TCREUR_Public/110103.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, January 3, 2011, Vol. 12, No. 1

                            Headlines



A U S T R I A

A-TEC INDUSTRIES: Seeks Buyer Following Approval of Debt Plan
A-TEC INDUSTRIES: Creditors Favor Chief Executive's Resignation


B E L A R U S

* S&P Assigns 'B+' Issuer Credit Rating to the City of Minsk


G E R M A N Y

TUI AG: TUI Travel Replaces Auditor Following Accounting Blunder
* GERMANY: New Law to Help Restructure Struggling Banks


G R E E C E

WIND HELLAS: Bingham Advises Noteholders in EUR1.8BB Restructuring


I R E L A N D

GE CAPITAL: Casts Doubt on Ability to Continue Trading
XELO PLC: S&P Withdraws 'CCC-' Rating on Tranche B Notes


R U S S I A

* Fitch Assigns 'B+' Rating to City of Kazan's Domestic Bonds


U N I T E D   K I N G D O M

CRUISE: Entrepreneur Sir Tom Hunter Acquires Firm
IMJACK: Mulls GBP499,438 Distribution Under CVA by April 30
JB'S: Dudley Council May Offer to Acquire Firm as Sale Drags On
LE MERIDIEN: Royal Bank of Scotland Sells Grosvenor House
WESTLER FOOD: Goes Out of Administration


X X X X X X X X

* BOND PRICING: For the Week December 27 to December 31, 2010


                            *********


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


A-TEC INDUSTRIES: Seeks Buyer Following Approval of Debt Plan
-------------------------------------------------------------
Boris Groendahl at Bloomberg News reports that A-Tec Industries AG
has kicked off a search for an investor after creditors approved a
debt restructuring plan for the company.

Bloomberg relates that Hans-Georg Kantner of Kreditschutzverband
von 1870, the spokesman for A- Tec's creditor committee, said
creditors voted on Dec. 29 in favor of a plan under which they
will be paid 47% of their claims.

According to Bloomberg, Mr. Kantner said A-Tec has six months to
find an investor and must pay creditors by the end of September.
He said the investor would have to provide about EUR250 million
(US$329 million) to EUR270 million to ensure payment to creditors,
Bloomberg notes.

Bloomberg says as much as EUR300 million could come due if
contingent liabilities such as guarantees to banks or subsidiaries
are drawn.  Mr. Kantner, as cited by Bloomberg, said that
creditors could earn a higher ratio of their claims if not all of
the guarantees come due.  He said if no investor is found, A-Tec's
assets will be sold piecemeal and debt payments could take longer,
according to Bloomberg.

On Oct. 22, 2010, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that A-Tec sought court clearance to
reorganize debt after losing access to its line of credit because
of an Australian power-station project's financial difficulties.
Bloomberg disclosed A-Tec said in a statement on Oct. 20 that the
company filed for self-administered reorganization proceedings at
the Vienna Commercial Court and appointed trustees for
bondholders.  The company has a EUR798 million (US$1.11 billion)
revolving credit facility and EUR302 million of outstanding bonds,
according to Bloomberg data.


A-TEC INDUSTRIES: Creditors Favor Chief Executive's Resignation
---------------------------------------------------------------
Boris Groendahl at Bloomberg News, citing Austrian state
broadcaster ORF, reports that creditors of A-Tec Industries AG
would welcome majority shareholder and Chief Executive Mirko
Kovats stepping down.

Mr. Kovats' resignation as CEO "would be beneficial for building
trust and it would be very, very acceptable for creditors," Hans-
Georg Kantner of credit protection association KSV
Kreditschutzverband von 1870 told ORF radio in an interview,
according to Bloomberg.

Bloomberg relates that Mr. Kantner also said that Mr. Kovats had
managed A-Tec in a "very speculative way", expanding the group
"too quickly, with borrowed money".

On Oct. 22, 2010, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that A-Tec sought court clearance to
reorganize debt after losing access to its line of credit because
of an Australian power-station project's financial difficulties.
Bloomberg disclosed A-Tec said in a statement on Oct. 20 that the
company filed for self-administered reorganization proceedings at
the Vienna Commercial Court and appointed trustees for
bondholders.  The company has a EUR798 million (US$1.11 billion)
revolving credit facility and EUR302 million of outstanding bonds,
according to Bloomberg data.


=============
B E L A R U S
=============


* S&P Assigns 'B+' Issuer Credit Rating to the City of Minsk
------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'B+' long-
term issuer credit rating to the City of Minsk, the capital of
Belarus.  The outlook is negative.

"The rating reflects S&P's view of the city's very limited budget
predictability and flexibility, large infrastructure needs, and
high contingent liabilities," said Standard & Poor's credit
analyst Felix Ejgel.  "Nevertheless, S&P considers that the city's
status as the country's largest administrative, financial, and
commercial center, its consistently very strong operating surplus,
moderate debt burden, and good liquidity all support its
creditworthiness."

Despite economic difficulties, the city's official unemployment
rate is low, while its estimated GDP per capita of about $8,000 in
2009 is 1.5x the national average.  S&P expects the city to
demonstrate a consistently very strong operating performance,
providing solid self-funding capacity despite rising personnel and
interest spending.

Nevertheless, S&P note that private investment in the city economy
is limited.  Minsk therefore has to maintain high capital spending
both directly from the budget and via a large number of municipal
companies, which exposes it to large contingent liabilities.

S&P forecast that rising infrastructure needs will result in
expanding the city's deficit after capital accounts as a
percentage of total revenues to 8% on average in 2011-2013, from
1.2% projected for 2010.  However, S&P also believes the city's
good debt-raising capacity will help it absorb rising capital
spending with only modest debt accumulation.  S&P expects the
city's tax-supported debt to increase from about 10% of
consolidated operating revenues in 2009, but to remain below a
modest 60% until 2014.

