TCREUR_Public/110124.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 24, 2011, Vol. 12, No. 16

                            Headlines



C Z E C H   R E P U B L I C

SAZKA AS: Asks Bondholders to Agree to Haircut


I C E L A N D

KAUPTHING BANK: Approved EUR2BB Loans to Usmanov Prior to Collapse
LANDSBANKI ISLANDS: Searches Conducted in Collapse Probe


F I N L A N D

STORA ENSO: Moody's Affirms 'Ba2' Rating on Senior Unsecured Notes


G E R M A N Y

ARCANDOR AG: Bochum Prosecutors Review Ex-CEO's Bonus in Probe
GENERAL MOTORS: CEO Said to Be Impatient With Opel Progress
HYPO REAL ESTATE: Nationalization Not an Act of Expropriation
NN INC: To Restructure European Manufacturing Capacity
SCHLOTT GRUPPE: Faces Erosion of Share Capital by More Than 50%


I C E L A N D

* ICELAND: Three Failed Banks Likely to Merge, FME Director Says


L A T V I A

LASCO INVESTMENT: Administrators Accused of Unlawful Actions


M O L D O V A

EVENTIS MOBILE: Creditors in Dispute with Insolvency Manager


N O R W A Y

* NORWAY: Bankruptcies Down 12.5% in Fourth Quarter 2010


R O M A N I A

* ROMANIA: Insolvency Trend to Remain Upward in 2011, Coface Says


U N I T E D   K I N G D O M

BRYN THOMAS: Goes Into Administration, Taps Administrators
HMV GROUP: Appoints KPMG to Advise on Debt Amid Breach Fears
KEYDATA INVESTMENT: Asset Managers May Face Levy Over Insolvency
LOVEGROVES LLP: Goes Into Liquidation
MCGIMPSEY & KANE: Goes Into Administration, Owners Bankrupt

NORTHUMBERLAND FOODS: Plant Takeover Fails
OSPREY ACQUISITIONS: Fitch Assigns 'BB+(exp)' Sr. Secured Rating
ROSSA DAIRY: Falls Into Administration, Axes 19 Jobs
* SCOTLAND: Corporate Insolvencies Rise 45.8% in 2010


X X X X X X X X

* BOND PRICING: For the Week January 17 to January 21, 2011


                            *********


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C Z E C H   R E P U B L I C
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SAZKA AS: Asks Bondholders to Agree to Haircut
----------------------------------------------
Dow Jones' DBR Small Cap reports that newspaper Hospodarske Noviny
said Sazka AS has asked its bondholders to agree to a 30% to 33%
reduction in principal on outstanding bonds and to lowering the
yield on the bonds to 6% from 9% to enable the company to continue
operating and not move into bankruptcy.

Sazka AS is a Czech lottery firm.


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I C E L A N D
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KAUPTHING BANK: Approved EUR2BB Loans to Usmanov Prior to Collapse
------------------------------------------------------------------
Sigrun Davidsdottir and Rowena Mason at The Daily Telegraph
reports that Kaupthing approved loans worth EUR2 billion (GBP1.69
billion) for Alisher Usmanov, the billionaire behind Arsenal
Football Club, less than two weeks before the Icelandic bank went
bust.

Iceland's biggest bank failed in early October 2008, hitting
150,000 British savers with Edge internet accounts, The Daily
Telegraph recounts.  Kaupthing still owes the UK Treasury GBP2.5
billion for stepping in to compensate customers, The Daily
Telegraph discloses.  However, minutes of a credit committee
meeting seen by The Daily Telegraph show that Kaupthing was still
showering businessmen, including Mr. Usmanov, with offers of money
on September 24.

According to The Daily Telegraph, the leaked documents show that
Kaupthing's loan to Mr. Usmanov would have been more than double
the 25% limit for exposure to a single party.  It also emerges
that Mr. Usmanov owned a 1.5% stake in the bank.

According to the minutes, Kaupthing offered two loans to Mr.
Usmanov.  One was for US$1.2 billion to build a stake in Norilsk
Nickel, The Daily Telegraph relates.  Another was to buy a EUR1.1
billion stake in Finnish insurer Sampo -- which was closely linked
to some of Kaupthing's main owners, The Daily Telegraph discloses.

There is no suggestion Mr. Usmanov acted improperly at any point,
The Daily Telegraph says.  It is not clear whether or how much of
the US$2 billion in approved loans were paid out to Mr. Usmanov
before the bank collapsed, The Daily Telegraph notes.

                       About Kaupthing Bank

Headquartered in Reykjavik, Kaupthing Bank --
http://www.kaupthing.com/-- is Iceland's largest bank and among
the Nordic region's 10 largest banking groups.  With operations in
more than a dozen countries, the bank offers a range of services
including retail banking, corporate finance, asset management,
brokerage, private banking, treasury, and private wealth
management.  Kaupthing was created by the 2003 merger of
Bunadarbanki and Kaupthing Bank.  In October 2008 the Icelandic
government assumed control of Kaupthing Bank after taking similar
measures with rivals Landsbanki and Glitnir.

As reported by the Troubled Company Reporter on Nov. 30, 2008,
Olafur Gardasson, assistant for Kaupthing Bank hf., in a
proceeding under Act No. 21/1991, pending before the Reykjavik
District Court, and foreign representative of the Debtor, filed a
petition under chapter 15 of title 11 of the United States Code in
the United States Bankruptcy Court for the Southern District of
New York commencing the Debtor's chapter 15 case ancillary to the
Icelandic Proceeding and seeking recognition for the Icelandic
Proceeding as a "foreign main proceeding" under the Bankruptcy
Code and relief in aid of the Icelandic Proceeding.


LANDSBANKI ISLANDS: Searches Conducted in Collapse Probe
--------------------------------------------------------
Omar R. Valdimarsson at Bloomberg News, citing Reykjavik-based
newspaper Vidskiptabladid, reports that Iceland's Special
Prosecutor has conducted searches at the country's central bank,
MP Bank hf and investment company ALMC hf as part of its
investigation into the causes of Landsbanki Islands hf's collapse
more than two years ago.

According to Bloomberg, the newspaper noted that Special
Prosecutor Olafur Hauksson was due to release a statement on the
searches Thursday last week.

                    About Landsbanki Islands

Landsbanki Islands hf, also commonly known as Landsbankinn in
Iceland, is an Icelandic bank.  The bank offered online savings
accounts under the "Icesave" brand.  On October 7, 2008, the
Icelandic Financial Supervisory Authority took control of
Landsbanki and two other major banks.

Landsbanki filed for Chapter 15 protection on Dec. 9, 2008 (Bankr.
S.D. N.Y. Case No.: 08-14921).  Gary S. Lee, Esq., at Morrison &
Foerster LLP, represents the Debtor.  When it filed for protection
from its creditors, it listed assets and debts of more than
US$1 billion each.


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STORA ENSO: Moody's Affirms 'Ba2' Rating on Senior Unsecured Notes
------------------------------------------------------------------
Moody's Investors Service affirmed the Ba2 Corporate Family Rating
of Stora Enso Oyj as well as the Ba2 Senior Unsecured Notes
Ratings upon the announcement to build a new 1.3-million ton pulp
mill in Uruguay with joint venture partner Arauco.  The outlook
remains positive.

The project, which is worth approximately US$1.9 billion,
comprises a pulp mill, a deepwater port and a power generation
unit based on renewable resources and is expected to become
operational over Q1 2013 with fiber to be largely sourced from
existing own plantations.  The investment costs will be equally
shared by Stora Enso and Arauco, who are also entitled to the
output on a 50%/50% basis, with 40% being equity contributions
from both partners with the remainder being debt financed at the
subsidiary level, but guaranteed by the parents.

