TCREUR_Public/110110.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 10, 2011, Vol. 12, No. 6

                            Headlines




D E N M A R K

* DENMARK: Corporate Bankruptcies Hit Record Low in December 2010


F R A N C E

LA TRIBUNE: French Court Grants Six-Month Creditor Protection


G E R M A N Y

ARCANDOR AG: Ex-CEO Denies Claims Over Faltered Debt Refinancing


G R E E C E

DRYSHIPS INC: Ocean Rig Has 2 New Deals with Cairn Energy
DRYSHIPS INC: Ocean Rig Poseidon Gets US$353-Mil. Drilling Deal


I R E L A N D

ANGLO IRISH: Decisions on Charges Over Collapse Not Yet Reached
BYRNE HOTEL: In Talks with Banks Over EUR43.5 Million Debt
LUIGI MALONES: Enters Into Liquidation
* IRELAND: Senior Bondholders May Be Forced to Share Bailout Costs
* IRELAND: Seeks EU Insurance Scheme to Cover Future Bank Losses


I T A L Y

FIAT INDUSTRIAL: Moody's Assigns 'Ba1' Corporate Family Rating


N E T H E R L A N D S

AMSTEL SECURITISATION: S&P Withdraws BB+ Rating on Class E Notes


S P A I N

BANKINTER 14: S&P Downgrades Rating on Class E Notes to 'D'
BILBAO BIZKAIA: Moody's Lowers Rating on Mortgage Covered Bonds
CAJASOL: Fitch Puts 'BB+' Subordinated Debt Rating Watch Positive
CAJASUR: Fitch Affirms 'E' Individual Rating


U N I T E D   K I N G D O M

ARMOURY DEMOLITION: Calls in Administrators, 90 Jobs Under Threat
CONNECT SERVICES: To Enter Into Administration
DUNDEE FOOTBALL CLUB: Creditors to Decide Club's Fate
PLYMOUTH ARGYLE: Averts Liquidation After Paying HMRC Debts
CAMBRIDGE UNITED: Put Up for Sale to Secure Long-Term Future

COMPTON & WOODHOUSE: Relaunched Following Receivership
DIAMOND COACHES: Goes Into Administration
GOCAR MOTOR: Goes Into Administration
INDEPENDENT FINANCIAL ADVISOR: Goes Into Administration
KIDDERMINSTER HARRIERS: Has "Weeks" to Sort Out Finances

LES TAYLOR: Goes Into Administration, 160 Jobs Made Redundant
METRONET RAIL BCV: Has Tapped KPMG to Complete Tax Return
PARK CIRCUS: Ex-Director Accused of Stealing GBP250,000 From Firm
* UK: SNP Seeks Inquiry Into Insolvency Industry


X X X X X X X X

* Fitch Says European Leveraged Credit Portfolio Stabilizing
* BOND PRICING: For the Week January 3 to January 7, 2011


                            *********


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D E N M A R K
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* DENMARK: Corporate Bankruptcies Hit Record Low in December 2010
-----------------------------------------------------------------
M2 Communications, citing seasonally adjusted figures by
Statistics Denmark, reports that the number of Danish corporate
bankruptcies shrank to 425 in December 2010 from 544 in the
preceding month.  According to the report, the service said this
is the biggest drop in the history of the statistics.

In actual figures, the number of bankruptcies decreased to 495 in
December 2010 from 698 in November 2010, M2 discloses.  However,
in the entire 2010, the number of bankruptcies reached a record-
high 6,461, M2 notes.


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F R A N C E
===========


LA TRIBUNE: French Court Grants Six-Month Creditor Protection
-------------------------------------------------------------
A French court has granted La Tribune protection from creditors
for six months, Agence France-Presse reported, Dow Jones' Small
Cap reports.

La Tribune is a French financial newspaper.


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


ARCANDOR AG: Ex-CEO Denies Claims Over Faltered Debt Refinancing
----------------------------------------------------------------
Karin Matussek at Bloomberg News reports that former Arcandor AG
Chief Executive Officer Thomas Middelhoff rejected claims he
misinformed investors in 2008 about the company's efforts to
refinance debt.

Bloomberg relates Mr.  Middelhoff testified at a court in Essen,
Germany, on Thursday that he wasn't wrong when he told a reporter
on Sept. 16, 2008, that Arcandor had ruled out a capital increase
for a refinancing due at the end of that month.  He also said he
didn't instruct his spokesman to deny that Arcandor was
considering selling its stake in Thomas Cook Group Plc, according
to Bloomberg.

"At the time of the interview I was totally convinced that we
would be able to finalize the refinancing without a capital
increase and also without selling the Thomas Cook stake,"
Bloomberg quoted Mr. Middelhoff as saying.

Bloomberg relates that after several refinancing efforts faltered,
Arcandor announced a few days later that it would sell EUR23
million new shares to Bank Sal Oppenheim Jr. & Cie.

"We were in the middle of the financial crisis at the time
and it would have been impossible to set up such a capital
increase in two weeks," Mr. Middelhoff told the court, according
to Bloomberg.

The plaintiff in Thursday's case, Jan-Eric Peters, the editor in
chief of Die Welt, sued Middelhoff claiming he lost more than
EUR50,000 (US$65,000) because he bought Arcandor shares relying on
the information, Bloomberg discloses.

Mr. Middelhoff's home and office were searched in October as part
of a probe into the company's demise and whether there was any
related misconduct, Bloomberg recounts.

                        About Arcandor AG

Germany-based Arcandor AG (FRA:ARO) -- http://www.arcandor.com/--
formerly KarstadtQuelle AG, is a tourism and retail group.  Its
three core business areas are tourism, mail order services and
department store retail.  The Company's business areas are covered
by its three operating segments: Thomas Cook, Primondo and
Karstadt.  Thomas Cook Group plc is a tour operator with
operations in Europe and North America, set up as a result of a
merger between MyTravel and Thomas Cook AG.  It also operates the
e-commerce platform, Thomas Cook, supporting travel services.
Primondo has a portfolio of European universal and specialty mail
order companies, including the core brand Quelle.  Karstadt
operates a range of department stores, such as cosmopolitan
stores, including KaDeWe (Kaufhaus des Westens), Karstadt
Oberpollinger and Alsterhaus; Karstadt brand department stores;
Karstadt sports department stores, offering sports goods in a
variety of retail outlets, and a portal, karstadt.de that offers
online shopping, among others.

As reported by the Troubled Company Reporter-Europe, a local court
in Essen formally opened insolvency proceedings for Arcandor on
September 1, 2009.  The proceedings started for the Arcandor
holding company and for 14 units, including the Karstadt
department-store chain and Primondo mail-order division.  Arcandor
filed for bankruptcy protection after the German government turned
down its request for loan guarantees.  On June 8, 2009, the
government rejected two applications for help by the company,
which employs 43,000 people.  The retailer sought loan guarantees
of EUR650 million (US$904 million) from Germany's Economy Fund
program.  It also sought a further EUR437 million from a state-
owned bank.


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G R E E C E
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DRYSHIPS INC: Ocean Rig Has 2 New Deals with Cairn Energy
---------------------------------------------------------
DryShips Inc. announced that its subsidiary Ocean Rig UDW Inc. has
entered into firm contracts with Cairn Energy PLC for the "Leiv
Eiriksson" and the "Ocean Rig Corcovado" for a period of
approximately 6 months each.

The total contract value including mobilization for the "Leiv
Eiriksson" is approximately US$95 million.  The mobilization
period will start in direct continuation from the agreed release
date from Petrobras.

The total contract value including mobilization and winterization
of the "Ocean Rig Corcovado" is approximately US$142 million.

George Economou, Chairman and Chief Executive Officer of DryShips
commented, "We are pleased to announce the signing of two new
contracts with Cairn Energy for the OceanRig Corcovado and the
Leiv Eiriksson.  We were able to offer the customer a package
solution due to the highly specialized nature of our semi-
submersibles and also the state of the art drillships.  Following
the signing of these contracts we are only left with one open
drillship, the Ocean Rig Mykonos, that delivers in the fourth
quarter of 2011.  We are working to secure employment for the
Mykonos and also to further increase the contract backlog.  Demand
for our units has improved significantly and we hope to announce
further contracts in the near future."

                        About DryShips Inc.

Based in Greece, DryShips Inc. -- http://www.dryships.com/--
-- owns and operates drybulk carriers and offshore oil
deep water drilling units that operate worldwide.  As of September
10, 2010, DryShips owns a fleet of 40 drybulk carriers (including
newbuildings), comprising 7 Capesize, 31 Panamax and 2 Supramax,
with a combined deadweight tonnage of over 3.6 million tons and
6 offshore oil deep water drilling units, comprising of 2 ultra
deep water semisubmersible drilling rigs and 4 ultra deep water
newbuilding drillships.

DryShips's common stock is listed on the NASDAQ Global Select
Market where it trades under the symbol "DRYS".

The Company's balance sheet at Sept. 30, 2010, showed
US$5.80 million in total assets, US$1.90 million in total current
liabilities, US$1.10 million in total noncurrent liabilities, and
stockholders' equity of US$2.80 million.

On November 25, 2010, DryShips Inc. entered into a waiver letter
for its US$230.0 million credit facility dated September 10, 2007,
as amended, extending the waiver of certain covenants through
December 31, 2010.

As reported in the Troubled Company Reporter on Sept. 29, 2010,
the Company said it is currently in negotiations with its lenders
to obtain waivers, waiver extensions or to restructure its debt.
As of June 30, 2010, the Company's theoretical exposure (current
portion of long-term debt less cash and cash equivalents less
restricted cash) amounted to US$761.4 million.


DRYSHIPS INC: Ocean Rig Poseidon Gets US$353-Mil. Drilling Deal
---------------------------------------------------------------
DryShips Inc. announced that its subsidiary Ocean Rig UDW Inc. has
entered into a drilling contract for its 3rd drillship newbuilding
Ocean Rig Poseidon.  As part of this agreement, the Leiv Eiriksson
will be released early from the existing contract and will be made
available in Q2 2011.  The firm contract period is for about 600
days plus a mobilization period.  The total contract value
including mobilization is US$353 million.

Mr. George Economou, Chairman and CEO of DryShips Inc., commented:
"We are pleased to announce the employment of the Ocean Rig
Poseidon with Petrobras Tanzania.  The contract highlights the
relationship we have developed with a key strategic customer and
we are happy to accommodate their requirements.  This contract
also highlights the specialized nature of our sixth generation
state of the art drillships where it was the preferred solution."

