLC's ratings
were: long-term local and foreign currency deposit ratings of C,
short-term local and foreign currency ratings of Not Prime, Bank
Financial Strength Rating of E and National Scale Rating of C.ua.
The outlook on all the global scale ratings of the bank is stable.

                        Ratings Rationale

Moody's Investors Service has withdrawn the credit rating for its
own business reasons.

Moody's has withdrawn these ratings because Ukrprombank has been
in the process of liquidation by the decision of the National Bank
of Ukraine of January 21, 2010.  Consequently Moody's believed
that it was not useful to maintain a credit rating on that issuer
or its obligations.

Moody's most recent rating action on Ukrprombank was on January
25, 2010, when the rating agency downgraded Ukrprombank's local
and foreign currency deposit ratings to C from Caa3, and the
National Scale Rating to C.ua from Caa3.ua.

Headquartered in Kiev, Ukraine, Ukrprombank reported total assets
of UAH10.2 billion and total equity was a negative UAH1.8 billion
according to Ukrainian Accounting Standards at end-Q3 2009.

                     Regulatory Disclosures

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

MOODY'S 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.


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


ARCHIAL GROUP: Ingenium Acquires Firm's UK Business
---------------------------------------------------
Canadian architecture firm Ingenium Group has bought U.K. firm
Archial just days after it went into administration, International
Construction Review reports.

According to the report, Ingenium Group disclosed on September 28
that it had purchased the majority of the UK business and assets
from the administrators of Archial Group PLC, Archial Holdings
Ltd, Archial Architects Ltd., Archial Resources Ltd. and Alsop
Sparch Ltd.  The report relates that it was a fast purchase.

The report notes that shares in Archial Group Plc were suspended
from the Alternative Investment Market on September 17 and the
company and a number of its subsidiaries went into administration
on September 21.

As reported in the Troubled Company Reporter-Latin America on
September 24, 2010, bdonline.co.uk said that Archial Group PLC
f.k.a SMC was unable to agree on repayment terms over unpaid tax
owed to HM Revenue & Customs and appointed joint administrators
David Chubb and Graham Frost of PricewaterhouseCoopers, who are
now seeking a rapid sale of the business.  The report related Mr.
Chubb said: ". . .  due to difficulties in meeting the group's
financial obligations, the directors have concluded that various
companies in the Group, including Archial Architects Limited and
Alsop Sparch Limited, should be placed into administration to
protect the business and assets."

The company, International Construction Review says, revealed it
had debts of GBP13.5 million at the end of 2009 and in August this
year it issued a surprise profit warning, which sent its share
price down 61%.

The report relates that the newly acquired organization has been
registered as Ingenium Archial Ltd. and will operate under the
name of Archial and Alsop Sparch.  Christopher Littlemore will
continue as CEO and Victor Smith will take on the role of
Executive Chairman, the report adds.

Archial Group PLC is a London-based practice that employs 400
staff worldwide including around 200 architects.


CONNAUGHT PLC: Council Scraps Firm's Job Plan for Norwich
---------------------------------------------------------
A deal to safeguard most of the jobs which were lost in Norwich
when Connaught plc went into administration has been scrapped
because of potential legal issues, BBC News reports.  The report
relates that a firm was ready to take over the Norwich City
Council contract, but lawyers said the deal could be challenged in
court.

According to the report, temporary contracts for housing repairs
and maintenance will now go to tender.  The report notes that
until then services will be provided by emergency contracts
already in place.

The contracts being put out to tender will run for between nine
and 12 months and the council expects those to be up and running
by the end of November, the report says.

Last week, the report notes, a contractor reached an agreement in
principle with the council to have the housing repairs and
maintenance contract transferred to it.  The report relates that
this could only be done at the same price and contractual terms
and conditions as agreed with Connaught.

The report says that this would have got the vast majority of
former Connaught workers back to work.  The report relates that
the company involved had agreed to "ring-fence" the jobs to give
those made redundant the first opportunity to apply.

However, the report notes, the council received legal advice from
a barrister which warned "of the significant risk of a legal
challenge if the council were to transfer the housing repairs and
maintenance contract without going to tender".

"This is hugely frustrating for us because the money is there to
improve tenants' homes, the work is there and the workforce is
ready to do it, but we cannot go ahead with a common sense
solution," the report quoted Alan Waters, cabinet member for
corporate resources, as saying.

Connaught called in receivers in September with the potential loss
of 1,400 jobs.

