/raid1/www/Hosts/bankrupt/TCREUR_Public/110117.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 17, 2011, Vol. 12, No. 11

                            Headlines



A U S T R I A

A-TEC INDUSTRIES: Aurubis Not Eyeing Montanwerke Brixlegg Unit


C Z E C H   R E P U B L I C

SAZKA AS: To Use All Available Means to Avert Bankruptcy
SAZKA AS: S&P Lowers Long-Term Corporate Credit Rating to 'D'


F R A N C E

BELVEDERE SA: Obtains Fast-Track Hearing on Bondholder Appeal


G R E E C E

NAVIOS MARITIME: S&P Assigns 'B+' Rating on US$325MM Unsec. Notes


H U N G A R Y

HASIT-HUNGARIA: Genesis Energy Seeks HUF1.1-BB in Claims
MAROSCIPO KFT: Liquidator Fails to Attract Bids for Assets


I R E L A N D

IVORY CDO: S&P Lowers Rating on Class E Notes to 'CCC (sf)'


I T A L Y

AEROPORTI DI ROMA: Moody's Downgrades Debt Ratings to 'Ba1'
ALITALIA SPA: Industry Minister Estimates Bailout Cost at EUR1BB


N E T H E R L A N D S

TEXNIKA FINANCE: Fitch Rates Recourse Notes at 'B-(exp)'


S P A I N

VIAJES MARSANS: Creditors Have One Month to Submit Claims


U N I T E D   K I N G D O M

BRITISH BOOKSHOPS: Enters Into Administration
CONCENTRAL LTD: Goes Into Administration
CORSAIR JERSEY: S&P Lowers Rating on Series 7 Notes to 'D (sf)'
DUNDEE FOOTBALL CLUB: Lost Appeal Against Point Deduction
EUROTEK OFFICE: Goes Into Administration

GLENTORAN FOOTBALL: HMRC Dismisses Winding-Up Petition
KCA DEUTAG: May Sell Business Amid US$2-BB Debt Restructuring
PARNELL CENTRE: Sheridan Group to Fight Anglo's Receivership Bid
PHOENIX CHEMICALS: Goes Into Administration, 34 Jobs at Risk
SPECIALIST ROOFING: Goes Into Administration

VICTORIA FUNDING: Moody's Cuts Rating on Class E Notes to 'Ca(sf)'


X X X X X X X X

* BOND PRICING: For the Week January 10 to January 14, 2011


                            *********


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


A-TEC INDUSTRIES: Aurubis Not Eyeing Montanwerke Brixlegg Unit
--------------------------------------------------------------
Aurubis AG isn't interested in buying insolvent A-Tec Industries
AG's Montanwerke Brixlegg AG copper unit, Nicholas Comfort at
Bloomberg News reports, citing Michaela Hessling, a spokeswoman
for the Hamburg-based copper refiner.

Bloomberg relates that Boerse Express newsletter reported earlier
that Aurubis may be interested in acquiring Montanwerke Brixlegg.

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

A-TEC Industries AG engages in plant construction, drive
technology, machine tools, and minerals and metals businesses in
Europe and internationally.  The company is based in Vienna,
Austria.


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C Z E C H   R E P U B L I C
===========================


SAZKA AS: To Use All Available Means to Avert Bankruptcy
--------------------------------------------------------
Ladka Bauerova at Bloomberg News reports that Sazka AS Chairman
Ales Husak said the company isn't legally in an insolvency
situation and will use all available means to fight attempts to
put it into bankruptcy.

Bloomberg relates that Mr. Husak said at a press conference in
Prague on Friday the downgrade by Standard & Poor's of its debt
rating to D was "irrelevant" as the company has no plans to borrow
money.

Mr. Husak, as cited by Bloomberg, said the price of Sazka's bonds
is more important than ratings and wants to pay the principal on
its bonds with a delay of one to two years.

Sazka also doesn't recognize debt claims made by billionaire
Radovan Vitek and accused him of trying to start a "hostile
takeover attempt," Bloomberg quoted Jaromir Cisar, a lawyer for
Sazka as saying.

"Vitek is filing insolvency purely with the purpose of knocking
down the price of the bonds and then buying them cheaply,"
Mr. Husak said, according to Bloomberg.  "That's exactly what the
law forbids."

Mr. Vitek, the owner of real estate developer Czech Property
Investments Group, still plans to file an insolvency case against
Sazka on Jan. 17, Bloomberg says, citing the Czech financier's
spokeswoman Michaela Winklerova.

                        Insolvency Threat

As reported by the Troubled Company Reporter-Europe on Jan. 6,
2011, Bloomberg News said Mr. Vitek threatened to file an
insolvency case against Sazka if the company doesn't pay the
CZK830 million (US$44 million) it owes him by Jan. 17.  The
newspaper said Mr. Vitek is also asking the current Sazka
management to step down, according to Bloomberg.

                  Debt Restructuring Proposal

On Dec. 27, 2010, The Troubled Company Reporter-Europe reported
that Penta Investments Ltd, a Czech and Slovak private equity
company, approached Sazkas shareholders with a proposal to buy
out the lottery maker and restructure its debt.  Penta said in a
press release handed out at a press conference in Prague on
Dec. 22 that the new investor will have to provide about CZK2
billion (US$103 billion) to CZK3 billion of financial means to
Sazka in 2011 to cover its needs and further guarantees to
creditors, according to Bloomberg.  Penta, as cited by Bloomberg,
said its plan to restructure the company would also include asset
sales, possibly including the O2 Arena in Prague, the largest
sport facility in the country.

Sazka AS is a provider of lotteries and sport betting games in the
Czech Republic.


SAZKA AS: S&P Lowers Long-Term Corporate Credit Rating to 'D'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D' (Default) from
'CC' its long-term corporate credit rating on Czech gaming Company
SAZKA a.s.

At the same time, S&P lowered to 'D' from 'CC' the issue rating on
the EUR215 million 9.00% secured amortizing bonds due 2021.

"The downgrade follows SAZKA's nonpayment of principal -- due
Jan. 12, 2011--on its EUR215 million bonds maturing 2021," said
Standard & Poor's credit analyst Marketa Horkova.  SAZKA issued a
notice to bondholders on Jan. 6, 2011, advising that it may only
be able to make a full payment of the interest on the bonds, but
not of the principal.  As part of the same notice, SAZKA informed
the bond trustee that it had initiated negotiations with creditors
with a view to resolving this situation and restructuring its
existing debt.

Under S&P's methodology, missing a payment of interest or
principal is tantamount to a default.  S&P understands that SAZKA
will make a payment of interest on the bonds on Jan. 13, 2011.

"The downgrade further reflects SAZKA's failure to reach an
agreement with its senior creditors to obtain a roll-over of
short-term loans that matured in the last two weeks of December
2010," added Ms. Horkova.

S&P notes that the group is in discussions with its secured and
unsecured creditors to obtain standstill agreements and waivers.
S&P also understands that SAZKA has put in place a restructuring
plan, which, among other actions, includes significant cost
savings and capital investment reductions that the rating agency
believes will be beneficial to SAZKA's liquidity.  In addition,
S&P understands that SAZKA is engaged in discussions with
potential investors as one of the possible ways to resolve its
liquidity problems.

In S&P's view, SAZKA's business risk profile continues to be
supported by the sustainable, cash-generative nature of SAZKA's
well-established domestic lottery business, which is covered by
Czech lottery law.  SAZKA has a 94% share of the domestic lottery
market, and more than a 6% share of the domestic gaming market.


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


BELVEDERE SA: Obtains Fast-Track Hearing on Bondholder Appeal
-------------------------------------------------------------
Albertina Torsoli at Bloomberg News reports that Belvedere SA said
in a statement it obtained a fast-track hearing on its appeal
against a Sept. 21 ruling in favor of the holder of its floating
rate notes.