Moody's views this major investment project as consistent with
Stora Enso's stated strategy of improving its access to low-cost
plantation based pulp.  In addition, Moody's notes positively the
benefits to the business profile through an increasing
diversification of products and geographic spread while becoming
less dependent on the mature Western European paper market.  At
the same time, we caution that demand and pricing for market pulp
has been highly cyclical over the past years which could
potentially increase volatility in Stora Enso's operating
performance in the future, though we note that this venture will
be equity consolidated at the outset.  In addition, this
investment, together with the recently announced plan to invest
into new containerboard capacity in Poland, will limit further
credit metrics improvement potential.  Moody's draws however
comfort from the improvements in operating performance achieved
over 2010 and from the fact that through the funding of the
Uruguayan project debt at the joint-venture level, profitability
and cash flow generation will not be impacted by debt service
costs.  This should enable Stora Enso to continue to generate
solid positive free cash flows, even when deducting the equity
contribution for the investment.

The positive outlook assumes that the ratings could be upgraded
over the next months should Stora Enso be able to at least sustain
recently strengthened credit metrics on the back of a continued
improving industry environment and due to benefits realized from
past restructuring and cost saving activity.  While demand levels
for the majority of paper grades remain still below historic
levels, a gradual recovery in volumes and further anticipated
price increases in the group's publication paper operations should
help to further improve profitability and cash flow generation,
and therefore largely mitigate negative effects from higher
investment activity.

More fundamentally, the Ba2 CFR reflects the group's solid
business profile as one of the leading global paper and forest
products companies, with a strong segmental diversification,
covering a variety of paper grades, packaging and wood products.
Earnings volatility is reduced by the company's solid degree of
vertical integration.  The rating also takes into account the
group's strong positions in the publication paper and paper/based
packaging markets, as well as its extended debt maturity profile
and solid liquidity cushion.

The Ba2 rating still incorporates the volatility of credit metrics
with trough levels in the downturn in 2008 and 2009.  The rating
also factors in that the market environment for certain paper
grades remains challenging as structural overcapacities constrain
the realization of sufficient pricing levels, particularly on the
back of recent re-inflation of most input costs.

Further rating upside pressure would build up should Stora Enso be
able to gradually improve operating profitability with EBITDA
margins improving towards the mid-teens and to sustain retained
cash flow to debt at close to 20%.

Negative pressure could arise if Stora Enso was unable to sustain
recent improvements in profitability and operating cash flow
generation, as indicated by EBITDA margins below 10% and RCF-to-
debt below 13%.  In addition, should free cash flow generation
turn negative on an LTM basis, this would put pressure onto the
rating.

Please see ratings tab on the issuer/entity page on Moodys.com for
the last rating action and the rating history.

The principal methodology used in rating Stora Enso was "Moody's
Global Paper and Forest Products Industry rating methodology",
published in September 2009.  Other methodologies and factors that
may have been considered in the process of rating this issuer can
also be found in the Rating Methodologies sub-directory on Moody's
website.

Headquartered in Helsinki, Finland, Stora Enso is among the
world's largest paper and forest products companies, with sales in
the last twelve months ending September 2010 of approximately
EUR10 billion.  Core activities include publication and fine
papers, paper packaging products and solid wood products.


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G E R M A N Y
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ARCANDOR AG: Bochum Prosecutors Review Ex-CEO's Bonus in Probe
--------------------------------------------------------------
Karin Matussek at Bloomberg News reports that Bochum prosecutors
are looking into a EUR2.3 million (US$3.1 million) bonus payment
that former Arcandor AG Chief Executive Officer Thomas Middelhoff
received before he left the company and six months before it filed
for bankruptcy.

Bloomberg relates that Bernd Bernd Bieniossek, spokesman for
Bochum prosecutors, said in an interview on Friday that the
payment, approved by the supervisory board at a Dec. 11, 2008,
meeting is being reviewed as part of a probe into the company's
bankruptcy.

According to Bloomberg, Mr. Middelhoff's lawyer Sven Thomas in an
interview on Friday denied wrongdoing by his client.  Mr. Thomas,
as cited by Bloomberg, said that the bonus payment has long been
public and was granted under Mr. Middelhoff's compensation
agreement.

Bochum prosecutors are investigating about 20 people over the
company's demise in June 2009, Bloomberg discloses.  Investigators
raided nine sites throughout Germany in October, Bloomberg
recounts.  Cologne prosecutors are leading a related probe,
Bloomberg notes.

                         Debt Refinancing

As reported by the Troubled Company Reporter-Europe on Jan. 20,
2011, Bloomberg News said Mr. Middelhoff rejected claims he
misinformed investors in 2008 about the company's efforts to
refinance debt.  Mr. Middelhoff testified at a court in Essen,
Germany, on Jan. 6 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, Bloomberg
disclosed.  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.  Bloomberg related 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.

                        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.


GENERAL MOTORS: CEO Said to Be Impatient With Opel Progress
-----------------------------------------------------------
The Wall Street Journal's Sharon Terlep reports that GM Chairman
and CEO Dan Akerson is growing impatient with progress of the
company's unit in Europe, people familiar with the situation said.

The Journal says next on Mr. Akerson's list of issues to tackle --
along with negotiations this year with the United Auto Workers
union -- is GM's money-losing Opel division in Europe.  GM has put
in place a restructuring plan for Opel and Opel CEO Nick Reilly
has said he is optimistic the operation will break even in 2011
after years of losses.

                       About General Motors

With its global headquarters in Detroit, Michigan, General Motors
Company -- http://www.gm.com/-- is one of the world's largest
automakers.  GM employs 205,000 people in every major region of
the world and does business in some 157 countries.  GM and its
strategic partners produce cars and trucks in 31 countries, and
sell and service these vehicles through the following brands:
Buick, Cadillac, Chevrolet, FAW, GMC, Daewoo, Holden, Jiefang,
Opel, Vauxhall and Wuling.  GM's largest national market is China,
followed by the United States, Brazil, Germany, the United
Kingdom, Canada, and Italy.  GM's OnStar subsidiary is the
industry leader in vehicle safety, security and information
services.

General Motors Co. is 60.8% owned by the U.S. Government.  It was
formed to acquire the operations of General Motors Corporation
through a sale under 11 U.S.C. Sec. 363 following Old GM's
bankruptcy filing.  The deal was closed on July 10, 2009, and Old
GM changed its name to Motors Liquidation Co.  Old GM remains
subject to a pending Chapter 11 reorganization case before the
U.S. Bankruptcy Court for the Southern District of New York.

At September 30, 2010, GM had US$137.238 billion in total assets,
US$106.522 billion in total liabilities, US$6.998 billion in
preferred stock, $971 million in non-controlling interest, and
US$23.718 billion in total equity.

New GM has a 'BB-' corporate credit rating from Standard & Poor's
and a 'BB-' issuer default rating from Fitch.

                     About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  The Honorable Robert E. Gerber presides over the
Chapter 11 cases.  Harvey R. Miller, Esq., Stephen Karotkin, Esq.,
and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP,
assist the Debtors in their restructuring efforts.  Al Koch at AP
Services, LLC, an affiliate of AlixPartners, LLP, serves as the
Chief Executive Officer for Motors Liquidation Company.  GM is
also represented by Jenner & Block LLP and Honigman Miller
Schwartz and Cohn LLP as counsel.  Cravath, Swaine, & Moore LLP is
providing legal advice to the GM Board of Directors.  GM's
financial advisors are Morgan Stanley, Evercore Partners and the
Blackstone Group LLP.

The U.S. Trustee has appointed an Official Committee of Unsecured
Creditors and a separate Official Committee of Unsecured Creditors
Holding Asbestos-Related Claims.  Lawyers at Kramer Levin Naftalis
& Frankel LLP serve as bankruptcy counsel to the Creditors
Committee.  Attorneys at Butzel Long serve as counsel regarding
supplier contract matters.  FTI Consulting, Inc., serves as
financial advisors to the Creditors Committee.  Elihu Inselbuch,
Esq., at Caplin & Drysdale, Chartered, represents the Asbestos
Committee.  Legal Analysis Systems, Inc., serves as asbestos
valuation analyst.

Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


HYPO REAL ESTATE: Nationalization Not an Act of Expropriation
-------------------------------------------------------------
Reuters reports that a Munich court ruled on Thursday that a
squeeze-out of minority shareholders was appropriate in a
nationalization of Hypo Real Estate.

According to Reuters, Presiding Judge Helmut Krenek said the move
to nationalize the bank had been proportionate and, given the
circumstances, was not an act of expropriation.  A group of 38
shareholders, including US investor JC Flowers, had sought to
block the transfer of their shares, Reuters discloses.