Minsk has taken out no direct debt over the past five years except
for short-term loans from the central government and small
domestic bonds.  Instead, it has expanded its borrowings through
municipal companies.  Nonetheless, S&P expects that the debt
accumulation of these companies will slow over the medium term
because the city will likely borrow externally in 2011.

The negative outlook on Minsk is capped by that on the Republic of
Belarus (foreign currency B+/Negative/B, local currency
BB/Negative/B)."S&P would lower the rating on the city if the
sovereign rating was lowered," said Mr. Ejgel.  "Even if the
sovereign rating remains unchanged, S&P might lower the rating on
Minsk if the city had to enlarge its capital program without
adequate co-financing from the central government's budget.  This
could lead to an accumulation of the city's debt, either directly
or via municipal companies."


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


TUI AG: TUI Travel Replaces Auditor Following Accounting Blunder
----------------------------------------------------------------
Louise Lucas at The Financial Times reports that TUI Travel, a
unit of TUI AG, is to ditch its group auditors KPMG Audit after an
accounting blunder, which was announced in October, forced the
tour operator to restate its 2009 results.

According to the FT, shareholders will be asked to approve the
appointment of PwC at the February annual general meeting as
replacement.

TUI Travel, as cited by the FT, said it had a "good working
relationship" with KPMG but that following the restatement felt it
"appropriate" that new auditors be brought on board.

The accounting error has already cost chief financial officer Paul
Bowtell his job, the FT notes.  TUI Travel wrote off an additional
GBP88 million on top of a GBP29 million writedown announced in
August, the FT discloses.  The non-cash adjustments to TUI
Travel's 2009 results shrank operating profit by GBP42 million to
GBP401 million, with a reduction in year-end net assets from
GBP2.29 billion to GBP2.22 billion, the FT states.

The cause of the errors lies in TUI Travel's use of two separate
computer systems in its business after its merger with First
Choice in 2007, according to the FT.  One system is used by TUI
Travel's retail division to make customer bookings, while the
other is used by tour operators working for TUI Travel, the FT
says.

                             About TUI

TUI AG -- http://www.tui-group.com/en/ -- is a Germany-based
company mainly engaged in the tourism sector, focusing on the
markets of Central, Northern and Western Europe.  TUI owns a
network of travel agencies and tour operators, including air
tours, Thomson, First Choice and TUI Deutschland.  It also
operates several airlines, including Corsairfly, Thomsonfly and
First Choice Airways, among others.  The Company is structured
into three segments: TUI Travel, TUI Hotels and Resorts, and
Cruises.  TUI Travel comprises the Company's distribution, tour
operating, airline and incoming activities and services over 30
million customers in 180 countries.  The TUI Hotels and Resorts
division offers a portfolio of 238 hotels, located in Spain,
Greece, Egypt, France, Turkey, Tunisia, the Balearics and the
Caribbean, among others.  The Cruises sector comprises Hapag-Lloyd
Kreuzfahrten GmbH and TUI Cruises which provide luxury cruises,
and cruises within the German-speaking countries, respectively.

                            *   *   *

As reported by the Troubled Company Reporter-Europe on Dec. 22,
2010, Standard & Poor's Ratings Services said that it revised its
outlook on Germany-based tourism and shipping conglomerate TUI AG
to stable from negative.  At the same time, the 'B-' long-term
corporate credit rating, along with the 'B-' senior unsecured debt
and 'CCC-' junior subordinated debt ratings, on TUI were affirmed.
The recovery rating of '4' on the senior unsecured debt, and '6'
on the junior subordinated debt, are unchanged.

On, Sept. 29, 2010, the Troubled Company Reporter-Europe reported
that Moody's Investors Service affirmed the Corporate Family
Rating and Probability of Default Rating of TUI AG at Caa1; the
unsecured rating and the subordinated ratings are also affirmed at
Caa2 and Caa3, respectively.  The outlook was changed to stable
from negative.


* GERMANY: New Law to Help Restructure Struggling Banks
-------------------------------------------------------
Aaron Kirchfeld at Bloomberg News reports that the Federal Agency
for Financial Market Stabilization said a new German law will help
the state to restructure lenders and avoid having to bail out
banks whose collapse may hurt the industry and wider economy.

Starting in 2011, the FMSA will oversee a restructuring fund and
collect a bank levy that'll enable it to reorganize lenders and
protect systemically relevant parts of struggling banks, Bloomberg
says, citing an e-mailed statement on Dec. 29.

According to Bloomberg, the FMSA said under the new law, German
authorities can transfer systemically relevant parts of a bank to
another lender or place those activities in a newly created
"bridge bank" to allow the continuation and restructuring of
operations.  The remaining assets may be wound down in insolvency
proceedings, Bloomberg notes.  The restructuring fund can provide
capital or guarantees to the bridge bank using money from the
levy, Bloomberg discloses.

Bloomberg relates Germany passed a law in November that includes a
levy on the country's lenders to set up a EUR70 billion (US$92
billion) fund for future bailouts and measures to help wind down
lenders, as the country seeks to reduce the risk of taxpayers
footing the bill for financial crises.


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G R E E C E
===========


WIND HELLAS: Bingham Advises Noteholders in EUR1.8BB Restructuring
------------------------------------------------------------------
Bingham's leading restructuring team in London has completed
another high-profile financial restructuring, this time for the Ad
Hoc Committee of Senior Secured Noteholders on the EUR1.8 billion
restructuring and enforcement sale of Greece's third largest
telecommunications operator, Wind Hellas.  The outcome has left
the Noteholders as 100% owners of the business, which is now
almost entirely debt free.