                          Recovery Plan

As reported by the Troubled Company Reporter-Europe on Dec. 15,
2010, Bloomberg News said Belvedere made a preliminary payment to
bondholders of EUR23 million (US$30.8 million) and postponed its
sale of units including Marie Brizard and Polish distributors,
which had been part of its court-approved bankruptcy recovery
plan.  Belvedere's recovery plan was approved in November 2009,
detailing steps including asset sales, Bloomberg disclosed.  The
company bought Marie Brizard, whose brands include Old Lady's Gin
and Tullamore Dew Whiskey, in 2005, in part by issuing Floating
Rate Notes, according to Bloomberg.  Bloomberg said Belvedere
violated terms of the notes, which led it to file for court
protection from creditors.

Belvedere SA -- http://www.belvedere.fr/-- is a France-based
company engaged in the production and distribution of beverages.
The Company's range of products includes vodka and spirits, wines,
and other beverages, under such brands as Sobieski, William Peel,
Marie Brizard, Danzka and others.  Belvedere SA operates through
its subsidiaries, including Belvedere Czeska, Belvedere
Scandinavia, Belvedere Baltic, Belvedere Capital Management,
Sobieski SARL and Sobieski USA, among others.  It is present in a
number of countries, such as Poland, Lithuania, Bulgaria, Denmark,
France, Spain, Russia, Ukraine, the United States and others.  In
addition, the Company holds a minority stake in Abbaye de
Talloires, involved in the hotel and wellness center.


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


NAVIOS MARITIME: S&P Assigns 'B+' Rating on US$325MM Unsec. Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' issue rating
to the proposed US$325 million senior unsecured notes maturating
2019 to be co-issued by dry-bulk shipping company Navios Maritime
Holdings Inc. (Navios; BB-/Stable/--) and its subsidiary Navios
Maritime Finance (US) Inc.

The rating on the new notes issue is based on preliminary
information and is subject to S&P's satisfactory review of final
documentation.  In the event of any changes to the amount or terms
of the bond, the issue rating will be subject to further review.

S&P has assigned a 'B+' issue rating to the proposed notes, which
is one notch lower than the corporate credit rating on Navios.
This predominantly reflects the large part of on-balance-sheet
debt that will remain secured.  As of Dec. 31, 2010, based on
information received from the Company, S&P estimates that the
ratio of priority liabilities (liabilities in the Company's
capital structure ranking ahead of the proposed notes) to total
assets is slightly above 30%.

Nevertheless, S&P predicts that this ratio will drop below 30%
over 2011-2012 as a result of mandatory amortization of secured
debt, which will improve asset protection for the unsecured
creditors.  This is commensurate with Standard & Poor's threshold
of 15%-30% for a one-notch rating differential for noninvestment-
grade companies.  However, any future potential addition of
secured debt to the capital structure that results in the ratio of
priority liabilities to total assets increasing above this 30%
threshold could lead to a two-notch rating differential and hence
trigger a downgrade of the unsecured issue rating.

The proposed debt issue documentation contains common
noninvestment-grade restrictions and covenants, including a change
of control clause, restrictions on incurrence of indebtedness,
dividend payments, investments, liens, and asset sales.  Navios
intends to use the proceeds predominantly to repay the existing
US$300 million senior unsecured notes due 2014.

The ratings are constrained by S&P's view of Navios' high
operating risk in the dry-bulk shipping industry, its aggressive
growth strategy, and the prevailing volatile market conditions
generally.  In addition, S&P believes Navios' financial risk
profile is likely to prove "aggressive" over the industry
cycle.  S&P considers these risks to be partially counterbalanced
by Navios' high level of medium-term contract coverage (which is
largely protected by government-backed counterparty credit
insurance) and its solid reputation as a quality operator with a
modern, high-quality fleet of vessels.

S&P's rating on Navios (the parent entity) reflects its stand-
alone credit quality.  While there are links with Navios Maritime
Acquisition Corp. and Navios Maritime Partners LP (subsidiaries),
they have different shareholder groups, are separately listed
entities, and do not benefit from any implied or expressed
financial support from Navios Maritime Holdings Inc. Navios'
management has advised us that financially both of these related
companies operate on a stand-alone basis.

                           Ratings list

Issue rating assigned
Navios Maritime Acquisition Corp.
Senior unsecured notes                         B+


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H U N G A R Y
=============


HASIT-HUNGARIA: Genesis Energy Seeks HUF1.1-BB in Claims
--------------------------------------------------------
MTI-Econews reports that Genesis Energy on Thursday said it
submitted claims for almost HUF1.1 billion in unpaid receivables
from the liquidator of Hasit-Hungaria Festek- es Vakolatgyarto.

According to MTI, Genesis Energy submitted the claim together with
its units Polus Szikla, Atombeton, Rudagipsz-Mix, Polus
Ferroclean, Ferroflock and Ferroblock and Rudaferrox to Pannon
Felszamolo.

Based in Orkeny, Hungary, Hasit-Hungaria Festek- es Vakolatgyarto,
manufactures paints and varnishes.


MAROSCIPO KFT: Liquidator Fails to Attract Bids for Assets
----------------------------------------------------------
Budapest Business Journal reports that Horizont Holding Zrt,
Maroscipo Kft's liquidator, failed to attract any bids for the
bankrupt company's assets for a HUF50 million asking price.

According to BBJ, on the block were the company's three 1,000-
square meter properties, which were initially put up for sale at
HUF160 million last May.

Established in 1949, Maroscipo employed over 200 staff in the 70s
but took a lasting hit in the 90s when one of its largest clients
in Germany moved production to Asia, BBJ discloses.

Maroscipo Kft is a shoe manufacturer based in Hungary.


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


IVORY CDO: S&P Lowers Rating on Class E Notes to 'CCC (sf)'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Ivory CDO Ltd.'s class A-1, A-2, B, C, D, and E notes.

Ivory CDO is a cash collateralized debt obligation (CDO) of
mezzanine structured finance assets managed by Chenavari Credit
Partners LLP.  The transaction closed in July 2007. HSBC Bank PLC
(AA/Stable/A-1+) currently provides account bank and custodian
services to the transaction.  The manager has confirmed that the
issuer had not at present entered into any interest rate or
currency hedge agreement.  S&P estimates that 39% of the portfolio
is currently exposed to corporate credit risk through tranches of
CDOs, which the rating agency has assessed using its updated
criteria for corporate CDOs.

S&P's previous rating action on Ivory CDO took place in August
2009, when it affirmed its ratings on the class A-1, A-2, and B
notes, and lowered its ratings on the class C, D, and E notes
following the deterioration of the underlying portfolio's credit
quality.

Capital structure
             Notional    Current      CE  Current  SDR   BDR
                as of   notional   as of   CE (%)  (%)   (%)
               Aug-09   (mil. EUR)  Aug-09
Class Rating  (mil. EUR)               (%)
A-1   AA+ (sf) 142.57    111.23   21.46   32.36  39.24  40.04
A-2   AA- (sf)   6.00      6.00   18.16   28.71  35.84  37.00
B     BBB+ (sf) 12.00     12.00   11.55   21.42  29.69  35.24
C     BB+ (sf)  12.00     12.23    4.98   13.98  23.78  28.14
D     CCC+ (sf) 12.13     12.60    0.00    6.32  13.09  18.23
E     CCC (sf)   2.54      2.71    0.00    4.67  11.32  13.16
F     NR         9.50      9.50    0.00    0.00   N/A     N/A

Notes:
NR--Not rated.
N/A--Not applicable.
CE--Credit enhancement = (performing balance + expected recovery
on defaulted asset + cash balance - tranche balance [including
tranche balance of all senior tranches])/(performing balance +
expected recovery on defaulted asset + cash balance).
SDR--Scenario default rate as calculated using CDO Evaluator 4.1
and CDO Evaluator 5.1.
BDR--Break-even default rate.