HRE's business model combining property finance with investment
banking came unstuck in the financial crisis, forcing the lender
-- considered crucial to the stability of the pfandbrief or
covered bond market -- to turn to the government for more than
EUR100 billion (US$135 billion) in guarantees, Reuters relates.
Germany then agreed to let HRE transfer loans and securities worth
a nominal EUR173 billion to a so-called "bad bank" to allow it to
restructure, Reuters recounts.  That aid prompted an investigation
by the European Commission's competition authorities, who gave the
asset transfer a provisional green light on September 24, Reuters
notes.

                      About Hypo Real Estate

Germany-based Hypo Real Estate Holding AG (FRA:HRXG) --
http://www.hyporealestate.com/-- is a German holding company for
the Hypo Real Estate Group.  It is an international real estate
financing company, combining commercial real estate financing
products with investment banking.  The Company divides its
operations into three business units: Commercial Real Estate,
which provides real estate financing on the international and
German market; Public Sector & Infrastructure Finance, and Capital
Markets & Asset Management.  Hypo Real Estate Group operates
through a number of subsidiaries, including, among others, Hypo
Real Estate Bank International AG that focuses on Pfandbrief-based
commercial real estate financing in all international markets, and
offers large-volume investment banking and structured finance
transactions; Hypo Real Estate Bank AG that focuses on the
commercial real estate financing and refinancing business in
Germany, and DEPFA Bank plc in Dublin, Ireland, which is a
provider of public finance.

                          *     *     *

As reported by the Troubled Company Reporter-Europe, Chancellor
Angela Merkel's government took over Hypo Real Estate in 2009
after the lender's Dublin-based Depfa Bank Plc unit couldn't raise
financing when the bankruptcy of Lehman Brothers Holdings Inc.
froze credit markets.  Hypo Real was one of seven banks to fail
stress tests on 91 of Europe's biggest lenders in July, according
to Bloomberg.

As reported by the Troubled Company Reporter-Europe on Oct. 13,
2010, Fitch Ratings upgraded HRE Holding's Individual rating to
'D' from 'F' and simultaneously withdrew it.  Depfa Bank plc's
Individual rating was upgraded to 'D' from 'F.'


NN INC: To Restructure European Manufacturing Capacity
------------------------------------------------------
NN, Inc. will cease company manufacturing operations at its German
manufacturing facility, Kugelfertigung Eltmann GmbH, because the
operation has filed for bankruptcy at the local court on
January 20, 2011.  Eltmann manufactures precision steel balls for
industrial and aerospace applications.

Due to the insolvency of Eltmann, as of December 31, 2010, NN,
Inc. will adjust the value of the property, plant and equipment to
fair market value, which is not expected to result in a
significant change from the current book value of US$1.9 million.
In addition, as of the bankruptcy date (during the first quarter
of 2011), all other assets and liabilities will be written off and
charges taken to record any contingent liabilities.  As of this
date, management does not expect that the charges for these
entries to be significant, although it is not possible to
determine the amounts at this time.

Roderick R. Baty, Chairman and Chief Executive Officer of NN,
commented, "Although this bankruptcy does not have a negative
impact on the consolidated profitability of NN, Inc. for 2010 and
the forecasted results for 2011, we are saddened to make this
unfortunate announcement.  Management and employees have worked
diligently to improve the operating results and profitability.
However, economic factors over the last two years coupled with the
high cost of manufacturing our products in Germany have eroded the
financial status of Eltmann.  Unfortunately, we cannot forecast an
improvement in the operations of Eltmann to reverse this condition
for the foreseeable future.  We fully acknowledge the impact this
will have on our employees in Eltmann."

Mr. Baty concluded, "We are working closely with our customers and
suppliers to ensure a product supply and services from our other
global manufacturing units in Europe, Asia and the U.S.  We have
sufficient capacity in our remaining worldwide facilities to
adequately meet the supply requirements of our customers who have
been serviced historically from our Eltmann facility."

NN, Inc. manufacturers and supplies high precision metal bearing
components, industrial plastic and rubber products and precision
metal components to a variety of end markets on a global basis.
Headquartered in Johnson City, Tennessee, NN has 12 manufacturing
plants in the United States, Western Europe, Eastern Europe and
China.  NN, Inc. had sales of US$259 million in 2009.


SCHLOTT GRUPPE: Faces Erosion of Share Capital by More Than 50%
---------------------------------------------------------------
The District Court of Nuremberg appointed Dr. Siegfried Beck as
the provisional insolvency administrator for schlott gruppe AG and
its domestic subsidiaries on January 18, 2011, the company
disclosed in a public statement.

Having submitted an application for the commencement of insolvency
proceedings, schlott gruppe will have to conduct its accounting on
the basis of liquidation value.  In particular, this will have an
influence on the measurement and recognition of interests in and
receivables from affiliated entities.

As a result, schlott gruppe is faced with an erosion of share
capital by more than 50%.

Pursuant to Section 92 of the German Stock Corporation Act
(Aktiengesetz - AktG), the company is therefore obliged to convene
immediately an Extraordinary Meeting of Shareholders.

In view of the current situation, the provisional insolvency
administrator is not in a position to approve the funds required
for the purpose of convening an Extraordinary Meeting of
Shareholders.  Therefore, at present no date can be specified in
respect of such an Extraordinary Meeting of Shareholders.

Schlott gruppe also disclosed that working in collaboration with
the Management Board, Mr. Beck aims to continue the Group's full
business operations within the context of preliminary insolvency
proceedings.  All wages and salaries for the domestic workforce of
around 1,500 employees are guaranteed for a period of three months
from funds available under Germany's statutory insolvency
provisions.

The insolvency administrator and Management Board intend to rescue
schlott gruppe by means of an insolvency plan or the sale of the
company to an investor.  The objective is to retain as many jobs
as possible.  "schlott gruppe has established a good position
within the market and, on the whole, remains competitive," said
the provisional insolvency administrator when asked to comment on
the current situation.  "The insolvency proceedings now initiated
by the company provide an opportunity for a fundamental
restructuring of the Group."  Mr. Beck and his team are currently
in the process of analyzing the situation in the respective
companies.

The insolvency administrator and Management Board have been in
close dialogue with key customers and suppliers for the purpose of
safeguarding the continuation of business operations.

schlott gruppe is one of the leading service providers within the
European printing industry.  The focus of its business is on
large-volume printing for customers operating within the
publishing and mail-order sector as well as advertisers.  Thus,
the emphasis is on magazines, advertising supplements and
catalogues.  Owing to the substantial market pressure exerted on
prices in recent years, schlott gruppe has been faced with
financial difficulties.  Finally, on Tuesday, January 18, it was
forced to submit an application for the commencement of insolvency
proceedings.


As reported by the Troubled Company Reporter-Europe on Jan. 20,
2011, schlott gruppe's Management Board submitted an application
to the District Court of Nuremberg for the commencement of
insolvency proceedings on the grounds of financial insolvency and
excessive indebtedness.  Subsequently, an application was also
submitted to the District Court of Nuremberg for the commencement
of insolvency proceedings in respect of the German Group entities
schlott GmbH, schlott Vertrieb GmbH, schlott logistik GmbH, u.e.
sebald Druck GmbH, D.V.N. Druckverarbeitung Nurnberg GmbH,
media2print GmbH, wwk Druck GmbH, broschek rollenoffset GmbH,
broschek service GmbH, broschek tiefdruck GmbH and sebaldus GmbH
on the grounds of financial insolvency and excessive indebtedness.
Initially, the insolvency proceedings will not affect the foreign
Group entities reus S.R.O. (Czech Republic) und hollmann S.A.
(France).  The obligation for the commencement of insolvency
proceedings for the Dutch Group entities biegelaar B.V. and
media2print B.V. is currently under examination.

Headquartered in Freudenstadt, Germany schlott gruppe AG
covers a multitude of services surrounding printed and digital
media processes.  Its range of services covers five areas: media
services, intaglio, web offset printing, processing and logistics
services.