"Wind Hellas is one of the very few deals in the past two or three
years in which subordinated creditors have successfully obtained
control of a major European corporate through a debt-to-equity
swap," said Bingham financial restructuring partner James Roome,
who led the team acting for the Committee.  "We were pleased to
act for the leading investment funds on the Committee in bringing
to fruition a complex transaction involving English, Greek,
Luxembourg and US laws and procedures.  The multiple layers of
debt, together with boom-era New York and English law
documentation, made this a particularly complicated transaction,
even by the standards of cross-border high-yield bond
restructurings."

The Bingham team, which included corporate partners John Clark and
Vance Chapman, advised the Committee on its successful bid to
purchase Wind Hellas via a pre-packaged administration sale, after
the centre of main interests (COMI) of the debtor companies had
been moved to England from Luxembourg.  Bingham not only advised
the Committee in their capacity as creditors in negotiations with
the company and the senior bank lenders, but also guided them
through a lengthy and competitive M&A process, undertaking a full
due diligence review of the company and playing a major role in
designing the implementation steps of the transaction.  The deal
also included a Scheme of Arrangement to transfer the Senior
Secured Notes into Bidco, the acquisition vehicle, followed by an
administration sale of the shares in Wind Hellas to Bidco, as well
as recognition of the Scheme of Arrangement by the Delaware court
under Chapter 15 of the US Bankruptcy Code.

The Scheme of Arrangement was coupled with a fully underwritten
"Additional Offering" used as a mechanism to raise EUR420 million
new money to fund part of the purchase price.  The balance of the
purchase price was borrowed from the provider of a daylight
facility.  More than 98% of Noteholders voted in favor of the
Scheme of Arrangement, and of those, almost all participated in
the Additional Offering.  In addition, more than 99% of
Noteholders participated in the Exchange Solicitation, which could
have been used as an alternative mechanism for implementing the
transaction.

Joining Roome, Clark and Mr. Chapman on the Bingham legal team
were counsel Neil Devaney and associate Zip Jila; corporate
counsel Brent Salmons and associate Sophie Jermine; tax partner
Stuart Sinclair; and antitrust partner Davina Garrod.

The wider team included Matthew Prest leading Moelis & Company who
acted as the financial advisors to the Committee.  Ben Babcock at
Morgan Stanley and Mark Glengarry and Christian Pilkington of
White & Case LLP represented Wind Hellas Telecommunications.
Allen & Overy's Katrina Buckley and Nicholas Clark represented
JPMorgan as bank agent and Randal Weeks, also of Allen & Overy,
represented JPMorgan as Security Agent.  Mike Corner-Jones at
Alvarez & Marsal acted as the Chief Restructuring Officer of the
debtor companies.

Over the past 12 months, Bingham's financial restructuring team in
London has advised the mezzanine lenders of Gala Coral and the
bondholders of Independent News & Media on what the Bingham
believes were the two other successful debt-to-control
transactions by subordinated lenders in Europe seen since the
credit crunch took hold.  Bingham has also advised creditors on
numerous major European restructurings, including, among others,
European Directories, the Icelandic banks (Landsbanki, Glitnir and
Kaupthing), Head, Monier, Phoenix Pharmahandel, Preem AB, Thomson
and TI Automotive.

                          About Bingham

Bingham -- http://www.bingham.com/-- offers a broad range of
market-leading practices focused on global financial services
firms and Fortune 100 companies.  The firm has 1,100 lawyers in 14
locations in the United States, Europe and Asia.

                         About WIND Hellas

Headquartered in Athens, Greece, WIND Hellas Telecommunications
S.A. -- http://www.wind.com.gr/-- provides mobile voice and data
services to about 6 million consumer and business customers
throughout Greece.  The company enables international roaming in
155 countries for travelling subscribers through agreements with
other carriers.  It also provides cellular and satellite-based
vehicle management and tracking services.  WIND Hellas is owned by
investment firm Weather Investments, a company led by Cairo-based
Orascom Telecom's founder and chairman, Naguib Sawiris.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on Oct. 25,
2010, Fitch Ratings downgraded Greek mobile operator WIND Hellas
Telecommunications S.A.'s Long term Issuer Default rating to 'RD'
from 'C'.  Fitch said the downgrade follows the company's
announcement of the selection of a preferred bidder in the
restructuring of the company's capital base following the
Standstill Agreement entered into with its lenders on June 30,
2010.


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I R E L A N D
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GE CAPITAL: Casts Doubt on Ability to Continue Trading
------------------------------------------------------
Laura Noonan at Irish Independent reports that GE Capital has
admitted it may not be able to continue trading after a twenty-
fold increase in bad debts pushed the lender to a EUR51 million
loss.

According to Irish Independent, accounts just filed for GE
Capital's mortgage subsidiary, GE Capital Woodchester Home Loans,
chart the extent of the company's soaring mortgage losses.  The
documents show a surge in the company's provisions for "bad and
doubtful debts" -- effectively, the amount of money GE thinks it
will never get back, Irish Independent discloses.

In 2008, the mortgage lender's provisions for "doubtful debts"
came in at just EUR3.4 million -- in 2009, the provisions surged
to more than EUR59.4 million, Irish Independent notes.

The EUR59.4 million of bad debt provisions pushed GE's home loans
division to a EUR51 million loss for 2009 -- leaving the company
with assets worth EUR43 million less than its liabilities, Irish
Independent states.

"These results may cast doubt on the company's ability to continue
as a going concern," the directors admitted, according to Irish
Independent.

Irish Independent says the lender hopes to continue on the back of
support from its parent company.

GE Capital is a sub-prime lender based in Dublin.


XELO PLC: S&P Withdraws 'CCC-' Rating on Tranche B Notes
--------------------------------------------------------
Standard & Poor's Ratings Services withdrew its rating on the
tranche B notes of Xelo PLC Series 2006 (Spinnaker III Asia Mezz)
following a repurchase and unwind of the notes.