The amounts reported are the amounts used in S&P's analysis
leading to its rating actions both and in August 2009.

The rating actions follow S&P's assessment of negative rating
migration in the underlying portfolio.  According to its analysis,
the balance of assets rated within the 'CCC' rating category
('CCC+', 'CCC', and 'CCC-') has increased to 8% of the total
collateral in November 2010, from 1% in August 2009.  This has led
to an increase in scenario default rates at each rating
level.

In addition, since S&P's last review, it notes that the
overcollateralization ratios for the class A/B, C, D, and E notes
have declined further, with all ratios now standing well below
100%.  The failure of the overcollateralization ratio tests has
resulted in the deferral of interest payments to the class C, D,
and E notes, as available interest proceeds are used (after
payment of interest due on the class A-1, A-2, and B notes, and
various senior items) to repay the class A-1 notes.

None of the ratings was affected by either the largest obligor
default test or the largest industry default test, two
supplemental stress tests S&P introduced as part of its criteria
update.

Transaction Key Features
                                               As of    Current
                                               Aug-09
Total collateral balance (mil. EUR)            181.53    164.45
Balance of defaulted assets (mil. EUR)           2.16      2.16
Expected recovery on defaulted assets (mil. EUR) 0.65      0.65
Performing assets WAR                            BBB-        BB
Class A/B OC ratio (%)                         112.21     76.67
Class C OC ratio (%)                           104.41     70.04
Class D OC ratio (%)                            97.55     64.31
Class E OC ratio (%)                            96.23     63.20
Modeled WAS (%)                                  1.40      1.49

Notes:
WAR--weighted-average rating.
OC--Overcollateralization.
WAS--weighted-average spread.
The amounts reported above are the amounts used in S&P's analysis
leading to its rating actions both and in August 2009.

Ratings List

                    Rating
Class       To                  From

Ivory CDO Ltd.
EUR200 Million Asset-Backed Floating-Rate Notes

Ratings Lowered

A-1         AA+ (sf)            AAA (sf)
A-2         AA- (sf)            AAA (sf)
B           BBB+ (sf)           AA (sf)
C           BB+ (sf)            BBB+ (sf)
D           CCC+ (sf)           B- (sf)
E           CCC (sf)            CCC+ (sf)


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


AEROPORTI DI ROMA: Moody's Downgrades Debt Ratings to 'Ba1'
-----------------------------------------------------------
Moody's Investors Service downgraded to Ba1 from Baa3 the debt
ratings of Aeroporti di Roma S.p.A. and downgraded to Ba1 from
Baa3 the debt ratings of ADR's affiliate, Romulus Finance srl.
The outlooks are stable for both ratings.

Aeroporti di Roma S.p.A.

-- Senior secured bank loan facility -- Ba1
-- Senior secured bank loan facility -- Ba1

Romulus Finance srl:

-- EUR500 million 4.94% Senior Secured Bonds due 2013 -- Ba1
-- EUR175 million senior secured FRN due 2015- Ba1
-- EUR200 million senior secured FRN due 2015 -- Ba1
-- GBP215 million 5.441% senior secured bonds due 2023 -- Ba1

The downgrade reflects the increased risk to ADR's financial
profile of continued delays in the finalization of a rate-charging
framework and subsequent increased aviation charges.  This delay
is despite the expectation that a final settlement would have been
achieved in 2010, following the passing of legislation in late
2009 that was intended to expedite the process.  An inability to
raise charges constrains ADR's financial position so that it
cannot undertake the increased capital expenditure at the Rome
airport system to enable it to deal with further expected traffic
growth.  The continued delay will become increasingly challenging
for ADR, given that it is starting to approach the maturity dates
for some of its debt. ADR's current credit rating is at a level
that limits ADR's financial flexibility, in particular by
requiring ADR to sweep surplus cash to cash-collateralize debt
obligations and seek debt creditors consent to any debt
refinancing.  However, Moody's notes that ADR has obtained consent
from existing creditors to refinance its existing bank loan
facility due in February 2012 by November 2011.

ADR has a bank term loan facility expiring in February 2012 that
may be fully amortized from cash flow by then, or may need to be
partially refinanced.  Moody's considers it likely that ADR could
raise any bank facility that may be needed to meet this maturing
obligation.  However, ADR has a EUR500 million bond due for
repayment in February 2013; if ADR is unable to consolidate its
financial position, the refinancing of this bond could be
difficult.

Nevertheless, Moody's sees ADR's business and financial profile
as essentially one of an investment-grade company and the
satisfactory settlement of regulatory charges is likely to result
in upwards rating pressure.  The Ba1 rating therefore reflects the
increased risks pertaining to the company, but an expectation that
ADR should be able to transition back to an investment-grade
credit profile in due course.

The stable outlook reflects Moody's base-case assumption that it
will take time before a regulatory settlement is finalized and ADR
is able to benefit from greater visibility of revenue growth and
capital expenditure commitments.

ADR's rating could be upgraded once a regulatory settlement has
been finalized that leads to higher aviation charges.  In order to
be upgraded, ADR would be expected to maintain the following debt
metrics, (i) cash interest coverage consistently above 2.0x, and
(ii) FFO / Debt consistently above 6%.

The Ba1 rating could be downgraded if there are extended delays in
achieving a regulatory settlement that would likely result in
heightened difficulties in refinancing existing debt.  This could
manifest itself in failure to secure commitments to meet any
residual bank loan facility requirement in February 2012 within
the next few months, or if Moody's considers it unlikely that a
regulatory settlement will be in place in good time to refinance
the EUR500 million bond due for repayment in February 2013.

The principal methodology used in this rating was Operational
Airports outside of the United States published in May 2008.

Aeroporti di Roma has a concession to operate the Rome airport
system and had total assets of EUR2.6 billion as at December 31,
2009, and total revenues of EUR578 million for the ending
December 2009.


ALITALIA SPA: Industry Minister Estimates Bailout Cost at EUR1BB
----------------------------------------------------------------
Alessandra Migliaccio at Bloomberg News reports that Italian
Industry Minister Paolo Romani said the total cost of the bailout
of Alitalia in 2008 for the country's public finances will be
"close to" EUR1 billion.

Based in Rome, Alitalia S.p.A. -- http://www.alitalia.it/--
provides air travel services for passengers and air transport of
cargo on national, international and inter-continental routes,
including United States, Canada, Japan and Argentina.  The Italian
government owns 49.9% of Alitalia.

On August 29, 2008, Alitalia declared insolvency and commenced
extraordinary administration procedure at the Tribunal of Rome.
Italian Prime Minister Silvio Berlusconi appointed Mr. Fantozzi as
extraordinary commissioner.  Under the Bankruptcy Bill, the
Administrator has supplanted the directors and other management of
Alitalia.

As reported in the Troubled Company Reporter-Europe on November 7,
2008, Alitalia filed for Chapter 15 protection with the U.S.
Bankruptcy Court in the Southern District of New York.  Italy's
national airline experienced financial difficulties for a number
of years caused, in large measure, by a combination of competition
from low-cost air carriers, poor management and onerous union
obligations, according to papers filed with the court.

In the petition filed October 29, 2008, Prof. Augusto Fantozzi,
the appointed administrator, said the airline's financial
difficulties had been and exacerbated by spiraling fuel prices.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million in
2000 and 2001 respectively.  Alitalia posted EUR93 million in net
profits in 2002 after a EUR1.4 billion capital injection.  The
carrier booked annual net losses of EUR520 million in 2003, EUR813
million in 2004, EUR168 million in 2005, EUR625.6 million in 2006,
and EUR494.64 million in 2007.