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* ICELAND: Three Failed Banks Likely to Merge, FME Director Says
----------------------------------------------------------------
Global Insolvency reports that Dow Jones Daily Bankruptcy Review,
citing Gunnar T. Andersen, the director general of Icelandic
Financial Supervisory Authority, or FME, said that three Icelandic
banks that were taken into state ownership following their
collapse in 2008 could go fully public within about five years and
may be further restructured in the meantime.

According to Global Insolvency, Mr. Andersen said two of the three
largest Icelandic banks could be merged.

The three banks -- Landsbanki, Kaupthing and Glitnir -- failed in
2008 and were nationalized as the financial crisis gripped the
country, Global Insolvency recounts.  They have since been
reorganized, Global Insolvency notes.  Mr. Andersen, as cited by
Global Insolvency, said consolidation would advance Iceland's
plans to rationalize its banks.

"We are over-banked and have been for some time," Global
Insolvency quoted Mr. Andersen as saying, adding that the priority
now is "to lower the high nonperforming-loan ratio of 40%-50%."

Global Insolvency relates that Mr. Andersen hopes to slash the
figure to more normal levels of 1%-3%.  He said achieving that
target and cleaning up bank balance sheets could take two to three
years, Global Insolvency notes.


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L A T V I A
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LASCO INVESTMENT: Administrators Accused of Unlawful Actions
------------------------------------------------------------
JSC Latvijas Kugnieciba (LK) as the sole owner of LASCO Investment
Ltd. (LI) believes that the administrator of LI and other
administrators of the LI Group have acted contrary to the law, in
order to take over and control properties worth many millions of
Lats.  Administrators of companies of the LI Group are
Zigurds Krastins, Elvijs Vebers, Kristaps Andersons and Janis
Esenvalds.

To prevent the new Management Board members of LI and its Group's
subsidiaries, elected by the new Management Board of LK on
December 22, 2010, from exercising their legal functions, the
administrators of LI and other administrators of the LI Group are
not giving approval to register the new Management Board members
in the Commercial Register of the Republic of Latvia.  Therefore,
the administrators are unlawfully preventing the new LK Management
Board from being able to manage their assets in the LI Group, thus
causing substantial damages to the LI Group's creditors, the LK
Group and its shareholders, including the State.

LK believes that the administrator O.Cers failed to issue consent
for the registration of the new LI Management Board in the
Commercial Register of the Republic of Latvia with a view to
stopping the new LI Management Board from participating in the
court hearing on January 3, 2011, where the court resolved
to declare insolvency proceedings of LI.  Contrary to the
interests of creditors of LI, including LK's subsidiary Latmar
Holdings Corporation, which is the largest creditor of LI, the
Administrator O.Cers maintained the announcement of insolvency
proceedings in court.  The administrator O.Cers acted this way
irrespective of the fact that the creditors of LI had agreed on
amendments to the program of out-of-court legal protection
proceedings and on restructuring the debt.  Possibly the only
objective of O.Cers actions is to prevent the new LK Management
Board from taking over a valuable asset of LK.

"We have reasonable suspicions that insolvency of LI and the out-
of-court legal protection proceedings of its related companies was
artificially organized.  All creditors, except VN, are companies
of the LK Group.  LK Group's company is also Wilcox, which is
indicated as the potential investor of LI.  We believe that the
out-of-court legal protection proceedings of LI were initiated
with the sole purpose being to appoint through agreement such
administrators who are loyal to the previous LK Management Board,"
says the Chairman of the Management Board of LK Paul Thomas, who
emphasized that the primary objective is to defend the interests
of LI creditors.

LK holds a view that announcement of insolvency proceedings had no
factual grounds and the administrator acted unlawfully.  Further
evidence confirming this point is that irrespective of the fact
that the administrator O.Cers was informed that VN was ready to
postpone the payment of its debt until December 31, 2011, he still
filed an insolvency application in court on the same day
that the LK Management Board and Supervisory Council was re-
elected on December 17, 2010.

LK has filed a application to the Prosecutor General of the
Republic of Latvia by requesting submitting of the protest on the
court's decision on declaring insolvency of LI.  Furthermore
complaints to the Insolvency Administration on actions of the
administrators O.Cers, Z.Krastins, K.Andersons, E.Vebers and
J.Esenvalds has been submitted.

LASCO Investment Ltd. is a Latvian shipping company.


=============
M O L D O V A
=============


EVENTIS MOBILE: Creditors in Dispute with Insolvency Manager
------------------------------------------------------------
Infotag reports that a group of members of Eventis Mobile's
creditor committee has accused insolvency manager Veaceslav
Apostol of disregarding creditor decisions and intentionally
delaying the sale of the company's property complex.

Infotag relates that Serghei Gotonoga, a member of the committee,
said at a press conference on Jan. 19 that Mr. Apostol's
accusations against the committee are farfetched and untrue.

"The insolvency process manager avoids meeting us and disregards
our requests to provide documents, especially, concerning the
company property assessment.  If the complex cost is really over
MDL100 million and there are interested persons in buying it at
this price, the creditors will be happy, because they have to
return their money," Infotag quoted Mr. Gotonoga as saying.

Mr. Gotonoga, as cited by Infotag, said it is untrue the Mr.
Apostol's complaints about the pressure exerted against him by law
enforcement agencies on the grounds of complaints and threats of
the committee, as well as the lobbying of the company selling at a
lowest price.  He said the company can lose the last license it
owns due to the insolvency manager's actions, Infotag notes.  Its
term runs out on Feb. 16, Infotag discloses.  It will be almost
impossible to find a buyer for the property without the license,
Infotag states.

According to Infotag, Mr. Gotonoga noted that Aitel Sistem, which
intended to buy Eventis Mobile at the price of US$3.5 million,
took aside money from Moldova due to the insolvency manager's
refusal to sell the company.

On Jan. 21, 2011, the Troubled Company Reporter-Europe, citing
Infotag, reported that Mr. Apostol asserted that the company was
intentionally made bankrupt for the purpose of it being easily
seized within a raider attack.  Infotag related that an open
letter read by Mr. Apostol during a press conference on Jan. 18
said a group of the company's creditors "attempt[ed] to lobby a
disadvantageous and unprofitable deal on selling the enterprise
property complex to the Aitel Sistem company at the price of MDL40
million only, while the market price is about MDL113 million."
Mr. Apostol said the company council of creditors impedes him, as
the manager of the insolvency process, in every way possible to
sell the company to someone else at a more profitable price,
according to Infotag.

As reported by the Troubled Company Reporter-Europe on Dec. 17,
2010, Infotag said Eventis Mobile owed about MDL2 million to 15
creditors and did not pay salaries to its employees for about one
year, which prompted the court to decide to sequestrate its
property and to offer it for sale in the Auction House commission
shop.  As of July 2010, the creditors' claims approved by the
court was MDL104 million, MDL16.3 million of which are salary
debts, MDL4.75 million are debts to the Budget and MDL80.26
million are debts to contractors, according to Infotag.

Eventis Mobile is a mobile phone company working in the GSM
900/1800 MHz standard in Moldova.


===========
N O R W A Y
===========


* NORWAY: Bankruptcies Down 12.5% in Fourth Quarter 2010
--------------------------------------------------------
Statistics Norway reports that the number of bankruptcies in
Norway declined by 12.5% to 1,035 in the fourth quarter of 2010,
compared with the same quarter the previous year.

According to Statistics Norway, the number of bankruptcies went
down by 11.5% in 2010 to 4,435 compared with 2009.

Statistics Norway says seven out of ten bankruptcies; a total of
3,161, were related to enterprises -- except sole proprietorships.
Compared with 2009, this number fell by 17%, Statistic Norway
notes.  The largest decline in absolute figures was in wholesale
and retail trade, with a total of 233 fewer bankruptcies, followed
by construction with a drop of 113 bankruptcies, Statistics Norway
discloses.

The remaining 1,274 bankruptcies, up by 6% in 2010 compared with
2009, were related to sole proprietorships and personal
bankruptcies, Statistics Norway states.  One out of three sole
proprietorships that went bankrupt last year was in the
construction business, according to Statistics Norway.