The rating action on the affected transaction is:

  Name                                  Rating To   Rating From
  ----                                  ---------   -----------
  Xelo PLC Series 2006
   (Spinnaker III Asia Mezz) Tranche B   N.R.         CCC- (sf)

                         N.R. - Not rated.


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


* Fitch Assigns 'B+' Rating to City of Kazan's Domestic Bonds
-------------------------------------------------------------
Fitch Ratings has assigned the City of Kazan's RUB2 billion
domestic bond (ISIN RU000A0JR688) due December 2014 a final Long-
term local currency rating of 'B+' and a final National Long-term
rating of 'A(rus)'.

The City of Kazan is rated Long-term foreign and local currency
'B+', Short-term foreign currency 'B', and National Long-term
'A(rus)'.  The Outlooks on the city's Long-term ratings are
Negative.

The bond has a fixed 8.75% coupon.  The principal will be
amortized by 15% of the initial bond issue value on December 19,
2011, by 40% on 17 December 2012 and by another 15% on December
16, 2013.  The remaining 30% will be redeemed on December 15,
2014.  The proceeds from the bond issue will be used to refinance
the maturing debt of the city.

The City of Kazan is the capital of the Tatarstan Republic ('BBB-
'/Stable/'F3') and is located in central Russia.  The population
of the city totaled 1.12 million in 2008.


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


CRUISE: Entrepreneur Sir Tom Hunter Acquires Firm
-------------------------------------------------
The Press Association reports that entrepreneur Sir Tom Hunter has
bought fashion chain Cruise, which went into administration
earlier in December.  The report relates Mr. Hunter has acquired
the ten-store Cruise group from administrators Deloitte for an
undisclosed sum and will continue to trade from all the shops.

The Press Association notes that Cruise was bought by business
restructuring firm Hilco from HBOS in early December, but then
went into administration and was bought by Sir Tom on December 29,
2010.

Sir Tom's spokesman said the move would save around 300 jobs, the
report notes.

The Press Association discloses that Sir Tom is now undertaking a
strategic review of the Cruise business in order to firm up a
growth plan.

Cruise is a fashion chain in the United Kingdom.


IMJACK: Mulls GBP499,438 Distribution Under CVA by April 30
-----------------------------------------------------------
Ian Briggs at TheBusinessDesk.com reports that imJack, which is in
talks on a proposed Company Voluntary Arrangement, is to
distribute GBP499,438 by April 30 to meet a dividend payment of
100p in the pound to unsecured creditors.

TheBusinessDesk.com relates that trading in imJack shares were
suspended earlier in December after the firm's former nominated
adviser demanded more than GBP87,000 from the company.

imJack is a web-based software applications developer.


JB'S: Dudley Council May Offer to Acquire Firm as Sale Drags On
---------------------------------------------------------------
Birmingham Mail reports that Dudley Council could step in with an
offer to buy the legendary music venue JB's as the sale saga drags
on into the New Year.

Stourbridge-based administrators John D Travers and Company had
hoped to complete a deal for the rock landmark, in Castle Hill, in
December, according to Birmingham Mail.

JB's was put into administration in October.   The report relates
that its owners blamed the smoking ban and cheap supermarket
alcohol.

"Quite frankly, if they can't sell it and the price comes to
something we can reasonably say is worthwhile, we would probably
do something with it," Birmingham Mail quoted Dudley Council's
deputy leader Coun Les Jones as saying.

JB's is a legendary Dudley rock club.


LE MERIDIEN: Royal Bank of Scotland Sells Grosvenor House
---------------------------------------------------------
Nick Johnstone at Property Week reports that Grosvenor House Hotel
has been sold by the Royal Bank of Scotland to Indian business
group Sahara India Pariwar for GBP470 million.

The Indian conglomerate, which is run by Subrata Roy, is
understood to have paid in cash for the hotel, which RBS took
control of Grosvenor House in 2003 when Le Meridien, the previous
hotel operator, fell into administration, according to Property
Week.

The report notes that RBS owned the long lease, and the hotel was
earmarked for sale in a bid to shrink the bank's balance sheet.

Property Week says that Sahara India fought of competition from at
least two other interested parties to secure the deal, including
property investors and developers the Candy brothers, and it now
intends to add restaurants and a nightclub to the iconic hotel.

The Grosvenor, which is currently run by Marriott International,
would be jointly managed by Sahara and Marriott, according to
buyer, the report adds.

Grosvenor House Hotel is located in London.  It has 420 rooms, 74
suites and 27 conference rooms, and overlooks Hyde Park.


WESTLER FOOD: Goes Out of Administration
----------------------------------------
Scarborough Evening News reports that scores of jobs have been
saved after Westler Foods was bought out of administration.

As reported in the Troubled Company Reporter-Europe on
December 15, 2010, Insider Media Limited said that Westler Foods
has gone into administration after it was unable to finance a
GBP15 million hole in its defined benefit pension scheme.  The
report related that Howard Smith and Mark Firmin, of KPMG's
restructuring practice, were appointed as joint administrators on
December 10, 2010, and are seeking a buyer for the business.

Scarborough Evening News discloses that the business, which
employs 162 people at its plant at Amotherby, near Malton, has
been bought by a newly created company, registered as With Comb
Limited, backed by funding from a private equity firm.

The new company, which includes some of the former members of the
management team of Westler Foods, is to continue to trade as
Westler Foods, according to Scarborough Evening News.

The report relates that it will continue with all its existing
operations as well as taking on all the existing staff including
nine staff made redundant earlier this month.

The pensions of employees and former employees were transferred to
the Government's Pension Protection Fund when the business went
into administration, which guarantees 90 to 100% of an employee or
former employee's expected pension, Scarborough Evening News
notes.