                        About DryShips Inc.

Based in Greece, DryShips Inc. -- http://www.dryships.com/--
-- owns and operates drybulk carriers and offshore oil
deep water drilling units that operate worldwide.  As of September
10, 2010, DryShips owns a fleet of 40 drybulk carriers (including
newbuildings), comprising 7 Capesize, 31 Panamax and 2 Supramax,
with a combined deadweight tonnage of over 3.6 million tons and
6 offshore oil deep water drilling units, comprising of 2 ultra
deep water semisubmersible drilling rigs and 4 ultra deep water
newbuilding drillships.

DryShips's common stock is listed on the NASDAQ Global Select
Market where it trades under the symbol "DRYS".

The Company's balance sheet at Sept. 30, 2010, showed
US$5.80 million in total assets, US$1.90 million in total current
liabilities, US$1.10 million in total noncurrent liabilities, and
stockholders' equity of US$2.80 million.

On November 25, 2010, DryShips Inc. entered into a waiver letter
for its US$230.0 million credit facility dated September 10, 2007,
as amended, extending the waiver of certain covenants through
December 31, 2010.

As reported in the Troubled Company Reporter on Sept. 29, 2010,
the Company said it is currently in negotiations with its lenders
to obtain waivers, waiver extensions or to restructure its debt.
As of June 30, 2010, the Company's theoretical exposure (current
portion of long-term debt less cash and cash equivalents less
restricted cash) amounted to US$761.4 million.


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I R E L A N D
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ANGLO IRISH: Decisions on Charges Over Collapse Not Yet Reached
---------------------------------------------------------------
Emmet Oliver and Tom Brady at Irish Independent report that
corporate watchdog Paul Appleby on Thursday said nobody is likely
to be charged over events at Anglo Irish Bank for "some time."

Irish Independent relates that Mr. Appleby, in his review of 2010
for the Office of Corporate Enforcement, said due to the volume of
documents involved, "it will likely be some time" before the
Director of Public Prosecutions is in a position to decide on what
charges to bring, if any.

While reporting "substantial progress" in the investigation,
Mr. Appleby, as cited by Irish Independent, said his office was
still sending over material to the DPP.  Decisions on charges
cannot happen until all material is sent over, it is understood,
Irish Independent says.

According to Irish Independent, the complex investigation involves
four strands:

    * The granting by Anglo in 2008 of a loan to one of its
      directors.

    * The non-disclosure of certain directors' loans in Anglo's
      financial statements over a number of years.

    * Loans given by Anglo to a number of people in 2008 for the
      purchase of its own shares.

    * The communication of possible false or misleading
      information in certain Anglo public statements in 2008.

A garda file into how Anglo Irish Bank traded EUR7.45 billion
worth of "back-to-back" loans with Irish Life and Permanent was
sent to the DPP before Christmas and recommended criminal charges
against four suspects, Irish Independent discloses.

Further files are expected to be sent to the DPP in the first
quarter of this year, Irish Independent notes.

                     About Anglo Irish Bank

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

                        *     *     *

As reported by the Troubled Company Reporter-Europe on Dec. 1,
2010, DBRS downgraded the ratings of the Euro Dated Subordinated
Notes (specifically the EUR325.2 million Floating Rate
Subordinated Notes due 2014, EUR500 million Callable Subordinated
Floating Rate Notes due 2016 and the EUR750 million Dated
Subordinated Floating Rate Notes due 2017) (collectively referred
to as the 2017 Notes) issued by Anglo Irish Bank Corporation
Limited (Anglo Irish or the Bank) to 'D' from 'C'.  DBRS said the
downgrade follows the execution of the Bank's note exchange offer.
The default status for the exchanged and now-extinguished 2017
Notes reflects DBRS's view that bondholders were offered limited
options, which, as discussed in DBRS's press release dated
October 25, 2010, is considered a default per DBRS policy.

On Oct. 29, 2010, the Troubled Company Reporter-Europe reported
that Standard & Poor's Ratings Services lowered its rating on
Anglo Irish Bank Corp. Ltd.'s nondeferrable dated subordinated
debt (lower Tier 2) securities to 'D' from 'CCC'.  The downgrade
of the lower Tier 2 debt rating reflects S&P's opinion that the
bank's exchange offer is a "distressed exchange" and tantamount to
default in accordance with its criteria.


BYRNE HOTEL: In Talks with Banks Over EUR43.5 Million Debt
----------------------------------------------------------
Colm Keena at The Irish Times reports that the Byrne Hotel Group,
which owns three hotels in Galway, is in talks with its banks over
debts of more than EUR43.5 million.

The company does not expect to be able to make any capital
repayments over the coming years and is in discussions to put all
loans on an interest-only basis for five years, The Irish Times
says, citing recently filed accounts for its group holding company
R Byrne Concrete Ltd.

The group banks with Anglo Irish Bank, AIB, Permanent TSB Bank and
KBC Bank, The Irish Times discloses.  AIB is by far its largest
lender, The Irish Times notes.

The Irish Times relates that accounts for the year to the end of
August 2009, filed recently, state that the company lost EUR1.38
million, despite a profit of EUR1.5 million from the disposal of
assets.  "It is likely that further losses will be incurred in the
coming years," according to the accounts, which are dated
September 28, 2010.

The notes to the accounts state that AIB loaned EUR34 million to
fund the extension and redevelopment of the Salthill Hotel and a
further EUR1.85 million after balance sheet date to complete the
project, The Irish Times states.

The Byrne Hotel Group owns the Victoria Hotel, the Eyre Square
Hotel and the Salthill Hotel, all in Galway, as well as the Metro
Hotel in Leicestershire, England, and other property.  It is owned
by Richard and Sandra Byrne, of Salthill, Galway.


LUIGI MALONES: Enters Into Liquidation
--------------------------------------
The Irish Examiner reports Luigi Malones has gone into
liquidation.

A receiver was appointed following a meeting with creditors on
Thursday, The Irish Examiner relates.

Luigi Malones is a restaurant chain.  The group has five outlets
country-wide in Cork, Dublin and Limerick.  It employs around 225
people.


* IRELAND: Senior Bondholders May Be Forced to Share Bailout Costs
------------------------------------------------------------------
Arthur Beesley at The Irish Times reports that EU Internal markets
commissioner Michel Barnier has fleshed out plans to compel senior
bank bondholders to share bailout costs.

The Irish Times relates in a lengthy consultation document
published Thursday evening, the commissioner suggests giving new
resolution authorities in EU member states statutory powers to
force debt write-downs on senior and junior bondholders in failing
banks.

The Irish Times says the measures will also apply to large
investment firms and insurance companies whose failure might
threaten financial stability.

The Irish Times notes that officials said, however, the EU's
executive branch has yet to definitively decide which class of
debt-holder should bear costs in the new regime.  Neither has it
decided whether the rules should apply to all or some senior
debt-holders, The Irish Times states.

In effect, the new measures would impose the cost of rescuing
failing banks on investors who lent those banks money, moving some
of the burden away from government and the taxpayer, The Irish
Times discloses.  "We must put in place a system which ensures
that Europe is well-prepared to deal with bank failures in an
orderly manner -- without taxpayers being called on again to pay
the costs," The Irish Times quoted Mr. Barnier as saying.

Mr. Barnier plans to publish draft legislation by summer and he
wants "stakeholders" to make their views known to him within the
next two months, The Irish Times discloses.  Any new legislation
-- agreed in a process of "co-decision" with EU governments and
MEPs -- is unlikely to come into force before 2013, The Irish
Times states.

The Irish Times notes that while the commissioner does not intend
to apply any new write-down rules to debt currently in issue, a
senior commission official said it was "possible" that the
measures would apply whenever existing debt contracts are renewed
or rolled over.

The official added, however, that the new regime was unlikely to
apply to creditors whose investments were "secured" against bank
assets -- investors such as derivative counterparties, covered
bondholders and trade counterparties -- as their legal rights were
very strong, according to The Irish Times.


* IRELAND: Seeks EU Insurance Scheme to Cover Future Bank Losses
----------------------------------------------------------------
Laura Noonan at Irish Independent reports that financial regulator
Matthew Elderfield has said Ireland's exposure to future bank
losses are not dead.

Irish Independent relates in the aftermath of the latest
EUR35 billion bank bailout, Central Bank governor Patrick Honohan
said he would have "preferred" if Ireland's European partners had
offered an insurance scheme.  "(It) would insure us against these
downside risks (of higher bank losses) and we could pay a fee for
it," Mr. Hohonan explained, according to Irish Independent.  "That
would have been the more well-adapted instrument to use."

Mr. Elderfield last week said that he shared Mr. Honohan's views
on the merits of an insurance scheme, and that there could be an
"opportunity" to create such a scheme later in the year, Irish
Independent notes.

Irish Independent relates Mr. Elderfield said the merits of such a
scheme had been explored as part of the November bailout
discussions with the IMF, the European Commission and the ECB.

"The problem is that the EFSF (the European Commission's bailout
fund) and the IMF, as they're organized now, are not
constitutionally able to provide that sort of (insurance)
facility," Mr. Elderfield said, according to Irish Independent.

There will be an "opportunity" to change that later in the year
when the EFSF's framework is reviewed, Mr. Elderfield, as cited by
Irish Independent, said.


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I T A L Y
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FIAT INDUSTRIAL: Moody's Assigns 'Ba1' Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 Corporate Family
Rating, a Ba1 Probability of Default Rating and a Not Prime short
term rating to the newly created Fiat Industrial S.p.A., following
the completion of the demerger, with a stable outlook.

                        Ratings Rationale

Effective since January 1, 2011, the former Fiat S.p.A. has
separated its automotive and non-automotive operations by a
partial and proportional demerger of the Capital Goods activities
(Trucks, Agricultural and Construction equipment) from Fiat S.p.A.
The demerged company will be called Fiat Industrial and will own
CNH, Iveco and FPT Industrial & Marine activities.  The auto
businesses, Fiat Group Automobiles, Maserati, and Ferrari (85%
ownership), will remain in Fiat S.p.A., along with the Components
business, FPT Passenger & Commercial Vehicles business and some
other assets including the Chrysler stake.  The shares of Fiat
Industrial S.p.A. have been distributed to existing shareholders
and are listed at the Italian stock exchange since 3 January 2011.

Following the demerger the industrial activities of FI are
anticipated to carry a reported net debt of EUR2.0-2.4 billion and
a liquidity position of approx. EUR3 billion.

