TCREUR_Public/101213.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, December 13, 2010, Vol. 11, No. 245

                            Headlines


A R M E N I A

ACBA-CREDIT AGRICOLE: Fitch Affirms 'BB' Issuer Default Rating


G E R M A N Y

SCHIESSER AG: Creditors Back Insolvency Plan; Mulls IPO in 2011


I R E L A N D

TREASURY HOLDINGS: May Not Be Able to Repay Notes Due Next Year


I T A L Y

PARMALAT SPA: Ex-Chief Sentenced to 18 Years in Jail


K A Z A K H S T A N

TSESNA BANK: S&P Affirms 'B-' Long-Term Counterparty Credit Rating


N E T H E R L A N D S

LEVERAGED FINANCE: S&P Affirms 'CCC-' Rating on Class IV Notes


R O M A N I A

BANCA ROMANEASCA: Fitch Corrects Press Release; Keeps 'BB+' Rating


R U S S I A

ROSBANK OJSC: S&P Gives Positive Outlook; Affirms 'BB+' Rating


S E R B I A   &   M O N T E N E G R O

AGROZIV DD: Bought Out of Bankruptcy by Srbijagas


S W E D E N

VIKING AIRLINES: Stockholm Court Grants Bankruptcy Protection


S W I T Z E R L A N D

UBS AG: Moody's Reviews 'Ba3' Rating on Medium Term Notes


U N I T E D   K I N G D O M

BODILL CONSTRUCTION: Goes Into Administration, Cuts 77 Jobs
DUNDEE FOOTBALL CLUB: Must Support Ex-Owner's Effort to Save Club
JJB SPORTS: Largest Shareholder Ready to Provide Additional Equity
MAYPOLE GROUP: Angel Hotel to Continue Operations Amid Sale Talks
NETWORK TRADING: Owes Bank of Scotland GBP42.5 Million

PONTIN'S: Indian Entrepreneur & Dubai Royal Family May Buy Firm
POWER CORP: Sabido Investments Acquires Firm
POWERFUEL PLC: Goes Into Administration


X X X X X X X X

* S&P Puts European CDOs' Ratings on CreditWatch Negative
* BOND PRICING: For the Week December 6 to December 10, 2010


                            *********


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A R M E N I A
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ACBA-CREDIT AGRICOLE: Fitch Affirms 'BB' Issuer Default Rating
--------------------------------------------------------------
Fitch Ratings has affirmed Armenian ACBA-Credit Agricole Bank's
Long-term Issuer Default Rating at 'BB' with Stable Outlook.  The
bank's Individual Rating has also been affirmed at 'D'.

ACBA's IDRs and Support Rating reflect Fitch's view of the
moderate probability of support being forthcoming if required from
its shareholder, Credit Agricole ('AA-'/Stable), due to brand
association, the close involvement of CA in establishing and
supervising the bank and ACBA's relatively small size.  However,
the propensity of support is undermined by CA's minority stake
(28%) and the fact that the Armenian market does not appear to be
of strategic importance for CA.

The Individual Rating of the bank reflect its small absolute size,
the high dollarization of its balance sheet with 60% of loans and
58% of customer deposits at end-Q310 denominated in foreign
currency and the challenging operating environment.  The
Individual Rating also considers the high granularity of the
bank's loan portfolio, diversified funding base and stable
liquidity position, still high profitability and good corporate
governance, solid capitalization with regulatory total capital
adequacy ratio at 26.2% at end-Q310 and its broad domestic
franchise.  Asset quality, although deteriorated, has remained
better than the sector average.

ACBA is one of Armenia's largest banks by assets and loans, with
market shares of 11.9% and 10.8%, respectively, at end-Q310.  It
has a leading position in agricultural lending with an
approximately 60% market share.  The biggest stake in the bank is
owned by CA (28%) and the remainder is distributed among 10
regional agricultural unions.

The rating actions are:

ACBA-Credit Agricole Bank

  -- Long-term IDR: affirmed at 'BB'; Outlook Stable
  -- Short-term IDR: affirmed at 'B'
  -- Individual Rating: affirmed at 'D'
  -- Support Rating: affirmed at '3'


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


SCHIESSER AG: Creditors Back Insolvency Plan; Mulls IPO in 2011
---------------------------------------------------------------
Mike Gavin at Bloomberg News reports that Schiesser AG's
insolvency administrator Volker Grub said creditors have approved
an insolvency plan for the company, clearing the way for an
initial public offering.

According to Bloomberg, Mr. Grub said in an e-mailed statement
sent by the MSL Financial public relations group on Thursday that
an IPO is planned for the second quarter of next year.

As reported by the Troubled Company Reporter-Europe, Dow Jones
Newswires said Schiesser has been in insolvency proceedings since
2009.

                         About Schiesser AG

Based in Radolfzell, Germany, Schiesser AG --
http://www.schiesser.de-- is a lingerie, sportswear and swimwear
company.  It is owned by Switzerland's Schiesser Group AG.  The
company employs some 1,900 employees.


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


TREASURY HOLDINGS: May Not Be Able to Repay Notes Due Next Year
---------------------------------------------------------------
Colm Keena at The Irish Times reports that Treasury Holdings,
which had borrowings of EUR2.7 billion at the end of February,
does not expect to be able to repay loan notes due to mature next
May.

According to The Irish Times, accounts for Treasury subsidiary
Saundby Ltd, filed recently, outline how the group had loan notes
and zero dividend preference shares totaling slightly less than
EUR400 million.

It was also unable to make interest payments of EUR10.6 million
due on the loan notes in August, The Irish Times says, citing
accounts which are dated November 15.

The Irish Times relates that the group has reached an outline
agreement with entities owed money in relation to the financial
restructuring of the related company, Real Estate Opportunities,
and the demerger of its Battersea Power Station property in
London.  One-quarter of the development costs for Battersea are
being provided by the group, The Irish Times notes.

Subsequent to the end of February, according to the accounts,
group loans totaling EUR1.4 billion were transferred to the
National Asset Management Agency (Nama), The Irish Times states.

The Irish Times says a detailed business plan has been submitted
to the agency and the group is awaiting a response.  Key
assumptions in the plan, for the period to the end of November
next, include renewal by the agency of the loan facilities and the
provision by it of working capital, The Irish Times discloses.  It
also envisages the acceptance by the loan-note holders and others
of certain alternative arrangements, the finding of a new equity
partner for the Battersea project, and the ability of the group to
raise further capital after its debt facilities have been
renegotiated, according to The Irish Times.

Treasury Holdings is owned by Richard Barrett and John Ronan.


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I T A L Y
=========


PARMALAT SPA: Ex-Chief Sentenced to 18 Years in Jail
----------------------------------------------------
Guy Dinmore at The Financial Times reports that Calisto Tanzi,
former chief executive of Parmalat SpA, which collapsed in 2003
with EUR14 billion (US$18.5 billion) of debts, was sentenced to 18
years in jail on Thursday for his role in what at the time was
Europe's biggest corporate bankruptcy.

According to the FT, a court in the northern town of Parma found
Mr. Tanzi, 72, guilty of fraudulent bankruptcy and criminal
conspiracy.  The FT relates Fausto Tonna, former finance director,
was handed a 14-year jail sentence and 13 other former executives
were also found guilty while two were acquitted.

Mr. Tanzi in May lost his appeal against a separate 10-year
sentence passed two years ago by a Milan court that found him
guilty of falsifying accounts, market rigging, and misleading
investors and market regulators, the FT discloses.  He
subsequently launched a final appeal, the FT recounts.