Headquartered in Malton, Westler Foods is a food producer company.
The business employs almost 200 people at its Yorkshire site in
the production of a range of canned and pouched food products for
a series of brand names in addition to its own branded foodservice
offerings, including Westlers, Multi Menu, Tyne, BigMex,
Chesswood, Wayfayrer, Military Rations and Compleat.


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


* BOND PRICING: For the Week December 27 to December 31, 2010
-------------------------------------------------------------

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

AUSTRIA
-------
BAWAG                   7.5480   2/18/2035      EUR     69.79
HYPO TIROL BANK         3.0000    6/1/2020      EUR     73.36

FINLAND
-------
MUNI FINANCE PLC        0.2500   6/28/2040      CAD     24.05
MUNI FINANCE PLC        0.5000   3/17/2025      CAD     55.44
MUNI FINANCE PLC        1.0000   6/30/2017      ZAR     60.06
MUNI FINANCE PLC        0.5000   9/24/2020      CAD     70.22
MUNI FINANCE PLC        1.0000   2/27/2018      AUD     68.89

FRANCE
------
AIR FRANCE-KLM          4.9700    4/1/2015      EUR     16.24
ALCATEL SA              4.7500    1/1/2011      EUR     16.73
ALCATEL-LUCENT          5.0000    1/1/2015      EUR      3.33
ALTRAN TECHNOLOG        6.7200    1/1/2015      EUR      4.90
ATOS ORIGIN SA          2.5000    1/1/2016      EUR     55.35
CALYON                  6.0000   6/18/2047      EUR     30.95
CAP GEMINI SOGET        3.5000    1/1/2014      EUR     43.59
CAP GEMINI SOGET        1.0000    1/1/2012      EUR     43.62
CLUB MEDITERRANE        6.1100   11/1/2015      EUR     18.37
CLUB MEDITERRANE        5.0000    6/8/2012      EUR     16.22
EURAZEO                 6.2500   6/10/2014      EUR     59.65
FAURECIA                4.5000    1/1/2015      EUR     24.87
MAUREL ET PROM          7.1250   7/31/2015      EUR     14.01
MAUREL ET PROM          7.1250   7/31/2014      EUR     16.42
NEXANS SA               4.0000    1/1/2016      EUR     67.64
ORPEA                   3.8750    1/1/2016      EUR     45.44
PEUGEOT SA              4.4500    1/1/2016      EUR     33.47
PUBLICIS GROUPE         1.0000   1/18/2018      EUR     49.29
PUBLICIS GROUPE         3.1250   7/30/2014      EUR     40.71
RHODIA SA               0.5000    1/1/2014      EUR     49.13
SOC AIR FRANCE          2.7500    4/1/2020      EUR     21.83
SOITEC                  6.2500    9/9/2014      EUR      9.98
TEM                     4.2500    1/1/2015      EUR     57.48
THEOLIA                 2.7000    1/1/2041      EUR     10.98
VALEO                   2.3750    1/1/2011      EUR     47.38
ZLOMREX INT FIN         8.5000    2/1/2014      EUR     70.88
ZLOMREX INT FIN         8.5000    2/1/2014      EUR     70.88

GERMANY
-------
DEUTSCHE BK LOND        0.5000   8/25/2017      BRL     54.09
DEUTSCHE BK LOND        3.0000   5/18/2012      CHF     66.31
ESCADA AG               7.5000    4/1/2012      EUR     17.75
HSH NORDBANK AG         4.3750   2/14/2017      EUR     52.98
L-BANK FOERDERBK        0.5000   5/10/2027      CAD     49.95
LB BADEN-WUERTT         2.5000   1/30/2034      EUR     70.94
QIMONDA FINANCE         6.7500   3/22/2013      USD      4.00
RENTENBANK              1.0000   3/29/2017      NZD     74.43
SOLON AG SOLAR          1.3750   12/6/2012      EUR     28.08

GREECE
------
ATHENS URBAN TRN        5.0080   7/18/2017      EUR     64.61
ATHENS URBAN TRN        4.8510   9/19/2016      EUR     68.83
HELLENIC RAILWAY        4.5000   12/6/2016      JPY     58.14
HELLENIC REP I/L        2.9000   7/25/2025      EUR     48.37
HELLENIC REP I/L        2.3000   7/25/2030      EUR     48.52
HELLENIC REPUB          6.1400   4/14/2028      EUR     66.19
HELLENIC REPUB          5.0000   8/22/2016      JPY     64.70
HELLENIC REPUB          5.0000   3/11/2019      EUR     64.94
HELLENIC REPUB          5.2500    2/1/2016      JPY     67.20
HELLENIC REPUB          5.8000   7/14/2015      JPY     71.10
HELLENIC REPUB          4.5900    4/8/2016      EUR     71.10
HELLENIC REPUB          5.2000   7/17/2034      EUR     61.35
HELLENIC REPUBLI        4.6000   9/20/2040      EUR     53.73
HELLENIC REPUBLI        4.5000   9/20/2037      EUR     53.73
HELLENIC REPUBLI        5.3000   3/20/2026      EUR     59.61
HELLENIC REPUBLI        4.7000   3/20/2024      EUR     57.88
HELLENIC REPUBLI        6.2500   6/19/2020      EUR     66.12
HELLENIC REPUBLI        6.0000   7/19/2019      EUR     64.96
HELLENIC REPUBLI        4.6000   7/20/2018      EUR     60.90
HELLENIC REPUBLI        4.3000   7/20/2017      EUR     61.59
HELLENIC REPUBLI        5.9000   4/20/2017      EUR     67.29
HELLENIC REPUBLI        3.7000   7/20/2015      EUR     67.33
HELLENIC REPUBLI        4.5000    7/1/2014      EUR     73.93
HELLENIC REPUBLI        4.5000   5/20/2014      EUR     74.60
HELLENIC REPUBLI        3.6000   7/20/2016      EUR     62.74
NATIONAL BK GREE        3.8750   10/7/2016      EUR     75.49
YIOULA GLASSWORK        9.0000   12/1/2015      EUR     74.75