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


TEXNIKA FINANCE: Fitch Rates Recourse Notes at 'B-(exp)'
--------------------------------------------------------
Fitch Ratings assigned Texnika Finance B.V.'s upcoming issue of
limited recourse loan participation notes an expected 'B-(exp)'
Long-term rating and an expected 'RR4' Recovery Rating.  The notes
will be used solely for financing a loan to Azerbaijan's
Technikabank, rated Long-term Issuer Default 'B-' with Negative
Outlook, Short-term IDR 'B', Individual 'D/E', Support '5' and
Support Rating Floor 'No Floor'.

The final ratings are contingent on the receipt of final documents
conforming materially to information already received.

Texnika Finance B.V., a special purpose vehicle, incorporated
under the laws of the Netherlands, will only pay noteholders
principal and interest, received from TB.  The issuer will charge
certain rights and interests under the loan agreement to BNY
Corporate Trustee Services Limited, for the benefit of noteholders
under a trust deed.  The claims under the loan agreement will rank
at least equally with the claims of other senior unsecured
creditors of TB, apart from those whose claims are preferred by
any bankruptcy, insolvency, liquidation or similar laws of general
application.  Under Azerbaijan law, the claims of the deposit
insurance fund rank above those of senior unsecured creditors.  At
end-2010, total retail deposits accounted for 39% of total
liabilities, according to the bank's statutory reports.

The loan agreement contains covenants prohibiting mergers and
disposals by TB and its subsidiaries, as well as certain payments
and distributions by the group and transactions between the bank
and its affiliates.  It also contains a cross default clause and a
negative pledge clause, the latter of which allows for the
creation of a lien on up to 15% of the group's total assets.

TB commits to maintaining Tier 1 and total capital ratios of at
least 6% and 12%, respectively, as calculated in accordance with
Azerbaijan accounting standards.  Noteholders will receive a put
option upon a change of control event, which is deemed to have
occurred if the bank's principal shareholders together cease to
control TB, and if such an event results in a rating downgrade.


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S P A I N
=========


VIAJES MARSANS: Creditors Have One Month to Submit Claims
---------------------------------------------------------
ThinkSpain reports that customers and creditors of Viajes Marsans
only have one month to claim any monies owing to them.

According to ThinkSpain, the firm's affairs have been handed over
to administrators nominated by the Mercantile Court Number 12 in
Madrid to supervise the company's insolvency.

Viajes Marsans went into receivership on June 25 when Judge Ana
Maria Gallego accepted applications presented by around 21
companies which were creditors of the company, ThinkSpain relates.

Viajes Marsans is a travel agency based in Spain.


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


BRITISH BOOKSHOPS: Enters Into Administration
---------------------------------------------
Graeme Neill and Glynn Davis at The Bookseller report that British
Bookshops and Stationers have gone into administration with
recovery specialists Zolfo Cooper appointed on January 13, 2011.
No redundancies were made on the appointment of joint
administrators Simon Appell, Fraser Gray, and Stuart Mackellar,
according to The Bookseller.

The report relates that the business will continue to trade as
normal.

The Bookseller notes that rumors about the chain's future have
been circulating.  Book distributor MDL had stopped supplying the
chain since January 13, 2011, over an unpaid bill, the report
relates.

The company, the report discloses, is understood to have
experienced, what one well-placed source described as, "horrific"
trading over Christmas, with like-for-like sales down by double
digits.  This was exacerbated by its rapid growth over the past
year from 39 to 51 stores a process that stretched finances, The
Bookseller relates.

"The chain's trading performance declined in the latter part of
2010.  Bad weather also severely impacted Christmas sales, which
came in below expectations," The Bookseller quoted GA Europe,
which has been appointed to assist Zolfo Cooper in the
administration, as saying.

The Bookseller notes that Mr. Appell said the administrator's
appointment was "unfortunately the result of cash flow
difficulties suffered by the business, coupled with the tough
trading climate for retailers and especially booksellers at
present."

A well-placed source also said that the bookshop owes around GBP10
million to publisher creditors, The Bookseller cites.  Endless is
also a creditor as 50% of the sale price to the buy-out team was
in deferred payments, the report adds.

British Bookshops's history goes back to 1938 when the first
Sussex Stationers opened in Haywards Heath.  Brothers Michael and
Jonathan Chowen bought the shop in 1971 for GBP600 and slowly
expanded it to 50 shops throughout the Southeast, incorporating
books into the stock and renaming the chain British Bookshops,
Sussex Stationers.   The firm employs 300 people across the south
of England.


CONCENTRAL LTD: Goes Into Administration
----------------------------------------
Coventry Telegraph reports that Concentral Ltd and sister company
Concentral Plant have gone into administration.  The two firms
called in insolvency experts after encountering problems with two
contracts.

In the last four years, the company took on contracts worth
millions but recent problems with two deals led to the firms'
demise, according to Coventry Telegraph.

Insolvency practitioner Martin Pickard, of Mazars is now managing
the Concentral Entities.

"We arrived at relatively short notice, but having spoken to the
people involved it seems that two deals just didn't work out.  I
understand that the bad weather didn't help too," Coventry
Telegraph quoted Mr. Pickard as saying.

Headquartered in Atherstone Road in Hartshill, Nuneaton,
Concentral Ltd and sister company Concentral Plant specialize in
erecting concrete structures and groundwork.  The concrete
contractors were founded by Martin Hewlett, 47, and Graeme
Stewart, 44, in 2006.


CORSAIR JERSEY: S&P Lowers Rating on Series 7 Notes to 'D (sf)'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on Corsair (Jersey) No. 4
Ltd.'s series 8 and 9.  At the same time, S&P lowered the
rating on Corsair (Jersey) No. 4's series 7.

These series of notes reference a small basket of nine reference
entities.  The credit performance of the reference entities has a
direct effect on the repayment of principal to the noteholders.
In S&P's opinion, a credit event on any reference entity will
likely cause the issuer to pay a cash settlement amount and the
transaction to terminate.

S&P has lowered the rating on series 7 to 'D (sf)' from 'CCC-
(sf)', following confirmation from the swap counterparty that
losses from the credit event led to an early termination of the
notes, and that the noteholders did not receive full principal.

S&P has lowered and removed from CreditWatch negative the ratings
on series 8 and 9, following its assessment of the credit
deterioration of the reference entities in the underlying
portfolios.  In S&P's opinion, the portfolio credit quality of
each series is not commensurate with the current ratings, and it
has therefore lowered its ratings on series 8 and 9.

                           Ratings List

                 Ratings
          To                  From

Rating lowered

Corsair (Jersey) No. 4 Ltd.
US$40 Million Secured First-To-Default Credit-Linked Floating-Rate
Notes Series 7

          D (sf)              CCC- (sf)

Ratings lowered and removed from CreditWatch negative

Corsair (Jersey) No. 4 Ltd.
US$30 Million Secured First-To-Default Credit-Linked Floating-Rate
Notes Series 8

          A (sf)              A+ (sf)/Watch Neg

Corsair (Jersey) No. 4 Ltd.
US$30 Million Secured First-To-Default Credit-Linked Floating-Rate
Notes Series 9

          BBB+ (sf)           A+ (sf)/Watch Neg


DUNDEE FOOTBALL CLUB: Lost Appeal Against Point Deduction
---------------------------------------------------------
The Press Association reports that Dundee Football Club has lost
their second and final appeal against a 25-point deduction for
going into administration.  The team failed in an appeal to the
Scottish Football Association after the Scottish Football League
upheld their original decision last year, according to Press
Association.