The Parma court also ordered the defendants to pay EUR2 billion in
compensation to the new Parmalat which was restructured under the
administration of Enrico Bondi, the FT says.  Mr. Bondi refloated
the company on the Milan stock market in 2005 and has successfully
recovered more than EUR2 billion in out-of-court settlements with
several banks, including Morgan Stanley and the former Merrill
Lynch, now owned by Bank of America, the FT states.

The Parma court, following a similar ruling passed by the Milan
appeals court in May, also ordered the defendants to pay
compensation to a committee of creditors who had filed for civil
damages, according to the FT.

                       About Parmalat S.p.A.

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that can
be stored at room temperature for months.  It also has about 40
brand product lines, which include yogurt, cheese, butter, cakes
and cookies, breads, pizza, snack foods and vegetable sauces,
soups and juices.

The Company's U.S. operations filed for Chapter 11 protection on
February 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than USUS$200
million in assets and debts.  The U.S. Debtors emerged from
bankruptcy on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on December 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the Cayman
Islands.  Gordon I. MacRae and James Cleaver of Kroll (Cayman)
Ltd. serve as Joint Provisional Liquidators in the cases.  On
January 20, 2004, the Liquidators filed Sec. 304 petition, Case
No. 04-10362, in the United States Bankruptcy Court for the
Southern District of New York.  In May 2006, the Cayman Island
Court appointed Messrs. MacRae and Cleaver as Joint Official
Liquidators.  Gregory M. Petrick, Esq., at Cadwalader, Wickersham
& Taft LLP, and Richard I. Janvey, Esq., at Janvey, Gordon,
Herlands Randolph, represent the Finance Companies in the Sec. 304
case.

The Honorable Robert D. Drain presided over the Parmalat Debtors'
U.S. cases.  On June 21, 2007, the U.S. Court granted Parmalat
permanent injunction.


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


TSESNA BANK: S&P Affirms 'B-' Long-Term Counterparty Credit Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'B-'
long-term and 'C' short-term global scale counterparty credit
ratings on Kazakhstan-based Tsesna Bank.  At the same time, S&P
revised the outlook on the bank to stable from negative and raised
the national scale rating to 'kzBB-' from 'kzB+'.

"The rating actions reflect Tsesna Bank's weak asset quality,
vulnerability to political sensitivities, low capitalization, high
lending and deposit concentrations and, as with other Kazakh
banks, a need to strengthen corporate governance," said Standard &
Poor's credit analyst Annette Ess.  "However, S&P considers these
weaknesses to be partly offset by the bank's good market position
in central and northern Kazakhstan, as well as its improved
funding and liquidity positions, including meaningful growth in
customer deposits and what S&P views as an acceptable level of
liquid assets."

The ratings are based on the bank's stand-alone credit profile and
S&P does not currently apply any uplift for extraordinary parental
or government support, which S&P considers uncertain.  Tsesna Bank
is the 12th largest bank in Kazakhstan by assets, which stood at
Kazakhstani tenge 209 billion (US$1.4 billion) as of Sept. 30,
2010.   In S&P's view, the bank holds a good market position in
central and northern Kazakhstan, where its market share was 5% by
term deposits and 11% by loans, compared with an overall market
share of 2% by assets.

"The stable outlook reflects S&P's view that improved
macroeconomic growth prospects over the medium term and a
stabilized operating environment have reduced the external
pressures on the bank's financial and business profiles," said
Ms. Ess, "which in turn have led to a more stable operating
performance."


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


LEVERAGED FINANCE: S&P Affirms 'CCC-' Rating on Class IV Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services took various rating actions in
Leveraged Finance Europe Capital II B.V.  Specifically, S&P raised
its credit ratings on two tranches and affirmed its ratings on
three tranches.

According to the ratings S&P use in its analysis, S&P has observed
a decrease in the assets that are rated in the 'CCC' category.  At
the same time, S&P believes that the weighted-average life of the
transaction has reduced.  Consequently, the gross level of
defaults S&P expects on the portfolio has reduced.  The weighted-
average spread of the portfolio, as reported to us by the trustee,
has also increased slightly.

As a result of its analysis, S&P believes that the class I-A and
I-B notes can support higher ratings of 'AA (sf)'.  S&P has
affirmed its 'BB+ (sf)' rating on the class II notes because, in
its view, the current rating is appropriate.  S&P's ratings on the
class III and IV tranches were constrained by the application of
the largest obligor default test, a supplemental stress test S&P
introduced as part of its criteria update.  Therefore, S&P has
affirmed its ratings on the class III and IV notes.

Leveraged Finance Europe Capital II is a cash flow collateralized
loan obligation transaction that securitizes loans to primarily
speculative-grade corporate firms.

                           Ratings List

             Leveraged Finance Europe Capital II B.V.
      EUR187.2 Million Fixed- and Floating-Rate Secured Notes

                          Ratings Raised

                                 Rating
                                 ------
              Class        To               From
              -----        --               ----
              I-A          AA (sf)          AA- (sf)
              I-B          AA (sf)          AA- (sf)

                        Ratings Affirmed

                     Class        Rating
                     -----        ------
                     II           BB+ (sf)
                     III          CCC+ (sf)
                     IV           CCC- (sf)


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R O M A N I A
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BANCA ROMANEASCA: Fitch Corrects Press Release; Keeps 'BB+' Rating
------------------------------------------------------------------
This announcement corrects the version issued on December 7, 2010.
The Long-term foreign currency Issuer Default Rating of Banca
Romaneasca S.A. is affirmed at 'BB+' with Negative Outlook, and
not with Stable Outlook as previously stated.

Fitch Ratings has affirmed the ratings of five Romania-based banks
controlled by foreign shareholders following its annual review of
the banks.

The banks' Issuer Default Ratings are all based on institutional
support from their ultimate controlling shareholders.  The agency
has also affirmed the institutions' Individual Ratings.  A full
breakdown of rating actions is provided at the end of this
comment.

In Fitch's view, the Romanian banking system has suffered from
continued economic contraction in 2010.  Following the sharp 7.1%
contraction in 2009, the agency expects GDP to continue to shrink
by 2.0% in 2010, returning to growth of 2.5% only in 2011.  The
IMF support package secured in May 2009 is still on track, but
economic growth has been negatively affected by government-
initiated wage cuts and tax increases.

The economic contraction negatively affected the banking system's
asset quality during 2009 and 9M10.  Doubtful and loss category
loans have already reached 20.2% of total loans at end- Q310 (from
6.5% at end-2008).  Fitch considers that non-performing loans are
likely to increase until mid-2011, when they could peak.  Although
the depreciation of the Romanian new leu against the euro has
remained limited, any sharp or prolonged currency depreciation
would exert further pressure on the banking system's asset
quality, given the high proportion of FX lending (63% at end-
Q310).  Intense competition for customer deposits due to a global
shortage of liquidity, has forced banks' funding costs upwards.

At the same time, Romanian banks' credit profiles are supported by
generally still solid margins (notwithstanding the increase in
funding costs) and acceptable capital ratios (the sector reported
a total regulatory capital ratio of 14.59% at end-Q310).  After
two years of subdued loan growth, the system's liquidity is
comfortable, which should give banks significant financial
flexibility in working out asset quality problems.  The system's
loans/deposits ratio was a rather high 122% at end-Q310, although
wholesale funding is mostly from parent banks, which reduces
refinancing risks.