IRELAND
-------
AIB MORTGAGE BNK        5.0000    3/1/2030      EUR     56.29
AIB MORTGAGE BNK        5.5800   4/28/2028      EUR     62.55
AIB MORTGAGE BNK        5.0000   2/12/2030      EUR     56.33
ALLIED IRISH BKS       10.7500   3/29/2017      USD     24.50
ALLIED IRISH BKS       12.5000   6/25/2019      GBP     26.41
ALLIED IRISH BKS       11.5000   3/29/2022      GBP     25.91
ALLIED IRISH BKS        5.2500   3/10/2025      GBP     24.36
ALLIED IRISH BKS       12.5000   6/25/2019      EUR     26.43
ALLIED IRISH BKS       10.7500   3/29/2017      EUR     24.75
BANK OF IRELAND         5.6000   9/18/2023      EUR     43.57
BANK OF IRELAND         9.2500    9/7/2020      GBP     51.54
BANK OF IRELAND        10.0000   2/12/2020      GBP     56.55
BANK OF IRELAND        10.0000   2/12/2020      EUR     57.35
BANK OF IRELAND         4.6250   2/27/2019      EUR     47.04
BANK OF IRELAND        10.7500   6/22/2018      GBP     54.46
BK IRELAND MTGE         5.4500    3/1/2030      EUR     57.36
BK IRELAND MTGE         3.2500   6/22/2015      EUR     76.93
BK IRELAND MTGE         5.7600    9/7/2029      EUR     60.34
BK IRELAND MTGE         5.4000   11/6/2029      EUR     57.53
DEPFA ACS BANK          0.5000    3/3/2025      CAD     38.50
DEPFA ACS BANK          4.9000   8/24/2035      CAD     64.74
DEPFA ACS BANK          5.1250   3/16/2037      USD     65.40
DEPFA ACS BANK          5.1250   3/16/2037      USD     65.35
DEPFA ACS BANK          3.2500   7/31/2031      CHF     72.47
EBS BLDG SOCIETY        4.9920   3/19/2015      EUR     72.30
IRISH GOVT              5.4000   3/13/2025      EUR     71.51
IRISH GOVT              4.5000   4/18/2020      EUR     72.97
IRISH GOVT              4.4000   6/18/2019      EUR     74.58
IRISH LIFE PERM         4.2500    4/9/2015      EUR     74.12
IRISH NATIONWIDE        5.5000   1/10/2018      GBP     27.47
IRISH NATIONWIDE       13.0000   8/12/2016      GBP     22.44
UT2 FUNDING PLC         5.3210   6/30/2016      EUR     75.44

ITALY
-----
ABRUZZO REGION          4.4500    3/1/2037      EUR     73.58
CITY OF TURIN           5.2700   6/26/2038      EUR     66.39
CO BACOLI               3.6710   3/31/2026      EUR     69.76
CO BRAONE               4.5670   6/30/2037      EUR     74.14
CO BRAONE               4.6200   6/30/2036      EUR     72.68
CO CASTELMASSA          3.9600   3/31/2026      EUR     72.50
CO CAZZAGO SAN M        4.4620   6/30/2037      EUR     70.91
CO CISON VALMARI        4.4950   6/30/2031      EUR     73.49
CO GAVARDO              4.7670   6/30/2037      EUR     73.98
CO PROVAGLIO DI         4.6870   6/30/2036      EUR     73.37
CO PROVAGLIO DI         4.5720   6/30/2037      EUR     71.99
CO SPOLETO              3.7110   3/31/2026      EUR     70.14
CO VOBARNO              4.5720   6/30/2037      EUR     71.99
COMU MONT LEOGRA        3.6850   1/15/2026      EUR     70.14
COMU MONT LEOGRA        4.3620   1/13/2037      EUR     69.84
PRALBOINO               4.5670   6/30/2037      EUR     71.97
PROV DI VARESE          4.8710   7/31/2047      EUR     73.72
PRVASCOLI PICENO        4.0770   3/15/2026      EUR     73.08
TELECOM ITALIA          5.2500   3/17/2055      EUR     74.66

LUXEMBOURG
----------
ARCELORMITTAL           7.2500    4/1/2014      EUR     32.63
BREEZE FINANCE          6.7080   4/19/2027      EUR     64.50
DEXIA BQ INT LUX        2.3900   12/7/2021      EUR     72.36
LIGHTHOUSE INTL         8.0000   4/30/2014      EUR     37.37
LIGHTHOUSE INTL         8.0000   4/30/2014      EUR     36.50

NETHERLANDS
-----------
APP INTL FINANCE       11.7500   10/1/2005      USD      0.01
BK NED GEMEENTEN        0.5000   2/24/2025      CAD     53.88
BRIT INSURANCE          6.6250   12/9/2030      GBP     66.20
DGS INTL FIN BV        10.0000    6/1/2007      USD      0.01
ELEC DE CAR FIN         8.5000   4/10/2018      USD     55.80
INDAH KIAT INTL        12.5000   6/15/2006      USD      0.01
IVG FINANCE BV          1.7500   3/29/2017      EUR     73.99
NATL INVESTER BK       25.9827    5/7/2029      EUR     23.25
NED WATERSCHAPBK        0.5000   3/11/2025      CAD     54.65
Q-CELLS INTERNAT        5.7500   5/26/2014      EUR     67.30
RABOBANK                2.8050   8/28/2020      AUD     73.91
RBS NV EX-ABN NV        6.3160   6/29/2035      EUR     68.30
TJIWI KIMIA FIN        13.2500    8/1/2001      USD      0.02