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


* ROMANIA: Insolvency Trend to Remain Upward in 2011, Coface Says
-----------------------------------------------------------------
Mediafax, citing Coface Romania, reports that the number of
insolvent Romanian companies will continue to grow this year,
because the economic environment is still not "stimulating"
enough.

"The insolvency trend will remain upward in 2011 as well.  There
are no premises for a stimulating economic environment.  Companies
that have struggled to stay on the market will not survive,"
Mediafax quoted Anca Catrina, credit risk manager at Coface
Romania, as saying.

According to Mediafax, Coface data show that there were 15,442
companies dubbed insolvent in the first nine months of 2010, with
construction, retail and transport sectors topping the chart.
Romanian trade registry data show the number of companies dubbed
insolvent last year reached 21,692, from 19,894 in 2009, Mediafax
discloses.

Mediafax relates that Cristian Ionescu, Coface country manager for
Romania, Bulgaria and Slovakia, said there will be some
"resounding" bankruptcies this year.


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


BRYN THOMAS: Goes Into Administration, Taps Administrators
----------------------------------------------------------
Bryn Thomas has gone into administration.  The Construction Index
reports that insolvency practitioners Dermot Justin Power and
Patrick Alexander Lannagan from the Manchester office of BDO have
been appointed joint administrators.

Crane hire companies have been squeezed over the past couple of
years by the twin perils of falling hire rates and falling
utilization, according to the Construction Index.

Bryn Thomas was established in Flint in 1979 and expanded its
services from Birmingham to Cumbria.  It ran a fleet of close to
40 mobile cranes with its flagship a 450t-capacity Grove GMK 7450.


HMV GROUP: Appoints KPMG to Advise on Debt Amid Breach Fears
------------------------------------------------------------
HMV Group plc has appointed accountancy firm KPMG to advise on its
debt and help it meet an April test of its borrowing rules,
Reuters reports, citing a source familiar with the situation.

According to Reuters, the source on Thursday said that KPMG,
already an adviser to HMV, that been given the additional task of
tackling the company's debt, reported as GBP152 million when it
published half-year results in December.

"We have received specialist debt advice for every year since the
group was formed in 1998 and, given our recent statement on debt
covenants, the company will continue to take this type of advice
as prudently appropriate," Reuters quoted HMV as saying.

HMV issued a profit warning this month and said meeting April's
test of its borrowing rules would be tight, Reuters relates.

But in a sign Britain's music industry will rally round HMV in a
way it failed to do so to prevent rivals Woolworths and Zavvi's
demise, seven leading music industry executives, including the
heads of the four largest record labels, have written to The Times
newspaper pledging to support HMV, Reuters notes.

"It's business as usual.  We are continuing to supply HMV with our
music and they are continuing to do much more than sell it," wrote
the signatories, which include the heads of Sony Music UK,
Universal Music UK and Warner Music UK, according to Reuters.
"HMV is at the heart of our industry, and they have the full
support of all of us."

As reported by the Troubled Company Reporter-Europe on Jan. 20,
2011, The Financial Times said that at least one big credit
insurer tightened terms of cover for entertainment industry
clients that supply CDs, DVDs and computer games to HMV following
a profit warning this month cautioning that it might
breach banking covenants.  The FT related that an e-mail from the
credit and collections department of Sony's DADC division sent to
record label managers on Jan. 18 warned of a "quick and drastic
reduction" in levels of credit to HMV covered by its insurance
policies.  Sony DADC met the insurer -- believed to be Euler
Hermes -- at which its chief executive and risk director said they
were "unable to divulge the reasons for their decision" due to
HMV's listed status, the FT disclosed.  HMV has announced plans to
close 60 stores in an effort to cut costs, the FT noted.

United Kingdom-based HMV Group plc is engaged in retailing of pre-
recorded music, video, electronic games and related entertainment
products under the HMV and Fopp brands, and the retailing of books
principally under the Waterstone's brand.  The Company operates in
four segments: HMV UK & Ireland, HMV International, HMV Live and
Waterstone's.  HMV International consists of HMV Canada, HMV Hong
Kong and HMV Singapore.  Waterstone's is a bookseller, which
operates through 314 stores and a transactional website for the
sale of both physical and e-books for download.  The Company has
operations in seven countries, with principal markets being the
United Kingdom and Canada.  Its retail businesses operate through
417 stores in the United Kingdom, Canada, Hong Kong and Singapore.
On January 29, 2010, the Company completed the acquisition of MAMA
Group Plc.  Its subsidiaries include HMV Canada Inc, HMV Guernsey
Limited, HMV Hong Kong Limited and HMV (IP) Limited.


KEYDATA INVESTMENT: Asset Managers May Face Levy Over Insolvency
----------------------------------------------------------------
Alan Purkiss at Bloomberg News, citing the London-based Times,
reports that Britain's Financial Services Compensation Scheme is
looking at a one-time levy on asset managers to help pay for the
collapse of Keydata Investment Services Ltd.

According to Bloomberg, the newspaper said that the industry
lifeboat has agreed to honor claims from Keydata customers of as
much as GBP48,000 (US$76,000) and has already paid out GBP100
million in compensation.

As reported by the Troubled Company Reporter-Europe, Dan
Schwarzmann and Mark Batten of PricewaterhouseCoopers LLP were
appointed joint administrators of Keydata on June 8, 2009.  The
appointment was made based on an application to court by the
Financial Services Authority on insolvency grounds.

Keydata Investment Services Ltd. designs, distributes and
administers structured investment products.  Keydata operates from
three locations, being London, Glasgow and Reading and administers
its own products as well as portfolios for third parties.


LOVEGROVES LLP: Goes Into Liquidation
-------------------------------------
The Maidenhead Advertiser reports that Lovegroves LLP Solicitors
has gone into liquidation.

Lovegroves LLP Solicitors was founded in 1870 and is one of the
oldest law practises in the U.K.  The company, which was
previously known as Lovegrove and Eliot, was based for many years
in prestigious Park Street, Windsor, before moving to premises in
Frances Road.

The current partners are Peter Simpson, Colin Schnadhorst and
Barry McInerney.

According to the Advertiser, a spokesman for the Solicitors
Regulation Authority confirmed that Lovegrove LLP had gone into
liquidation.


MCGIMPSEY & KANE: Goes Into Administration, Owners Bankrupt
-----------------------------------------------------------
BBC News reports that McGimpsey and Kane (MGK), which once
employed about 200 people, has been placed into administration.
The report relates that the company ceased trading in September
2010.

The men who controlled the firm, Bryan McGimpsey and Ian Robinson,
have also been declared bankrupt, according to BBC News.  The
report notes that in common with many firms it was badly hit in
the property crash and the company had also been under pressure
from its bankers for some time.

BBC News discloses that in an interview with the Newtownards
Chronicle in 2010, Mr. McGimpsey laid out the company's problems.
The report relates Mr. McGimpsey said that the firm's bank had
reduced credit available and that many customers had failed to pay
their bills.  They had halted property development work which
accounted for up to 35% of turnover, he added.

BBC News notes that it meant that they had to concentrate solely
on contracting, an area where intense competition meant there were
few profits to be had.

Headquartered in Kircubbin, McGimpsey and Kane (MGK) is a building
firm.


NORTHUMBERLAND FOODS: Plant Takeover Fails
------------------------------------------
BBC News reports that the sale of Northumberland Foods Limited,
which had gone into administration, has fallen though.

Northumberland Foods ceased production in August 2010 after
suffering cash flow problems, according to BBC News.  The report
relates that Longbenton Foods exchanged contracts to take over the
site and restarted manufacturing, taking on 70 of the 250 former
staff.

However, BBC News notes, it was unable to raise the necessary
funds to complete the transfer so the contract was rescinded.  The
report relates Longbenton Foods had paid a non-refundable deposit
when contracts were exchanged on October 22, 2010.

BBC News says that the balance was due on November 22, but the
company was unable to complete, so administrators Begbies Traynor
had granted an extension for a further month.  When funds were not
forthcoming a notice to complete was served, which expired on
January 20, 2011, the report notes.

"The administrators owe a duty to all creditors to maximize
realizations and have, therefore, decided that, given Longbenton
Food's continued inability to raise the necessary funding to
complete the transaction, it is appropriate to rescind the
contract.  The intention is now to press ahead with the marketing
and sale of the business, including its plant and machinery and
the property situated at the Coquet Industrial Estate, Amble,"
Begbies Traynor said in a statement obtained by the news agency.