As reported in the Troubled Company-Europe on November 29, 2010,
The Courier said that the club's appeal against the 25-point
penalty imposed on them by the Scottish Football League for
sliding into administration will be heard at a special general
meeting at Hampden in January.  According to The Courier, no
Scottish club has ever successfully appealed against a punishment
handed down for entering administration but Brian Jackson, of
administrators PKF, claimed that Dundee Football Club may consider
a legal appeal if, as expected, the SFL clubs uphold the board's
decision.

Press Association discloses that the club's position at the bottom
of the table is now confirmed, although they could yet challenge
the decision in a court of law.

A Scottish FA statement, Press Association notes, read: "At a
meeting of the Scottish FA's appeals sub-committee, the following
decisions were taken in relation to Dundee Football Club's appeal
of sanctions imposed by the Scottish Football League:

  1. Dundee's appeal against a deduction of 25 championship points
     for season 2010-2011 was rejected

  2. Dundee's player registration embargo will remain in place
     until the club comes out of administration."

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


EUROTEK OFFICE: Goes Into Administration
----------------------------------------
Rob Starr at Big 4 Starr reports that on January 13, 2011, Eurotek
Office Furniture went into administration and appointed two
administrators.

The company got affected with the economic challenges because half
of its customer base was from the public sector, according to Big
4 Starr.   The report relates that there was also a sharp decrease
in sales that resulted in the firm not being able to meet its
obligations.

"Due to a sharp decrease in sales, difficulties in meeting the
company's financial obligations, and having run out of alternative
options, the directors of the company have placed it into
administration," Big 4 Starr quoted Stuart Maddison, joint
administrator and partner at PwC, as saying.

Headquartered in Bognor Regi, Eurotek Office Furniture is an
office furniture manufacturer with customers in both the private
and public sector.  It has a turnover of GBP9.8 million and
employs 130 people overall.


GLENTORAN FOOTBALL: HMRC Dismisses Winding-Up Petition
------------------------------------------------------
BBC News reports that HM Revenue and Customs has dismissed a
winding-up petition against Glentoran Football Club over unpaid
taxes said to be in the region of GBP300,000.

According to BBC, Glentoran's debts are to be cleared on condition
that changes are made at the boardroom level.

BBC relates that the move follows reports that shareholders had
voted to accept a rescue package by an anonymous benefactor.

Glentoran F.C. is a Northern Irish football club.  The club was
founded in 1882 and plays its home games at the Oval in east
Belfast.


KCA DEUTAG: May Sell Business Amid US$2-BB Debt Restructuring
-------------------------------------------------------------
Isabell Witt at Bloomberg News reports that KCA Deutag Drilling
Group Ltd. may seek a buyer six months after asking lenders to
restructure US$2 billion of loans.

Bloomberg relates that KCA said in a statement it retained Morgan
Stanley & Co. International Plc and Lexicon Partners Ltd. for a
strategic review that "will involve the possibility of a sale of
the business or the provision of new long term capital in
connection with a refinancing or renegotiation of the existing
debt."

KCA related in a statement, according to Bloomberg, that it is
pursuing talks with shareholders and "new financial and strategic
investors to ensure a solution to its capital structure."

KCA, which was acquired by private-equity firm Pamplona Capital
Management LLP on Nov. 30, started talks with lenders last year
after failing to raise US$500 million in a high-yield bond,
Bloomberg discloses.  KCA on Nov. 15 said that senior lenders
agreed to waive covenant tests until the end of March to agree on
a refinancing plan, Bloomberg recounts.

KCA DEUTAG Drilling Limited is a major land driller with more than
60 land rigs operating worldwide and is the largest offshore
drilling contractor in the UK sector of the North Sea.  KCA DEUTAG
has more than 30 offshore platforms and 10 mobile offshore
drilling rigs (including jackups) in the North Sea, the Caspian
Sea, Angola, and Sakhalin.  It is also active in the Middle East,
Africa, and Asia.  Not just a contractor, it also designs,
engineers, and constructs platform rigs. KCA DEUTAG delivers rigs
primarily to large international operators in the oil and gas
industry.  The company is a subsidiary of Abbot Group, a major UK-
based oil field services concern.  It is based in Aberdeen,
Scotland.


PARNELL CENTRE: Sheridan Group to Fight Anglo's Receivership Bid
----------------------------------------------------------------
Francess McDonnell at The Irish Times reports that Sheridan Group
has vowed to fight Anglo Irish Bank's decision to place one of its
major assets, the Parnell Centre in Dublin city center, in
receivership.

According to The Irish Times, Peter Curistan, the chairman and
founder of the Belfast-based property and investment group, said
it intends to mount a legal challenge to the appointment of a
receiver.  It is understood that Kieran Wallace, from KPMG's
Dublin-based restructuring and forensic advisory practice, has
been formally appointed as receiver to the Sheridan Group's
Parnell Centre portfolio, The Irish Times discloses.

It is likely that the appointment will trigger the transfer of
certain loans advanced by Anglo Irish Bank relating to the Parnell
Centre to Nama, The Irish Times says.

The Irish Times relates that Mr. Curistan on Friday said that he
had been completely unaware of any issues with Anglo Irish Bank in
relation to the Sheridan Group's Parnell Centre portfolio.  "I had
the discourtesy to be informed by telephone by Anglo Irish Bank
that they were going to appoint a receiver," The Irish Times
quoted Mr. Curistan as saying.

Mr. Curistan said that less than a week ago he had received
assurances from the bank that it was happy to work with him in
relation to the Sheridan Group's plans for the Parnell Centre, The
Irish Times recounts.

The Parnell Centre is located at Parnell Street in North Dublin.


PHOENIX CHEMICALS: Goes Into Administration, 34 Jobs at Risk
------------------------------------------------------------
BBC News reports that 34 jobs at Phoenix Chemicals are at risk
after owner's firm said that the business was going into
administration.

The company opened the plant, near Annan, last year with the help
of a GBP400,000 grant from the Scottish government, according to
BBC News.  The report relates that the site had been empty since a
pharmaceutical company pulled out with the loss of 86 jobs in
March 2009.

It is understood the factory will continue to operate in the short
term, the BBC News notes

Phoenix Chemicals is headquartered in Merseyside.


SPECIALIST ROOFING: Goes Into Administration
--------------------------------------------
Specialist Roofing Services Ltd has gone into administration.
Suffolk Free Press reports that the company ceased trading on
December 23, 2010, and no one from the company's workforce is
currently on site.

At present, the future of the firm remains in the hands of
administrators, according to Suffolk Free Press.

Headquartered in Sudbury, Specialist Roofing Services Ltd is a
specialist roofing company.


VICTORIA FUNDING: Moody's Cuts Rating on Class E Notes to 'Ca(sf)'
------------------------------------------------------------------
Moody's Investors Service has downgraded the Class D Notes and
Class E Notes issued by Victoria Funding (EMC-III) PLC (amount
reflects initial outstandings):

   GBP17.3M D Notes, Downgraded to Baa1 (sf); previously on Jan
   15, 2009 Upgraded to A2 (sf)

   GBP3.3M E Notes, Downgraded to Ca (sf); previously on Jun 3,
   2010 Downgraded to Caa2 (sf)

At the same time, Moody's affirmed the Aaa (sf) rating of the
Class B Notes and the Class C Notes.

The rating on the Class A Notes was withdrawn on November 24,
2008, due to redemption in full following the repayment of the
Calamander Loan on its maturity date.  Moody's does not rate the
Class R (the expense account).

RATINGS RATIONALE

The key parameters in Moody's analysis are the default probability
of the securitized loans (both during the term and at maturity) as
well as Moody's value assessment for the properties securing these
loans.  Moody's derives from those parameters a loss expectation
for the securitized pool.  Based on Moody's revised assessment,
the loss expectation for the pool has increased since the last
review in June 2010.