                        About Connaught plc

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


GOLDTRAIL TRAVEL: Creditors to Appoint PwC as Liquidators
---------------------------------------------------------
Travel Weekly reports a creditors' meeting in London on Friday
revealed that PricewaterhouseCoopers will be appointed as
liquidators of Goldtrail Travel.

Travel Weekly says reports that the main creditor, the Civil
Aviation Authority, had requested PWC to become liquidators rather
than the choosing administrators Begbies Traynor.

According to Travel Weekly, the company will be put into
liquidation within five weeks of the meeting.  The CAA has
submitted a claim to the administrators for GBP25.9 million.

The liquidator is expected to deal with Abta members whose claims
have been rejected by the Air Travel Trust.  A number of agencies
were notified by the CAA last week that their claims were not
valid.

As reported by the Troubled Company Reporter-Europe on July 20,
2010, Mark Fry and Mr. Taylor of Begbies Traynor were appointed
administrators of Goldtrail Travel Limited, the specialist Greek
and Turkey budget holiday operator, based in New Malden, Surrey,
on July 16, 2010.


HOLIDAY INN: Under Receivership
-------------------------------
Kati O'Hare at Daily Press reports that The Holiday Inn Express is
under receivership.

"The hotel is doing well and will continue to do well," the report
quoted owner Aaron Million as saying.  "I met with my financial
institution [September 29, 2010]" it's about back taxes owed but I
think we'll have a resolution to it," he added.

According to the report, Montrose County Treasurer Rosemary Murphy
said that Mr. Million owes US$255,000 in unpaid taxes from 2009
and 2010 on the Holiday Inn Express.  The report, citing county
records, relates that Mr. Million's last property tax payment was
December 2008, so a tax lien now is on the hotel.

The report, citing county records, notes Ray H. Werner, of Delta,
paid some of the overdue taxes covering the period from
October 29, 2009, through August 3, 2010, county tax records show.

An investor must pay three years worth of taxes on another owner's
lien before he can apply for a treasurer's deed.

"In Montrose County, very few have gone through to a treasurer
deed," the report quoted Mr. Murphy as saying.  "Usually, the
mortgage company will pay those taxes before they let it (a
property) go.  If they don't, their deed of trust is extinguished
because property tax liens take precedence," he added.

The Holiday Inn Express operates in Montrose, Scotland.


LOTUS RESOURCES: Reaches Creditor Settlement
--------------------------------------------
Lotus said its directors have been in extensive discussions with
its creditors and loan note holders and have now reached an
agreement to eliminate the majority of the PLC's outstanding debt,
including all existing loan notes and creditors owing.

Part of this Settlement will involve a conversion of debt into
equity at a price of 1 pence per ordinary share, resulting in the
issue of 2,065,120 new ordinary shares, equivalent to 2.8 % of the
enlarged share capital of the Company, post-Settlement.

                           Details

As outlined in the announcement on September 14, 2010, following
the abandonment of the Company's plans to seek a listing on the
Alternative Investment Market and the continuing difficulties in
raising capital on acceptable terms, Lotus's Board has embarked on
an urgent assessment of the Company's financial position.

This Review, involving detailed discussions and negotiations with
creditors owed in excess of GBP700,000 has now been successfully
completed, and terms have been agreed with all outstanding
creditors of Lotus Resources plc for a full and final Settlement.


This Settlement is in two parts;

Debt for Equity:

Certain trade creditors of the Company have agreed to exchange all
of their outstanding debt in return for new equity in the Company,
the total amount of debt used for calculation being 33% of the
full amount outstanding.  As a result of this Settlement, such
creditors will be issued with 2,065,120 of new shares in the
company, at an issue price equivalent to 1 pence per ordinary
share.

Novation and Codicil Agreements:

Certain additional creditors of the Company have agreed to release
and discharge Lotus Resources plc from all its repayment and
security obligations, in return for their debt being reassigned to
Mongolian Mineral Resources Limited, a newly formed company, owned
by certain former Directors of Lotus Resource plc.

The debt transferred as a result of these Agreements includes the
GBP500,000 convertible secured loan note issued by the Company in
February this year (which remains substantially undrawn), and
largely relates to costs associated with due diligence, the
aborted AIM listing, and outstanding professional and exploration
fees.

In reaching this final Settlement of all of the outstanding debt
owed by Lotus, the Board would like to express its gratitude and
appreciation to the former Directors of the Company, in particular
Simon Longworth, for their continued co-operation and support.