Headquartered in Amble, near Morpeth, Northumberland Foods Limited
made frozen vegetable products for clients including Tesco,
Sainsbury's and Iceland.


OSPREY ACQUISITIONS: Fitch Assigns 'BB+(exp)' Sr. Secured Rating
----------------------------------------------------------------
Fitch Ratings has assigned Osprey Acquisitions Limited a senior
secured rating of 'BB+(exp)' and an Issuer Default rating of 'BB'
with a Stable Outlook.  It has also assigned Anglian Water
Financing Plc's prospective GBP250 million bond issue, which is
guaranteed by Osprey, a senior secured rating of 'BB+(exp)'.  The
final senior secured ratings are contingent on the receipt of
documents conforming to the information already received by Fitch.
AWOF is the financing vehicle of Osprey, which is a holding
company for businesses focused on the water sector, including
ownership of Anglian Water Services Limited (Anglian Water, senior
secured debt rated 'A'/'BBB+'/Stable) -- a regulated UK water and
wastewater company. AWOF will raise bonds and bank debt on behalf
of Osprey, which acts as the guarantor.  The seven-year bond is to
refinance part of Osprey's GBP450 million bank debt maturing in
October 2012.  The remainder was refinanced by a bank facility
that extends until November 2015.

Anglian Water is the group's main operating subsidiary and
earnings contributor.

The draft bond documentation provides Osprey with scope to
increase consolidated leverage in terms of net debt/regulatory
asset value up to 93%.  The documentation also contains covenants
to ensure that the business risk of the group does not materially
change by limiting acquisitions and requiring continued ownership
of Anglian Water.  Additionally, Osprey provides security over
substantially all of its assets, including ownership of the
corporate group above Anglian Water.

Fitch expects Osprey to maintain consolidated gearing at or below
90% pension-adjusted net debt/RAV and dividend cover of around 3x,
which are in line with ratio guidelines for the bond's 'BB+(exp)'.
The senior secured 'BB+(exp)' ratings have factored in a one-notch
uplift for higher-than-average recovery prospects in case of a
default, in accordance with Fitch's methodology for 'Utilities
Sector Notching and Recovery Ratings' dated March 16, 2010.

The rated bond represents holding company debt, which is
structurally and contractually subordinated to debt at the
operating company level.  This risk is partly mitigated by the
strong cash flow characteristics of Anglian Water and its
management's track record of operating within the restrictions of
the covenanted financing that are in place.

However, covenants included in AWOF's bond documentation cannot
fully mitigate the level of subordination that is embedded into
the group's financing structure.  Anglian Water has a regulatory
ring-fence in place and a documentary ring-fence created though
the provisions of the covenanted financing.  These circumstances
are reflected in the rating of AWOF's bond.

Osprey and AWOF expect to maintain a cash reserve matching six
months of debt service and GBP25 million of committed undrawn bank
facilities, which Fitch views as sufficient to bridge short-term
liquidity needs.  For debt service Osprey relies on upstream cash
flows from Anglian Water.


ROSSA DAIRY: Falls Into Administration, Axes 19 Jobs
----------------------------------------------------
Rossa Dairy Products has gone into administration.  Ben Bouckley
at Foodmanufacture.co.uk reports that corporate recovery
specialist Begbies Traynor was appointed in early January to sell
the firm's assets, and the administrator said that several
potential buyers are interested in restarting production at the
site and reappointing former staff.

In its heyday, Rossa Dairy employed around 30 staff, although
latterly numbers fell to 19, all of whom were made redundant just
before Christmas when production stopped, according to
Foodmanufacture.co.uk.

"We still have three interested parties looking at the assets,
since this is an asset-only sale.  But they are all interested in
the possibility of taking on the site lease and restarting
production," Joint administrator Ravi Sembi told
FoodManufacture.co.uk in an interview.

Given that Rossa ceased trading "shortly before Christmas", Mr.
Sembi added that the business would not be sold as a going
concern, but said the site was in good shape for any buyer to
restart production, the report relates.

Foodmanufacture.co.uk notes Mr. Sembi said that, despite a
reasonable turnover, discussions with the company's former
directors revealed their fears about "predicted price increases
from suppliers that the firm couldn't pass on to customers."

"The directors also admitted to us that they got their customer
mix a little wrong.  As a Leicester-based firm, it was supplying
products to the Asian food market, but its prices on some
contracts were too low," Mr. Sembi added.

Headquartered in Leicester, Rossa Dairy Products is an ice cream
and dairy product manufacturer.


* SCOTLAND: Corporate Insolvencies Rise 45.8% in 2010
-----------------------------------------------------
BBC News reports that the number of companies going bust in
Scotland reached record levels in 2010.

Citing new figures released by the Accountant in Bankruptcy, BBC
discloses that 1,098 companies were declared insolvent during the
year.  That is an increase of 45.8% on the previous 12 months and
a rise of 21.2% on the previous highest figure of 906 from 2002.

Meanwhile, BBC News relates that the number of people becoming
insolvent in Scotland has fallen on the same time last year.
There were 4,583 personal insolvencies in the final three months
of 2010, a fall of 11% on the same period last year.  The greatest
drop was among low income earners.


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


* BOND PRICING: For the Week January 17 to January 21, 2011
-----------------------------------------------------------

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

AUSTRIA
-------
BAWAG                  7.5480   2/18/2035      EUR     67.88

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

FINLAND
-------
MUNI FINANCE PLC       1.0000   2/27/2018      AUD     69.10
MUNI FINANCE PLC       0.5000   9/24/2020      CAD     69.37
MUNI FINANCE PLC       0.5000    2/9/2016      ZAR     74.19
MUNI FINANCE PLC       1.0000   6/30/2017      ZAR     58.81
MUNI FINANCE PLC       0.2500   6/28/2040      CAD     24.07
MUNI FINANCE PLC       0.5000   3/17/2025      CAD     54.23

FRANCE
------
AIR FRANCE-KLM         4.9700    4/1/2015      EUR     16.41
ALCATEL-LUCENT         5.0000    1/1/2015      EUR      3.40
ALTRAN TECHNOLOG       6.7200    1/1/2015      EUR      4.82
ATOS ORIGIN SA         2.5000    1/1/2016      EUR     53.67
CALYON                 6.0000   6/18/2047      EUR     32.80
CAP GEMINI SOGET       3.5000    1/1/2014      EUR     43.01
CAP GEMINI SOGET       1.0000    1/1/2012      EUR     43.58
CGG VERITAS            1.7500    1/1/2016      EUR     28.74
CLUB MEDITERRANE       6.1100   11/1/2015      EUR     18.99
CLUB MEDITERRANE       5.0000    6/8/2012      EUR     17.30
EURAZEO                6.2500   6/10/2014      EUR     58.02
FAURECIA               4.5000    1/1/2015      EUR     26.24
MAUREL ET PROM         7.1250   7/31/2014      EUR     17.10
MAUREL ET PROM         7.1250   7/31/2015      EUR     14.46
NEXANS SA              4.0000    1/1/2016      EUR     66.91
ORPEA                  3.8750    1/1/2016      EUR     47.21
PEUGEOT SA             4.4500    1/1/2016      EUR     35.57
PUBLICIS GROUPE        3.1250   7/30/2014      EUR     39.71
PUBLICIS GROUPE        1.0000   1/18/2018      EUR     49.01
RHODIA SA              0.5000    1/1/2014      EUR     49.01
SOC AIR FRANCE         2.7500    4/1/2020      EUR     22.21
SOITEC                 6.2500    9/9/2014      EUR     10.74
TEM                    4.2500    1/1/2015      EUR     57.76
THEOLIA                2.7000    1/1/2041      EUR     10.69

GERMANY
-------
DEUTSCHE BK LOND       3.0000   5/18/2012      CHF     66.05
DEUTSCHE BK LOND       0.5000   8/25/2017      BRL     55.05
ESCADA AG              7.5000    4/1/2012      EUR     18.74
HSH NORDBANK AG        4.3750   2/14/2017      EUR     61.47
L-BANK FOERDERBK       0.5000   5/10/2027      CAD     48.54
LB BADEN-WUERTT        2.5000   1/30/2034      EUR     73.50
SOLON AG SOLAR         1.3750   12/6/2012      EUR     27.93