Banca Comerciala Romana S.A.'s 'BBB' Long-term IDRs and '2'
Support rating reflect Fitch's view of the potential support that
would be likely to be forthcoming, if needed, from its controlling
shareholder, Erste Group Bank AG ('A' /Stable).  The 'D'
Individual Rating reflects weakened asset quality and the impact
of much higher loan impairment charges on operating profitability;
more moderate revenue generation in the subdued economy; and
reliance on collateral to mitigate potential credit risk from
unreserved bad loans.  This is balanced by a strong domestic
franchise, good efficiency and comfortable liquidity.  BCR is the
largest bank in Romania by total assets and is 69.31% owned by
Erste.

BRD-Groupe Societe Generale S.A.'s 'BBB' Long-term IDR and '2'
Support Rating reflect Fitch's view of the potential support that
would be likely to be forthcoming, if needed, from its controlling
shareholder, Societe Generale ('A+'/Stable).  As Fitch has not
undertaken a full review of the bank, an Individual Rating has not
been assigned.  BRD is the second-largest bank in Romania by total
assets and is 59.36% owned by SG.

UniCredit Tiriac Bank S.A.'s 'BBB' Long-term IDR and '2' Support
Rating reflect Fitch's view of the potential support that would be
likely to be forthcoming, if needed, from its ultimate parent
Unicredit S.p.A. ('A'/Negative), through its fully owned
subsidiary UniCredit Bank Austria AG ('A'/Stable).  The 'D'
Individual Rating reflects growing concerns over the bank's asset
quality and concentrated lending in the real estate and
construction sectors.  It also takes into account the bank's
profitability to date, efficiency, limited market risk and
comfortable liquidity.  UCTB is the fifth-largest bank in Romania
by total assets.  It is 50.61%-owned by UniCredit Bank Austria AG,
which is 99.9%-owned by Unicredit S.p.A., one of Europe's largest
banks.

Banca Romaneasca S.A.'s 'BB+' Long-term IDR and '3' Support Rating
reflect Fitch's view of the potential support that would be likely
to be forthcoming, if needed, from its controlling shareholder,
National Bank of Greece S.A. (Long-Term IDR 'BBB-'/Negative;
Individual Rating 'D').  The 'D' Individual Rating reflects its
declined profitability, deterioration in asset quality and limited
franchise, as well as strong capitalization, comfortable liquidity
and limited market risk.  BROM is a small bank in Romania and is
89%-owned by NBG, the largest bank in Greece by asset size.

ProCredit Bank (Romania)'s 'BB+' Long-Term IDRs and '3' Support
Rating reflect Fitch's view of the potential support that would be
likely to be forthcoming, if needed, from the bank's main
shareholder, ProCredit Holding AG (rated 'BBB-'/Stable) and also
from a group of international financial institutions that are key
voting shareholders due to the group's specialized development
focus.  The bank's 'D/E' Individual Rating reflects its small
scale, high cost base, deterioration in asset quality and limited
internal capital generation capability.  These factors are
counterbalanced by the bank being part of the ProCredit network,
its close monitoring of risks and group supervision, comfortable
liquidity and well-diversified lending and funding.  PCBR is a
small bank in Romania, forming part of the global network of
ProCredit banks and focused on micro-, small- and medium-sized
enterprises.

The rating actions are:

Banca Comerciala Romana S.A.

  -- Long-term foreign and local currency IDRs: affirmed at 'BBB';
     Outlooks Stable

  -- Short-term foreign currency IDR: affirmed at 'F3'

  -- Support Rating: affirmed at '2'

  -- Individual Rating: affirmed at 'D'

BRD-Groupe Societe Generale S.A.

  -- Long-term foreign currency IDR: affirmed at 'BBB'; Outlook
     Stable

  -- Short-term foreign currency IDR: affirmed at 'F3'

  -- Support Rating: affirmed at '2'

UniCredit Tiriac Bank S.A.

  -- Long-term foreign currency IDR: affirmed at 'BBB'; Outlook
     Stable

  -- Short-term foreign currency IDR: affirmed at 'F3'

  -- Support Rating: affirmed at '2'

  -- Individual Rating: affirmed at 'D'

Banca Romaneasca S.A.

  -- Long-term foreign currency IDR: affirmed at 'BB+'; Outlook
     Negative

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Individual Rating: affirmed at 'D'

  -- Support Rating: affirmed at '3'

ProCredit Bank (Romania)

  -- Long-term foreign and local currency IDRs: affirmed at 'BB+';
     Outlook Stable

  -- Short-term foreign and local currency IDRs: affirmed at 'B'

  -- Individual Rating: affirmed at 'D/E'

  -- Support Rating: affirmed at '3'


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


ROSBANK OJSC: S&P Gives Positive Outlook; Affirms 'BB+' Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
outlook on Russia-based Rosbank OJSC JSCB to positive from stable.
At the same time, S&P affirmed its 'BB+' long-term and 'B' short-
term counterparty credit ratings on the bank.  In addition, the
'ruAA+' Russia national scale rating was affirmed.

"The outlook revision reflects S&P's expectation that Rosbank's
asset quality and financial performance will gradually improve in
line with a recovering economic climate, its reduced risk
appetite, and strengthening risk management," said Standard &
Poor's credit analyst Ekaterina Trofimova.

In addition, S&P think the expected consolidation with its Russia-
based sister banks, which are also owned by Societe Generale group
(A+/Stable/A-1), should improve its market position, customer
franchise, and business diversity.  The ratings on the bank
incorporate S&P's view of the risky operating environment in
Russia, as well as the bank's weak capitalization and poor
profitability.  These weaknesses are partly offset by the bank's
business profile, which includes a strong customer franchise and a
large distribution network.  S&P classify Rosbank as a
strategically important subsidiary within the SocGen group.  As a
result, the long-term rating on Rosbank is three notches above its
stand-alone credit profile.

"The positive outlook reflects S&P's view that Rosbank's prospects
of improving its business and financial profiles have increased,"
said Ms. Trofimova.


=====================================
S E R B I A   &   M O N T E N E G R O
=====================================


AGROZIV DD: Bought Out of Bankruptcy by Srbijagas
-------------------------------------------------
Misha Savic at Bloomberg News reports that Serbia's state-owned
gas company Srbijagas bought the Agroziv food concern, converting
some RSD300 million (US$3.7 million) that Agroziv owed to it into
equity and paying EUR11.33 million (US$15 million) to other
creditors to take control of the agribusiness.

According to Bloomberg, Srbijagas said in an e-mailed statement
Dusan Bajatovic, the gas company's general manager, signed the
deal on Friday in Belgrade with Agroziv's bankruptcy manager
Stevan Moldovan "upon recommendation" by the Serbian government.
Bloomberg relates that Srbijagas said that it bought Agroziv to
"prevent its demise, which would have led to a monopoly by foreign
companies on the Serbian market."

Bloomberg says Agroziv's assets, including farmland, pig and
poultry farms, processing and storage facilities near Pancevo,
east of Belgrade, were previously valued at RSD3.7 billion.

Agroziv's full-year loss widened to RSD6.3 billion last year from
RSD2.8 billion the year before, Bloomberg discloses.

Agroziv d.d. is a Serbian agribusiness firm.  It is based in the
city of Pancevo.


===========
S W E D E N
===========


VIKING AIRLINES: Stockholm Court Grants Bankruptcy Protection
-------------------------------------------------------------
Travel Weekly reports that Viking Airlines has successfully filed
for bankruptcy protection in Sweden as it seeks to refinance ahead
of a planned re-launch in March.