NORWAY
------
EKSPORTFINANS           0.5000    5/9/2030      CAD     36.89
KOMMUNALBANKEN          0.5000   9/24/2014      BRL     72.07
REP OF POLAND           2.6475   3/29/2034      JPY     75.64

PORTUGAL
--------
CAIXA GERAL DEPO        5.3800   10/1/2038      EUR     66.03
CAIXA GERAL DEPO        5.3200    8/5/2021      EUR     71.85
CAIXA GERAL DEPO        4.4000   10/8/2019      EUR     70.45
CAIXA GERAL DEPO        4.2500   1/27/2020      EUR     77.46
METRO DE LISBOA         4.0610   12/4/2026      EUR     73.87
MONTEPIO GERAL          5.0000    2/8/2017      EUR     75.12
PORTUGUESE OT'S         4.1000   4/15/2037      EUR     69.48

RUSSIA
------
APK ARKADA             17.5000   5/23/2012      RUB      0.38
ARKTEL-INVEST          12.0000    4/9/2012      RUB      0.05
BANK OF MOSCOW          6.4500   7/29/2011      RUB     75.00
BANK OF MOSCOW          7.5000    2/1/2013      RUB     75.00
DIPOS                   6.0000   6/19/2012      RUB     75.00
DVTG-FINANS            17.0000   8/29/2013      RUB      7.00
EESK                    8.7400    4/5/2012      RUB     75.00
EGIDA                   9.1000   9/17/2013      RUB     75.00
EUROKOMMERZ            16.0000   3/15/2011      RUB      0.01
FAR EASTERN GENE       10.5000    3/8/2013      RUB     75.11
GLAVSTROY-FINANS        1.0000   3/17/2011      RUB     75.00
IART                   12.0000    8/4/2013      RUB      1.00
IZHAVTO                18.0000    6/9/2011      RUB     11.31
KOSMOS-FINANS          10.2000   6/16/2011      RUB     75.00
M-INDUSTRIYA           12.2500   8/16/2011      RUB     29.12
M-INDUSTRIYA           14.2500   7/10/2013      RUB      1.06
MACROMIR-FINANS         7.7500    7/3/2012      RUB      1.10
MIG-FINANS              0.1000    9/6/2011      RUB      1.00
MIRAX                  17.0000   9/17/2012      RUB     30.03
MIRAX                  14.9900   5/17/2011      RUB     34.11
MOSKOMMERTSBANK        10.0000   6/12/2013      RUB    100.00
MOSMART FINANS          0.0100   4/12/2012      RUB      1.84
MOSOBLGAZ              12.0000   5/17/2011      RUB     72.50
MOSOBLTRUSTINVES       20.0000   3/26/2011      RUB      6.99
MY BANK                10.0000    8/7/2012      RUB     75.00
NOK                    10.0000   9/22/2011      RUB      5.01
NOK                    12.5000   8/26/2014      RUB      0.04
NOVYE TORGOVYE S       15.0000   4/26/2011      RUB     40.82
RVK-FINANS              9.5000   7/21/2011      RUB     75.00
RYBINSKKABEL            0.0100   2/28/2012      RUB      0.01
SAHO                   10.0000   5/21/2012      RUB     30.00
SATURN                  8.5000    6/6/2014      RUB      1.01
SENATOR                14.0000   5/18/2012      RUB     75.00
SETL GROUP             11.7000   5/15/2012      RUB     75.00
SEVKABEL-FINANS        10.5000   3/27/2012      RUB      3.40
SINERGIA               10.0000   8/18/2014      RUB     75.00
SVOBODNY SOKOL          0.1000   5/24/2011      RUB     30.00
TECHNOSILA-INVES        7.0000   5/26/2011      RUB     99.00
TERNA-FINANS            1.0000   11/4/2011      RUB      4.01
TRANSCREDITFACTO       12.0000   6/11/2012      RUB     99.95
TRANSFIN-M             10.7500   8/10/2012      RUB     75.00
UNITAIL                12.0000   6/22/2011      RUB     75.00
VESTER-FINANS          15.2500   8/11/2011      RUB      1.30
VKM-LEASING FINA        1.0000   5/18/2011      RUB      0.07
ZHELEZOBETON           10.0000   5/27/2011      RUB     75.00
ZOLOTO SELIGDARA       16.5000   6/28/2011      RUB     75.00

SPAIN
-----
AYT CEDULAS CAJA        3.7500   6/30/2025      EUR     62.79
AYT CEDULAS CAJA        4.7500   5/25/2027      EUR     69.61
BANCAJA                 1.5000   5/22/2018      EUR     63.34
BANCAJA EMI SA          2.7550   5/11/2037      JPY     65.61
BANCO GUIPUZCOAN        1.5000   4/18/2022      EUR     57.70
CAJA CASTIL-MAN         1.5000   6/23/2021      EUR     55.93
CAJA MADRID             4.1250   3/24/2036      EUR     69.50
CAJA MADRID             4.0000    2/3/2025      EUR     76.58
CAJA MADRID             5.7550   2/26/2028      EUR     72.45
CEDULAS TDA 6           3.8750   5/23/2025      EUR     64.21
CEDULAS TDA A-5         4.2500   3/28/2027      EUR     65.04
CEDULAS TDA A-6         4.2500   4/10/2031      EUR     59.04
GEN DE CATALUNYA        5.4000   5/13/2030      EUR     74.44
GEN DE CATALUNYA        4.2200   4/26/2035      EUR     66.92
GENERAL DE ALQUI        2.7500   8/20/2012      EUR     69.47
IM CEDULAS 5            3.5000   6/15/2020      EUR     74.00
IM CEDULAS 7            4.0000   3/31/2021      EUR     76.02
JUNTA LA MANCHA         3.8750   1/31/2036      EUR     58.74
SPANISH GOV'T           4.2000   1/31/2037      EUR     77.24