The rating affirmation of the Class B and C Notes is driven by (i)
their current credit enhancement levels (ii) the continued good
performance of the Zeloof Loan and (iii) a fully sequential
payment allocation to the Notes.

The rating downgrade on the Class D and Class E Notes is due to
(i) Moody's increased refinancing default risk and loss assessment
for the remaining loans in the pool and (ii) continued quarterly
interest shortfalls occurring on the Class E Notes that are the
result of both, an available funds cap/interest deferral mechanism
as well as a base rate mismatch in relation to the Brisk Loan.

In Moody's view the re-assessment is justified by (i) the
continuing upward yield pressure for secondary properties in the
UK market, (ii) the dormant refinancing market, especially for
such properties, and (iii) existing significant uncertainty with
respect to the path and timing for a recovery of the lending
market.

Moody's analysis reflects a forward-looking view of the likely
range of collateral performance over the medium term.  From time
to time, Moody's may, if warranted, change these expectations.
Performance that falls outside an acceptable range of the key
parameters may indicate that the collateral's credit quality is
stronger or weaker than Moody's had anticipated during current
review.  Even so, deviation from the expected range will not
necessarily result in a rating action.  There may be mitigating or
offsetting factors to an improvement or decline in collateral
performance, such as increased subordination levels due to
amortization and loan re- prepayments or a decline in
subordination due to realized losses.


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


* BOND PRICING: For the Week January 10 to January 14, 2011
-----------------------------------------------------------

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

AUSTRIA
-------
BAWAG                 7.5480   2/18/2035      EUR      69.05
HYPO TIROL BANK       3.0000    6/1/2020      EUR      73.10

DENMARK
-------
KOMMUNEKREDIT         0.5000    2/3/2016      TRY      74.55

FINLAND
-------
MUNI FINANCE PLC      0.5000    2/9/2016      ZAR      74.20
MUNI FINANCE PLC      1.0000   2/27/2018      AUD      70.17
MUNI FINANCE PLC      1.0000   6/30/2017      ZAR      59.30
MUNI FINANCE PLC      0.5000   3/17/2025      CAD      54.49
MUNI FINANCE PLC      0.2500   6/28/2040      CAD      24.06
MUNI FINANCE PLC      0.5000   9/24/2020      CAD      69.40

FRANCE
------
AIR FRANCE-KLM        4.9700    4/1/2015      EUR      17.17
ALCATEL-LUCENT        5.0000    1/1/2015      EUR       3.44
ALTRAN TECHNOLOG      6.7200    1/1/2015      EUR       4.83
ATOS ORIGIN SA        2.5000    1/1/2016      EUR      54.16
CALYON                6.0000   6/18/2047      EUR      23.00
CAP GEMINI SOGET      1.0000    1/1/2012      EUR      43.42
CAP GEMINI SOGET      3.5000    1/1/2014      EUR      42.45
CLUB MEDITERRANE      6.1100   11/1/2015      EUR      19.46
CLUB MEDITERRANE      5.0000    6/8/2012      EUR      17.40
EURAZEO               6.2500   6/10/2014      EUR      58.32
FAURECIA              4.5000    1/1/2015      EUR      26.84
MAUREL ET PROM        7.1250   7/31/2015      EUR      14.55
MAUREL ET PROM        7.1250   7/31/2014      EUR      17.09
NEXANS SA             4.0000    1/1/2016      EUR      66.97
ORPEA                 3.8750    1/1/2016      EUR      47.51
PEUGEOT SA            4.4500    1/1/2016      EUR      35.90
PUBLICIS GROUPE       1.0000   1/18/2018      EUR      49.00
PUBLICIS GROUPE       3.1250   7/30/2014      EUR      39.07
RHODIA SA             0.5000    1/1/2014      EUR      49.18
SOC AIR FRANCE        2.7500    4/1/2020      EUR      22.32
SOITEC                6.2500    9/9/2014      EUR      10.61
TEM                   4.2500    1/1/2015      EUR      57.65
THEOLIA               2.7000    1/1/2041      EUR      10.84

GERMANY
-------
DEUTSCHE BK LOND      3.0000   5/18/2012      CHF      66.05
DEUTSCHE BK LOND      0.5000   8/25/2017      BRL      55.31
ESCADA AG             7.5000    4/1/2012      EUR      16.99
HSH NORDBANK AG       4.3750   2/14/2017      EUR      60.97
L-BANK FOERDERBK      0.5000   5/10/2027      CAD      48.90
LB BADEN-WUERTT       2.5000   1/30/2034      EUR      69.92
QIMONDA FINANCE       6.7500   3/22/2013      USD       4.00
SOLON AG SOLAR        1.3750   12/6/2012      EUR      27.84

GREECE
------
ATHENS URBAN TRN      5.0080   7/18/2017      EUR      68.49
ATHENS URBAN TRN      4.8510   9/19/2016      EUR      68.61
HELLENIC REP I/L      2.3000   7/25/2030      EUR      46.17
HELLENIC REP I/L      2.9000   7/25/2025      EUR      45.45
HELLENIC REPUB        4.5900    4/8/2016      EUR      72.95
HELLENIC REPUB        5.0000   8/22/2016      JPY      64.67
HELLENIC REPUB        5.8000   7/14/2015      JPY      70.92
HELLENIC REPUB        5.2500    2/1/2016      JPY      66.97
HELLENIC REPUB        6.1400   4/14/2028      EUR      68.70
HELLENIC REPUB        5.2000   7/17/2034      EUR      64.07
HELLENIC REPUB        5.0000   3/11/2019      EUR      65.54
HELLENIC REPUBLI      5.3000   3/20/2026      EUR      62.11
HELLENIC REPUBLI      4.7000   3/20/2024      EUR      61.55
HELLENIC REPUBLI      6.2500   6/19/2020      EUR      71.68
HELLENIC REPUBLI      6.0000   7/19/2019      EUR      69.39
HELLENIC REPUBLI      5.9590    3/4/2019      EUR      69.92
HELLENIC REPUBLI      5.0140   2/27/2019      EUR      65.41
HELLENIC REPUBLI      4.6000   7/20/2018      EUR      65.35
HELLENIC REPUBLI      4.5900    4/3/2018      EUR      65.26
HELLENIC REPUBLI      4.6750   10/9/2017      EUR      66.97
HELLENIC REPUBLI      4.3000   7/20/2017      EUR      65.33
HELLENIC REPUBLI      5.9000   4/20/2017      EUR      70.91
HELLENIC REPUBLI      4.0195   9/13/2016      EUR      67.89
HELLENIC REPUBLI      3.6000   7/20/2016      EUR      66.35
HELLENIC REPUBLI      3.6500   9/30/2015      EUR      70.61
HELLENIC REPUBLI      3.7000   7/20/2015      EUR      70.72
HELLENIC REPUBLI      4.6000   9/20/2040      EUR      55.45
HELLENIC REPUBLI      4.5000   9/20/2037      EUR      55.37
HELLENIC REPUBLI      4.2250    3/1/2017      EUR      66.99
NATIONAL BK GREE      3.8750   10/7/2016      EUR      74.25