As part of the fundamental Strategic Review, announced on 14
September 2010, the Board also announced plans to evaluate a sale
or joint-venture of its Mongolian mining subsidiary, Lotus
Minerals Mongolia Limited.  This evaluation process continues, but
is now at an advanced stage, and your Board hopes to announce a
conclusion shortly.

Following the issue of shares resulting from this Settlement, the
Company will have 74,138,766 Ordinary Shares of 1p in issue.

James Benson, a Director of Lotus, has participated in the
Creditors' Settlement in relation to outstanding fees owed to him.
As a result of the Settlement, he now owns 1,238,767 shares which
represents 1.7% of the enlarged issued share capital of the
Company.

The Directors of the issuer accept responsibility for this
announcement.


PENYMYNYDD CAR COLLECTION: Goes Into Administration
---------------------------------------------------
PENYMYNYDD Car Collection Services has gone into administration.
Francesca Elliott at The Flintshire Chronicle reports that the
company faced difficulties recently, as a result of rising fuel
prices and the poor economic climate.  The report relates
administrators Begbies Traynor began proceedings last month.

"We immediately tried to find a buyer for the business as a going
concern but it quickly became obvious that this was unlikely to
happen.  We have since sold on the company's list of clients to
another party and are now in the process of selling off its
assets.  There are a number of transporters and other vehicles for
sale and we would ask anyone who is interested in buying them to
contact us," the report quoted Gary Lee of Begbies Traynor as
saying.  "Car Collection Services has been a family-owned business
for two generations but the current owners are of an age when they
don't want to take the company forward.  The haulage sector is
also an intensely difficult one to be in at the moment as a result
of the economic situation and rising fuel prices," he added.

                About PENYMYNYDD Car Collection

Headuartered in Chester, PENYMYNYDD Car Collection Services is a
family-owned company that was founded 60 years.  The company
specialized in moving HGVs, LGVs, cars, vans and caravans around
the UK and Europe.


WESTMINSTER HOUSING: Declared Insolvent After Members Refuse Loan
-----------------------------------------------------------------
Carl Brown at Inside Housing reports that London's Westminster
Housing Co-operative has been declared insolvent after a group of
members refused to let a social landlord lend it money in return
for allowing it to enter a management contract.

Westminster Housing Co-operative has 189 members and manages 48
homes for 14 landlords across 18 London boroughs.

The co-operative had GBP438,968 in its special interest account on
August 31, 2008, but this had dwindled to GBP6,386 by June this
year, according to documents seen by Inside Housing.

According to Inside Housing, the Co-operative Development Society
Limited, which provides support services to co-operatives, in July
offered the organization a GBP200,000 loan, secured on WHC's two
property assets.  But staff, backed by a faction of rank-and-file
WHC members, refused to co-operate with CDS, fearing that terms
attached to the loan, including a condition that the co-operative
enter into a management contract with CDS, would compromise WHC's
independence, Inside Housing says.

Inside Housing relates CDS wrote to WHC on August 23 to say it
could not proceed with the loan due to a lack of co-operation from
staff members.  According to the report, WHC has since ceased
trading and members arrived on August 23 to find the offices of
the co-operative locked by the management committee.

Aidan Healey, the chair of the WHC management committee, said a
drop in business caused by housing providers using alternative
means of maintaining stock to meet decent homes standards, as well
as higher maintenance costs was to blame for the co-operative's
financial problems, Inside Housing reports.

Inside Housing notes that the company is currently being
administered by Gotham Erskine and could be wound up.

Started in the 1980's, Westminster Housing Co-operative --
http://www.westminsterhousingcoop.org/-- is a housing cooperative
serving throughout the Greater London area.


WHALSAY FISH: Placed Into Administration
----------------------------------------
Ryan Taylor at Shetland Times reports that the struggling Whalsay
Fish Processors factory at Symbister has been placed in
administration after failing to turn round its dwindling fortunes.
The report relates that the company had been pinning its hopes on
new products based on raw material to bring it back to prosperity.

However, the report notes that these aspirations failed to
materialize, and the firm has succumbed to pressures brought on by
the high price of salmon.

According to the report, Whalsay Fish had received a GBP725,000
loan from Shetland Islands Council's economic development unit in
July last year.  The report relates that some repayments had been
made to the council but the firm, owned by four fishing industry
figures including Framgord's Frank Johnson, still has a
substantial sum outstanding.

Management has been in talks with the council over its
difficulties for several months, the report says.