Travel Weekly relates that the carrier is in talks with investors
and creditors after filing for protection in late November.
According to Travel Weekly, a court in Stockholm granted the
request.

Viking Airlines operated a substantial program from the UK this
summer before pulling out of the market in September following the
peak-season failures of Turkey specialist Goldtrail Holidays and
Kiss Flights, Travel Weekly discloses.  The demise of the latter
was a particular blow for Viking which operated much of the flying
program for the seat-only operator, Travel Weekly notes.

Viking Airlines is a privately owned charter airline with a head
office in Stockholm, Sweden and bases in Athens and Heraklion,
Greece and Bristol, London Gatwick, Manchester in the UK.  Viking
Airlines primarily operates charter flights for European tour
operators.


=====================
S W I T Z E R L A N D
=====================


UBS AG: Moody's Reviews 'Ba3' Rating on Medium Term Notes
---------------------------------------------------------
Moody's Investors Service has placed under review for downgrade
the rating of these credit linked notes issued by UBS AG.

Issuer: UBS AG

  -- Ser 1755, EUR14m FIX Zero Cpn Euro Medium Term Notes, Placed
     Under Review for Possible Downgrade; previously on October
     22, 2010 Downgraded to Ba3

                         Review Rationale

The transaction is a credit linked note issued by UBS AG and
referencing the Subordinated debt of Irish Life & Permanent plc,
currently rated Ba3 under review for possible downgrade.

The rating review is a response to the Ba3 Subordinate rating of
Irish Life & Permanent plc, being placed under review for possible
downgrade on December 2, 2010.


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


BODILL CONSTRUCTION: Goes Into Administration, Cuts 77 Jobs
-----------------------------------------------------------
Aaron Morby at Construction Inquirer reports that Bodill
Construction has fallen into administration with the loss of 77
jobs.  The firm called in administrators from accountancy firm
KPMG on December 8, 2010.

Bodill Construction had been struggling for some time after work
dried-up in its core market of general construction jobs up to a
maximum contract size of GBP6 million, according to Construction
Inquirer.

Construction Inquirer notes that Richard Philpott, who is handling
the administration for KPMG's restructuring division, told the
Post: "Though the company has historically done quite a bit of
public sector work, its problems have not been caused by the
spending cuts.  It used to do comparatively small-scale work for
public sector clients and as the public sector has put these
contracts into larger framework agreements over the past few years
it has seen its turnover reduce, ending up working for the main
contractor on these larger agreements.  They have seen a pipeline
of inquiries and orders but have not actually been able to get on
with them.  They have been losing money recently and they have
taken the decision themselves to go into administration."

A small number of staff has been kept on to service live
contracts, Construction Inquirer adds.

Bodill Construction is a historic Nottinghamshire contractor.


DUNDEE FOOTBALL CLUB: Must Support Ex-Owner's Effort to Save Club
-----------------------------------------------------------------
Euan McArthur at Daily Record reports that Dundee Football Club
Caretaker Manager Barry Smith insisted that the club should fully
support former owner Peter Marr's bid to save the club.  Mr. Marr
is now trying to save the club from its latest financial crisis,
Daily Record says.

Mr. Marr is heading a consortium of local businessmen who hope to
raise enough cash to lift the club out of administration and
ensure its long-term survival, according to Daily Record.  The
report relates that Mr. Marr's newly-formed Dark Blue Business
Trust will hold its first meeting on December 10, 2010, as it bids
to garner financial support from the wider business community.

And although Mr. Marr was in charge when Dundee Football Club ran
up a GBP23 million debt before going into administration in 2003,
Mr. Smith believes that Mr. Marr still deserves the club's full
backing.

Dundee Football Club -- http://www.thedees.co.uk/-- is a Scottish
football club.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on
October 18, 2010, Agence France-Presse said that Dundee Football
Club was placed into administration on October 14, 2010, after
failing to pay a GBP365,000 (US$583,525) tax bill.  The report
related that Dundee had no option but to accept administration
after being unable to negotiate the payment and the process was
finally confirmed.  According to the report, Dundee Football had
been waiting for director and main financial backer Calum Melville
to deposit GBP200,000 in a bank account to allow the club to
function through the period of administration.  It is the second
time in seven years that the former European Cup semi-finalists
have been placed in administration, the report said.


JJB SPORTS: Largest Shareholder Ready to Provide Additional Equity
------------------------------------------------------------------
Andrea Felsted, Sarah Mishkin and Anousha Sakoui at The Financial
Times report that JJB Sports' largest shareholder is "ready,
willing and able" to provide the company with additional equity as
the company faces the prospect of breaking its banking covenants
early next year.

According to the FT, David Herro, chief investment officer, with
the US fund Harris Associates, said it was willing to provide the
funds JJB Sports needed to avoid problems with its lenders and
overhaul its stores.

"We think that a management strategy is in place, there are the
right people.  All they need is a little bit of time and room and
if they need more money so be it," the FT quoted Mr. Herro, whose
fund controls 20% of the company, as saying.  "We're more than
willing to be forthcoming with additional financial support."

The support of the group's biggest shareholder is a fillip for
JJB, which earlier said that it was considering its options for
restructuring or alternative sources of financing as it was likely
to breach its banking covenants at the end of January, the FT
notes.  The group, which raised GBP100 million in a rights issue a
year ago, is working on a further fundraising, according to the
FT.  It also comes ahead of a crucial few weeks for the group,
which is facing its peak Christmas trading period, as well as the
covenant test at the end of January, the FT states.

Poor sales in the second half of November pushed JJB to warn on
Dec. 2 that it would violate the terms of a GBP25 million
revolving facility it holds with the Bank of Scotland, according
to the FT.

JJB Sports plc (JJB Sports) is a sports retailer supplying branded
sports and leisure clothing, footwear and accessories.  JJB Sports
is a high street sports retailer, with 250 stores in the United
Kingdom and Eire. It provides a range of products covering United
Kingdom sports.  The Company stocks all its sports brands,
supported by its own-brand and exclusive ranges.  The Company's
segment includes the Company's retail operations, including any
retail stores, which are attached to fitness clubs.  The Company
operates in two geographic segments: the United Kingdom and Eire.
The Company's subsidiaries include Blane Leisure Limited, Sports
Division (Eireann) Limited, Golf TV Limited, TV Sports Shop
Limited, Original Shoe Company Limited and Qubefootwear Limited.
The Company sold its fitness club operations on March 25, 2009.


MAYPOLE GROUP: Angel Hotel to Continue Operations Amid Sale Talks
-----------------------------------------------------------------
Bury Free Press reports that Angel Hotel Manager James Haggar has
said that there is 'no chance' of the hotel shutting, despite the
fact that the hotel chain it belongs to has gone into
administration.

As reported in the Troubled Company Reporter-Europe on October 29,
2010, The Publican said that Baker Tilly Restructuring and
Recovery has been appointed as administrators of Maypole Group plc
after it has gone into administration.

The Maypole Group has been 'actively seeking' a company to take
over all of its six hotels as well as the Angel Hotel, these
include The Old Coach House and The Lifeboat Inn in Thornham,
according to Bury Free Press.

Terry Medcalf, Maypole Group financial controller, said that the
decision 'to go into administration and find a buyer, which will
inject a new lease of life into all of the properties,' was taken
following a change in the attitude of banks towards companies in
the leisure industry, which requires bank loans to be repaid or
restructured, the report notes.