GREECE
------
ATHENS URBAN TRN       4.8510   9/19/2016      EUR     71.74
ATHENS URBAN TRN       5.0080   7/18/2017      EUR     68.15
HELLENIC RAILWAY       4.5000   12/6/2016      JPY     58.50
HELLENIC REP I/L       2.9000   7/25/2025      EUR     47.27
HELLENIC REP I/L       2.3000   7/25/2030      EUR     48.03
HELLENIC REPUB         5.2000   7/17/2034      EUR     65.25
HELLENIC REPUB         4.5900    4/8/2016      EUR     71.47
HELLENIC REPUB         5.8000   7/14/2015      JPY     71.44
HELLENIC REPUB         5.0000   3/11/2019      EUR     59.54
HELLENIC REPUB         6.1400   4/14/2028      EUR     67.44
HELLENIC REPUB         5.2500    2/1/2016      JPY     67.51
HELLENIC REPUBLI       3.6000   7/20/2016      EUR     66.24
HELLENIC REPUBLI       4.6000   9/20/2040      EUR     56.54
HELLENIC REPUBLI       4.5000   9/20/2037      EUR     56.57
HELLENIC REPUBLI       5.3000   3/20/2026      EUR     62.25
HELLENIC REPUBLI       4.7000   3/20/2024      EUR     61.48
HELLENIC REPUBLI       6.2500   6/19/2020      EUR     70.61
HELLENIC REPUBLI       6.0000   7/19/2019      EUR     69.51
HELLENIC REPUBLI       5.9590    3/4/2019      EUR     69.78
HELLENIC REPUBLI       5.0140   2/27/2019      EUR     65.30
HELLENIC REPUBLI       4.6000   7/20/2018      EUR     64.71
HELLENIC REPUBLI       4.5900    4/3/2018      EUR     65.15
HELLENIC REPUBLI       4.6750   10/9/2017      EUR     66.85
HELLENIC REPUBLI       4.3000   7/20/2017      EUR     66.35
HELLENIC REPUBLI       5.9000   4/20/2017      EUR     71.40
HELLENIC REPUBLI       4.2250    3/1/2017      EUR     66.86
HELLENIC REPUBLI       4.0195   9/13/2016      EUR     67.77
HELLENIC REPUBLI       3.7000   7/20/2015      EUR     70.26
HELLENIC REPUBLI       3.6500   9/30/2015      EUR     70.46
NATIONAL BK GREE       3.8750   10/7/2016      EUR     73.75

IRELAND
-------
AIB MORTGAGE BNK       5.0000    3/1/2030      EUR     52.85
AIB MORTGAGE BNK       5.5800   4/28/2028      EUR     58.92
AIB MORTGAGE BNK       4.8750   6/29/2017      EUR     70.99
AIB MORTGAGE BNK       5.0000   2/12/2030      EUR     52.89
ALLIED IRISH BKS      12.5000   6/25/2019      GBP     30.39
ALLIED IRISH BKS      10.7500   3/29/2017      EUR     30.25
ALLIED IRISH BKS      10.7500   3/29/2017      USD     30.01
ALLIED IRISH BKS       7.8750    7/5/2023      GBP     31.66
ALLIED IRISH BKS      11.5000   3/29/2022      GBP     30.00
ALLIED IRISH BKS      12.5000   6/25/2019      EUR     30.25
ALLIED IRISH BKS       5.2500   3/10/2025      GBP     30.63
BANK OF IRELAND        4.8750   1/22/2018      GBP     51.74
BANK OF IRELAND       10.7500   6/22/2018      GBP     52.25
BANK OF IRELAND       10.0000   2/12/2020      EUR     68.79
BANK OF IRELAND       10.0000   2/12/2020      GBP     67.76
BANK OF IRELAND        9.2500    9/7/2020      GBP     63.48
BANK OF IRELAND        5.6000   9/18/2023      EUR     46.24
BANK OF IRELAND        3.5850   4/21/2015      EUR     74.88
BK IRELAND MTGE        5.7600    9/7/2029      EUR     62.04
BK IRELAND MTGE        5.4500    3/1/2030      EUR     59.07
BK IRELAND MTGE        3.2500   6/22/2015      EUR     75.17
BK IRELAND MTGE        5.4000   11/6/2029      EUR     59.10
DEPFA ACS BANK         0.5000    3/3/2025      CAD     33.25
DEPFA ACS BANK         3.2500   7/31/2031      CHF     70.36
DEPFA ACS BANK         4.9000   8/24/2035      CAD     63.85
DEPFA ACS BANK         6.0000   10/7/2035      USD     73.57
DEPFA ACS BANK         5.1250   3/16/2037      USD     63.10
DEPFA ACS BANK         5.1250   3/16/2037      USD     62.74
DEPFA BANK PLC         3.1500    4/3/2018      EUR     70.30
EBS BLDG SOCIETY       4.9920   3/19/2015      EUR     74.45
IRISH GOVT             4.5000   4/18/2020      EUR     73.63
IRISH GOVT             5.4000   3/13/2025      EUR     72.59
IRISH LIFE PERM        4.8200   3/22/2015      EUR     74.32
IRISH LIFE PERM        4.2500    4/9/2015      EUR     72.70
IRISH NATIONWIDE       5.5000   1/10/2018      GBP     22.48
IRISH NATIONWIDE      13.0000   8/12/2016      GBP     24.95

ITALY
-----
ABRUZZO REGION         4.4500    3/1/2037      EUR     72.91
CITY OF TURIN          5.2700   6/26/2038      EUR     65.54
TELECOM ITALIA         5.2500   3/17/2055      EUR     73.88
ARCELORMITTAL          7.2500    4/1/2014      EUR     31.74
BREEZE FINANCE         6.7080   4/19/2027      EUR     64.75
DEXIA BQ INT LUX       2.3900   12/7/2021      EUR     67.50
LIGHTHOUSE INTL        8.0000   4/30/2014      EUR     38.63
LIGHTHOUSE INTL        8.0000   4/30/2014      EUR     38.56
APP INTL FINANCE      11.7500   10/1/2005      USD      0.01
BK NED GEMEENTEN       0.5000   2/24/2025      CAD     52.48
BRIT INSURANCE         6.6250   12/9/2030      GBP     65.61
DGS INTL FIN BV       10.0000    6/1/2007      USD      0.01
ELEC DE CAR FIN        8.5000   4/10/2018      USD     56.69
INDAH KIAT INTL       12.5000   6/15/2006      USD      0.01
NATL INVESTER BK      25.9827    5/7/2029      EUR     19.21
NED WATERSCHAPBK       2.9270   6/30/2045      EUR     71.25
NED WATERSCHAPBK       0.5000   3/11/2025      CAD     53.31
Q-CELLS INTERNAT       5.7500   5/26/2014      EUR     73.33
RABOBANK               2.8050   8/28/2020      AUD     74.43
RBS NV EX-ABN NV       6.3160   6/29/2035      EUR     69.00
TJIWI KIMIA FIN       13.2500    8/1/2001      USD      0.01

NORWAY
------
EKSPORTFINANS          0.5000    5/9/2030      CAD     40.44
KOMMUNALBANKEN         0.5000   1/27/2016      ZAR     74.47
KOMMUNALBANKEN         0.5000   9/24/2014      BRL     72.99
CAIXA GERAL DEPO       5.3800   10/1/2038      EUR     65.97

PORTUGAL
--------
CAIXA GERAL DEPO       4.2500   1/27/2020      EUR     77.15
PORTUGUESE OT'S        4.1000   4/15/2037      EUR     70.12