The Times discloses that in June, the company was given a stay of
execution to enable it to launch a new product range.  Those
products, however, have failed to come to the market, the report
notes.

After the SIC development committee went into private, chairman
Josie Simpson said they had decided to let the company go, the
report discloses.  The decision, the report relates, was taken to
let Whalsay go into administration.  "The problem has been getting
raw material to the factory. The price of salmon has been going
through the roof, and he [Mr. Johnson] wasn't able to get the raw
material at the price he could afford," the report quoted Mr.
Simpson as saying.

Whalsay Fish Processors is known for processing frozen salmon
mainly for the European market.


* UK Pension Regulator Faces Legal Challenge from Nortel, Lehman
----------------------------------------------------------------
Investment & Pension Europe reports that the Pension Regulator is
facing a legal challenge from Lehman Brothers and Nortel Group
over two Financial Support Directions totaling GBP2.3 billion.

According to I&PE, the case, which will be heard in London's High
Court in November, is seeking to address how administrators have
to view any demands made by the regulator.

Jane Croft and Norma Cohen at the Financial Times report that the
regulator is facing a High Court challenge to the global reach of
its power to demand a share of the proceeds when a foreign company
with an underfunded UK pension scheme is liquidated after
insolvency.

The FT says that power goes to the heart of two of the regulator's
most important obligations: to ensure benefits are paid in full
and on time, and to limit claims on the Pension Protection Fund,
the safety net for the underfunded schemes of insolvent employers.

The challenge is directed at the Pensions Act of 2004.

According to the FT, the challenge follows the regulator's move to
issue a rarely used measure -- a Financial Support Direction --
which orders a parent company or other companies within the group
to provide specific financial support to the underfunded scheme of
a subsidiary.


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


* BOND PRICING: For the Week September 27 to October 1, 2010
------------------------------------------------------------

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

AUSTRIA
-------
RAIFF ZENTRALBK        5.470    2/28/2028       EUR      72.50
RAIFF ZENTRALBK        4.500    9/28/2035       EUR      61.09

BELGIUM
-------
FORTIS BANK            8.750    12/7/2010       EUR      13.28

FINLAND
-------
MUNI FINANCE PLC       1.000    6/30/2017       ZAR      64.18
MUNI FINANCE PLC       1.000    2/27/2018       AUD      69.09
MUNI FINANCE PLC       0.500    9/24/2020       CAD      70.47
MUNI FINANCE PLC       0.500    3/17/2025       CAD      56.20
MUNI FINANCE PLC       0.250    6/28/2040       CAD      23.98

FRANCE
------
AIR FRANCE-KLM         4.970     4/1/2015       EUR      14.72
ALCATEL SA             4.750     1/1/2011       EUR      16.63
ALCATEL-LUCENT         5.000     1/1/2015       EUR       3.42
ALTRAN TECHNOLOG       6.720     1/1/2015       EUR       4.76
ATOS ORIGIN SA         2.500     1/1/2016       EUR      52.62
BNP PARIBAS           10.050    7/24/2012       USD      64.27
CALYON                 6.000    6/18/2047       EUR      51.36
CAP GEMINI SOGET       1.000     1/1/2012       EUR      44.47
CAP GEMINI SOGET       3.500     1/1/2014       EUR      44.74
CLUB MEDITERRANE       4.375    11/1/2010       EUR      49.84
EURAZEO                6.250    6/10/2014       EUR      56.62
FAURECIA               4.500     1/1/2015       EUR      22.21
GROUPE VIAL            2.500     1/1/2014       EUR      20.72
MAUREL ET PROM         7.125    7/31/2014       EUR      15.99
MAUREL ET PROM         7.125    7/31/2015       EUR      13.22
NEXANS SA              4.000     1/1/2016       EUR      63.42
PEUGEOT SA             4.450     1/1/2016       EUR      31.36
PUBLICIS GROUPE        1.000    1/18/2018       EUR      48.43
PUBLICIS GROUPE        3.125    7/30/2014       EUR      38.22
RHODIA SA              0.500     1/1/2014       EUR      47.37
SOC AIR FRANCE         2.750     4/1/2020       EUR      20.78
SOITEC                 6.250     9/9/2014       EUR       9.22
TEM                    4.250     1/1/2015       EUR      54.84
THEOLIA                2.700     1/1/2041       EUR      11.95
VALEO                  2.375     1/1/2011       EUR      46.99
ZLOMREX INT FIN        8.500     2/1/2014       EUR      55.50
ZLOMREX INT FIN        8.500     2/1/2014       EUR      55.50