"There's no change in the management of each individual site at
this point in time and we're extremely hopeful and extremely
confident that the future of all of the sites is looking very
positive," Bury Free Press quotes Mr. Medcalf as saying.

Bury Free Press relates Mr. Haggar said: "It's just one of those
things; we're still trading as normal.  The site is long
established and well loved so I would say there's no chance of us
shutting. I don't think it will affect us in any way, certainly
not negatively."

The Angel Hotel, in Lavenham, is a popular and long-standing
hotel.

Maypole Group plc was founded in November 2003, with the intention
of being an acquisition vehicle for UK countryside hotels with
restaurants or pubs attached.


NETWORK TRADING: Owes Bank of Scotland GBP42.5 Million
------------------------------------------------------
Belfast Telegraph reports that Network Trading Group Limited,
which collapsed in October, owes Bank of Scotland almost GBP43
million.

According to Belfast Telegraph, the company owned a number of
commercial properties and sites, all secured on a GBP42.5 million
loan from the Bank of Scotland.

Belfast Telegraph notes that in the Companies House report,
administrator John Hansen of accounting firm KPMG, said the value
of the eight properties and sites is estimated to be significantly
lower than the loan outstanding to the bank.

Osborne King and BTW Shiells have been appointed by the
administrator as marketing agents for the buildings, Belfast
Telegraph discloses.

According to Belfast Telegraph, an amount of GBP786,750 was held
in a number of bank accounts in the company's name.  The
administrator confirmed that the amount has been offset against
the company's outstanding loan balances, Belfast Telegraph
discloses.

Belfast Telegraph says unsecured creditors are owed approximately
GBP124,438.

The last set of published accounts for the year ended December 30,
2007, said the company owned machinery, vehicles and fixtures and
fittings worth GBP728,058 and was owed a total of GBP6,733,151,
Belfast Telegraph states.

"The director has advised that all assets were disposed of prior
to the appointment of the administrator . . . all balances were
either paid or written off prior to the appointment of the
administrator," Mr. Hansen said, according to Belfast Telegraph.
"The administrator will be investigating this matter further once
the statement of affairs and the remaining books and records of
the company are received."

Belfast Telegraph relates that by the end of 2008, the company was
unable to generate enough income to meet the interest charged on
the bank loans.  After a business review by an accountancy firm in
2009, a winding- up petition was lodged against the company and
the bank applied for an administration order, Belfast Telegraph
recounts.

Network Trading Group Limited is a Co Down-based property company.
It was controlled by Adrian Nicholl.


PONTIN'S: Indian Entrepreneur & Dubai Royal Family May Buy Firm
---------------------------------------------------------------
Gotimeshare reports that following news that Pontin's went into
administration, Indian entrepreneur and Dubai royal family may be
new buyers.

As reported in the Troubled Company Reporter-Latin America on
November 23, 2010, Mail Online said that around 40 potential
owners registered an interest in buying Pontin's.  According to
BBC News, accountancy firm KPMG said that Pontin's has been placed
into administration.  BBC News related that the company's five
parks will keep trading as normal.  BBC News noted that no
redundancies have been made among Pontin's 850 staff.

One of those who have expressed an interest is believed to be
Indian millionaire Bhanu Choudhrie who heads up C&C Alpha Group,
according to gotimeshares.  Reports said that Mr. Choudhrie said
is prepared to pay up to GBP15 million for the British institution
and would be a co-buyer with the Dubai royal family, gotimeshares
relates.

Gotimeshares discloses that an unnamed spokeswoman for
administrators KPMG said that Pontin's has not spoken directly
with Choudhrie and the Dubai royal family, but that "they are
definitely people we would like to be talking to."

Mr. Choudrie told the Mail that he would keep the management of
Pontin's in place as it already is, and expand the business, which
is good news for the 850 employees at Pontin's resorts who look
likely to keep their jobs, gotimeshares adds.

Pontin's, known for its Bluecoats entertainers, was established in
1946 and at its height owned more than 30 parks.  It was founded
by Fred Pontin, who was well ahead of his rivals when he spotted
the trend for self-catering holiday villages.


POWER CORP: Sabido Investments Acquires Firm
--------------------------------------------
Adam Benzine at C21 Media reports that Power Corp has been
acquired by Sabido Investments, an African firm helmed by Marcel
Golding, owner of free-to-air South African channel e.tv.  The
deal, for an undisclosed sum, rescues Power Corp, which was forced
into administration by Lloyds Banking Group in September, C21
Media relates.

Power Corp has since been running day-to-day as effectively as
possible, with staff attending Mipcom in October and attempting to
continue production and sales activities while under
administration from Lee Manning and Nick Edwards of Deloitte,
according to C21 Media.

Sabido Investments, C21 Media notes, will house the firm within
its South African subsidiary Longkloof and is pledging to
safeguard the jobs of the company's remaining 18 employees.  Ten
Power Corp staff has been made redundant since September.

Power Corp's slide into administration was met with anger by Power
Chairman and CEO Justin Bodle earlier this year, who told C21
Media that Lloyds Banking Group had "decided to kill the golden
goose," despite it being able to pay back its debt.

C21 Media discloses that Power Corp had been battling to repay a
loan of around GBP10 million-GBP12 million (US$15.4 million-
US$18.4 million) to the bank, and essentially had a new buyer in
place when Lloyds Banking Group put the firm into administration.

"We had an equity fund, Privet Capital, that was willing to meet
100% of their requirements but needed more time to put the deal
together.  But the bank was not willing to extend beyond today,"
C21 Media quoted Mr. Bodle as saying.  "If we'd been given another
two weeks I'm very confident we would have done it," Mr. Bodle
added.

Headquartered in the United Kingdom, Power Corp is a drama
company.


POWERFUEL PLC: Goes Into Administration
---------------------------------------
Business Green reports that Powerfuel Plc, the parent company
behind the proposed 900MW carbon capture and storage project at
Hatfield colliery, has gone into administration casting further
doubts over the economic viability of the technology.  Business
Green relates that financial services giant KPMG has been
appointed as administrator to oversee the sale of the company.

It insisted that neither Powerfuel Mining, which owns Hatfield
colliery, nor Powerfuel Power, the CCS arm, are in administration
and none of the 380 staff employed at the mine have been made
redundant, according to Business Green.

Business Green relates that a statement released by Powerfuel
read: "Mr. Budge [chief executive] and the Powerfuel management
team are currently working with the administrators to try to
ensure the best possible outcome for the business, its customers
and its employees."

Although not in the running for the UK's GBP1 billion CCS
competition, currently a one horse race with ScottishPower's
Longannet project the only plan left in the running, Powerfuel did
receive some EUR180 million (GBP164 million) in European funding
to push ahead with its proposed CCS project at Hatfield, Business
Green says.

However, KPMG said that a GBP635 million funding gap still
remained and had dragged the company into administration, Business
Green discloses.

Richard Fleming, joint administrator and UK head of restructuring
at KPMG, said he was confident the government's consistent backing
for CCS would provide the investment security necessary to find a
buyer in the New Year, Business Green relates.

"Developing low carbon energy generation requires a large amount
of capital up front and the CCS development falls 635m short of
the investment needed to progress the project beyond the
preliminary stage," Business Green quotes Mr. Fleming as saying.
"The substantial funding gap has not been addressed in the past 12
months and accordingly the project has stalled," he added.