SWEDEN
------
SWEDISH EXP CRED        0.5000   9/29/2015      BRL     66.47
SWEDISH EXP CRED        8.0000   11/4/2011      USD      9.00
SWEDISH EXP CRED        9.0000   8/28/2011      USD     10.45
SWEDISH EXP CRED        0.5000   1/25/2028      USD     52.37
SWEDISH EXP CRED        9.0000   8/12/2011      USD     10.01

SWITZERLAND
-----------
UBS AG                 10.5800   6/29/2011      USD     39.86
UBS AG                 13.7000   5/23/2012      USD     14.15
UBS AG                 13.3000   5/23/2012      USD      4.03
UBS AG JERSEY           9.3500   9/21/2011      USD     69.83
UBS AG JERSEY           9.4500   9/21/2011      USD     50.48
UBS AG JERSEY          10.6500   4/29/2011      USD     15.50
UBS AG JERSEY          13.9000   1/31/2011      USD     33.88
UBS AG JERSEY          14.6400   1/31/2011      USD     35.68
UBS AG JERSEY          16.1700   1/31/2011      USD     12.57
UBS AG JERSEY          10.0000   2/11/2011      USD     58.25
UBS AG JERSEY          15.2500   2/11/2011      USD     11.23
UBS AG JERSEY          11.0000   2/28/2011      USD     70.05
UBS AG JERSEY          12.8000   2/28/2011      USD     33.33
UBS AG JERSEY          11.4000   3/18/2011      USD     25.01
UBS AG JERSEY          10.9900   3/31/2011      USD     31.36
UBS AG JERSEY          16.1600   3/31/2011      USD     42.07
UBS AG JERSEY          10.8200   4/21/2011      USD     21.09
UBS AG JERSEY          10.7600   7/29/2011      USD     10.43
UBS AG JERSEY          12.1600   7/29/2011      USD     25.10
UBS AG JERSEY          12.6400   7/29/2011      USD     34.30
UBS AG JERSEY          10.3600   8/19/2011      USD     53.50
UBS AG JERSEY          11.1500   8/31/2011      USD     39.91
UBS AG JERSEY           3.2200   7/31/2012      EUR     46.72
BANK OF SCOTLAND        6.9840    2/7/2035      EUR     74.10
BARCLAYS BK PLC         9.0000   6/30/2011      USD     43.97
BARCLAYS BK PLC        10.9500   5/23/2011      USD     65.68
BARCLAYS BK PLC        10.5100   5/31/2011      USD     13.00
BARCLAYS BK PLC         7.6100   6/30/2011      USD     52.25
BARCLAYS BK PLC         9.4000   7/31/2012      USD     11.46
BARCLAYS BK PLC        10.8000   7/31/2012      USD     27.67
BARCLAYS BK PLC         9.2500   8/31/2012      USD     35.27
BARCLAYS BK PLC        12.9500   4/20/2012      USD     23.97
BARCLAYS BK PLC        10.3500   1/23/2012      USD     21.00
BARCLAYS BK PLC         8.8000   9/22/2011      USD     16.37
BARCLAYS BK PLC         8.7500   9/22/2011      USD     72.21
BARCLAYS BK PLC         7.5000   9/22/2011      USD     16.88
BARCLAYS BK PLC         8.5500   1/23/2012      USD     11.57
BARCLAYS BK PLC         9.5000   8/31/2012      USD     29.99
BARCLAYS BK PLC        13.0000   5/23/2011      USD     23.10
BARCLAYS BK PLC        13.0500   4/27/2012      USD     27.15
BRADFORD&BIN BLD        4.9100    2/1/2047      EUR     67.89
BRADFORD&BIN BLD        5.5000   1/15/2018      GBP     45.57
BRADFORD&BIN PLC        7.6250   2/16/2049      GBP     47.46
BRADFORD&BIN PLC        6.6250   6/16/2023      GBP     43.47
CO-OPERATIVE BNK        5.8750   3/28/2033      GBP     70.05
DISCOVERY EDUCAT        1.9480   3/31/2037      GBP     66.44
EFG HELLAS PLC          5.4000   11/2/2047      EUR     45.38
EFG HELLAS PLC          6.0100    1/9/2036      EUR     21.50
ENTERPRISE INNS         6.3750   9/26/2031      GBP     70.66
HBOS PLC                6.0000   11/1/2033      USD     70.52
HBOS PLC                4.5000   3/18/2030      EUR     74.26
HBOS PLC                6.0000   11/1/2033      USD     70.52
HEALTHCARE SUPP         2.0670   2/19/2043      GBP     69.61
NORTHERN ROCK           4.5742   1/13/2015      GBP     76.63
NORTHERN ROCK           5.7500   2/28/2017      GBP     71.33
PUNCH TAVERNS           8.3740   7/15/2029      GBP     51.10
PUNCH TAVERNS           6.4680   4/15/2033      GBP     40.12
PUNCH TAVERNS           7.5670   4/15/2026      GBP     48.98
RSL COMM PLC           10.1250    3/1/2008      USD      1.31
RSL COMM PLC            9.1250    3/1/2008      USD      1.31
SKIPTON BUILDING        6.7500   5/30/2022      GBP     64.81
TXU EASTERN FNDG        6.4500   5/15/2005      USD      2.88
TXU EASTERN FNDG        6.7500   5/15/2009      USD      2.88
UNIQUE PUB FIN          7.3950   3/28/2024      GBP     73.75
UNIQUE PUB FIN          6.4640   3/30/2032      GBP     63.08
WESSEX WATER FIN        1.3690   7/31/2057      GBP     32.23


                            *********

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.


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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 2011.  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.


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