GERMANY
-------
DEUTSCHE BK LOND       0.500    8/25/2017       BRL      52.91
DEUTSCHE BK LOND       3.000    5/18/2012       CHF      60.88
ESCADA AG              7.500     4/1/2012       EUR      17.97
L-BANK FOERDERBK       0.500    5/10/2027       CAD      50.94
QIMONDA FINANCE        6.750    3/22/2013       USD       3.69
SOLON AG SOLAR         1.375    12/6/2012       EUR      37.80

GREECE
------
ATHENS URBAN TRN       4.851    9/19/2016       EUR      74.63
ATHENS URBAN TRN       5.008    7/18/2017       EUR      68.25
HELLENIC REP I/L       2.300    7/25/2030       EUR      50.52
HELLENIC REP I/L       2.900    7/25/2025       EUR      54.34
HELLENIC REPUB         5.250     2/1/2016       JPY      70.87
HELLENIC REPUB         5.000    8/22/2016       JPY      67.10
HELLENIC REPUB         5.200    7/17/2034       EUR      65.90
HELLENIC REPUBLI       3.600    7/20/2016       EUR      72.54
HELLENIC REPUBLI       4.300    7/20/2017       EUR      71.00
HELLENIC REPUBLI       4.600    7/20/2018       EUR      69.61
HELLENIC REPUBLI       6.000    7/19/2019       EUR      72.99
HELLENIC REPUBLI       4.700    3/20/2024       EUR      64.49
HELLENIC REPUBLI       5.300    3/20/2026       EUR      65.73
HELLENIC REPUBLI       4.500    9/20/2037       EUR      58.88
HELLENIC REPUBLI       4.600    9/20/2040       EUR      58.72
NATIONAL BK GREE       3.875    10/7/2016       EUR      73.64
YIOULA GLASSWORK       9.000    12/1/2015       EUR      72.63
YIOULA GLASSWORK       9.000    12/1/2015       EUR      73.36

IRELAND
-------
ALLIED IRISH BKS       7.875     7/5/2023       GBP      77.83
ALLIED IRISH BKS       5.250    3/10/2025       GBP      60.81
BANK OF IRELAND        4.625    2/27/2019       EUR      76.41
DEPFA ACS BANK         5.125    3/16/2037       USD      74.80
DEPFA ACS BANK         4.900    8/24/2035       CAD      66.45
DEPFA ACS BANK         3.250    7/31/2031       CHF      72.76
DEPFA ACS BANK         3.278    7/17/2026       CHF      72.27
DEPFA ACS BANK         0.500     3/3/2025       CAD      35.61
DEPFA ACS BANK         1.920     5/9/2020       JPY      72.97
DEPFA ACS BANK         5.125    3/16/2037       USD      72.62
DEPFA BANK PLC         3.150     4/3/2018       EUR      71.35
IRISH LIFE & PER       4.625     5/9/2017       EUR      66.74
IRISH NATIONWIDE      13.000    8/12/2016       GBP      58.75
IRISH PERM PLC         7.284    2/15/2035       EUR      65.58

ITALY
-----
COMUNE DI MILANO       4.019    6/29/2035       EUR      73.32

LUXEMBOURG
----------
ARCELORMITTAL          7.250     4/1/2014       EUR      28.72
BREEZE FINANCE         4.524    4/19/2027       EUR      70.00
CRC BREEZE             5.290     5/8/2026       EUR      63.50
GLOBAL YATIRIM H       9.250    7/31/2012       USD      73.25
IIB LUXEMBOURG        11.000    2/19/2013       USD      60.00
INTL INDUST BANK       9.000     7/6/2011       EUR      32.50
LIGHTHOUSE INTL        8.000    4/30/2014       EUR      59.35
LIGHTHOUSE INTL        8.000    4/30/2014       EUR      58.88

NETHERLANDS
-----------
APP INTL FINANCE      11.750    10/1/2005       USD       0.01
ARPENI PR INVEST       8.750     5/3/2013       USD      39.41
ARPENI PR INVEST       8.750     5/3/2013       USD      37.75
BK NED GEMEENTEN       0.500    2/24/2025       CAD      55.88
BRIT INSURANCE         6.625    12/9/2030       GBP      66.75
ELEC DE CAR FIN        8.500    4/10/2018       USD      54.98
INDAH KIAT INTL       12.500    6/15/2006       USD       0.01
IVG FINANCE BV         1.750    3/29/2017       EUR      73.73
NATL INVESTER BK      25.983     5/7/2029       EUR      30.06
NED WATERSCHAPBK       0.500    3/11/2025       CAD      55.12
SIDETUR FINANCE       10.000    4/20/2016       USD      63.38
TJIWI KIMIA FIN       13.250     8/1/2001       USD       0.01