Mr. Fleming, Business Green adds, said that "The administration
will enable a sales process to find a new owner, who can both take
the CCS project forward and buttress the mine, which also requires
around GBP30 million of capital expenditure for works
improvements.  While the economic environment is still
challenging, we are hopeful that we can secure a sale of both
companies and will be actively speaking to interested parties from
today."

Powerfuel Plc is a Doncaster-based power group.


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


* S&P Puts European CDOs' Ratings on CreditWatch Negative
---------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch negative
its credit ratings on five European collateralized debt
obligations.

The rating actions follow S&P's recent rating action on the
underlying collateral, the Hellenic Republic, to which these
transactions are credit-linked.  On Dec. 2, S&P placed its 'BB+'
long-term sovereign rating on the Hellenic Republic on CreditWatch
negative.  Therefore, S&P has placed the ratings on these five
transactions on CreditWatch negative.

                           Ratings List

              Ratings Placed On Creditwatch Negative

                            Aeolos S.A.
          EUR355 Million Floating-Rate Asset-Backed Notes

                             Rating
                             ------
                 To                        From
                 --                        ----
                 BB+/Watch Neg             BB+

                           Ariadne S.A.
         EUR650 Million Floating-Rate Asset-Backed Notes

                             Rating
                             ------
                 To                        From
                 --                        ----
                 BB+/Watch Neg             BB+

                   Hellenic Securitisation S.A.
            EUR295 Million Asset-Backed Notes Series 2

                             Rating
                             ------
                 To                        From
                 --                        ----
                 BB+/Watch Neg             BB+

                New Economy Development Fund S.A.
        EUR105 Million Floating-Rate Participation Notes

                             Rating
                             ------
                 To                        From
                 --                        ----
                 BB+/Watch Neg             BB+

                      Signum Finance II PLC
   EUR200 Million Danish Inflation Linked Notes Series 2005-15

                             Rating
                             ------
                 To                        From
                 --                        ----
                 BB+/Watch Neg             BB+


* BOND PRICING: For the Week December 6 to December 10, 2010
------------------------------------------------------------

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

AUSTRIA
-------
BAWAG                   7.548   2/18/2035       EUR     70.02
RAIFF ZENTRALBK         4.500   9/28/2035       EUR     70.80

FINLAND
-------
MUNI FINANCE PLC        1.000   2/27/2018       AUD     67.22
MUNI FINANCE PLC        0.500   9/24/2020       CAD     68.75
MUNI FINANCE PLC        0.500   3/17/2025       CAD     53.84
MUNI FINANCE PLC        0.250   6/28/2040       CAD     24.02
MUNI FINANCE PLC        1.000   6/30/2017       ZAR     59.02

FRANCE
------
AIR FRANCE-KLM          4.970    4/1/2015       EUR     16.53
ALCATEL SA              4.750    1/1/2011       EUR     16.80
ALCATEL-LUCENT          5.000    1/1/2015       EUR      3.34
ALTRAN TECHNOLOG        6.720    1/1/2015       EUR      4.79
ATOS ORIGIN SA          2.500    1/1/2016       EUR     52.56
CALYON                  6.000   6/18/2047       EUR     45.03
CAP GEMINI SOGET        3.500    1/1/2014       EUR     42.70
CAP GEMINI SOGET        1.000    1/1/2012       EUR     43.40
CLUB MEDITERRANE        6.110   11/1/2015       EUR     18.04
EURAZEO                 6.250   6/10/2014       EUR     59.09
FAURECIA                4.500    1/1/2015       EUR     24.62
MAUREL ET PROM          7.125   7/31/2015       EUR     13.77
MAUREL ET PROM          7.125   7/31/2014       EUR     16.51
NEXANS SA               4.000    1/1/2016       EUR     66.70
PEUGEOT SA              4.450    1/1/2016       EUR     34.85
PUBLICIS GROUPE         1.000   1/18/2018       EUR     48.97
PUBLICIS GROUPE         3.125   7/30/2014       EUR     39.80
RHODIA SA               0.500    1/1/2014       EUR     48.86
SOC AIR FRANCE          2.750    4/1/2020       EUR     22.06
SOITEC                  6.250    9/9/2014       EUR     10.19
TEM                     4.250    1/1/2015       EUR     57.22
THEOLIA                 2.700    1/1/2041       EUR     11.08
VALEO                   2.375    1/1/2011       EUR     47.43
ZLOMREX INT FIN         8.500    2/1/2014       EUR     69.63
ZLOMREX INT FIN         8.500    2/1/2014       EUR     69.63

GERMANY
-------
DEUTSCHE BK LOND        0.500   8/25/2017       BRL     53.92
DEUTSCHE BK LOND        3.000   5/18/2012       CHF     65.48
ESCADA AG               7.500    4/1/2012       EUR     17.75
HSH NORDBANK AG         4.375   2/14/2017       EUR     55.97
HYPOREAL INTL AG        4.560   3/28/2021       EUR     85.59
L-BANK FOERDERBK        0.500   5/10/2027       CAD     49.29
LB BADEN-WUERTT         2.500   1/30/2034       EUR     70.12
QIMONDA FINANCE         6.750   3/22/2013       USD      4.00
RENTENBANK              1.000   3/29/2017       NZD     74.21
SOLON AG SOLAR          1.375   12/6/2012       EUR     31.07

GREECE
------
ATHENS URBAN TRN        5.008   7/18/2017       EUR     67.03
ATHENS URBAN TRN        4.851   9/19/2016       EUR     70.68
HELLENIC REP I/L        2.900   7/25/2025       EUR     48.67
HELLENIC REP I/L        2.300   7/25/2030       EUR     49.45
HELLENIC REPUB          5.800   7/14/2015       JPY     74.57
HELLENIC REPUB          5.000   8/22/2016       JPY     63.81
HELLENIC REPUB          5.200   7/17/2034       EUR     61.92
HELLENIC REPUB          5.000   3/11/2019       EUR     66.50
HELLENIC REPUB          6.140   4/14/2028       EUR     68.11
HELLENIC REPUB          5.250    2/1/2016       JPY     70.55
HELLENIC REPUB          4.590    4/8/2016       EUR     72.42
HELLENIC REPUBLI        3.600   7/20/2016       EUR     64.92
HELLENIC REPUBLI        4.500   9/20/2037       EUR     54.63
HELLENIC REPUBLI        4.600   9/20/2040       EUR     54.61
HELLENIC REPUBLI        5.900   4/20/2017       EUR     69.69
HELLENIC REPUBLI        3.700   7/20/2015       EUR     69.10
HELLENIC REPUBLI        4.700   3/20/2024       EUR     60.26
HELLENIC REPUBLI        6.250   6/19/2020       EUR     69.34
HELLENIC REPUBLI        6.000   7/19/2019       EUR     68.33
HELLENIC REPUBLI        4.600   7/20/2018       EUR     63.54
HELLENIC REPUBLI        4.300   7/20/2017       EUR     63.63
HELLENIC REPUBLI        5.300   3/20/2026       EUR     61.49
NATIONAL BK GREE        3.875   10/7/2016       EUR     75.55
YIOULA GLASSWORK        9.000   12/1/2015       EUR     73.63
YIOULA GLASSWORK        9.000   12/1/2015       EUR     75.09