The Ba1 rating takes into account (i) the size of the demerged
operations (ii) the group's regional diversification of revenues
with approx.  53% of sales generated in Europe, 21% in North
America, 12% in South America and 12% in the rest of the world;
(iii) CNH's increasingly competitive position in the global
agricultural equipment market as the second leading producer
behind Deere, and the company's much less strong position in the
construction equipment sector; (iv) Iveco's solid market position
in light commercial vehicles up to 3.5 tons in Western Europe
where it ranks No 2 brand with 16% market share as well as its
strong niche position in special purpose trucks (e.g. firefighter)
as well as the challenge to expand and strengthen its position in
the truck markets outside Europe e.g. strengthen its positioning
in Latin America and to leverage on its Chinese truck joint-
venture for exports into developing markets and the need to
improve CNH's product positioning especially in CE to close the
competitive gaps in operating performance.

Furthermore the Ba1 ratings anticipate a significant improvement
in FI's 2009 pro-forma financial metrics currently not in line
with the Ba1 rating level.

Moody's notes that FI was incorporated July 21, 2010 in Torino.
Therefore the publicly available financial information is
principally included in the "Information Document" prepared in
accordance with Consob regulatory requirements published December
15th 2010 providing pro forma financial statements for 2009 and
the first three quarters of 2010.

The stable outlook is based on Moody's expectation of (i) an EBIT
margin improvement to above 3.5% in fiscal year 2010 with further
progress to around 4.0% in the current fiscal year 2011 and a
level of 7.0% to be achieved thereafter; (ii) interest cover to
recover to approx.  2.5x in 2011 from well above 1.0x expected for
2010; (iii) furthermore a significant reduction in leverage
exemplified by Debt/EBITDA below 4.0x by 2011 down from an
anticipated below 5.0x in 2010 as well as (iv) the ability to
generate positive free cash flows for each of the years 2011 and
2012 as well as for the last fiscal year.

Downward rating pressure could arise in case of management's
inability to sustain the recent improvements in the group's
operating and credit metrics.  This would be evidenced by the
group's failure to reduce debt/EBITDA below 4.0 times in 2011 and
to 3.0 times in 2012 as well as EBIT margins below 4% in 2011 and
below 6% in 2012.  In addition, any deterioration in the adequacy
of the group's liquidity profile and continued negative free cash
flow generation could have a negative impact on the rating.

An upgrade of the ratings could be envisaged longer-term in case
of a substantial improvement in operating performance and cash
flow generation evidenced by (i) EBITA margins sustainably above
7%, (ii) interest cover (EBIT/interest expense) sustainably
exceeding 4.0x as well as (iii) a permanent reduction in leverage
ratio (Debt/EBITDA) to well below 3.0x and (iv) a solid liquidity
profile where sources of cash cover the uses in Moody's stress
scenario for a rolling period of the next 12-15 months.

Effective at the time of the demerger a new EUR2 billion
syndicated revolving credit facility has been put in place with a
maturity of 3 years.  Furthermore, a new term-loan of EUR2.2
billion as "bridge-financing" with a tenor of 1 year with another
1-year term out option at the exclusive option of the borrower has
also been arranged.

For fiscal year-end 2010, the group anticipates its industrial
operations to have access to liquidity sources of approximately
EUR3 billion in cash and credit facilities.

These sources should provide adequate coverage for the major
liquidity requirements that could arise during the next twelve
months.  These requirements include short-term bank- and other
debt maturities as well as capital expenditures and potential
dividend payments.

Moody's rating does not assume that Fiat Industrial will be
required to support Fiat S.p.A.'s outstanding liabilities at the
time of the demerger as a consequence of the existing joint
liability pursuant of the Article 2506-quarter of the Civil Code.
Should Fiat S.p.A.'s credit profile significantly weaken in the
future, this could exercise a drag on FI's ratings.

Headquartered in Torino, Italy, Fiat Industrial S.p.A. comprises
of the demerged activities of Fiat S.p.A., CNH, Iveco, the
Industrial & Marine activities of FPT, and Fiat Industrial
Finance.  On a pro forma basis Fiat Industrial generated revenues
of approx. EUR18 billion in fiscal year 2009.


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


AMSTEL SECURITISATION: S&P Withdraws BB+ Rating on Class E Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its credit ratings on
all classes of Amstel Securitisation of Contingent Obligations
2006-1 B.V.'s notes.

The rating actions follow recent notification from The Royal Bank
of Scotland N.V. (formerly known as ABN AMRO Bank N.V.) that the
reference portfolio notional amount fell to less than 10% of the
initial reference portfolio notional amount during October 2010.

This allowed RBS N.V., acting as swap counterparty and according
to the terms and conditions of the notes, to direct the issuer to
redeem the notes at their principal amount outstanding with any
interest accrued on the next interest payment date falling on Dec.
20, 2010.  S&P has therefore withdrawn its ratings at their
current levels.

                           Ratings List

    Amstel Securitisation of Contingent Obligations 2006-1 B.V.
        EUR1,287 Million and US$4,733 Million Credit-Linked
       Floating-Rate Notes (Including a Further Issuance of
                EUR152 Million and US$1,715 Million)

                         Ratings Withdrawn

                                  Rating
                                  ------
                Class        To             From
                -----        --             ----
                A+1          NR             AAA (sf)
                A+2          NR             AAA (sf)
                A            NR             AAA (sf)
                B            NR             AA (sf)
                C            NR             A+ (sf)
                D            NR             A- (sf)
                E            NR             BB+ (sf)

                          NR -- Not rated.


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S P A I N
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BANKINTER 14: S&P Downgrades Rating on Class E Notes to 'D'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D (sf)' its credit
rating on Bankinter 14, Fondo de Titulizacion Hipotecaria's class
E non-secured notes, following an interest payment default on the
Dec. 17, 2010 payment date.

The class A2, A3, B, C, and D notes remain unaffected by the
rating action.  The class A1 notes fully amortized on the January
2010 payment date.

Class E was issued at closing to fund the reserve fund, and both
its interest and principal payments are subordinated in the
priority of payments to the replenishment of this reserve up to
its required level.  The lack of excess spread at the Dec. 17
payment date has resulted in an interest shortfall for these
notes.

Based on the investor report of the December payment date, the
cash reserve is currently at its required level.  Also, the level
of arrears higher than 90 days and the level of defaulted loans
(considered as loans in arrears for more than 18 months), both
over the outstanding balance of the assets, are considerably low
at 0.17% and 0.05%, respectively.

Bankinter S.A. originated the Spanish mortgage loans that back
this residential mortgage-backed securities transaction, which
closed in March 2007.

                           Ratings List

          Bankinter 14, Fondo de Titulizacion Hipotecaria
  EUR964 Million Residential Mortgage-Backed Floating-Rate Notes

                          Rating Lowered

                                Rating
                                ------
             Class      To                   From
             -----      --                   ----
             E          D (sf)               CCC- (sf)


BILBAO BIZKAIA: Moody's Lowers Rating on Mortgage Covered Bonds
---------------------------------------------------------------
Moody's Investors Service has taken this rating action on the
mortgage covered bonds (Cedulas Hipotecarias) issued by Bilbao
Bizkaia Kutxa (rated Baa1/P-2/D+, on review for possible
downgrade).

   -- Mortgage covered bonds issued by BBK: downgraded to Aa1 on
      review for possible downgrade; previously on 21 December
      2010, Aaa placed on review for possible downgrade

                        Ratings Rationale

The downgrade to Aa1 was prompted by Moody's decision to downgrade
BBK's senior debt and deposit's ratings by three notches to Baa1
from A1 and to keep BBK's rating on review for further possible
downgrade.  The downgrade of BBK's senior debt rating means that
the Timely Payment Indicator for its covered bond programme
constrains the ratings of the covered bonds at the new rating
level of Aa1.  The continuing review on the covered bond ratings
is due to the senior debt rating of BBK remaining on review for
possible downgrade.

These rating actions conclude Moody's rating review initiated on
21 July 2010 when BBK proposed the acquisition of CajaSur (not
publicly rated), the Cordoba-based Spanish savings bank which had
been put under the administration of Spain's fund for orderly bank
restructuring (the 'Fondo de Restructuracion Ordenada Bancaria' or
FROB) in May 2010.

The integration is effective since 1 January 2011.  All of the
assets and liabilities of CajaSur have been assumed by BBK Bank, a
fully consolidated subsidiary 100% owned by BBK.

The A1 CH ratings of CajaSur remain on review for possible
downgrade, given the review for possible downgrade of the parent
BBK.  During the review, Moody's will assess the parent's
commitment towards the entity's covered bond programmes.

All covered bonds benefit from two layers of protection by having
recourse to both the issuer and a collateral pool.  The ratings
therefore take into account these factors: (i) the credit strength
of BBK, rated Baa1; and (ii) the cover pool's credit quality.

The other key factors characterizing these covered bonds are:

(1) The structure created by the transaction documents combined
    with the legal framework for Spanish mortgage and public-
    sector covered bonds.

(2) The credit quality of the assets securing the payment
    obligations of the issuer under the covered bonds.  All the
    cover assets covering the CHs are residential or commercial
    mortgages originated in Spain.

(3) Sizeable amounts of over-collateralization.  For mortgage
    covered bonds: on a statutory level, this is 25% based on the
    eligible cover pool, which Moody's considers sufficient to
    maintain the current rating.  Furthermore, over-
    collateralization was 218% over the total pool and 102% over
    the eligible pool as of end-September 2010.

The TPI for the mortgage covered bonds issued under the programme
is "Probable".

The ratings assigned by Moody's address the expected loss posed to
investors.  Moody's ratings address only the credit risks
associated with the transaction.  Other non-credit risks have not
been addressed, but may have a significant effect on yield to
investors.

The Aa1 ratings assigned to the existing covered bonds of BBK are
expected to be assigned to all subsequent covered bonds issued
under their programs and any future rating actions are expected to
affect all such covered bonds.  If there are any exceptions to
this, Moody's will in each case publish details in a separate
press release.

                  Key Rating Assumptions/Factors

Covered bond ratings are determined after applying a two-step
process: expected loss analysis and TPI framework analysis.

Expected Loss: Moody's determines a rating based on the expected
loss on the bond.  The primary model used is Moody's Covered Bond
Model which determines expected loss as a function of the issuer's
probability of default, measured by its rating of Baa1, and the
stressed losses on the cover pool assets following issuer default.