NORWAY
------
EKSPORTFINANS          0.500     5/9/2030       CAD      44.18
KOMMUNALBANKEN         0.500    9/24/2014       BRL      71.26
NORSKE SKOGIND         7.000    6/26/2017       EUR      73.80

POLAND
------
REP OF POLAND          3.300    6/16/2038       JPY      71.89
REP OF POLAND          3.220     8/4/2034       JPY      73.46
REP OF POLAND          2.648    3/29/2034       JPY      64.87
METRO DE LISBOA        4.061    12/4/2026       EUR      74.52

PORTUGAL
--------
PORTUGUESE OT'S        4.100    4/15/2037       EUR      72.23

RUSSIA
------
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       2.00
APK ARKADA            17.500    5/23/2012       RUB       0.38
ARKTEL-INVEST         12.000     4/9/2012       RUB       2.01
ATOMSTROYEXPORT-       7.750    5/24/2011       RUB       2.00
BANK OF MOSCOW         6.450    7/29/2011       RUB      70.00
BANK OF MOSCOW         7.500     2/1/2013       RUB      70.00
BANK SOYUZ            16.000     5/2/2011       RUB       2.00
BANK SOYUZ             9.500    2/23/2011       RUB       3.00
BASHKIRENERGO          8.300     3/9/2011       RUB      34.01
CB STROYCREDIT         9.500     8/1/2011       RUB      15.50
CREDIT EUROPE BA      11.500    6/28/2011       RUB       2.00
DALUR-FINANS          14.000     2/5/2013       RUB       4.00
DIPOS                  8.000    6/19/2012       RUB      25.00
DVTG-FINANS           17.000    8/29/2013       RUB      17.00
EMALIANS-FINANS       10.970     7/8/2011       RUB      50.00
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      17.00
FINANCEBUSINESSG      10.000     7/1/2013       RUB       2.00
FINANCEBUSINESSG      12.500    6/22/2011       RUB       2.00
GLAVSTROY-FINANS       1.000    3/17/2011       RUB       5.00
GLOBEX-FINANS          0.100    4/26/2011       RUB      26.01
GRACE DIAMOND         15.000     6/7/2012       RUB       2.00
GRADOSTROY-INVES      11.000     3/3/2011       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      50.00
INTERGRAD             15.000     7/9/2014       RUB       2.00
INTERSOFT             10.070    3/31/2025       RUB       1.00
INTL INDUST BANK      13.250     1/3/2018       RUB       3.00
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      20.00
KOSMOS-FINANS         10.200    6/16/2011       RUB      20.00
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
M-INDUSTRIYA          14.250    7/10/2013       RUB       5.21
M-INDUSTRIYA          12.250    8/16/2011       RUB      34.04
MACROMIR-FINANS        7.750     7/3/2012       RUB       0.02
MAIN ROAD OJSC        10.200     6/3/2011       RUB       3.00
MEDVED-FINANS         14.000    8/16/2013       RUB       6.66
METROSTROY INVES       7.000    9/23/2011       RUB      15.00
MIG-FINANS             0.100     9/6/2011       RUB       1.02
MIRAX                 14.990    5/17/2011       RUB      36.52
MIRAX                 17.000    9/17/2012       RUB      32.00
MORTON-RSO            12.000    2/28/2011       RUB       2.00
MOSKOMMERTSBANK       12.000    2/15/2011       RUB       2.00
MOSKOMMERTSBANK        1.000    6/12/2013       RUB      18.00
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
NATIONAL CAPITAL      13.000    9/25/2012       RUB      13.00
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       2.00
NEW INVESTMENTS       12.000     7/7/2011       RUB       2.00
NOK                   10.000    9/22/2011       RUB      20.00
NOK                   12.500    8/26/2014       RUB      12.00
NOMOS-LEASING         12.000     7/8/2011       RUB       2.00
NOVOROSSIYSK          13.000    12/9/2011       RUB       3.00
NUTRINVESTHOLDIN      11.000    6/30/2014       RUB      29.00
OBYEDINEONNYE KO       3.000    5/16/2012       RUB       2.00
OJSC FCB              11.000     8/7/2012       RUB       4.00
ORENBURG IZHK          9.240    2/21/2012       RUB       1.00
OSMO KAPITAL          10.200     3/7/2011       RUB      21.20