IRELAND
-------
AIB MORTGAGE BNK        5.580   4/28/2028       EUR     60.50
AIB MORTGAGE BNK        5.000   2/12/2030       EUR     54.33
AIB MORTGAGE BNK        5.000    3/1/2030       EUR     54.27
ALLIED IRISH BKS       10.750   3/29/2017       USD     30.94
ALLIED IRISH BKS       12.500   6/25/2019       EUR     30.91
ALLIED IRISH BKS       12.500   6/25/2019       GBP     30.85
ALLIED IRISH BKS        5.250   3/10/2025       GBP     30.33
ALLIED IRISH BKS        7.875    7/5/2023       GBP     29.04
ALLIED IRISH BKS       11.500   3/29/2022       GBP     28.92
ALLIED IRISH BKS       10.750   3/29/2017       EUR     30.53
ANGLO IRISH BANK        4.000   4/23/2018       EUR     57.14
BANK OF IRELAND        10.750   6/22/2018       GBP     55.68
BANK OF IRELAND         4.625   2/27/2019       EUR     50.18
BANK OF IRELAND        10.000   2/12/2020       EUR     55.81
BANK OF IRELAND        10.000   2/12/2020       GBP     55.39
BANK OF IRELAND         9.250    9/7/2020       GBP     53.05
BANK OF IRELAND         4.875   1/22/2018       GBP     51.73
BANK OF IRELAND         5.600   9/18/2023       EUR     54.84
BK IRELAND MTGE         5.400   11/6/2029       EUR     61.83
BK IRELAND MTGE         5.760    9/7/2029       EUR     64.95
BK IRELAND MTGE         5.450    3/1/2030       EUR     61.81
DEPFA ACS BANK          1.920    5/9/2020       JPY     74.79
DEPFA ACS BANK          0.500    3/3/2025       CAD     33.89
DEPFA ACS BANK          3.278   7/17/2026       CHF     71.55
DEPFA ACS BANK          4.900   8/24/2035       CAD     64.09
DEPFA ACS BANK          5.125   3/16/2037       USD     66.51
DEPFA ACS BANK          5.125   3/16/2037       USD     67.85
DEPFA ACS BANK          3.250   7/31/2031       CHF     65.15
EBS MORTGAGE            4.000   12/1/2014       EUR     77.51
IRISH LIFE PERM         4.250    4/9/2015       EUR     74.00
IRISH NATIONWIDE        5.500   1/10/2018       GBP     34.97
IRISH NATIONWIDE       13.000   8/12/2016       GBP     23.94
UT2 FUNDING PLC         5.321   6/30/2016       EUR     74.67
ABRUZZO REGION          4.450    3/1/2037       EUR     74.15

ITALY
-----
CITY OF TURIN           5.270   6/26/2038       EUR     67.44
CO BACOLI               3.671   3/31/2026       EUR     70.69
CO BRAONE               4.620   6/30/2036       EUR     73.93
CO BRAONE               4.567   6/30/2037       EUR     74.95
CO CASTELMASSA          3.960   3/31/2026       EUR     73.58
CO CAZZAGO SAN M        4.462   6/30/2037       EUR     72.01
CO CISON VALMARI        4.495   6/30/2031       EUR     74.64
CO PROVAGLIO DI         4.687   6/30/2036       EUR     74.66
CO PROVAGLIO DI         4.572   6/30/2037       EUR     73.17
CO SPOLETO              3.711   3/31/2026       EUR     71.08
CO VOBARNO              4.572   6/30/2037       EUR     73.17
COMU MONT LEOGRA        3.685   1/15/2026       EUR     71.07
COMU MONT LEOGRA        4.362   1/13/2037       EUR     71.06
PRALBOINO               4.567   6/30/2037       EUR     73.13
PROV DI VARESE          4.871   7/31/2047       EUR     75.14
PRVASCOLI PICENO        4.077   3/15/2026       EUR     74.02
TELECOM ITALIA          5.250   3/17/2055       EUR     76.52

LUXEMBOURG
----------
ARCELORMITTAL           7.250    4/1/2014       EUR     31.17
BREEZE FINANCE          6.708   4/19/2027       EUR     64.50
DEXIA BQ INT LUX        2.390   12/7/2021       EUR     73.70
LIGHTHOUSE INTL         8.000   4/30/2014       EUR     37.08
LIGHTHOUSE INTL         8.000   4/30/2014       EUR     36.88

NETHERLANDS
-----------
APP INTL FINANCE       11.750   10/1/2005       USD      0.01
ARPENI PR INVEST        8.750    5/3/2013       USD     50.13
ARPENI PR INVEST        8.750    5/3/2013       USD     50.13
BK NED GEMEENTEN        0.500   2/24/2025       CAD     53.08
BRIT INSURANCE          6.625   12/9/2030       GBP     65.85
DGS INTL FIN BV        10.000    6/1/2007       USD      0.01
ELEC DE CAR FIN         8.500   4/10/2018       USD     56.00
INDAH KIAT INTL        12.500   6/15/2006       USD      0.01
IVG FINANCE BV          1.750   3/29/2017       EUR     73.17
NATL INVESTER BK       25.983    5/7/2029       EUR     31.75
NED WATERSCHAPBK        0.500   3/11/2025       CAD     53.52
Q-CELLS INTERNAT        5.750   5/26/2014       EUR     67.99
RABOBANK                2.805   8/28/2020       AUD     73.76
RBS NV EX-ABN NV        6.316   6/29/2035       EUR     68.52
TJIWI KIMIA FIN        13.250    8/1/2001       USD      0.02

NORWAY
------
EKSPORTFINANS           0.500    5/9/2030       CAD     42.04
KOMMUNALBANKEN          0.500   9/24/2014       BRL     71.90
CAIXA GERAL DEPO        4.400   10/8/2019       EUR     69.49
CAIXA GERAL DEPO        5.380   10/1/2038       EUR     69.75
CAIXA GERAL DEPO        5.320    8/5/2021       EUR     70.87
COMBOIOS DE PORT        5.700    2/5/2030       EUR     66.86

PORTUGAL
--------
METRO DE LISBOA         4.061   12/4/2026       EUR     74.92
PARPUBLICA              3.567   9/22/2020       EUR     72.58
PORTUGUESE OT'S         4.100   4/15/2037       EUR     70.95

RUSSIA
------
APK ARKADA             17.500   5/23/2012       RUB      0.38
ARKTEL-INVEST          12.000    4/9/2012       RUB      0.05
DVTG-FINANS            17.000   8/29/2013       RUB      6.00
ELIS                   18.500   9/20/2012       RUB    102.00
EUROKOMMERZ            16.000   3/15/2011       RUB      0.01
GAZPROMBANK OJSC        7.100   1/27/2011       RUB    100.30
GLAVSTROY-FINANS        1.000   3/17/2011       RUB     75.00
IART                   12.000    8/4/2013       RUB      6.21
IZHAVTO                18.000    6/9/2011       RUB     11.31
M-INDUSTRIYA           12.250   8/16/2011       RUB     24.74
MACROMIR-FINANS         7.750    7/3/2012       RUB      1.02
MIG-FINANS              0.100    9/6/2011       RUB      3.51
MIRAX                  17.000   9/17/2012       RUB     27.50
MIRAX                  14.990   5/17/2011       RUB     30.25
MOSMART FINANS          0.010   4/12/2012       RUB      2.01
MOSOBLGAZ              12.000   5/17/2011       RUB     72.50
MOSOBLTRUSTINVES       20.000   3/26/2011       RUB      6.99
NOK                    12.500   8/26/2014       RUB      0.40
NOK                    10.000   9/22/2011       RUB      1.01
NOVYE TORGOVYE S       15.000   4/26/2011       RUB     63.41
PROTON-FINANCE          9.000   6/12/2012       RUB     65.00
RUSSIAN STANDARD       10.750    2/9/2011       RUB    100.70
RYBINSKKABEL            0.010   2/28/2012       RUB      0.05
SAHO                   10.000   5/21/2012       RUB      0.04
SATURN                  8.500    6/6/2014       RUB      0.02
SEVKABEL-FINANS        10.500   3/27/2012       RUB      3.40
SVOBODNY SOKOL          0.100   5/24/2011       RUB     30.00
TECHNOSILA-INVES        7.000   5/26/2011       RUB     11.00
TERNA-FINANS            1.000   11/4/2011       RUB      4.21
VKM-LEASING FINA        1.000   5/18/2011       RUB      0.07