IRELAND
-------
AIB MORTGAGE BNK      4.8750   6/29/2017      EUR      71.71
AIB MORTGAGE BNK      5.5800   4/28/2028      EUR      58.99
AIB MORTGAGE BNK      5.0000   2/12/2030      EUR      52.98
AIB MORTGAGE BNK      5.0000    3/1/2030      EUR      52.94
ALLIED IRISH BKS     10.7500   3/29/2017      EUR      30.34
ALLIED IRISH BKS     10.7500   3/29/2017      USD      30.51
ALLIED IRISH BKS     12.5000   6/25/2019      EUR      31.41
ALLIED IRISH BKS     12.5000   6/25/2019      GBP      31.18
ALLIED IRISH BKS     11.5000   3/29/2022      GBP      31.16
ALLIED IRISH BKS      7.8750    7/5/2023      GBP      31.62
ALLIED IRISH BKS      5.2500   3/10/2025      GBP      30.70
BANK OF IRELAND       5.6000   9/18/2023      EUR      37.91
BANK OF IRELAND       9.2500    9/7/2020      GBP      61.52
BANK OF IRELAND      10.0000   2/12/2020      GBP      67.61
BANK OF IRELAND      10.0000   2/12/2020      EUR      69.26
BANK OF IRELAND      10.7500   6/22/2018      GBP      62.63
BANK OF IRELAND       4.8750   1/22/2018      GBP      51.74
BK IRELAND MTGE       5.4000   11/6/2029      EUR      59.80
BK IRELAND MTGE       5.4500    3/1/2030      EUR      59.80
BK IRELAND MTGE       3.2500   6/22/2015      EUR      74.85
BK IRELAND MTGE       5.7600    9/7/2029      EUR      62.78
DEPFA ACS BANK        3.2500   7/31/2031      CHF      70.76
DEPFA ACS BANK        5.1250   3/16/2037      USD      65.70
DEPFA ACS BANK        5.1250   3/16/2037      USD      65.44
DEPFA ACS BANK        6.0000   10/7/2035      USD      73.42
DEPFA ACS BANK        4.9000   8/24/2035      CAD      64.21
DEPFA ACS BANK        0.5000    3/3/2025      CAD      33.65
EBS BLDG SOCIETY      4.9920   3/19/2015      EUR      74.27
IRISH GOVT            5.4000   3/13/2025      EUR      74.04
IRISH LIFE PERM       4.2500    4/9/2015      EUR      72.61
IRISH LIFE PERM       4.8200   3/22/2015      EUR      74.19
IRISH NATIONWIDE     13.0000   8/12/2016      GBP      22.52
IRISH NATIONWIDE      5.5000   1/10/2018      GBP      22.48

ITALY
-----
ABRUZZO REGION        4.4500    3/1/2037      EUR      73.45
CITY OF TURIN         5.2700   6/26/2038      EUR      66.13
CO BACOLI             3.6710   3/31/2026      EUR      71.60
CO BRAONE             4.6200   6/30/2036      EUR      74.83
CO CASTELMASSA        3.9600   3/31/2026      EUR      74.33
CO CAZZAGO SAN M      4.4620   6/30/2037      EUR      73.13
CO PROVAGLIO DI       4.5720   6/30/2037      EUR      74.16
CO SPOLETO            3.7110   3/31/2026      EUR      71.96
CO VOBARNO            4.5720   6/30/2037      EUR      74.16
COMU MONT LEOGRA      3.6850   1/15/2026      EUR      71.91
COMU MONT LEOGRA      4.3620   1/13/2037      EUR      72.31
PRALBOINO             4.5670   6/30/2037      EUR      74.15
PRVASCOLI PICENO      4.0770   3/15/2026      EUR      74.62
TELECOM ITALIA        5.2500   3/17/2055      EUR      74.75
ARCELORMITTAL         7.2500    4/1/2014      EUR      31.56
BREEZE FINANCE        6.7080   4/19/2027      EUR      64.75
DEXIA BQ INT LUX      2.3900   12/7/2021      EUR      69.52
LIGHTHOUSE INTL       8.0000   4/30/2014      EUR      39.10
LIGHTHOUSE INTL       8.0000   4/30/2014      EUR      38.38
APP INTL FINANCE     11.7500   10/1/2005      USD       0.01
BK NED GEMEENTEN      0.5000   2/24/2025      CAD      52.81
BRIT INSURANCE        6.6250   12/9/2030      GBP      65.92
DGS INTL FIN BV      10.0000    6/1/2007      USD       0.01
ELEC DE CAR FIN       8.5000   4/10/2018      USD      56.65
INDAH KIAT INTL      12.5000   6/15/2006      USD       0.01
NATL INVESTER BK     25.9827    5/7/2029      EUR      23.56
NED WATERSCHAPBK      2.9270   6/30/2045      EUR      71.31
NED WATERSCHAPBK      0.5000   3/11/2025      CAD      53.64
Q-CELLS INTERNAT      5.7500   5/26/2014      EUR      68.48
RABOBANK              2.8050   8/28/2020      AUD      74.92
RABOBANK              5.0000   7/23/2029      EUR      40.27
RBS NV EX-ABN NV      6.3160   6/29/2035      EUR      69.00
SIDETUR FINANCE      10.0000   4/20/2016      USD      73.50
TJIWI KIMIA FIN      13.2500    8/1/2001      USD       0.01

NORWAY
------
EKSPORTFINANS         0.5000    5/9/2030      CAD      40.86
KOMMUNALBANKEN        0.5000   1/27/2016      ZAR      74.48
KOMMUNALBANKEN        0.5000   9/24/2014      BRL      73.33

PORTUGAL
--------
CAIXA GERAL DEPO      5.3800   10/1/2038      EUR      65.92
CAIXA GERAL DEPO      4.2500   1/27/2020      EUR      77.22
CAIXA GERAL DEPO      5.3200    8/5/2021      EUR      72.21
CAIXA GERAL DEPO      4.4000   10/8/2019      EUR      70.63
METRO DE LISBOA       4.0610   12/4/2026      EUR      73.57
PORTUGUESE OT'S       4.1000   4/15/2037      EUR      70.42

RUSSIA
------
APK ARKADA           17.5000   5/23/2012      RUB       0.38
ARKTEL-INVEST        12.0000    4/9/2012      RUB       0.05
BARENTSEV FINANS     20.0000    7/4/2011      RUB       1.30
DVTG-FINANS          17.0000   8/29/2013      RUB       8.01
EMALIANS-FINANS      10.9700    7/8/2011      RUB      75.00
EUROKOMMERZ          16.0000   3/15/2011      RUB       0.01
GLOBEX BANK           9.2500   2/16/2013      RUB      75.00
IART                 12.0000    8/4/2013      RUB       1.02
IZHAVTO              18.0000    6/9/2011      RUB      11.31
M-INDUSTRIYA         12.2500   8/16/2011      RUB      29.04
MIG-FINANS            0.1000    9/6/2011      RUB       1.00
MIRAX                17.0000   9/17/2012      RUB      18.00
MIRAX                14.9900   5/17/2011      RUB      32.35
MOSMART FINANS        0.0100   4/12/2012      RUB       2.02
MOSOBLGAZ            12.0000   5/17/2011      RUB      72.50
MOSOBLTRUSTINVES     20.0000   3/26/2011      RUB       6.99
NOK                  10.0000   9/22/2011      RUB       8.28
NOK                  12.5000   8/26/2014      RUB       0.04
NOVYE TORGOVYE S     15.0000   4/26/2011      RUB      72.18
POLYPLAST            19.0000   6/21/2011      RUB      75.00
RAILTRANSAUTO        17.5000   12/4/2013      RUB      75.00
RUSSIAN SEA          10.0000   6/14/2012      RUB      75.00
RUSSIAN STANDARD     10.7500    2/9/2011      RUB      75.00
RYBINSKKABEL          0.0100   2/28/2012      RUB       1.02
SAHO                 10.0000   5/21/2012      RUB      50.00
SATURN                8.5000    6/6/2014      RUB       5.66
SEVKABEL-FINANS      10.5000   3/27/2012      RUB       3.40
SVOBODNY SOKOL        0.1000   5/24/2011      RUB       1.30
TECHNOSILA-INVES      7.0000   5/26/2011      RUB       1.02
TERNA-FINANS          1.0000   11/4/2011      RUB       5.42
TRANSCREDITFACTO     12.0000   6/11/2012      RUB      75.00
VESTER-FINANS        15.2500   8/11/2011      RUB       1.32
VKM-LEASING FINA      1.0000   5/18/2011      RUB       1.02