PEB LEASING           14.000    9/12/2014       RUB       2.00
PENSION FUND REA       5.000     5/7/2019       RUB       2.00
PETROCOMMERCE BK       5.000     7/6/2011       RUB       2.00
POLYPLAST             19.000    6/21/2011       RUB       8.00
PROM TECH             16.000    4/25/2011       RUB       2.00
PROMNESTESERVICE       9.500    12/5/2014       RUB       4.00
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       4.00
RMK PARK PLAZA        10.000     1/8/2013       RUB      25.00
RYBINSKKABEL           0.010    2/28/2012       RUB       0.02
SAHO                  15.000    5/21/2012       RUB      35.01
SATURN                10.000     6/6/2014       RUB       5.00
SENATOR               14.000    5/18/2012       RUB      26.00
SEVENTH CONTINE        9.250    6/14/2012       RUB      19.07
SEVKABEL-FINANS       10.500    3/27/2012       RUB       2.51
SIBIRSKAYA AGRAR      17.000    9/12/2012       RUB       2.00
SIBUR                 13.500    3/13/2015       RUB       3.00
SIBUR                  9.250    3/13/2015       RUB       3.00
SIBUR                  7.300    3/13/2015       RUB       3.00
SIBUR                  9.000    3/13/2015       RUB       3.00
SIBUR                 10.470    11/1/2012       RUB       3.00
SISTEMA-HALS           8.500    4/15/2014       RUB       2.00
SISTEMA-HALS           8.500     4/8/2014       RUB       2.00
SOUTHERN STOCK C      15.750    4/29/2014       RUB      12.33
SPETSSTROYFINANC       8.500    5/30/2016       RUB       1.00
SVOBODNY SOKOL        18.000    5/24/2011       RUB      30.00
SVYAZ BANK            16.000    4/21/2011       RUB      50.00
SYNTERRA               0.010     8/1/2013       RUB       1.00
TALIO-PRINCEPS        16.000    5/17/2012       RUB       3.76
TECHNONICOL-FINA      13.500    9/11/2013       RUB      24.02
TECHNONICOL-FINA      13.000    9/19/2013       RUB       2.00
TERNA-FINANS           1.000    11/4/2011       RUB       1.00
TGK-4                  8.000    5/31/2012       RUB      18.01
TK FINANS             12.600     9/5/2011       RUB      33.00
TOP-KNIGA             20.000    12/9/2010       RUB       3.43
TRANSCREDITFACTO      12.000    6/11/2012       RUB       4.00
TRANSCREDITFACTO      12.000    11/1/2012       RUB      33.00
TRANSFIN-M             9.750    8/13/2013       RUB      33.00
TRANSFIN-M             9.750    8/13/2013       RUB      33.00
TRANSFIN-M            14.000    7/10/2014       RUB       3.00
TRANSFIN-M            11.000    12/3/2014       RUB      33.00
TRANSFIN-M            11.000    12/3/2014       RUB      33.00
TRANSFIN-M            11.000    12/3/2014       RUB       3.00
TRANSFIN-M            11.000    12/3/2015       RUB       1.00
TRANSFIN-M            11.000    12/3/2015       RUB       3.00
TRANSFIN-M            11.000    12/3/2014       RUB       3.00
TRANSFIN-M            11.000    12/3/2015       RUB       3.00
TRANSFIN-M            11.000    12/3/2015       RUB      33.00
TRANSFIN-M            10.750    8/10/2012       RUB      23.00
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      40.00
UNITED HEAVY MAC      13.000    8/30/2011       RUB      38.01
UNITED HEAVY MAC      13.000    5/31/2013       RUB       3.00
URALCHIMPLAST          8.000    1/21/2011       RUB       2.00
URALELEKTROMED         8.250    2/28/2012       RUB       2.00
VESTER-FINANS         15.250    8/11/2011       RUB       2.01
VKM-LEASING FINA       1.000    5/18/2011       RUB       1.00
VLADPROMBANK          12.000     3/8/2011       RUB      23.00
VMK-FINANCE           16.000    5/21/2014       RUB      33.00
VTB 24                 6.900    2/20/2014       RUB       4.45
VTB-LEASING FINA       9.800    11/6/2014       RUB       2.00
YUGFINSERVICE         15.250    5/20/2014       RUB      13.00
ZAO EUROPLAN          10.000    8/11/2011       RUB       2.00
ZHELEZOBETON          10.000    5/27/2011       RUB      28.01
ZHILSOTSIPOTEKA-       9.000    7/26/2011       RUB       2.00