SPAIN
-----
AYT CEDULAS CAJA        4.750   5/25/2027       EUR     72.79
AYT CEDULAS CAJA        3.750   6/30/2025       EUR     64.31
BANCAJA                 1.500   5/22/2018       EUR     60.12
BANCAJA EMI SA          2.755   5/11/2037       JPY     51.11
BANCO GUIPUZCOAN        1.500   4/18/2022       EUR     59.01
CAJA CASTIL-MAN         1.500   6/23/2021       EUR     52.71
CAJA ESPANA             4.150   2/23/2020       EUR     71.30
CAJA MADRID             4.125   3/24/2036       EUR     73.03
CAJA MEDITERRANE        4.600   7/31/2020       EUR     74.45
CEDULAS TDA 6           3.875   5/23/2025       EUR     65.07
CEDULAS TDA A-5         4.250   3/28/2027       EUR     66.43
CEDULAS TDA A-6         4.250   4/10/2031       EUR     61.02
COMUNIDAD ARAGON        4.646   7/11/2036       EUR     75.31
GEN DE CATALUNYA        4.220   4/26/2035       EUR     68.74
GENERAL DE ALQUI        2.750   8/20/2012       EUR     71.82
IM CEDULAS 5            3.500   6/15/2020       EUR     75.45
JUNTA LA MANCHA         3.875   1/31/2036       EUR     65.54

SWEDEN
------
SWEDISH EXP CRED        9.000   8/12/2011       USD     10.15
SWEDISH EXP CRED        8.000   11/4/2011       USD      8.88
SWEDISH EXP CRED        0.500   9/29/2015       BRL     66.64

SWITZERLAND
-----------
UBS AG                 10.580   6/29/2011       USD     38.96
UBS AG                 13.300   5/23/2012       USD      4.03
UBS AG                 13.700   5/23/2012       USD     14.15
UBS AG JERSEY          12.640   7/29/2011       USD     34.30
UBS AG JERSEY          12.160   7/29/2011       USD     25.10
UBS AG JERSEY          10.760   7/29/2011       USD     10.43
UBS AG JERSEY          10.650   4/29/2011       USD     15.50
UBS AG JERSEY          11.030   4/21/2011       USD     20.51
UBS AG JERSEY          10.820   4/21/2011       USD     21.09
UBS AG JERSEY          10.990   3/31/2011       USD     31.36
UBS AG JERSEY          11.400   3/18/2011       USD     25.01
UBS AG JERSEY          12.800   2/28/2011       USD     33.71
UBS AG JERSEY          11.000   2/28/2011       USD     70.04
UBS AG JERSEY          15.250   2/11/2011       USD     11.25
UBS AG JERSEY          10.000   2/11/2011       USD     58.25
UBS AG JERSEY          16.170   1/31/2011       USD     12.67
UBS AG JERSEY          14.640   1/31/2011       USD     35.92
UBS AG JERSEY          16.160   3/31/2011       USD     42.07
UBS AG JERSEY           3.220   7/31/2012       EUR     49.08
UBS AG JERSEY           9.450   9/21/2011       USD     51.25
UBS AG JERSEY           9.350   9/21/2011       USD     69.83
UBS AG JERSEY          11.150   8/31/2011       USD     39.63
UBS AG JERSEY          10.360   8/19/2011       USD     53.58
UBS AG JERSEY          10.280   8/19/2011       USD     35.67
UBS AG JERSEY          13.900   1/31/2011       USD     33.88

UNITED KINGDOM
--------------
BANK OF SCOTLAND        6.984    2/7/2035       EUR     73.13
BARCLAYS BK PLC         8.750   9/22/2011       USD     72.21
BARCLAYS BK PLC         9.500   8/31/2012       USD     29.41
BARCLAYS BK PLC         9.250   8/31/2012       USD     35.67
BARCLAYS BK PLC        10.800   7/31/2012       USD     27.67
BARCLAYS BK PLC         9.400   7/31/2012       USD     11.46
BARCLAYS BK PLC        13.050   4/27/2012       USD     27.15
BARCLAYS BK PLC        12.950   4/20/2012       USD     23.97
BARCLAYS BK PLC        10.350   1/23/2012       USD     20.48
BARCLAYS BK PLC         8.800   9/22/2011       USD     16.37
BARCLAYS BK PLC         7.500   9/22/2011       USD     16.88
BARCLAYS BK PLC         9.000   6/30/2011       USD     43.97
BARCLAYS BK PLC         7.610   6/30/2011       USD     52.25
BARCLAYS BK PLC        10.510   5/31/2011       USD     13.14
BARCLAYS BK PLC         9.660   5/31/2011       USD     54.12
BARCLAYS BK PLC        13.000   5/23/2011       USD     23.10
BARCLAYS BK PLC         8.550   1/23/2012       USD     11.57
BRADFORD&BIN BLD        5.500   1/15/2018       GBP     45.48
BRADFORD&BIN PLC        7.625   2/16/2049       GBP     48.03
BRADFORD&BIN PLC        6.625   6/16/2023       GBP     44.16
CO-OPERATIVE BNK        5.875   3/28/2033       GBP     70.55
DISCOVERY EDUCAT        1.948   3/31/2037       GBP     65.54
EFG HELLAS PLC          6.010    1/9/2036       EUR     30.38
EFG HELLAS PLC          5.400   11/2/2047       EUR     52.38
ENTERPRISE INNS         6.375   9/26/2031       GBP     71.44
HBOS PLC                6.000   11/1/2033       USD     71.92
HBOS PLC                4.500   3/18/2030       EUR     75.78
HBOS PLC                6.000   11/1/2033       USD     71.92
HEALTHCARE SUPP         2.067   2/19/2043       GBP     68.65
KEELE RESIDENT          2.108   1/31/2047       GBP     74.04
NORTHERN ROCK           5.750   2/28/2017       GBP     73.36
PUNCH TAVERNS           7.567   4/15/2026       GBP     67.46
PUNCH TAVERNS           8.374   7/15/2029       GBP     59.91
ROYAL BK SCOTLND        6.316   6/29/2030       EUR     68.57
RSL COMM PLC            9.125    3/1/2008       USD      1.31
RSL COMM PLC           10.125    3/1/2008       USD      1.31
SKIPTON BUILDING        5.625   1/18/2018       GBP     71.70
TXU EASTERN FNDG        6.450   5/15/2005       USD      2.88
TXU EASTERN FNDG        6.750   5/15/2009       USD      2.88
UNIQUE PUB FIN          6.464   3/30/2032       GBP     63.66
UNIQUE PUB FIN          7.395   3/28/2024       GBP     75.04
WESSEX WATER FIN        1.369   7/31/2057       GBP     31.58


                            *********

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.
Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
Joy A. Agravante, Ivy B. Magdadaro, 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 * * *