The estimated Cover Pool Losses for this program are 32.5% as of
June 2010.  This is an estimate of the losses Moody's currently
models in the event of issuer default.  Cover Pool Losses can be
split between Market Risk of 20.6% and Collateral Risk of 12.0%.
Market Risk measures losses as a result of refinancing risk and
risks related to interest-rate and currency mismatches (these
losses may also include certain legal risks).  Collateral Risk
measures losses resulting directly from the credit quality of the
assets in the cover pool.  Collateral Risk is derived from the
Collateral Score which for this program is currently 17.9%.

Tpi Framework: Moody's assigns a TPI which indicates the
likelihood that timely payment will be made to covered bondholders
following issuer default.  The effect of the TPI framework is to
limit the covered bond rating to a certain number of notches above
the issuer's rating.

                       Sensitivity Analysis

The robustness of a covered bond rating largely depends on the
credit strength of the issuer.

The number of notches by which the issuer's rating may be
downgraded before the covered bonds are downgraded under the TPI
framework is measured by the TPI Leeway.  Based on the current TPI
of "Probable", the TPI Leeway for this program is zero notches,
meaning the issuer rating would need to be downgraded to Baa2
before the covered bonds are downgraded, all other things being
equal.

A multiple notch downgrade of the covered bonds might occur in
certain limited circumstances.  Some examples might be (i) a
sovereign downgrade negatively affecting both the issuer's senior
unsecured rating and the TPI; (ii) a multiple notch downgrade of
the issuer; or (iii) a material reduction of the value of the
cover pool.


CAJASOL: Fitch Puts 'BB+' Subordinated Debt Rating Watch Positive
-----------------------------------------------------------------
Fitch Ratings has placed Banca Civica Group's Issuer Default
Ratings and Individual Rating on Rating Watch Negative.  At the
same time, Fitch has placed Monte de Piedad y Caja de Ahorros San
Fernando de Guadalajara, Huelva, Jerez y Sevilla's IDRs on Rating
Watch Positive.  A full list of all rating actions is included at
the end of this comment.

The rating actions follow the approval, by their respective
General Assemblies, of the integration of Cajasol into BCG, an
institutional protection scheme.  The SIP was formed by Caja de
Ahorros y Monte de Piedad de Navarra, Caja General de Canarias,
Caja de Ahorros Municipal de Burgos and Banca Civica SA in July
2010.  The SIP contract includes a legally binding cross-guarantee
mechanism encompassing liquidity and solvency.  Once integrated,
the constituent cajas and BC will carry the same IDRs as those of
the new group and Cajasol's Individual, Support Rating and Support
Rating Floor will be withdrawn.

The RWN on BCG's IDRs and Individual rating reflect heightened
integration risks, given the relative large size of Cajasol, and
the latter's weaker financial profile.  Furthermore, the group has
to undertake a restructuring process, in a difficult operating
environment, with muted economic growth prospects for Spain's
economy and funding and liquidity pressures due to continued
difficulties in accessing the wholesale market for many Spanish
issuers.  The RWP on Cajasol's IDRs and debt issues reflect the
potential benefits arising from integrating with a higher-rated
banking group.

Fitch will resolve the rating watches once all relevant approvals
have been received and further information and integration details
become available, expected in Q111.  The upgrade of Cajasol's IDRs
is not a certain prospect as it will depend on the agency's
assessment of the integration plan, combined asset quality,
prospects and consolidated capital levels at that time.  Fitch
expects the Long-term IDR of the new group to be either 'BBB+' or
'BBB'.  The new group will continue to have high risk
concentration to the Spanish construction and real estate sectors.
However, single-name concentration is low and Fitch views
positively the enhanced geographical diversification, sound
regional franchises and the continuing consolidation of the caja
sector in Spain.

The SIP will seek EUR977 million capital support from the
government's Fund for Orderly bank Restructuring, in the form of
convertible preference shares (convertible into "cuotas
participativas"), which qualify as regulatory core capital.  The
FROB funds are expected to be repaid within five years, through
internal capital generation supported by cost synergies from
headquarter and branch rationalization plans as well as through
early staff retirements and despite a negative impact on
profitability due to low interest rates, subdued business volumes
and restructuring costs.  FROB funds will enable the new entity to
bring forward potential impairments of the loan book against
equity, reducing future loan impairment charges.

The group will be Spain's sixth-largest banking group within the
cajas' sector, with total aggregated assets of EUR76 billion at
end-2009 (about 2.5% of the Spanish banking system assets).  The
group will focus on retail banking in Spain, applying the "civic
banking" business model.

The rating actions are:

BCG and BC:

  -- Long-term IDR: 'A-' placed on RWN
  -- Short-term IDR: 'F2' placed on RWN
  -- Individual rating: 'B/C' placed on RWN
  -- Support Rating: affirmed at '3'
  -- Support Rating Floor: affirmed at 'BB+'

Caja de Ahorros y Monte de Piedad de Navarra:

  -- Long-term IDR: 'A-' placed on RWN
  -- Short-term IDR: 'F2' placed on RWN
  -- State-guaranteed debt: affirmed at 'AA+'
  -- Subordinated debt: 'BBB+' placed on RWN
  -- Commercial paper programme: 'F2' placed on RWN

Caja General de Canarias:

  -- Long-term IDR: 'A-' placed on RWN
  -- Short-term IDR: 'F2' placed on RWN
  -- Senior unsecured debt: 'A-' placed on RWN
  -- State-guaranteed debt: affirmed at 'AA+'
  -- Subordinated debt: 'BBB+' placed on RWN

Caja de Ahorros Municipal de Burgos:

  -- Long-term IDR: 'A-' placed on RWN
  -- Short-term IDR: 'F2' placed on RWN
  -- State-guaranteed debt: affirmed at 'AA+'

Cajasol:

  -- Long-term IDR: 'BBB' placed on RWP
  -- Short-term IDR: 'F3' placed on RWP
  -- Individual rating: affirmed at 'C'
  -- Support Rating: affirmed at '3'
  -- Support Rating Floor: affirmed at 'BB+'
  -- Senior unsecured debt: 'BBB' placed on RWP
  -- State-guaranteed debt: affirmed at 'AA+'
  -- Upper tier 2 subordinated debt: 'BB+' placed on RWP
  -- Preferred stock: 'BB-' placed on RWP


CAJASUR: Fitch Affirms 'E' Individual Rating
--------------------------------------------
Fitch Ratings has downgraded Bilbao Bizkaia Kutxa's Long-term
Issuer Default Rating to 'A' from 'A+' and removed it from Rating
Watch Negative.  The Outlook is Negative.  The rating actions
follow the completion of BBK's acquisition of the assets and
liabilities of Caja de Ahorros y Monte de Piedad de Cordoba.  The
agency has also downgraded BBK's Individual rating to 'B' from
'A/B' and removed it from RWN.  At the same time, Fitch has
upgraded CajaSur's ratings to reflect support from BBK and
simultaneously withdrawn the ratings as the caja has ceased to
exist as a legal entity.  A full list of rating actions is at the
end of this release.

The downgrade of BBK's Long-term IDR and Individual rating reflect
the negative effect the acquisition has on BBK's asset quality and
capital ratios (although they remain sound) and the increased
Spanish property sector exposure.  The Negative Outlook indicates
integration, credit and funding risk challenges at a time when
Spain's economic prospects and property sector remain weak and the
pace of recovery uncertain.

Despite these challenges, in Fitch's view, BBK has management
capacity and solid financial strength to acquire CajaSur's balance
sheet via its 100%-owned bank subsidiary BBK Bank CajaSur.  In
addition, there is the benefit of an asset protection scheme from
the Spanish Fund for Orderly Bank Restructuring to help absorb
potential future expected losses, largely from CajaSur's exposure
to the construction/real estate sectors.  BBK's ratings are also
supported by its strong local franchise in one of Spain's
wealthiest regions, track record of profitability, and better-
than-sector-average asset-quality indicators due to moderate
exposure to the construction and real estate sectors.

CajaSur's liabilities (including unsecured senior, government
guaranteed-debt, subordinated and preference shares issues) have
been transferred to BBK Bank CajaSur.  While BBK has not provided
an explicit guarantee of BBK Bank CajaSur's liabilities, Fitch
believes the long-term default risk on these liabilities is
similar to that of BBK itself, given BBK's full ownership of BBK
Bank CajaSur and the latter's anticipated deep integration into
BBK.

The acquisition of CajaSur enhances BBK's size in a consolidating
Spanish banking sector and its geographic coverage in Andalucia,
particularly in the provinces of Cordoba and Jaen, where BBK has
little presence.  Fitch expects a negative effect from the upfront
recognition of significant potential future expected losses,
largely from CajaSur's loan book, and restructuring costs in the
short term, but lower loan impairment charges and medium-term
potential cost synergies and better commercial use of CajaSur's
strong provincial franchise should help sustain BBK's consistently
sound performance.

The acquisition increases the group's total construction/real
estate exposure (loans and foreclosed assets) to 18% loans from
12% at BBK.  At end-Q310, CajaSur's impaired loan ratio was 15.6%
(21.7% with foreclosed assets) vs 2.6% (3.1%) for BBK.  The pro-
forma IL ratio (without the asset protection scheme or APS) is
about 7.3% (cover: 75%).  BBK benefits from an APS of EUR392m over
EUR5.5bn of CajaSur's assets, large loan loss reserves at CajaSur
(EUR1.1bn) and tax credits.

Liquidity is backed by a sound deposit base and unused ECB
eligible assets (8% of pro-forma assets).  The group's 153%
loan/deposit ratio is likely to improve given BBK's plans to
deleverage BBK Bank CajaSur's balance sheet over the medium term.

The pro-forma group's core capital ratio of 9.1% remains sound but
significantly lower than before the acquisition (BBK reported a
core capital ratio of 15.6% at end-H110).