SPAIN
-----
AYT CEDULAS CAJA      4.0000   3/24/2021      EUR      74.98
AYT CEDULAS CAJA      3.7500   6/30/2025      EUR      61.74
AYT CEDULAS CAJA      4.7500   5/25/2027      EUR      68.80
BANCAJA               1.5000   5/22/2018      EUR      63.70
BANCO GUIPUZCOAN      1.5000   4/18/2022      EUR      54.25
CAJA CASTIL-MAN       1.5000   6/23/2021      EUR      57.62
CAJA MADRID           5.7550   2/26/2028      EUR      64.62
CAJA MADRID           4.0000    2/3/2025      EUR      74.05
CAJA MADRID           4.1250   3/24/2036      EUR      65.17
CEDULAS TDA 6         3.8750   5/23/2025      EUR      62.53
CEDULAS TDA A-5       4.2500   3/28/2027      EUR      63.61
CEDULAS TDA A-6       4.2500   4/10/2031      EUR      57.78
GEN DE CATALUNYA      4.2200   4/26/2035      EUR      69.10
GENERAL DE ALQUI      2.7500   8/20/2012      EUR      65.23
IM CEDULAS 5          3.5000   6/15/2020      EUR      72.72
IM CEDULAS 7          4.0000   3/31/2021      EUR      74.76
JUNTA LA MANCHA       3.8750   1/31/2036      EUR      66.46

SWEDEN
------
SWEDISH EXP CRED      0.5000   1/25/2028      USD      52.14
SWEDISH EXP CRED      0.5000   9/29/2015      BRL      66.90
SWEDISH EXP CRED      8.0000   11/4/2011      USD       9.09
SWEDISH EXP CRED      9.0000   8/28/2011      USD      10.28
SWEDISH EXP CRED      9.0000   8/12/2011      USD      10.07

SWITZERLAND
-----------
UBS AG               10.5800   6/29/2011      USD      39.76
UBS AG               13.3000   5/23/2012      USD       4.20
UBS AG               13.7000   5/23/2012      USD      14.15
UBS AG JERSEY        10.6500   4/29/2011      USD      15.50
UBS AG JERSEY         3.2200   7/31/2012      EUR      50.67
UBS AG JERSEY         9.4500   9/21/2011      USD      50.91
UBS AG JERSEY         9.3500   9/21/2011      USD      70.46
UBS AG JERSEY        11.1500   8/31/2011      USD      39.67
UBS AG JERSEY        10.3600   8/19/2011      USD      53.72
UBS AG JERSEY        10.2800   8/19/2011      USD      35.71
UBS AG JERSEY        12.6400   7/29/2011      USD      34.30
UBS AG JERSEY        12.1600   7/29/2011      USD      25.10
UBS AG JERSEY        10.7600   7/29/2011      USD      10.43
UBS AG JERSEY        13.0000   6/16/2011      USD      50.13
UBS AG JERSEY        10.5000   6/16/2011      USD      73.14
UBS AG JERSEY        10.8200   4/21/2011      USD      21.09
UBS AG JERSEY        16.1600   3/31/2011      USD      42.07
UBS AG JERSEY        10.9900   3/31/2011      USD      30.98
UBS AG JERSEY        11.4000   3/18/2011      USD      25.01
UBS AG JERSEY        12.8000   2/28/2011      USD      33.19
UBS AG JERSEY        11.0000   2/28/2011      USD      69.69
UBS AG JERSEY        15.2500   2/11/2011      USD      11.17
UBS AG JERSEY        10.0000   2/11/2011      USD      58.25
UBS AG JERSEY        16.1700   1/31/2011      USD      12.57
UBS AG JERSEY        14.6400   1/31/2011      USD      35.68
UBS AG JERSEY        13.9000   1/31/2011      USD      33.88

UNITED KINGDOM
--------------
BANK NADRA            8.0000   6/22/2017      USD      68.01
BANK OF SCOTLAND      6.9840    2/7/2035      EUR      73.43
BARCLAYS BK PLC      10.9500   5/23/2011      USD      65.68
BARCLAYS BK PLC      10.3500   1/23/2012      USD      21.12
BARCLAYS BK PLC       8.5500   1/23/2012      USD      11.56
BARCLAYS BK PLC       7.5000   9/22/2011      USD      16.88
BARCLAYS BK PLC       8.8000   9/22/2011      USD      16.75
BARCLAYS BK PLC       8.7500   9/22/2011      USD      73.65
BARCLAYS BK PLC      13.0000   5/23/2011      USD      23.10
BARCLAYS BK PLC      10.5100   5/31/2011      USD      13.00
BARCLAYS BK PLC      10.6500   1/31/2012      USD      45.71
BARCLAYS BK PLC       7.6100   6/30/2011      USD      52.25
BARCLAYS BK PLC       8.9500   4/20/2012      USD      16.70
BARCLAYS BK PLC       9.0000   6/30/2011      USD      43.97
BARCLAYS BK PLC       9.5000   8/31/2012      USD      29.99
BARCLAYS BK PLC       9.2500   8/31/2012      USD      35.27
BARCLAYS BK PLC      10.8000   7/31/2012      USD      27.83
BARCLAYS BK PLC       9.4000   7/31/2012      USD      11.41
BARCLAYS BK PLC      13.0500   4/27/2012      USD      27.15
BARCLAYS BK PLC      12.9500   4/20/2012      USD      23.97
BRADFORD&BIN BLD      4.9100    2/1/2047      EUR      68.30
BRADFORD&BIN BLD      5.5000   1/15/2018      GBP      45.52
BRADFORD&BIN PLC      7.6250   2/16/2049      GBP      48.26
BRADFORD&BIN PLC      6.6250   6/16/2023      GBP      43.47
CO-OPERATIVE BNK      5.8750   3/28/2033      GBP      70.43
EFG HELLAS PLC        6.0100    1/9/2036      EUR      21.63
EFG HELLAS PLC        5.4000   11/2/2047      EUR      45.63
ENTERPRISE INNS       6.3750   9/26/2031      GBP      74.64
HBOS PLC              6.0000   11/1/2033      USD      66.69
HBOS PLC              4.5000   3/18/2030      EUR      70.93
HBOS PLC              6.0000   11/1/2033      USD      66.69
HEALTHCARE SUPP       2.0670   2/19/2043      GBP      69.26
KEELE RESIDENT        2.1080   1/31/2047      GBP      74.77
MAX PETROLEUM         6.7500    9/8/2012      USD      64.15
NORTHERN ROCK         5.7500   2/28/2017      GBP      71.10
PUNCH TAVERNS         7.5670   4/15/2026      GBP      49.62
PUNCH TAVERNS         6.4680   4/15/2033      GBP      40.38
PUNCH TAVERNS         8.3740   7/15/2029      GBP      52.18
ROYAL BK SCOTLND      6.3160   6/29/2030      EUR      68.31
SKIPTON BUILDING      6.7500   5/30/2022      GBP      67.80
SKIPTON BUILDING      5.6250   1/18/2018      GBP      69.84
TXU EASTERN FNDG      6.4500   5/15/2005      USD       2.88
TXU EASTERN FNDG      6.7500   5/15/2009      USD       2.88
UNIQUE PUB FIN        6.4640   3/30/2032      GBP      63.83
WESSEX WATER FIN      1.3690   7/31/2057      GBP      31.90
YORKSHRE BLD SOC      6.3750   4/26/2024      GBP      75.00


                            *********

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 * * *