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      1.61
BASHKIRENERGO          8.3000    3/9/2011      RUB     95.99
CENTREINVEST GRO       9.2500   6/24/2014      RUB    101.70
DVTG-FINANS           17.0000   8/29/2013      RUB      5.60
EMALIANS-FINANS       10.9700    7/8/2011      RUB     75.00
EUROKOMMERZ           16.0000   3/15/2011      RUB      0.01
GENERATING CO          8.5000   6/21/2011      RUB     99.00
IART                  12.0000    8/4/2013      RUB      1.00
IZHAVTO               18.0000    6/9/2011      RUB     11.31
M-INDUSTRIYA          12.2500   8/16/2011      RUB     28.32
MAGNIT OJSC            8.2500    9/9/2013      RUB     75.00
MAGNIT OJSC            8.2500    9/9/2013      RUB     75.00
MAGNIT OJSC            8.2500    9/9/2013      RUB     75.00
MIG-FINANS             0.1000    9/6/2011      RUB      1.00
MIRAX                 17.0000   9/17/2012      RUB     27.40
MIRAX                 14.9900   5/17/2011      RUB     35.51
MOSCOW BANK R&D        8.5000   3/28/2013      RUB    100.26
MOSMART FINANS         0.0100   4/12/2012      RUB      1.81
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     11.01
NOK                   12.5000   8/26/2014      RUB      4.01
NOVYE TORGOVYE S      15.0000   4/26/2011      RUB     70.00
RAILTRANSAUTO         17.5000   12/4/2013      RUB     99.00
RYBINSKKABEL           0.0100   2/28/2012      RUB      0.03
SAHO                  10.0000   5/21/2012      RUB     30.01
SATURN                 8.5000    6/6/2014      RUB      6.21
SEVKABEL-FINANS       10.5000   3/27/2012      RUB      3.40
SVOBODNY SOKOL         0.1000   5/24/2011      RUB      1.35
TECHNOSILA-INVES       7.0000   5/26/2011      RUB      0.01
TERNA-FINANS           1.0000   11/4/2011      RUB      6.07
TRANSCREDITFACTO      12.0000   6/11/2012      RUB     75.00
VESTER-FINANS         15.2500   8/11/2011      RUB      1.30
VKM-LEASING FINA       1.0000   5/18/2011      RUB      0.07

SPAIN
-----
AYT CEDULAS CAJA       4.0000   3/24/2021      EUR     74.43
AYT CEDULAS CAJA       3.7500   6/30/2025      EUR     60.95
AYT CEDULAS CAJA       4.7500   5/25/2027      EUR     67.82
BANCAJA                1.5000   5/22/2018      EUR     58.53
BANCO GUIPUZCOAN       1.5000   4/18/2022      EUR     51.49
CAJA CASTIL-MAN        1.5000   6/23/2021      EUR     55.43
CAJA MADRID            4.1250   3/24/2036      EUR     66.30
CAJA MADRID            5.7550   2/26/2028      EUR     55.62
CAJA MADRID            4.0000    2/3/2025      EUR     73.15
CAJA MEDITERRANE       4.6000   7/31/2020      EUR     74.27
CEDULAS TDA 6          3.8750   5/23/2025      EUR     62.32
CEDULAS TDA A-5        4.2500   3/28/2027      EUR     63.21
CEDULAS TDA A-6        4.2500   4/10/2031      EUR     57.34
GENERAL DE ALQUI       2.7500   8/20/2012      EUR     65.37
IM CEDULAS 5           3.5000   6/15/2020      EUR     71.93
IM CEDULAS 7           4.0000   3/31/2021      EUR     74.60
JUNTA LA MANCHA        3.8750   1/31/2036      EUR     68.50

SWEDEN
------
SWEDISH EXP CRED       9.0000   8/12/2011      USD     10.07
SWEDISH EXP CRED       9.0000   8/28/2011      USD     10.28
SWEDISH EXP CRED       0.5000   1/25/2028      USD     51.74
SWEDISH EXP CRED       8.0000   11/4/2011      USD      9.09
SWEDISH EXP CRED       0.5000   9/29/2015      BRL     64.34

SWITZERLAND
-----------
UBS AG                10.5800   6/29/2011      USD     40.03
UBS AG                13.3000   5/23/2012      USD      4.20
UBS AG JERSEY         14.6400   1/31/2011      USD     35.68
UBS AG JERSEY         16.1700   1/31/2011      USD     12.57
UBS AG JERSEY         15.2500   2/11/2011      USD     11.17
UBS AG JERSEY         11.0000   2/28/2011      USD     69.69
UBS AG JERSEY         12.8000   2/28/2011      USD     33.19
UBS AG JERSEY         11.4000   3/18/2011      USD     25.01
UBS AG JERSEY         10.9900   3/31/2011      USD     30.98
UBS AG JERSEY         16.1600   3/31/2011      USD     42.07
UBS AG JERSEY         10.8200   4/21/2011      USD     21.09
UBS AG JERSEY         10.5000   6/16/2011      USD     73.14
UBS AG JERSEY         13.0000   6/16/2011      USD     50.13
UBS AG JERSEY         10.2800   8/19/2011      USD     35.71
UBS AG JERSEY         10.3600   8/19/2011      USD     53.72
UBS AG JERSEY         11.1500   8/31/2011      USD     39.67
UBS AG JERSEY          9.3500   9/21/2011      USD     70.46
UBS AG JERSEY          9.4500   9/21/2011      USD     50.91
UBS AG JERSEY          3.2200   7/31/2012      EUR     53.10

UNITED KINGDOM
--------------
BARCLAYS BK PLC       10.5100   5/31/2011      USD     13.00
BARCLAYS BK PLC        8.7500   9/22/2011      USD     73.65
BARCLAYS BK PLC       10.8000   7/31/2012      USD     27.83
BARCLAYS BK PLC       10.9500   5/23/2011      USD     65.68
BARCLAYS BK PLC        8.8000   9/22/2011      USD     16.75
BARCLAYS BK PLC        8.5500   1/23/2012      USD     11.56
BARCLAYS BK PLC       10.3500   1/23/2012      USD     21.32
BARCLAYS BK PLC       10.6500   1/31/2012      USD     45.71
BARCLAYS BK PLC        8.9500   4/20/2012      USD     16.30
BARCLAYS BK PLC        9.4000   7/31/2012      USD     11.41
BARCLAYS BK PLC        9.5000   8/31/2012      USD     29.99
BARCLAYS BK PLC        9.2500   8/31/2012      USD     35.27
BRADFORD&BIN BLD       5.5000   1/15/2018      GBP     45.52
BRADFORD&BIN PLC       7.6250   2/16/2049      GBP     47.47
BRADFORD&BIN PLC       6.6250   6/16/2023      GBP     43.47
CO-OPERATIVE BNK       5.8750   3/28/2033      GBP     69.31
EFG HELLAS PLC         5.4000   11/2/2047      EUR     46.25
EFG HELLAS PLC         6.0100    1/9/2036      EUR     21.38
ENTERPRISE INNS        6.3750   9/26/2031      GBP     74.35
HBOS PLC               6.0000   11/1/2033      USD     68.40
HBOS PLC               6.0000   11/1/2033      USD     68.40
HBOS PLC               4.5000   3/18/2030      EUR     70.77
HEALTHCARE SUPP        2.0670   2/19/2043      GBP     69.12
KEELE RESIDENT         2.1080   1/31/2047      GBP     74.32
MAX PETROLEUM          6.7500    9/8/2012      USD     64.16
NORTHERN ROCK          5.7500   2/28/2017      GBP     70.58
NORTHERN ROCK          4.5742   1/13/2015      GBP     75.90
PRINCIPALITY BLD       5.3750    7/8/2016      GBP     67.47
PUNCH TAVERNS          8.3740   7/15/2029      GBP     52.79
PUNCH TAVERNS          6.4680   4/15/2033      GBP     40.38
PUNCH TAVERNS          7.5670   4/15/2026      GBP     49.92
ROYAL BK SCOTLND       6.3160   6/29/2030      EUR     68.31
SKIPTON BUILDING       6.7500   5/30/2022      GBP     66.55
SKIPTON BUILDING       5.6250   1/18/2018      GBP     69.84
UNIQUE PUB FIN         6.4640   3/30/2032      GBP     63.98
WESSEX WATER FIN       1.3690   7/31/2057      GBP     31.75
YORKSHRE BLD SOC       6.3750   4/26/2024      GBP     78.75


                            *********

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 * * *