BBK has become the ninth-largest banking group by assets within
the Spanish cajas sector with 889 branches, mainly in Vizcaya and
Cordoba and Jaen where it has strong market shares

The rating actions are:

BBK

  -- Long-term IDR downgraded to 'A' from 'A+'; RWN removed;
     Outlook Negative

  -- Short-term IDR affirmed at 'F1'

  -- Individual Rating downgraded to 'B' from 'A/B'; RWN removed

  -- Support Rating affirmed at '3'

  -- Support Rating Floor affirmed at 'BB+'

  -- Senior notes downgraded to 'A'; RWN removed

  -- Subordinated notes downgraded to 'A-'; RWN removed

BBK Bank CajaSur

  -- ISIN XS0257102409 senior notes upgraded to 'A' from 'BB+';
     removed from RWP

  -- ISIN ES2064730070; ES0264730088; ES0264730054 subordinated
     notes upgraded to 'A-' from 'BB'; removed from RWP

  -- ISIN KYG1755M1096 preference shares upgraded to 'BBB' from
     'CC'; removed from RWP

  -- ISIN ES0364730020 government-guaranteed debt rated 'AA+'

CajaSur

  -- Long-term IDR upgraded to 'A' from 'BB+'; RWP removed;
     Outlook Negative; Withdrawn

  -- Short-term IDR upgraded to 'F1' from 'B'; RWP removed;
     Withdrawn

  -- Individual Rating affirmed at 'E'; RWP removed; Withdrawn

  -- Support Rating upgraded to '1' from '3'; RWP removed;
     Withdrawn

  -- Support Rating Floor revised to 'No Floor' from 'BB+'; RWP
     removed; Withdrawn

All of the bonds below are now the responsibility of BBK Bank
CajaSur:

  -- ISIN XS0257102409 senior notes upgraded to 'A' from 'BB+';
     RWP removed

  -- ISIN ES2064730070; ES0264730088; ES0264730054 subordinated
     notes upgraded to 'A-' from 'BB'; RWP removed

  -- ISIN KYG1755M1096 preference shares upgraded to 'BBB' from
     'CC'; RWP removed

  -- ISIN ES0364730020 government-guaranteed debt 'AA+' rated
     government-guaranteed debt is not affected

The rating impact, if any, from the above rating actions on BBK
and its bank subsidiary, securitization transactions and covered
bonds will be detailed in separate comments.

In Fitch's rating criteria, a bank's standalone risk is reflected
in Fitch's Individual ratings and the prospect of external support
is reflected in Fitch's Support ratings.  Collectively these
ratings drive Fitch's Long- and Short-term IDRs.


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


ARMOURY DEMOLITION: Calls in Administrators, 90 Jobs Under Threat
-----------------------------------------------------------------
Anna Blackaby at Birmingham Post reports that Armoury Demolition
and Recycling has collapsed into administration with 90 jobs under
threat.

Administrator Harper Cavendish was called in just before Christmas
by Legal & General, a trustee of its pension scheme, which was a
secured creditor of the company, according to Birmingham Post.

Birmingham Post notes that according to the latest available
accounts, the company made a pre-tax loss in 2009 of GBP75,000 on
a turnover of GBP8.8 million, down from a pre-tax profit of
GBP830,000 in 2008.  The report relates that according to the 2009
accounts, the company owed GBP140,000 to the Armoury Demolition
and Recycling Executive Pension Scheme in June last of that year.

Armoury's administrator said the firm was still running as it
sought to deliver current contracts, the report notes.

Armoury Demolition and Recycling is one of West Midlands best-
known demolition firm.


CONNECT SERVICES: To Enter Into Administration
----------------------------------------------
Mortgages & Strategy reports that Connect Services Group is to be
placed into administration.

A message on the firm's switchboard said that it has ceased
trading and has appointed Portland Business and Financial
Solutions as administrators, according to Mortgages & Strategy.

Connect Services Group is one of United Kingdom's largest mortgage
distributors with its members arranging over GBP4 billion in
lending during 2006.


DUNDEE FOOTBALL CLUB: Creditors to Decide Club's Fate
-----------------------------------------------------
STV reports that creditors owed money by Dundee Football Club are
expected to be told at a meeting on January 7, 2011, that they may
receive less than a tenth of what they're due.  If they vote not
to accept a figure of between 5 and 10 pence in the pound, the
club will be put into liquidation, the report relates.

Club administrator Bryan Jackson has admitted that under a
creditors' voluntary arrangement, the creditors will have to
accept the figure if the club is to be kept afloat, according to
STV.

The report notes that delegates at the meeting will be asked if
they wish to move forward to another meeting in three weeks' time
to consider entering into a Company Voluntary Arrangement.  If the
delegates agree, they'll be told then how much of a settlement
they're likely to get from the Dark Blues, who went into
administration in October, the report relates.

STV says that the club's debts are thought to stand at around
GBP2.5 million, about GBP1 million less than the figure previously
estimated.  The report notes that this sum includes "friendly
creditors" who have claims for between GBP1.2 million and GBP1.3
million, her Majesty's Revenue and Customs who are seeking
GBP420,000, miscellaneous creditors owed around GBP200,000 and
football debt of around GBP450,000.

STV discloses that this last sum has been reduced since six of the
nine players who were released while under contract when Dundee
went into administration have found new clubs, and the remaining
sum could go down further if the three other players are taken on
by new employers.

STV says that if the offer is accepted later this month, Mr.
Jackson said the club would head out of administration.  However,
if it's turned down, the club would no longer be viable, the
report adds.

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

As reported by the Troubled Company Reporter-Europe on Oct. 18,
2010, Agence France-Presse said Dundee was placed into
administration on October 14, 2010, after failing to pay a
GBP365,000 (US$583,525) tax bill.  Dundee had no option but to
accept administration after being unable to negotiate the payment,
according to AFP.


PLYMOUTH ARGYLE: Averts Liquidation After Paying HMRC Debts
-----------------------------------------------------------
Football Trade Directory reports that Plymouth Argyle Football
Club has avoided being wound up after paying some of its debts to
Her Majesty's Revenue and Customs.

Football Trade Directory says the club still owes money to HMRC
with Pilgrim's consultant and former Cardiff City and Leeds United
chairman Peter Ridsdale crediting player sales with helping pay
the debts before warning that more work needed to be done.

"There is still a massive mountain to climb.  We need everybody's
support in the community -- businesses, politicians, supporters.
We've made a good start.  It is very good, but not yet complete,"
Mr. Ridsdale told the club's official site, according to Football
Trade Directory.  "We are meeting with investors; we are meeting
with anybody who thinks they can positively contribute to
assisting us to close that gap in the finances that currently
exists."

Plymouth Argyle Football Club, commonly known as Argyle, or by
their nickname, The Pilgrims, is an English professional football
club based in Central Park, Plymouth.  It plays in Football League
One, the third division of the English football league system.


CAMBRIDGE UNITED: Put Up for Sale to Secure Long-Term Future
------------------------------------------------------------
Football Trade Directory reports that Cambridge United has been
put up for sale by its board.

According to Football Trade Directory, in a statement on the
club's official site the board blamed results on the pitch and
falling attendances on a fall in income and that new investment
was needed to take the club forward.  

The board has encouraged an approach from suporters' trust
Cambridge Fans United with CFU chairman Dave Matthew-Jones
insisting they would be interested in a takeover, Football Trade
Directory discloses.

Football Trade Directory relates that in the statement, the club
added: "At present, our income cannot sustain the current level of
expenditure on and off the field.  The most important
consideration, despite everyone's desire to be successful on the
pitch, is survival and the long term future of the club."

Cambridge United is a Blue Square Bet Premier football club.


COMPTON & WOODHOUSE: Relaunched Following Receivership
------------------------------------------------------
The Catalogue Exchange, in the United Kingdom, reports that
Compton & Woodhouse has been re-launched under new ownership
following its collapse into administration in November.  The
Company's trading name is now Owen & Williamson Ltd, a company
incorporated on October 27, according to the report.

Its previous owner, according to Catalogue Exchange, Haroldrex
Ventures, appointed Zolfo Cooper as administrator on November 1.
Haroldrex Ventures, which operated Compton & Woodhouse, Brooks &
Bentley. and Diamond Discount Centre, acquired the brands in 2009
from administrators BDO Stoy Hayward, the report relates.

During the process, 30 employees were made redundant, according to
Catalogue Exchange.

Compton & Woodhouse is a collectibles marketer.


DIAMOND COACHES: Goes Into Administration
-----------------------------------------
Diamond Coach Holidays went into administration.  BBC News reports
that PricewaterhouseCoopers, the official administrators, blamed
"economic challenges" and said no holidays or day trips would
leave "until further notice."  The report relates that the
administrator said that company would be contacting holidaymakers,
who had paid, about their claims.

A sign outside Diamond's Cardiff offices earlier said the company
had ceased trading and was seeking an administration order,
according to BBC News.

"The companies have suffered as a result of the ongoing economic
challenges facing this particular segment of the travel and
hospitality sector, including increased fuel and other costs which
resulted in difficult trading conditions," BBC News quoted Roger
Hale, joint administrator and director at PwC as saying.  The
report relates that PWC said the companies had "run out of
alternative options."

"In the short term, the administrators have suspended business
operations while they assess the options available.  No holidays
or day trips will leave until further notice.  The administrators
will be reviewing the position regarding outstanding customer
bookings," PWC said, BBC News notes.  The companies were
financially bonded with a total payment protection policy in
respect of coach holidays sold before December 31, 2010, it added.

Headquartered in Swansea, Diamond Coach Holidays organizes trips
around the UK and Europe.  Diamond Coach Holidays began in 1954
and carries 80,000 people on board annually. The business includes
Brian Isaac Coaches Ltd.  It is believed to have a workforce of
around 70.


GOCAR MOTOR: Goes Into Administration
-------------------------------------
Nathan Jackson at the Football Network reports that Lincoln City's
already well documented losses over the last financial year might
be set to take another blow with the news that main sponsors GoCar
Motor Superstore have gone into administration.

GoCar Motor Superstore is the main sponsors of the home kit of
Lincoln City, with the University of Lincoln providing the
sponsorship for the away and third kits, according to the report.

Gocar Motor Superstore was established in 1964, originally a
family run business it has recently undergone massive
transformation and redevelopment.


INDEPENDENT FINANCIAL ADVISOR: Goes Into Administration
-------------------------------------------------------
The Evening Telegraph reports that all 48 jobs have been saved
after a Wisbech-based company went into administration.  The
report relates Independent Financial Advisor (IFA) intermediary
The Clarkson Hill Group PLC, based in Alexandra Road, Wisbech, has
been rescued shortly after it went into administration.

The joint administrators, Tony Murphy and Rob Horton of insolvency
specialist Bridge Business Recovery have sold Clarkson Hill's
business and assets to Merchant House Securities Limited (MHSL), a
London-based corporate finance boutique, investment advisory and
stockbroker, according to the Evening Telegraph.  The report
relates that the move has safeguarded the national network of nine
offices and 48 employees and possibly also its 200 self-employed
IFAs.

The Evening Telegraph notes that the downturn in the company's
fortunes was caused by economic uncertainty and additional
regulatory costs imposed by the Financial Services Authority.  The
report says that this resulted in operating losses for Clarkson
Hill in 2009 and the troubled group went into talks with the FSA
about its capital requirements.

In November 2010, the Evening Telegraph recounts, Clarkson Hill
had its permissions removed by the FSA to give advice or write
business and later that month, the company's shares were
suspended.

Independent Financial Advisor is a Wisbech-based company.


KIDDERMINSTER HARRIERS: Has "Weeks" to Sort Out Finances
--------------------------------------------------------
Football Trade Directory reports that Kidderminster Harriers' new
chairman Mark Serrell has said that the club has "weeks rather
than months" to sort out its finances.

Football Trade Directory notes that while Kidderminster Harriers
managed to gain extra time from Her Majesty's Revenue and Customs
to avoid a company voluntary arrangement, Mr. Serrell has warned
that the club's future is still in the balance.

The club currently need GBP120,000 to pay off their debts,
according to Football Trade Directory.

Kidderminster Harriers F.C. is an English association football
team based in Kidderminster, Worcestershire, and formed in 1886.
It currently plays in the Conference National and has played at
Aggborough Stadium since they were formed.


LES TAYLOR: Goes Into Administration, 160 Jobs Made Redundant
-------------------------------------------------------------
STV reports that Peterhead's Les Taylor Contractors and J. G.
Fowlie (Contractors) Ltd have gone into administration.  The
report relates that accountants Ernst & Young have been appointed
joint-receivers to Les Taylor Contractors Ltd and subsidiary
company, J.G. Fowlie (Contractors) Ltd.

The companies have faced increasing difficulties relating to the
decline in demand for building services in Scotland, according to
STV.  The report relates that workers at the firm had been issued
with redundancy warnings last year.

STV discloses that the company's bosses said that they have
managed to survive a difficult two-year period without having to
make any major staff losses, but that the workload had dipped in
recent months.  The report notes that 164 employees met with the
receivers this afternoon when they were regretfully informed that
the majority had lost their jobs.

"The decline of the businesses was such that we had no other
option other than to make these unfortunate job cuts.  Some staff
has been retained to assist with securing and in gathering assets.
We are now focused on realizing assets on behalf of the companies'
creditors," STV quoted joint receiver Colin Dempster, from Ernst
and Young, as saying.

Les Taylor Contractors Ltd is a Mintlaw-based civil engineering
and quarry firm.  The firm is one of Buchan's biggest employers
and has a workforce of around 200 people, specializing in
demolition, drainage, quarrying and civil engineering work.


METRONET RAIL BCV: Has Tapped KPMG to Complete Tax Return
---------------------------------------------------------
In a supplemental declaration filed with the U.S. Bankruptcy Court
for the Southern District of New York, Paul Laurenzano, a partner
of KPMG LLP, related that a member firm of KPMG International
located in the United Kingdom, has been appointed as the
liquidators of Metronet Rail BCV Finance Plc in connection with
the voluntary liquidation of that company.  KPMG LLP is a member
of KMPG International, a Swiss cooperative of member firms, each a
separate legal entity, located worldwide.  He discloses that
Metronet is a United Kingdom subsidiary of Ambac Financial Group,
Inc.

Ambac Financial Group, Inc. has tapped KPMG LLP as its auditor,
tax consultant and bankruptcy administration consultant in its
bankruptcy case in the United States.

Mr. Laurenzano says KPMG-UK as liquidator merely needs to
complete the submission of the final UK tax return for Metronet,
following which it is expected that the UK tax authority will
consent to the winding up of Metronet, which is the final
requirement for that entity to legally cease existence under
applicable law.  While it is hoped the tax clearance will be
received in the first half of 2011, administrative procedures of
that kind could take longer, he tells the Court.

Moreover, KPMG is engaged by IBM Corporation to provide a routine
software license review in connection with software licenses
between IBM and licensees, Mr. Laurenzano relates.  Ambac has
software licenses with IBM, which may include a license with the
Debtor, and in accordance with those licenses are subject to
those license review procedures.

Mr. Laurenzano assures the Court that no KPMG professional
providing services to the Debtor will provide services to IBM and
Metronet, and no KPMG professional providing services to IBM and
Metronet will provide services to the Debtor.  He maintains that
neither the engagement by KPMG-UK nor the software review gives
rise to a finding that KPMG represents or holds interests adverse
to the Debtor's estate with respect to the matters for which KPMG
has been retained.

                       About Ambac Financial

Ambac Financial Group, Inc., headquartered in New York City, is a
holding company whose affiliates provided financial guarantees and
financial services to clients in both the public and private
sectors around the world.

Ambac Financial filed a voluntary petition for relief under
Chapter 11 of the U.S. Bankruptcy Code in Manhattan (Bankr.
S.D.N.Y. Case No. 10-15973) on November 8, 2010.  Ambac said it
will continue to operate in the ordinary course of business as
"debtor-in-possession" under the jurisdiction of the Bankruptcy
Court and in accordance with the applicable provisions of the
Bankruptcy Code and the orders of the Bankruptcy Court.

Ambac's bond insurance unit, Ambac Assurance Corp., did not file
for bankruptcy.  AAC is being restructured by state regulators in
Wisconsin.  AAC is domiciled in Wisconsin and regulated by the
Office of the Commissioner of Insurance of the State of Wisconsin.
The parent company is not regulated by the OCI.

Ambac's consolidated balance sheet -- which includes non-debtor
Ambac Assurance Corp -- showed US$30.05 billion in total assets,
US$31.47 billion in total liabilities, and a US$1.42 billion
stockholders' deficit, at June 30, 2010.

On an unconsolidated basis, Ambac said in a court filing that
it has assets of (US$394.5 million) and total liabilities of
US$1.6826 billion as of June 30, 2010.

Bank of New York Mellon Corp., as trustee to seven different types
of notes, is listed as the largest unsecured creditor, with claims
totaling about US$1.62 billion.

The Vanguard Group, Inc., holds 5.46% of the stock of Ambac and is
its largest shareholder.

Peter A. Ivanick, Esq., Allison H. Weiss, Esq., and Todd L.
Padnos, Esq., at Dewey & LeBoeuf LLP represent the Debtor.  The
Blackstone Group LP is the Debtor's financial advisor.  Kurtzman
Carson Consultants LLC is the claims and notice agent.

Anthony Princi, Esq., Gary S. Lee, Esq., and Brett H. Miller,
Esq., at Morrison & Foerster LLP, in New York, serve as counsel to
the Official Committee of Unsecured Creditors.

Bankruptcy Creditors' Service, Inc., publishes AMBAC BANKRUPTCY
NEWS.  The newsletter tracks the Chapter 11 proceeding
undertaken by Ambac Financial Group Inc.
(http://bankrupt.com/newsstand/or 215/945-7000)


PARK CIRCUS: Ex-Director Accused of Stealing GBP250,000 From Firm
-----------------------------------------------------------------
Bridging and Commercial reports that The Daily Record revealed
former director of Park Circus Homes, Maureen McLaughlin, is
reported to have taken GBP247,000 from the firm just before it
went into administration.  Bridging and Commercial relates The
Daily Record reported that Ms. McLaughlin was allowed to run the
company despite being banned by the government from holding any
company directorships following 'disastrous previous
developments.'

Ms. McLaughlin was convicted of five counts of mortgage fraud in
1988, but avoided a prison sentence, according to Bridging and
Commercial.   Ms. McLaughlin was also reported to be involved in a
failed development in 2001, on a converted quarry in Kilsyth,
Stirlingshire, in which dozens of people lost deposits worth tens
of thousands of pounds, the report relates.

However, Bridging and Commercial discloses, Ms. McLaughlin was
allowed to run Park Circus Homes after persuading a sheriff that
her directorship ban should include an exempt for heading up the
property company.

Park Circus Homes went into liquidation in March 2008 and was
placed into administration two weeks later, the report adds.

Park Circus Homes is luxury property company.


* UK: SNP Seeks Inquiry Into Insolvency Industry
------------------------------------------------
Scott MacNab at The Scotsman reports that the UK government is
being urged to set up an inquiry into the insolvency industry,
amid concerns that liquidation firms are collecting millions of
pounds in fees at the expense of creditors.

According to The Scotsman, the Scottish National Party says
administrators are "making a fortune" as firms go to the wall as a
result of the recession.

The Scotsman notes that industry leaders insist administrators
have been able to save the jobs of hundreds of staff at ailing
firms and point to a recent watchdog's report which gave the
profession a "clean bill of health."

Christmas hamper firm Farepak collapsed in October 2006 owing
GBP37 million to more than 119,000 savers, The Scotsman discloses.
But the payout to administrators in this and other high-profile
cases, such as the collapse of Zavvi and Land of Leather stores,
have raised eyebrows among critics, The Scotsman discloses.

SNP business and enterprise spokesman Mike Weir is now demanding
an official inquiry, The Scotsman says.

"The UK government must take a serious look at the workings of the
insolvency industry, which appears to be raking in a fortune at
the expense of creditors," The Scotsman quoted Mr. Weir as saying.

"It looks like another example of rip-off Britain and another
failure by the UK government to regulate properly.

"After four years, victims of the Farepak collapse have been left
with pennies while the administrators have walked away with
millions, and this by no means is an isolated case."


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


* Fitch Says European Leveraged Credit Portfolio Stabilizing
------------------------------------------------------------
Fitch Ratings says in a new special report that its shadow rated
European leveraged credit portfolio of approximately 300 European
borrowers is continuing to stabilize.  Debt service metrics have
improved as the expiration of interest rate hedges and low Libor-
based interest costs allow highly leveraged borrowers with strong
liquidity to continue to de-leverage until significant maturities
come due in 2013.

"Outstanding leverage levels remain high even as deleveraging
progress gains traction.  With refinancing requirements for
maturity payments approaching in two years, Fitch may soon have to
distinguish ratings between issuers with sustainable debt capital
structures and those that will require restructuring," says
Cecile Durand-Agbo, Director in Fitch's Leveraged Finance team in
London.

The rate of default in Fitch's portfolio remained stable at 6.4%
by number of issuers as of last 12 month September 2010 compared
with 6.5% as of LTM March 2010.  Cumulative defaults by volume
since the onset of the crisis reached 14% at Q310, and are poised
to rise further as subordinated debt may have to be written down
when marginal borrowers seek maturity extensions in 2012 and 2013.

The proportion of ratings at risk (i.e. rated CCC* or below)
remains at 16% at end of September 2010 (17% at end of March
2010).  They include an increasing number of issuers rated 'CCC*'
because of weak credit metrics and refinancing concerns.

In contrast, the proportion of issuers rated 'B+*' or higher
increased to 17% in September 2010 compared with 15% in March 2010
due to improvements in their cash generation and economic recovery
contributed towards substantial deleveraging.  Momentum towards
refinancing of legacy debt gained traction in 2010 through sales
to other equity sponsors, and in some cases through high yield
bond issuance.

Select initial public offerings and sales to large strategic
corporate buyers also supported sponsor exits and repaid loans
ahead of schedule, releasing funds to support new loan appetite
among banks and collateralized loan obligation managers.  New
primary market LBO debt financings picked up in 2010, although
they mostly consist of secondary and tertiary buy-outs of legacy
deals with existing syndicates in place rather than first time
LBOs.

2010 primary market structures exhibited notably more conservative
terms in pricing, senior and total leverage multiples and greater
equity contributions.  However, primary market enterprise value
multiples remain high and similar to the 2006-2007 multiples.


* BOND PRICING: For the Week January 3 to January 7, 2011
---------------------------------------------------------

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

AUSTRIA
-------
HYPO TIROL BANK          3.000    6/1/2020      EUR     74.72

CZECH REPUBLIC
--------------
SAZKA                    9.000   7/12/2021      EUR     54.92

FINLAND
-------
MUNI FINANCE PLC         0.500   9/24/2020      CAD     69.73
MUNI FINANCE PLC         1.000   2/27/2018      AUD     67.90
MUNI FINANCE PLC         1.000   6/30/2017      ZAR     59.47
MUNI FINANCE PLC         0.500   3/17/2025      CAD     54.91
MUNI FINANCE PLC         0.250   6/28/2040      CAD     24.06

FRANCE
------
AIR FRANCE-KLM           4.970    4/1/2015      EUR     17.21
ALCATEL-LUCENT           5.000    1/1/2015      EUR      3.32
ALTRAN TECHNOLOG         6.720    1/1/2015      EUR      4.75
ATOS ORIGIN SA           2.500    1/1/2016      EUR     53.93
CALYON                   6.000   6/18/2047      EUR     26.05
CAP GEMINI SOGET         3.500    1/1/2014      EUR     42.08
CAP GEMINI SOGET         1.000    1/1/2012      EUR     43.00
CLUB MEDITERRANE         6.110   11/1/2015      EUR     18.84
CLUB MEDITERRANE         5.000    6/8/2012      EUR     17.33
EURAZEO                  6.250   6/10/2014      EUR     58.71
FAURECIA                 4.500    1/1/2015      EUR     25.70
MAUREL ET PROM           7.125   7/31/2014      EUR     16.82
MAUREL ET PROM           7.125   7/31/2015      EUR     14.24
NEXANS SA                4.000    1/1/2016      EUR     66.15
ORPEA                    3.875    1/1/2016      EUR     46.69
PEUGEOT SA               4.450    1/1/2016      EUR     35.18
PUBLICIS GROUPE          3.125   7/30/2014      EUR     40.38
PUBLICIS GROUPE          1.000   1/18/2018      EUR     49.20
RHODIA SA                0.500    1/1/2014      EUR     49.03
SOC AIR FRANCE           2.750    4/1/2020      EUR     22.27
SOITEC                   6.250    9/9/2014      EUR     10.24
TEM                      4.250    1/1/2015      EUR     56.76
THEOLIA                  2.700    1/1/2041      EUR     10.89

GERMANY
-------
DEUTSCHE BK LOND         0.500   8/25/2017      BRL     55.40
DEUTSCHE BK LOND         3.000   5/18/2012      CHF     65.67
ESCADA AG                7.500    4/1/2012      EUR     18.49
HSH NORDBANK AG          4.375   2/14/2017      EUR     54.48
L-BANK FOERDERBK         0.500   5/10/2027      CAD     49.34
LB BADEN-WUERTT          2.500   1/30/2034      EUR     73.72
QIMONDA FINANCE          6.750   3/22/2013      USD      4.00
RENTENBANK               1.000   3/29/2017      NZD     74.66
SOLON AG SOLAR           1.375   12/6/2012      EUR     28.23

GREECE
------
ATHENS URBAN TRN         5.008   7/18/2017      EUR     63.70
ATHENS URBAN TRN         4.301   8/12/2014      EUR     73.48
ATHENS URBAN TRN         4.851   9/19/2016      EUR     67.88
HELLENIC RAILWAY         4.500   12/6/2016      JPY     58.13
HELLENIC REP I/L         2.300   7/25/2030      EUR     49.61
HELLENIC REP I/L         2.900   7/25/2025      EUR     49.12
HELLENIC REPUB           5.200   7/17/2034      EUR     62.98
HELLENIC REPUB           5.000   3/11/2019      EUR     68.51
HELLENIC REPUB           5.250    2/1/2016      JPY     67.21
HELLENIC REPUB           4.590    4/8/2016      EUR     73.85
HELLENIC REPUB           6.140   4/14/2028      EUR     72.57
HELLENIC REPUB           5.800   7/14/2015      JPY     71.14
HELLENIC REPUBLI         5.500   8/20/2014      EUR     74.74
HELLENIC REPUBLI         4.600   7/20/2018      EUR     60.44
HELLENIC REPUBLI         3.985   7/25/2014      EUR     72.40
HELLENIC REPUBLI         4.500    7/1/2014      EUR     72.75
HELLENIC REPUBLI         4.500   5/20/2014      EUR     73.33
HELLENIC REPUBLI         6.000   7/19/2019      EUR     64.43
HELLENIC REPUBLI         4.300   7/20/2017      EUR     60.97
HELLENIC REPUBLI         5.900   4/20/2017      EUR     66.44
HELLENIC REPUBLI         4.020   9/13/2016      EUR     62.84
HELLENIC REPUBLI         3.600   7/20/2016      EUR     61.78
HELLENIC REPUBLI         6.100   8/20/2015      EUR     74.12
HELLENIC REPUBLI         3.700   7/20/2015      EUR     66.48
HELLENIC REPUBLI         4.600   9/20/2040      EUR     54.19
HELLENIC REPUBLI         4.500   9/20/2037      EUR     54.20
HELLENIC REPUBLI         5.300   3/20/2026      EUR     58.65
HELLENIC REPUBLI         4.700   3/20/2024      EUR     57.56
HELLENIC REPUBLI         6.250   6/19/2020      EUR     65.72
NATIONAL BK GREE         3.875   10/7/2016      EUR     75.66

IRELAND
-------
AIB MORTGAGE BNK         5.000    3/1/2030      EUR     58.81
AIB MORTGAGE BNK         5.000   2/12/2030      EUR     58.84
AIB MORTGAGE BNK         5.580   4/28/2028      EUR     65.15
ALLIED IRISH BKS        10.750   3/29/2017      USD     25.95
ALLIED IRISH BKS        10.750   3/29/2017      EUR     24.88
ALLIED IRISH BKS        12.500   6/25/2019      EUR     26.48
ALLIED IRISH BKS        12.500   6/25/2019      GBP     26.41
ALLIED IRISH BKS        11.500   3/29/2022      GBP     25.46
ALLIED IRISH BKS         5.250   3/10/2025      GBP     24.36
ALLIED IRISH BKS         7.875    7/5/2023      GBP     24.84
BANK OF IRELAND          5.600   9/18/2023      EUR     45.16
BANK OF IRELAND          4.875   1/22/2018      GBP     50.28
BANK OF IRELAND         10.750   6/22/2018      GBP     58.26
BANK OF IRELAND          4.625   2/27/2019      EUR     48.37
BANK OF IRELAND         10.000   2/12/2020      GBP     58.64
BANK OF IRELAND          9.250    9/7/2020      GBP     52.98
BANK OF IRELAND         10.000   2/12/2020      EUR     59.18
BK IRELAND MTGE          5.400   11/6/2029      EUR     59.67
BK IRELAND MTGE          3.250   6/22/2015      EUR     76.87
BK IRELAND MTGE          5.760    9/7/2029      EUR     62.63
BK IRELAND MTGE          5.450    3/1/2030      EUR     59.57
DEPFA ACS BANK           5.125   3/16/2037      USD     63.66
DEPFA ACS BANK           4.900   8/24/2035      CAD     64.30
DEPFA ACS BANK           3.250   7/31/2031      CHF     72.68
DEPFA ACS BANK           0.500    3/3/2025      CAD     38.92
DEPFA ACS BANK           5.125   3/16/2037      USD     65.02
DEPFA ACS BANK           6.000   10/7/2035      USD     73.78
EBS BLDG SOCIETY         4.000   2/25/2015      EUR     77.31
EBS BLDG SOCIETY         4.992   3/19/2015      EUR     72.60
EBS MORTGAGE             4.000   12/1/2014      EUR     69.38
IRISH GOVT               4.500   4/18/2020      EUR     72.49
IRISH GOVT               5.400   3/13/2025      EUR     71.93
IRISH GOVT               4.400   6/18/2019      EUR     74.48
IRISH LIFE PERM          4.820   3/22/2015      EUR     73.99
IRISH LIFE PERM          4.250    4/9/2015      EUR     72.50
IRISH NATIONWIDE         6.250   6/26/2012      GBP     46.50
IRISH NATIONWIDE         5.500   1/10/2018      GBP     22.47
IRISH NATIONWIDE        13.000   8/12/2016      GBP     23.94
UT2 FUNDING PLC          5.321   6/30/2016      EUR     75.44

ITALY
-----
ABRUZZO REGION           4.450    3/1/2037      EUR     74.06
CITY OF TURIN            5.270   6/26/2038      EUR     66.84
CO BACOLI                3.671   3/31/2026      EUR     71.25
CO BRAONE                4.620   6/30/2036      EUR     74.24
CO CASTELMASSA           3.960   3/31/2026      EUR     74.15
CO CAZZAGO SAN M         4.462   6/30/2037      EUR     72.42
CO CISON VALMARI         4.495   6/30/2031      EUR     75.15
CO PROVAGLIO DI          4.572   6/30/2037      EUR     73.50
CO PROVAGLIO DI          4.687   6/30/2036      EUR     74.92
CO SPOLETO               3.711   3/31/2026      EUR     71.62
CO VOBARNO               4.572   6/30/2037      EUR     73.50
COMU MONT LEOGRA         4.362   1/13/2037      EUR     71.40
COMU MONT LEOGRA         3.685   1/15/2026      EUR     71.60
PRALBOINO                4.567   6/30/2037      EUR     73.49
PRVASCOLI PICENO         4.077   3/15/2026      EUR     74.45
TELECOM ITALIA           5.250   3/17/2055      EUR     74.90
ARCELORMITTAL            7.250    4/1/2014      EUR     31.64
BREEZE FINANCE           6.708   4/19/2027      EUR     64.75
DEXIA BQ INT LUX         2.390   12/7/2021      EUR     73.45
LIGHTHOUSE INTL          8.000   4/30/2014      EUR     39.00
LIGHTHOUSE INTL          8.000   4/30/2014      EUR     39.29
APP INTL FINANCE        11.750   10/1/2005      USD      0.01
BK NED GEMEENTEN         0.500   2/24/2025      CAD     53.25
BRIT INSURANCE           6.625   12/9/2030      GBP     65.60
DGS INTL FIN BV         10.000    6/1/2007      USD      0.01
ELEC DE CAR FIN          8.500   4/10/2018      USD     55.58
INDAH KIAT INTL         12.500   6/15/2006      USD      0.01
IVG FINANCE BV           1.750   3/29/2017      EUR     74.86
NATL INVESTER BK        25.983    5/7/2029      EUR     24.55
NED WATERSCHAPBK         0.500   3/11/2025      CAD     54.37
Q-CELLS INTERNAT         5.750   5/26/2014      EUR     67.24
RABOBANK                 2.805   8/28/2020      AUD     73.75
RBS NV EX-ABN NV         6.316   6/29/2035      EUR     69.12
SIDETUR FINANCE         10.000   4/20/2016      USD     73.50
TJIWI KIMIA FIN         13.250    8/1/2001      USD      0.01

NORWAY
------
EKSPORTFINANS            0.500    5/9/2030      CAD     43.56
KOMMUNALBANKEN           0.500   9/24/2014      BRL     73.07

PORTUGAL
--------
CAIXA GERAL DEPO         4.400   10/8/2019      EUR     71.49
CAIXA GERAL DEPO         5.380   10/1/2038      EUR     68.34
CAIXA GERAL DEPO         5.320    8/5/2021      EUR     73.05
METRO DE LISBOA          4.061   12/4/2026      EUR     63.10
METRO DE LISBOA          4.799   12/7/2027      EUR     68.55
PORTUGUESE OT'S          4.100   4/15/2037      EUR     68.49

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      7.01
EUROKOMMERZ             16.000   3/15/2011      RUB      0.01
IART                    12.000    8/4/2013      RUB      1.00
IZHAVTO                 18.000    6/9/2011      RUB     11.31
M-INDUSTRIYA            12.250   8/16/2011      RUB     28.07
M-INDUSTRIYA            14.250   7/10/2013      RUB     75.00
MIG-FINANS               0.100    9/6/2011      RUB      1.00
MIRAX                   14.990   5/17/2011      RUB     34.21
MIRAX                   17.000   9/17/2012      RUB     33.01
MOSMART FINANS           0.010   4/12/2012      RUB      1.84
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      0.04
NOK                     10.000   9/22/2011      RUB      5.01
NOVYE TORGOVYE S        15.000   4/26/2011      RUB     72.00
RYBINSKKABEL             0.010   2/28/2012      RUB      0.05
SAHO                    10.000   5/21/2012      RUB      1.03
SATURN                   8.500    6/6/2014      RUB      7.35
SENATOR                 14.000   5/18/2012      RUB     75.00
SEVKABEL-FINANS         10.500   3/27/2012      RUB      3.40
SINERGIA                10.000   8/18/2014      RUB     75.00
SVOBODNY SOKOL           0.100   5/24/2011      RUB     30.00
TECHNOSILA-INVES         7.000   5/26/2011      RUB      1.01
TERNA-FINANS             1.000   11/4/2011      RUB      4.10
VESTER-FINANS           15.250   8/11/2011      RUB      1.30
VKM-LEASING FINA         1.000   5/18/2011      RUB      0.07

SPAIN
-----
AYT CEDULAS CAJA         4.750   5/25/2027      EUR     72.13
AYT CEDULAS CAJA         3.750   6/30/2025      EUR     63.82
BANCAJA                  1.500   5/22/2018      EUR     65.32
BANCAJA EMI SA           2.755   5/11/2037      JPY     69.34
BANCO GUIPUZCOAN         1.500   4/18/2022      EUR     56.67
CAJA CASTIL-MAN          1.500   6/23/2021      EUR     58.69
CAJA MADRID              5.755   2/26/2028      EUR     73.78
CAJA MADRID              4.125   3/24/2036      EUR     70.04
CEDULAS TDA 6            3.875   5/23/2025      EUR     65.05
CEDULAS TDA A-5          4.250   3/28/2027      EUR     66.00
CEDULAS TDA A-6          4.250   4/10/2031      EUR     60.35
GEN DE CATALUNYA         4.220   4/26/2035      EUR     68.78
GENERAL DE ALQUI         2.750   8/20/2012      EUR     71.75
IM CEDULAS 5             3.500   6/15/2020      EUR     74.30
JUNTA LA MANCHA          3.875   1/31/2036      EUR     64.52

SWEDEN
------
SWEDISH EXP CRED         0.500   1/25/2028      USD     51.89
SWEDISH EXP CRED         9.000   8/12/2011      USD     10.07
SWEDISH EXP CRED         9.000   8/28/2011      USD     10.45
SWEDISH EXP CRED         8.000   11/4/2011      USD      9.09
SWEDISH EXP CRED         0.500   9/29/2015      BRL     67.78

SWITZERLAND
-----------
UBS AG                  13.300   5/23/2012      USD      4.20
UBS AG                  10.580   6/29/2011      USD     39.86
UBS AG                  13.700   5/23/2012      USD     14.15
UBS AG JERSEY           16.160   3/31/2011      USD     42.07
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     33.19
UBS AG JERSEY           11.000   2/28/2011      USD     69.73
UBS AG JERSEY           15.250   2/11/2011      USD     11.17
UBS AG JERSEY           16.170   1/31/2011      USD     12.57
UBS AG JERSEY           14.640   1/31/2011      USD     35.68
UBS AG JERSEY           13.900   1/31/2011      USD     33.88
UBS AG JERSEY           12.640   7/29/2011      USD     34.30
UBS AG JERSEY            3.220   7/31/2012      EUR     45.36
UBS AG JERSEY            9.450   9/21/2011      USD     50.48
UBS AG JERSEY            9.350   9/21/2011      USD     70.35
UBS AG JERSEY           11.150   8/31/2011      USD     39.91
UBS AG JERSEY           10.360   8/19/2011      USD     53.50
UBS AG JERSEY           10.280   8/19/2011      USD     35.71
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           10.820   4/21/2011      USD     21.09
UBS AG JERSEY           10.000   2/11/2011      USD     58.25

UNITED KINGDOM
--------------
BANK OF SCOTLAND         6.984    2/7/2035      EUR     74.08
BARCLAYS BK PLC          9.000   6/30/2011      USD     43.97
BARCLAYS BK PLC          7.500   9/22/2011      USD     16.88
BARCLAYS BK PLC          8.750   9/22/2011      USD     73.69
BARCLAYS BK PLC          8.800   9/22/2011      USD     16.37
BARCLAYS BK PLC          8.550   1/23/2012      USD     11.56
BARCLAYS BK PLC         10.950   5/23/2011      USD     65.68
BARCLAYS BK PLC         10.350   1/23/2012      USD     21.12
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         10.800   7/31/2012      USD     27.67
BARCLAYS BK PLC          9.250   8/31/2012      USD     35.27
BARCLAYS BK PLC          9.500   8/31/2012      USD     29.99
BARCLAYS BK PLC         10.510   5/31/2011      USD     13.00
BARCLAYS BK PLC          7.610   6/30/2011      USD     52.25
BARCLAYS BK PLC         13.000   5/23/2011      USD     23.10
BARCLAYS BK PLC          9.400   7/31/2012      USD     11.46
BRADFORD&BIN BLD         4.910    2/1/2047      EUR     69.77
BRADFORD&BIN BLD         5.500   1/15/2018      GBP     45.57
BRADFORD&BIN PLC         6.625   6/16/2023      GBP     43.42
BRADFORD&BIN PLC         7.625   2/16/2049      GBP     48.17
CO-OPERATIVE BNK         5.875   3/28/2033      GBP     69.41
DISCOVERY EDUCAT         1.948   3/31/2037      GBP     66.09
EFG HELLAS PLC           6.010    1/9/2036      EUR     22.50
EFG HELLAS PLC           5.400   11/2/2047      EUR     46.25
ENTERPRISE INNS          6.375   9/26/2031      GBP     62.97
HBOS PLC                 6.000   11/1/2033      USD     74.54
HBOS PLC                 4.500   3/18/2030      EUR     72.24
HBOS PLC                 6.000   11/1/2033      USD     74.54
HEALTHCARE SUPP          2.067   2/19/2043      GBP     69.15
MAX PETROLEUM            6.750    9/8/2012      USD     63.66
NORTHERN ROCK            5.750   2/28/2017      GBP     71.58
PRINCIPALITY BLD         5.375    7/8/2016      GBP     64.97
PUNCH TAVERNS            8.374   7/15/2029      GBP     50.87
PUNCH TAVERNS            6.468   4/15/2033      GBP     36.48
PUNCH TAVERNS            7.567   4/15/2026      GBP     49.07
ROYAL BK SCOTLND         6.316   6/29/2030      EUR     68.06
RSL COMM PLC            10.125    3/1/2008      USD      1.31
RSL COMM PLC             9.125    3/1/2008      USD      1.31
SKIPTON BUILDING         5.625   1/18/2018      GBP     70.09
SKIPTON BUILDING         6.750   5/30/2022      GBP     64.81
TXU EASTERN FNDG         6.750   5/15/2009      USD      2.88
TXU EASTERN FNDG         6.450   5/15/2005      USD      2.88
UNIQUE PUB FIN           6.464   3/30/2032      GBP     63.59
WESSEX WATER FIN         1.369   7/31/2057      GBP     32.16


                            *********

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 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.


                 * * * End of Transmission * * *