SPAIN
-----
AYT CEDULAS CAJA       3.750    6/30/2025       EUR      74.24
BANCAJA                1.500    5/22/2018       EUR      64.13
BANCAJA EMI SA         2.755    5/11/2037       JPY      45.50
BANCO GUIPUZCOAN       1.500    4/18/2022       EUR      66.19
CAIXA TERRASSA         1.500    3/12/2022       EUR      56.14
CAJA CASTIL-MAN        1.500    6/23/2021       EUR      50.40
CEDULAS TDA 6          3.875    5/23/2025       EUR      75.10
CEDULAS TDA A-6        4.250    4/10/2031       EUR      72.36
GENERAL DE ALQUI       2.750    8/20/2012       EUR      73.32

SWEDEN
------
SWEDISH EXP CRED       0.500    9/29/2015       BRL      63.86
SWEDISH EXP CRED       9.000    8/28/2011       USD       9.56
SWEDISH EXP CRED       9.000    8/12/2011       USD       9.59

SWITZERLAND
-----------
UBS AG                13.300    5/23/2012       USD       4.05
UBS AG                14.000    5/23/2012       USD       8.83
UBS AG                10.580    6/29/2011       USD      38.59
UBS AG JERSEY          9.350    9/21/2011       USD      64.71
UBS AG JERSEY         10.360    8/19/2011       USD      49.70
UBS AG JERSEY         11.150    8/31/2011       USD      38.18
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         10.820    4/21/2011       USD      21.34
UBS AG JERSEY         10.990    3/31/2011       USD      31.46
UBS AG JERSEY         12.800    2/28/2011       USD      34.09
UBS AG JERSEY         15.250    2/11/2011       USD      11.63
UBS AG JERSEY         10.000    2/11/2011       USD      59.90
UBS AG JERSEY         11.030    4/21/2011       USD      20.51
UBS AG JERSEY         16.170    1/31/2011       USD      13.05
UBS AG JERSEY         14.640    1/31/2011       USD      37.08
UBS AG JERSEY         13.900    1/31/2011       USD      34.74
UBS AG JERSEY          3.220    7/31/2012       EUR      55.07
UBS AG JERSEY          9.450    9/21/2011       USD      50.04

UNITED KINGDOM
--------------
BANK OF SCOTLAND       6.984     2/7/2035       EUR      71.50
BARCLAYS BK PLC       10.800    7/31/2012       USD      27.45
BARCLAYS BK PLC        7.610    6/30/2011       USD      52.50
BARCLAYS BK PLC        8.550    1/23/2012       USD      10.62
BARCLAYS BK PLC       10.350    1/23/2012       USD      18.95
BARCLAYS BK PLC       10.600    7/21/2011       USD      41.21
BARCLAYS BK PLC       13.800    5/27/2011       USD      52.08
BARCLAYS BK PLC       10.650    1/31/2012       USD      41.50
BARCLAYS BK PLC       12.950    4/20/2012       USD      22.60
BARCLAYS BK PLC        9.400    7/31/2012       USD      11.07
BRADFORD&BIN BLD       5.500    1/15/2018       GBP      44.98
BRADFORD&BIN BLD       4.910     2/1/2047       EUR      60.09
BRADFORD&BIN PLC       6.625    6/16/2023       GBP      44.89
BRADFORD&BIN PLC       7.625    2/16/2049       GBP      46.44
EFG HELLAS PLC         6.010     1/9/2036       EUR      33.13
EFG HELLAS PLC         5.400    11/2/2047       EUR      64.63
ENTERPRISE INNS        6.375    9/26/2031       GBP      72.53
HBOS PLC               6.000    11/1/2033       USD      67.10
HBOS PLC               6.000    11/1/2033       USD      67.10
NORTHERN ROCK          5.750    2/28/2017       GBP      75.12
PUNCH TAVERNS          6.468    4/15/2033       GBP      72.48
ROYAL BK SCOTLND      10.000    2/15/2045       USD      72.94
ROYAL BK SCOTLND       6.316    6/29/2030       EUR      69.17
ROYAL BK SCOTLND       0.291     4/4/2025       USD      72.83
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      64.21
WESSEX WATER FIN       1.369    7/31/2057       GBP      33.98


                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *