TCREUR_Public/110131.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 31, 2011, Vol. 12, No. 21

                            Headlines



B E L G I U M

SABENA: Belgian Court Blames Swissair for 2001 Collapse


C Z E C H   R E P U B L I C

SAZKA AS: In Talks with Potential Investors for O2 Arena
SAZKA AS: In Talks with Creditors Over Debt Moratorium


D E N M A R K

* DENMARK: To Probe Customer Complaints at Failed Banks


G E R M A N Y

HYPO REAL ESTATE: Court Orders Review of Depfa Acquisition


I C E L A N D

LANDSBANKI ISLANDS: To Kick Off Sale Process of Iceland Foods


I R E L A N D

ALLIED IRISH: S&P Raises Tier 2 Subordinated Debt Rating to 'CCC'
ANGLO IRISH: Pine Acres Puts Ex-Chief's Cape Cod Property for Sale
ELVA FUNDING: S&P Lowers Rating on Class D1B Notes to 'CCC (sf)'
LUNAR FUNDING: Moody's Raises Rating on US$20-MM Notes to 'Ba1'
LYNCH HOTEL: Receivers Appointed to Two Hotels

RADOO LANDS: 2009 Loss & Liabilities Prompt Going Concern Doubt
TALISMAN-3 FINANCE: S&P Withdraws Rating on Class A Notes


K A Z A K H S T A N

EURASIAN BANK: S&P Affirms 'B/B' Counterparty Credit Ratings
HALYK BANK: Moody's Rates US$500-MM Sr. Unsecured Notes at 'Ba3'


L U X E M B O U R G

GATE GOURMET: S&P Raises Long-Term Corp. Credit Rating to 'BB-'


R U S S I A

MOBILE TELESYSTEMS: S&P Puts 'BB' Ratings on CreditWatch Negative


S L O V A K   R E P U B L I C

NOVACKE CHEMICKE: Creditors Approve Second Tender for Assets


S W I T Z E R L A N D

SUCCESSOR X: S&P Puts Prelim. 'B(sf)' Rating on Class IV-E3 Notes


T U R K E Y

TURKCELL ILETISIM: S&P Revises Outlook on 'BB+' Rating to Positive


U N I T E D   K I N G D O M

BRITISH BOOKSHOPS: Founder Won't Bid for Firm
CORIOLANUS LTD: S&P Cuts Rating on GBP155MM Notes to 'CCC- (sf)'
EUROSAIL-UK 2007: S&P Lowers Rating on Class E1C Notes to 'B(sf)'
ITV PLC: S&P Places 'B+' Debt Ratings on CreditWatch Positive
LATINIS: Closes Jmac Restaurant, Goes Into Administration

NEW FOREST: To be Acquired Following Administration
STAMFORD QUARTER: Goes Into Receivership, Still Open for Business
STYLES GROUPS: Goes Into Administration, Axes 70 Jobs
VISIT LINCOLNSHIRE: Goes Into Administration, Loses GBP670,000
WAKEFIELD TRINITY: Faces Administration

WINDSOR & ETON: May Face Liquidation on Wednesday Over HMRC Debt


X X X X X X X X

* BOND PRICING: For the Week January 24 to January 28, 2011


                            *********


=============
B E L G I U M
=============


SABENA: Belgian Court Blames Swissair for 2001 Collapse
-------------------------------------------------------
Alvise Armellini at Deutsche Presse Agentur reports that a Belgian
court on Thursday said Swissair was to blame for the 2001 collapse
of Belgium's Sabena airline.

DPA relates that Brussels' appeal court ruled that Swissair did
not respect an August 2001 agreement to provide 60% of a EUR430
million (US$590 million) cash injection, needed to keep Sabena in
business.  According to DPA, Belgian media reported that as a
result, judges ordered the Swiss airline to pay EUR18 million to
Sabena's liquidators, which had requested the far heftier sum of
EUR2 billion in compensation.  Requests for funding from the
Belgian state -- which was meant to provide the remaining 40% of
Sabena's new capital -- found even less sympathy, with only
EUR282,000 being awarded out of a EUR1 billion demand.

Sabena folded in November 2001, while Swissair itself went
bankrupt in March 2002, DPA recounts.  A new airline, Swiss, rose
from its ashes inheriting most of its staff, planes and routes,
DPA discloses.  The new airline has been owned by Lufthansa since
2005, DPA states.

DPA notes that a statement on Swissair's still-existing website
states that "Swiss International Air Lines has no connection" to
its bankrupt predecessor.

Sabena was the national airline of Belgium from 1923 to 2001, with
its base at Brussels National Airport.


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


SAZKA AS: In Talks with Potential Investors for O2 Arena
--------------------------------------------------------
CTK reports that Sazka AS's managers and some shareholders are
holding talks with potential investors interested in O2 arena.

According to CTK, Aktualne.cz, citing one of the participants in
the talks around Sazka, said that US firm Anschutz Entertainment
Group, the world's largest owner of sports hall, arenas and clubs,
is among the investors interested in O2 arena.

Sazka, CTK says, faces problems stemming from high installments on
the construction of the multipurpose O2 arena in Prague-Vysocany
to the holders of its bonds.

CTK relates that Sazka spokesman Zdenek Zikmund told Aktualne.cz,
"I can only confirm that we are in talks with two to three
investors interested in the arena but I cannot disclose any closer
information.  We have agreed on this with the investors."

CTK notes that Czech Sports Association chairman Pavel Koran told
Aktualne.cz that talks about O2 arena's fate are now being held
without any concrete deadlines.  According to CTK, Mr. Koran, as
cited by Aktualne.cz, said it is impossible to say when O2 arena
will have a new owner.

                   Debt Restructuring Proposal

On Dec. 27, 2010, The Troubled Company Reporter-Europe, citing
Bloomberg News, related that Penta Investments Ltd, a Czech and
Slovak private equity company, approached Sazka's 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, the largest
sport facility in the country.

                       Insolvency Petition

As reported by the Troubled Company Reporter-Europe, Bloomberg
News, citing CTK, said Czech businessman Radovan Vitek, who owns
Sazka debts worth CZK1.5 billion (US$81.7 million), filed an
insolvency proposal against the company on Jan. 18.

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


SAZKA AS: In Talks with Creditors Over Debt Moratorium
------------------------------------------------------
CTK, citing daily Hospodarske noviny, reports that managers of
Sazka AS have started talks with creditors about the possibility
of asking the court for a moratorium which would avert the threat
of insolvency for three months.

According to CTK, Sazka needs over half of its creditors to agree
to its plan for the potential moratorium.

CTK relates that after Thursday's meeting of the board of
directors, people on the management of the Czech Sports
Association (CSTV), which is Sazka's biggest shareholder, are
beginning to accept the fact that an investor that would pour CZK2
billion to CZK3 billion into Sazka may become Sazka's shareholder.

The CSTV has thus far rejected such possibility, CTK notes.  It
wants to keep absolute majority in the company, CTK states.

"This is an acceptable variant if we gain guarantees that the
stakes will remain in our hands in the future," a member of CSTV
top management told the paper, according to CTK.

CTK says rival Synot and Ulcakcs firm E-Invest are reportedly the
favorites among the potential investors.

As reported by the Troubled Company Reporter-Europe on Jan. 26,
2011, CTK said Sazka wants the Municipal Court in Prague to order
hearing of the insolvency proceedings initiated by Czech
businessman Radovan Vitek's firm Moranda against the company.
Sazka demands that the court deal with Moranda's proposal in the
physical presence of both sides' lawyers, CTK disclosed.  If Sazka
did not take this step, the court could decide on the insolvency
proposal on the basis of the presented documents only, CTK noted.
Mr. Vitek asserts that Sazka is in an insolvency situation because
it has excessive debts, with total debts worth over CZK10 billion,
according to CTK.  He claims that Sazka's owner's equity has a
negative value, CTK said.

As reported by the Troubled Company Reporter-Europe, Bloomberg
News, citing CTK, said Mr. Vitek, who owns Sazka debts worth
CZK1.5 billion (US$81.7 million), filed an insolvency proposal
against the company on Jan. 18.

The Troubled Company Reporter-Europe, citing Bloomberg News,
related on Jan. 18 that Sazka 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.
Sazka also doesn't recognize debt claims made by Mr. Vitek and
accused him of trying to start a "hostile takeover attempt,"
Bloomberg quoted Jaromir Cisar, Sazka's lawyer, as saying.

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


=============
D E N M A R K
=============


* DENMARK: To Probe Customer Complaints at Failed Banks
-------------------------------------------------------
Tasneem Brogger at Bloomberg News, citing Copenhagen-based
newspaper Borsen, reports that the Danish government will look
into complaints from customers at banks taken over by state-
created winding-down unit Financial Stability.

Bloomberg relates that the newspaper on Friday said Economy
Minister Brian Mikkelsen has appointed the state auditor to
investigate the complaints.

According to Bloomberg, Borsen noted that the probe is expected to
take about six months.


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


HYPO REAL ESTATE: Court Orders Review of Depfa Acquisition
----------------------------------------------------------
Oliver Suess and Karin Matussek at Bloomberg News report that the
Munich Regional Court ordered on Thursday that the role of former
Hypo Real Estate Holding AG Chief Executive Officer Georg Funke
and other ex-managers in the acquisition of Depfa Bank Plc must be
examined by experts.

According to Bloomberg, Presiding Judge Helmut Krenek said when
delivering the ruling on Thursday that experts must review due
diligence procedures during the transaction as well as the risk,
liquidity and refinancing management following it.  He issued the
order in a wrongful dismissal suit brought by Mr. Funke and former
Chief Financial Officer Markus Fell, Bloomberg discloses.  Both
men were fired in December 2008 shortly after the lender almost
collapsed in the wake of the financial crisis, Bloomberg recounts.
Mr. Funke had already stepped down in October of that year,
Bloomberg relates.  Hypo Real Estate argued that Mr. Funke
violated his duties by not properly preparing the acquisition of
Dublin-based Depfa and by failing to change the bank's refinancing
strategy, Bloomberg discloses.

The cases are LG Muenchen, 5 HK O 2683/09 and 5 HK O 1644/09.

As reported by the Troubled Company Reporter-Europe, Bloomberg
News said 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, Bloomberg disclosed.

                       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.


=============
I C E L A N D
=============


LANDSBANKI ISLANDS: To Kick Off Sale Process of Iceland Foods
-------------------------------------------------------------
James Hall at The Telegraph reports that the Resolution Committee
of Landsbanki Islands hf. is about to kick off the process of
selling Iceland Foods, the UK frozen food chain, for an estimated
price of up to GBP1.5 billion.

The committee owns about 67% of the privately-owned supermarket,
The Telegraph discloses.

According to The Telegraph, Pall Benediktsson, a Landsbanki
spokesman, said the committee is about to appoint advisers to
oversee the sale of Iceland Foods, which should be completed in
the next 10 months.

The Telegraph says Malcolm Walker, the current boss and founder of
Iceland Foods, is likely to be a bidder for the stake.  Mr. Walker
already holds about 24% of the chain, which he founded in 1970 and
which has about 800 stores in the UK, The Telegraph notes.

Last autumn, Mr. Walker offered GBP1 billion to buy back Iceland
Foods but had his offer rejected, The Telegraph recounts.
According to The Telegraph, it was thought at the time that a
second mystery bid approach from a Gulf investor that valued the
chain at about GBP1.5 billion was made to Landsbanki.

The Telegraph relates that one source close to the situation said
Mr. Walker had pre-emption rights over Landsbanki's stake, meaning
that he will have first refusal over the shares when the company
is put up for sale.  However, Mr. Benediktsson suggested that this
was not the case, The Telegraph states.

"Once we have appointed advisers we then go into a normal sale
procedure," The Telegraph quoted Mr. Benediktsson as saying.

According to The Telegraph, one retail executive close to the
situation said Iceland Foods is the first chain to be sold as it
has performed so well under Mr. Walker and should get a good
price.

The release of UK retail assets by Landsbanki means that Hamleys,
the Regent Street toy emporium in which Landsbanki holds a 65%
stake, could also be sold, The Telegraph notes.

                    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.


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


ALLIED IRISH: S&P Raises Tier 2 Subordinated Debt Rating to 'CCC'
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the lower
Tier 2 subordinated debt issued by Allied Irish Banks PLC (AIB;
BBB/Watch Neg/A-2), which had been subject to the exchange offer,
to 'CCC' from 'D'.  The 'BBB/A-2' counterparty credit ratings on
AIB remain on CreditWatch with negative implications, where
they were placed on Nov. 26, 2010.

On Jan. 13, 2010, AIB announced an exchange offer for all 11 of
its lower Tier 2 instruments with a nominal value of EUR3.9
billion.  The bank offered bondholders the opportunity to exchange
any or all of their existing notes at 30 cents to the U.S. dollar
or equivalent, for cash.  S&P considered this to be a "distressed
exchange".

On Jan. 24, 2011, AIB announced the conclusion of the exchange
offer.  AIB said that it had accepted for exchange EUR2 billion of
the lower Tier 2 instruments.  According to AIB, this will create
additional equity Tier 1 capital of about EUR1.4 billion.

On Nov. 28, 2010, AIB was told by the Irish financial regulator
that it must raise EUR9.8 billion of new equity by end-February
2011, in order to achieve a core Tier 1 capital ratio of at least
12% by that date.  The additional capital arising from this
liability management exercise, together with EUR3.7 billion of
new equity injected into AIB by the Irish government on Dec. 23,
2010, means that about EUR4.7 billion of new equity is still
required.  S&P believes that this balance will be provided by the
government.  If this occurs, S&P understands that the government
will own nearly 100% of AIB but that AIB will not be nationalized.
AIB has announced that it has ceased trading on the main
securities market of the Irish Stock Exchange and the London Stock
Exchange, and that it now trades on the enterprise securities
market of the Irish Stock Exchange.

A further incremental equity raise could be required of AIB once
the regulator has completed the update of its Prudential Capital
Assessment Review (PCAR) stress test in March 2011.

In accordance with its criteria, S&P raised the lower Tier 2
instruments subject to the exchange offer to 'CCC' from 'D'.

"This 'CCC' rating reflects the fact that AIB will need to raise
further equity capital before end-February, that it may require
further capital as a result of the PCAR stress test, and our view
that there is a clear and present risk that these instruments
could be subject to further restructuring-like action in order to
achieve it," said Standard & Poor's credit analyst Nigel
Greenwood.

The ratings on AIB were placed on CreditWatch with negative
implications on Nov. 26, 2010, pending the outcome of a sovereign
rating review.  S&P views the fortunes of the Irish sovereign as
intertwined with those of the banking system, and a downgrade of
the sovereign may impact its ratings on AIB.

"The ratings on AIB could be lowered, in particular if we consider
that the ability and willingness of the authorities to support AIB
is diminishing.  The ratings could also be lowered if we consider
that the prospects for AIB's stand-alone credit profile
deteriorate further," added Mr. Greenwood.

This may arise, for example, from a forced change in its domestic
business profile or a further deterioration in its funding
profile.


ANGLO IRISH: Pine Acres Puts Ex-Chief's Cape Cod Property for Sale
------------------------------------------------------------------
Shane Phelan at Irish Independent reports that Pine Acres, a US
real estate agency, has begun advertising the Cape Cod hideaway of
Anglo Irish Bank chief executive David Drumm.

Irish Independent relates that the property formally went on the
market on Wednesday following an order from a bankruptcy judge in
Boston.  According to Irish Independent, the property is being
sold to help pay some of Mr. Drumm's creditors, who are owed more
than EUR10 million.

Despite the US property crash, the real estate agency is asking
for more than the US$4.6 million (EUR3.4 million) for the property
Mr. Drumm and his wife Lorraine bought in 2008, Irish Independent
says.

Mr. Drumm revealed in court papers that even though he doesn't
live there anymore, the average monthly cost of maintaining the
property comes to just over US$10,500 (EUR8,000), Irish
Independent notes.

Pine Acres has been hired to market the home up until April 30, by
which stage it is hoped a buyer can be found, Irish Independent
discloses.  If the property does not sell between now and then,
the sale price is likely to be reassessed, Irish Independent
states.

Less than half the proceeds from the sale will go to paying
Mr. Drumm's debts as his wife has a half share in the property,
and a further US$500,000 (EUR365,000) is exempt from creditors
under US law, according to Irish Independent.

The property is the first major asset that Mr. Drumm has been
forced to sell off following his bankruptcy application last
October, Irish Independent notes.

As reported by the Troubled Company Reporter-Europe on Jan. 20,
2011, The Irish Times said that Mr. Drumm reached an agreement
with the bank's lawyers on a proposed protective order.  If
approved by a judge, the agreement will enable Mr. Drumm to keep
elements of his bankruptcy proceedings secret, according to The
Irish Times.

On Oct. 19, 2010, the Troubled Company Reporter-Europe, citing
Bloomberg News, related that Mr. Drumm filed for bankruptcy months
after Anglo sought repayment of loans from him.  Mr. Drumm, who
resigned from the Dublin-based bank in December 2008, listed
assets and liabilities at US$1 million to US$10 million on Oct. 14
in the U.S. Bankruptcy Court in Boston, Bloomberg disclosed.
Anglo Irish Bank's lawyers told a court in Dublin in December that
the bank was seeking repayment of loans valued at about EUR8
million (US$11.3 million) from Mr. Drumm, according to Bloomberg.
Mr. Drumm's liabilities were primarily business debts, Bloomberg
said, citing the former chief executive's Oct. 14 filing under
Chapter 7 of the U.S. Bankruptcy Code.

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

                        *     *     *

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

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


ELVA FUNDING: S&P Lowers Rating on Class D1B Notes to 'CCC (sf)'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'CCC (sf)' from 'AA
(sf)' and removed from CreditWatch negative its credit rating on
Elva Funding PLC's EUR178 million and US$10 million secured
floating-rate series 2004-6 class D1B notes.  At the same time,
S&P withdrew the rating on the class D1B notes.  The rating agency
also withdrew the 'CCC (sf)' rating on the class D1A notes.

The class D1A and D1B notes have the same reference portfolio and
attachment point.  Therefore, the rating actions on the class D1A
notes should also have been reflected in the rating on the class
D1B notes.  S&P's downgrade of the class D1B notes follows its
discovery of this error.

S&P's withdrawals of its ratings on the class D1A and D1B notes
follow arranger Morgan Stanley's recent notification to the agency
that the issuer fully repurchased and canceled the notes in
April 2010.

Ratings List

                      Rating
Class         To               From

Elva Funding PLC
EUR178 Million and US$10 Million Secured Floating-Rate Notes
Series 2004-6


Rating Lowered, Removed from CreditWatch Negative, and Withdrawn

D1B           CCC (sf)         AA (sf)/Watch Neg
               NR               CCC (sf)

Rating Withdrawn

D1A           NR

NR--Not rated.


LUNAR FUNDING: Moody's Raises Rating on US$20-MM Notes to 'Ba1'
---------------------------------------------------------------
Moody's Investors Service took this rating action on notes issued
by Lunar Funding III Limited under Series 17.

Issuer: Lunar Funding III Ltd

  * US$20 million Series 17 Credit-Linked Secured Asset-Backed
    Notes due 2015 Notes, Upgraded to Ba1 (sf); previously on
    June 17, 2009 Downgraded to Caa1 (sf)

The transaction is a synthetic CDO backed entirely by US CBOs and
CLOs.  This rating upgrade action is the result of significant
amortization of the underlying assets and the improvement of
overall credit quality of the portfolio since the last rating
action in June 2009.

The portfolio has decreased by more than half since the last
rating action due to amortization.  Currently there are seven
assets outstanding in the underlying portfolio, of which two have
been upgraded by more than three notches since the last action.
The most significant upgrade was Nicholas-Applegate CBO II Class
A, which was rated Ba1 in June 2009 and is currently rated A3,
resulting in a change of four notches.  Sequils-Centurion V Class
A has been upgraded by three notches, from Aa3 to Aaa, since the
last rating action.  All assets are currently rated A3 or above.

Moody's performed a number of sensitivity analyses in addition to
the standard modelling assumption.  In particular, Moody's
considered a model run where all portfolio assets are downgraded
by two notches to test the deal sensitivity to credit
deterioration in the portfolio, especially because the entire
portfolio consists of a single asset type.  This run generated a
result that was lower by three notches than the one modelled under
the base case.

Taking into consideration the result of sensitivity analyses and
other factors, the rating committee vote resulted in an upgrade to
a level one notch lower than the base case result.

The principal methodology used in this rating was Moody's Approach
to Rating SF CDOs published in August 2009.

Moody's applied Monte Carlo simulation framework within CDOROM to
model the loss distribution for SF CDOs.  The model is available
on moodys.com under Products & Solutions -- Analytical Models,
upon return of a signed free license agreement.

Moody's Investors Service did not receive or take into account a
third-party due diligence report on the underlying assets or
financial instruments related to the monitoring of this
transaction in the past six months.

Moody's did not run a separate loss and cash flow analysis other
than the one already done using the CDOROM model.


LYNCH HOTEL: Receivers Appointed to Two Hotels
----------------------------------------------
Irish Examiner reports that receivers were appointed to two hotels
within the Lynch Hotel Group.  The two affected hotels are The
Clare Inn in Dromoland, Co Clare, and Breaffy House Hotel in Co
Mayo, according to the report.

It is believed the appointment of a receiver to the two hotels was
prompted due to difficulties in securing working capital since the
decision of Bank of Scotland Ireland to withdraw from the Irish
market, Irish Examiner notes.

Irish Examiner relates that in a statement to Clare FM, Michael B.
Lynch, the group's managing director, said that he will work with
the receivers and the banks to ensure that the jobs are protected
and that the affected hotels remain open.

Established in 1968, the Lynch Hotel group employs 500 people in
total at seven hotels.  Its list of properties also includes the
West County Hotel in Ennis; The Ocean Cove in Kilkee; George
Boutique; The South Court in Limerick; and Breaffy Woods in Mayo,
Irish Examiner discloses.


RADOO LANDS: 2009 Loss & Liabilities Prompt Going Concern Doubt
---------------------------------------------------------------
Gordon Deegan at The Irish Times reports that Radoo Lands Ltd.
incurred a loss of EUR15.5 million in 2009.

The Irish Times relates that accounts just filed by Radoo Lands
show that the company recorded the EUR15.53 million after tax loss
to the end of December 2009 following a EUR15.5 million write-down
in its current and financial assets during the year.  The abridged
accounts show that Radoo Lands wrote down the value of its stocks
by EUR7.54 million in 2009, while the value of its financial
assets was written down by EUR8.1 million to EUR499,184, The Irish
Times notes.

According to The Irish Times, Radoo Lands' liabilities stood at
EUR16.4 million at the end of 2009.  The Irish Times notes that
the company's auditors, Cuddihy Co, state that the loss and the
liabilities "indicate the existence of a material uncertainty
which may cast significant doubt about the company's ability to
continue as a going concern."

The Irish Times relates that the auditors state: "The directors
are in regular negotiations with the company's bankers regarding
the repayment of outstanding loan balances. . . . The company has
received a letter of support from its parent stating that it will
continue to provide the company with adequate funds and resources
necessary to meet all liabilities and commitments of the company
as they fall due for a minimum of 12 months from the date of the
signing of the financial statements."

Radoo Lands Ltd. is an Ennis-based property development company.
Bernard McNamara has a one-third share in the company he co-owns
with Clare developers Sean Lyne and Noel Connellan.


TALISMAN-3 FINANCE: S&P Withdraws Rating on Class A Notes
---------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'AAA (sf)' credit
rating on Talisman-3 Finance PLC's commercial mortgage-backed
class A notes, following the redemption of those notes.  At the
time of the withdrawal, those notes were on CreditWatch negative.
All other rated classes of Talisman-3 Finance's notes are
unaffected.

As per the January 2011 cash manager report, the class A notes
fully redeemed on Jan. 24, 2011, following the full repayment of
the Bastion and Trier loans.  The other rated notes in this
transaction remain unaffected by S&P's rating action.

Talisman-3 Finance closed in 2006 with notes totaling
EUR689.9 million.  The notes have a legal final maturity in
January 2015.

Ratings List

                     Rating
Class      To                   From

Talisman-3 Finance PLC
EUR689.9 Million Commercial Mortgage-Backed Floating-Rate Notes

Rating Withdrawn

A          NR                    AAA (sf)/Watch Neg

Ratings Unaffected

B          AAA (sf)/Watch Neg
C          A (sf)
D          BB+ (sf)
E          CCC (sf)
F          CCC- (sf)
X          AAA (sf)/Watch Neg

NR - Not rated.


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


EURASIAN BANK: S&P Affirms 'B/B' Counterparty Credit Ratings
------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Kazakhstan-based JSC Eurasian Bank to stable from negative.  At
the same time, the 'B/B' long- and short-term counterparty credit
ratings on the bank were affirmed.  The national scale rating was
raised to 'kzBB+' from 'kzBB'.

The rating actions reflect S&P views of the robust economic
recovery in the Republic of Kazakhstan (foreign currency
BBB/Stable/A-3; local currency BBB+/Stable/A-2; Kazakhstan
national scale rating 'kzAAA') and stabilization of the operating
environment.

"They also reflect our view of a positive trend in Eurasian Bank's
asset quality and profitability, as well as the bank's adequate
funding and liquidity," said Standard & Poor's credit analyst
Annette Ess.

Eurasian Bank is a midsize commercial bank with assets totalling
KZT336 billion (about US$2.2 billion) as of Sept. 30, 2010,
representing 2.9% of the domestic market.  It is ultimately owned
by three Kazakh businessmen, Alexander Mashkevitch, Alijhan
Ibragimov, and Patokh Chodiev, who also hold a 44% stake in London
Stock Exchange-listed Eurasian Natural Resources Corporation PLC
(BB+/Stable/B).

Although S&P considers that the bank benefits from its
shareholders' business connections, the ratings reflect its
assessment of Eurasian Bank's stand-alone credit quality, with no
uplift for extraordinary parental or government support, which it
considers uncertain.

The new management team has turned the bank around and is focusing
on improving asset quality and achieving profitability.  As a
result, nonperforming loans (NPLs; those 90 days overdue) at year-
end 2010 reduced to 7.4% from 10.6% at year-end 2009, and
restructured loans decreased to 25.0% from 31.4%.  S&P's
definition of loans under stress includes both NPLs and
restructured loans.  The improvements were supported by rigorous
collections, stronger new loan underwriting, and lower exposure to
the risky construction and real estate sectors than the system
average.  Loans to these sectors accounted for only 10% of
Eurasian Bank's portfolio on Sept. 30, 2010.  New loan loss
provisions reduced markedly in 2010 compared with 2009.  The ratio
of loan loss reserves to customer loans was 11.7% on Sept. 30,
2010, lower than the sector average.

Eurasian Bank's low capitalization continues to be its major
weakness, in S&P's view.  The estimated risk-adjusted capital
(RAC) ratios of 3.8% before adjustments and 2.9% after adjustments
for concentration as of Sept. 30, 2010, were the lowest among the
Kazakh banks S&P rates, excluding defaulted banks.  The ratio of
adjusted total equity to adjusted assets was also low at 7.05% as
of Sept. 30, 2010.  Tier 1 and total capital adequacy ratios stood
at 7.8% and 14.6%, respectively, at year-end 2010.  A proposed
capital increase of US$50 million in the second half of 2011 and
another US$50 million in 2012 to support planned loan growth
reflect the bank's strategy of maximizing the return on equity
while running tight capitalization.  However, low profitability
does not allow for an earnings buffer.  The bank returned to
profitability in the second half 2010 with an expected small
profit for the full year.

S&P views the bank's liquidity as adequate, owing to a 30% share
of liquid assets as of Nov. 30, 2010.  However, S&P expects this
to decline because the bank aims to achieve a higher return on
assets.  Moreover, the loans-to-deposits ratio of 87.9% on
Sept. 30, 2010, was one of the strongest among rated Kazakh banks.
The bank does not have any foreign debt outstanding.

"The outlook is stable because we believe that Eurasian Bank's
creditworthiness should be adequately resilient, given the
improved economic growth prospects and stabilized operating
environment," said Ms. Ess.  "We expect capitalization to increase
slightly, supported by enhanced internal capital generation and
the shareholders' capital contribution, and asset quality
improvements to continue."

The ratings could be lowered if the bank's asset quality or
capitalization weakened or if its provisioning became inadequate.
Upside for the ratings could result from a significant
strengthening of capitalization, resulting in a RAC ratio of more
than 7%; a continuously positive trend of reducing loans under
stress; marked improvement in profitability; and the maintenance
of adequate liquidity.


HALYK BANK: Moody's Rates US$500-MM Sr. Unsecured Notes at 'Ba3'
----------------------------------------------------------------
Moody's Investors Service assigned a rating of Ba3 to Halyk Bank's
10-year US$500 million senior unsecured notes with a yield of
7.5%.  The outlook for the rating is stable.

Moody's said that the Ba3 rating assigned to the notes is based on
the fundamental credit quality of Halyk Bank, as reflected in its
D- bank financial strength rating (BFSR), mapping to a Ba3
baseline credit assessment.  Moody's assumes no probability of
systemic support for the bank's debt ratings and consequently
there is no notching uplift for the ratings of the senior
unsecured notes.

The Ba3 rating assigned to the notes is in line with the bank's
outstanding senior debt rating.  The notes rank pari passu with
other senior unsecured obligations of Halyk Bank.

The rating for the notes is underpinned by the bank's leading
market position in Kazakhstan as well as its acceptable liquidity,
however, it also takes into account the risks associated with the
bank's still weak asset quality.

According to the terms and conditions of the notes, Moody's notes
that Halyk Bank must comply with a number of covenants, including
negative pledge covenants, limitations on mergers, disposals and
dividend payments, transactions with affiliates and minimum
capital adequacy maintenance.

Moody's most recent rating action on Halyk Bank was implemented on
October 21, 2010, when the bank's foreign-currency senior
unsecured debt rating was downgraded to Ba3 from Ba2.

The principal methodologies used in this rating were "Bank
Financial Strength Ratings: Global Methodology", published in
February 2007, and "Incorporation of Joint-Default Analysis into
Moody's Bank Ratings: A Refined Methodology", published in March
2007.

Other methodologies and factors that may have been considered in
the process of rating this issuer can also be found on Moody's
website.

Headquartered in Almaty, Kazakhstan, Halyk Bank reported total
consolidated assets and total capital of US$13.99 billion and
US$2.09 billion, respectively, in accordance with IFRS, as of
end-Q3 2010.


===================
L U X E M B O U R G
===================


GATE GOURMET: S&P Raises Long-Term Corp. Credit Rating to 'BB-'
---------------------------------------------------------------
Standard & Poor's Ratings Services raised to 'BB-' from 'B' its
long-term corporate credit ratings on Luxembourg-based airline
caterer Gate Gourmet Holdings S.C.A. (Gate Gourmet) and its
100%-owned subsidiary Gate Gourmet Borrower LLC.  The outlook is
stable.

At the same time, the issue rating on Gate Gourmet Borrower's
first-ranking senior secured CHF125 million revolving credit
facility (RCF) was raised to 'BB+' from 'BB-', and the issue
ratings on its CHF725 million senior secured term facilities were
raised to 'BB-' from 'B'.  The recovery ratings of '1' on the
CHF125 million RCF and '4' on the CHF725 million senior
secured term facilities remain unchanged.

In addition, S&P removed the long-term corporate credit and issue
ratings from CreditWatch, where they were placed with positive
implications on Oct. 1, 2010.

"The upgrade of Gate Gourmet reflects our view of the Company's
increased operating resilience over recent years, which we view as
commensurate with a fair business risk profile," said Standard &
Poor's credit analyst Andrew Stillman.

The upgrade also reflects the group's financial risk profile,
which is currently stronger than S&P had anticipated.  S&P also
believes that the recent capital increase at the parent level
(Gategroup Holding AG [not rated]) will have an indirect positive
effect on Gate Gourmet; for example, by reducing pressure in
funding future acquisitions at the Gate Gourmet level.

In S&P's view, Gate Gourmet will continue to deliver a relatively
resilient operating performance in the near term, as a result of
its flexible cost base.  S&P also thinks that Gate Gourmet will
maintain credit measures that the rating agency considers
commensurate with the 'BB-' rating in the near to medium term.
These measures include adjusted FFO to debt of about 20%.

At this time, ratings upside could occur with further improvements
in operating performance or a sustained strengthening of the
financial risk profile.  Conversely, if trading conditions were to
deteriorate, or if Gate Gourmet were to undertake sizeable
acquisitions or other shareholder-friendly measures, S&P could
lower the ratings.


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


MOBILE TELESYSTEMS: S&P Puts 'BB' Ratings on CreditWatch Negative
-----------------------------------------------------------------
Standard & Poor's Ratings Services it placed its 'BB' long-term
corporate credit rating and related debt ratings on Russian
telecoms operator Mobile TeleSystems (OJSC) (MTS) on CreditWatch
with negative implications.

The CreditWatch placement follows the announcement by MTS that it
has launched a tender offer and consent solicitation on the US$400
million notes due January 2012, issued by Mobile TeleSystems
Finance S.A. (not rated; MTS Finance) and guaranteed by MTS.  At
the same time MTS International Funding Limited, at the request of
MTS, has also initiated a consent solicitation on the US$750
million notes due June 2020.

"The CreditWatch reflects our understanding of the risks that the
notes could be in default as a result of the possible legal
implications following a US$210 million arbitral award made on
Jan. 5, 2011, in favor of Nomihold Securities Inc. (not rated)
against MTS Finance," said Standard & Poor's credit analyst
Alexander Griaznov.

It also reflects the uncertainties related to the completion of
the tender offer and consent solicitation process, especially if
the latter is not completed by March 5, 2011, when S&P understands
the payment to Nomihold Securities becomes due.

S&P understands that the tender offer and consent solicitation aim
to obtain noteholders' consent to remove from the notes and
related indentures the restrictive covenants and events of default
to ensure that the notes are not, and will not be, in default in
connection with the arbitral award.  S&P further understands that
MTS will likely need to obtain consent from its banks to prevent
the possible acceleration of its other debt liabilities, which
might have an impact on MTS' capital structure and liquidity.

S&P expects to resolve the CreditWatch following the completion of
the tender offer and the consent solicitation process," said
Mr. Griaznov.


=============================
S L O V A K   R E P U B L I C
=============================


NOVACKE CHEMICKE: Creditors Approve Second Tender for Assets
------------------------------------------------------------
Radoslav Tomek at Bloomberg News reports that Hospodarske Noviny,
citing Novacke Chemicke Zavody AS's trustee, said creditors of the
company approved a second tender for its assets.

Bloomberg relates that the newspaper said terms of the tender,
which should allow production to continue under ownership of a new
strategic investor, shall be completed this week.

According to Bloomberg, Hospodarsken noted that creditors in
December rejected the only bid in the original contest in which a
local company M-Energo offered EUR2 million (US$2.7 million) for
Novacke.

As reported by the Troubled Company Reporter-Europe, Bloomberg
News said Novacke filed for bankruptcy in 2009 after the European
Commission fined it EUR19.6 million (US$28.9 million) for being
part of a cartel to fix the price of calcium carbide and magnesium
powder.  The company, which has about 1,700 employees, continued
operations after filing for bankruptcy, Bloomberg disclosed.

Novacke Chemicke Zavody AS is a chemical manufacturer based in
Novaky, Slovakia.


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


SUCCESSOR X: S&P Puts Prelim. 'B(sf)' Rating on Class IV-E3 Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary credit
rating to the series 2011-2 class IV-E3 notes to be issued under
the principal-at-risk variable-rate note program, Successor X Ltd.

This program is sponsored by Swiss Reinsurance Company Ltd. (Swiss
Re; A+/Positive/A-1), and this will be the fourth series of notes
issued under the program.

The notes to be issued will be exposed to major North Atlantic
hurricane risk in selected states within the U.S. and Puerto Rico,
and major earthquake risk in California between February 2011 and
February 2014.  Successor X is a Cayman Island exempted Company.

Swiss Re is the counterparty to the risk transfer contract.  It is
the principal operating Company, as well as the ultimate holding
Company in a group of affiliated companies (the Swiss Re Group).
Swiss Re transacts reinsurance business worldwide and is one of
the largest global reinsurers in terms of premiums written and
capital.

EQECAT Inc., as the event calculation agent, calculates an index
value following a qualifying event.  The index value for U.S.
hurricane peril is based on industry losses reported by Property
Claims Services and predetermined payout factors.  The index value
for the earthquake peril is the weighted sum of the index values
for residential, commercial, and fire-following losses.  These
index values are in turn based on one-second spectral
accelerations provided by the U.S. Geological Survey (USGS) and,
where applicable, wind speeds provided by the National Climatic
Data Center (NCDC) at predefined locations across California.

The collateral will be invested in putable IBRD notes.

Ratings List

Successor X Ltd.
Principal At-Risk Variable-Rate Notes Series 2011-2

Class          Prelim.          Prelim.
                rating           amount (mil. EUR)

IV-E3          B (sf)               TBD

TBD - To be determined.


===========
T U R K E Y
===========


TURKCELL ILETISIM: S&P Revises Outlook on 'BB+' Rating to Positive
------------------------------------------------------------------
Standard & Poor's Ratings Services revised to positive from stable
its outlook on the 'BB+' long-term corporate credit rating on
Turkish mobile telecom operator Turkcell Iletisim Hizmetleri A.S.
At the same time, S&P affirmed the 'BB+' long-term corporate
credit rating on Turkcell.

"Turkcell's consolidated EBITDA margins, as calculated by the
Company, improved meaningfully in third-quarter 2010 to 37.1% from
34.4% in third-quarter 2009," said Standard & Poor's credit
analyst Patrice Cochelin.

The Turkish mobile market stabilized and interconnection costs
declined, while profits at Turkcell's domestic fixed broadband and
Ukrainian mobile subsidiaries increased substantially.  In
addition, Turkcell's cash generation is improving, primarily as a
result of the nonrecurrence last year of third-generation mobile
license payments in Turkey, and in spite of continued high capital
investments in broadband and in international subsidiaries.  In
the first nine months of 2010, Turkcell generated free operating
cash flow after interest and gross tangible and intangible capital
spending of US$267 million, according to S&P's calculations,
compared with negative US$318 million in the first nine months of
2009.  Finally, Turkcell has maintained modest gross leverage and
large cash balances.  This in S&P's opinion adequately mitigates
the currency mismatches between the Company's dollar-denominated
debt and its mostly Turkish Lira cash flows.  S&P calculates that
Turkcell had gross debt representing about 1.1x EBITDA, on a
Standard & Poor's adjusted basis, on Sept. 30, 2010.  S&P's
adjustments mainly include deferred consideration and put
options for Belarus and small capitalized lease commitments.
Turkcell reported gross consolidated debt of US$1.8 billion and
gross cash of US$3.2 billion on Sept. 30, 2010.

Constraining the rating on Turkcell are the volatile Turkish
macroeconomic environment, the Company's international expansion
and significant investments in Ukraine and Belarus, and mismatches
between the currency of its debt and that of its cash flows.  In
addition, legal disputes continue among the group's major
shareholders and regulatory pressures and tax pressures constrain
profitability in the market.  Supportive factors include the
Company's strong position and performance in the maturing and
Turkish mobile telecom market, potential for lower negative
regulatory impacts in the near term, good mobile cash flow
generation, moderate gross leverage, significant liquid assets,
and minority investment in Eurasia.

"The positive outlook reflects the potential for an upgrade over
the next 12 to 24 months," said Mr. Cochelin.

An upgrade of the local currency rating on the Republic of Turkey
(local currency BB+/Positive/B, transfer and convertibility
assessment 'BBB-') would likely be a necessary condition for an
upgrade on Turkcell, in S&P's opinion.  In addition, a rating
upgrade would likely require continuation of the recent positive
trends at Turkcell, including stabilization of domestic earnings;
improvement in Ukraine and Belarus and Turkcell's consolidated
free cash flow generation, and maintenance of moderate adjusted
gross leverage, as calculated by Standard & Poor's, not materially
exceeding 1x, with the maintenance of at least adequate liquidity,
including satisfactory covenant headroom and negligible risks
related to Turkcell's debt documentation.  Finally, an upgrade
would likely require S&P's continued anticipation that Turkcell's
governance and shareholding situation, including the financial
condition of key shareholders, would remain unlikely to weaken its
operating performance or financial position.


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


BRITISH BOOKSHOPS: Founder Won't Bid for Firm
---------------------------------------------
The Argus reports that British Bookshops & Stationers
administrators said the struggling bookstore have received a
"handful" of offers from potential buyers, but its founder is not
one of them.

Michael Chowen, who launched the brand in 1971, said he would not
be making a bid for the firm, according to The Argus.

"The period for potential buyers to register their interest with
us has closed.  It would be highly premature to discuss any
possible store closures at this point in the process.  However we
can confirm that we've a handful of encouraging offers for the
business and we will review these.  We will continue to talk to
interested parties with a view to a potential sale," The Argus
quoted Simon Appell, Partner at Administrator Zolfo Cooper, as
saying.

As reported in the Troubled Company Reporter-Europe on January 17,
2011, The Bookseller said 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 related that the business will continue to trade as normal.
The Bookseller noted 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 Bookseller
noted.

British Bookshops & Stationers' 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.


CORIOLANUS LTD: S&P Cuts Rating on GBP155MM Notes to 'CCC- (sf)'
----------------------------------------------------------------
Standard & Poor's Ratings Services took various rating actions on
four synthetic European collateralized debt obligation (CDO)
tranches.

Specifically, S&P has:

   -- Lowered its rating on one tranche;

   -- Lowered and kept on CreditWatch negative its ratings on two
      tranches; and

   -- Lowered and placed on CreditWatch negative its rating on
      one tranche.

The rating actions follow S&P's previous rating actions on the
underlying collateral.  According to the transaction documents,
the ratings on these tranches are weak-linked to the rating on the
underlying collateral.  Under S&P's criteria applicable to
transactions such as these, S&P would generally reflect changes to
the rating on the collateral in its rating on the tranche.

Due to an administrative error, S&P did not revise its ratings at
the time of its previous rating actions on the underlying
collateral.  The rating actions are to correct this error.

Ratings List

                        Rating
Class         To                      From

Rating Lowered

Coriolanus Ltd.
GBP155 Million Pass-Through Notes Series 45

A             CCC- (sf)               BB- (sf)

Ratings Lowered and Kept on CreditWatch Negative

Delacroix Certificates Trust 2007-1
US$5 Million Contingent Coupon Paying Delacroix Managed Credit
Fund Limited
Fund-Linked Trust Certificates

              AA+ (sf)/Watch Neg      AAA (sf)/Watch Neg

Magnolia Finance VI PLC
EUR28.5 Million Sarasin Credit CPPI Variable Interest
Notes Series 2006-8

              AA (sf)/Watch Neg       AAA (sf)/Watch Neg

Rating Lowered and Placed on Creditwatch Negative

Cheyne Credit SPI (Ireland) PLC
US$10 Million Coupon Paying Cheyne Managed CSO
Fund-Linked SPI Notes Series 15
              AAp (sf)/Watch Neg      AAAp (sf)


EUROSAIL-UK 2007: S&P Lowers Rating on Class E1C Notes to 'B(sf)'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on Eurosail-UK 2007-2NP
PLC's class B1a, B1c, C1a, D1a, D1c, and E1c notes.  At
the same time, S&P removed the class ETc notes from CreditWatch
negative.  S&P also kept the class A2a, A2c, A3a, A3c, M1a, and
M1c notes on CreditWatch negative.

The rating actions follow S&P's credit and cash flow review of
this transaction, and reflect its view that the levels of arrears
and credit enhancement are not consistent with the current rating
on the subordinate classes of notes.

On July 27, 2010, S&P placed the class M1a, M1c, B1a, B1c, C1a,
D1a, D1c, E1c, and ETc notes on CreditWatch negative due to
concerns about increased 90+ day delinquencies and decreases in
house prices since the deal closed.  Although delinquencies and
the weighted-average loan-to-value (LTV) ratio have remained
stable (90+ day delinquencies, excluding repossessions, were 15.6%
in the December investor report, compared with 15.7% in June; and
the weighted-average LTV ratio was reported in the December
investor report as 74.7%, compared with 74.9% in June), S&P's cash
flow analysis of the class B1a, B1c, C1a, D1a, D1c, and E1c notes
showed shortfalls in certain stressed scenarios at the current
rating levels.  S&P has therefore lowered its ratings on these
classes of notes to levels that are commensurate with the results
of its cash flow analysis.  However, S&P's analysis supports a
'AAA (sf)' rating for the class M1a and M1c notes.

S&P has removed from CreditWatch negative its rating on the class
ETc notes as they have paid down substantially on recent payment
dates.  The balance of the class ETc notes is now GBP1.99 million,
or 22.7% of the original balance, and this has decreased the risk
that the tranche will experience interest or principal shortfalls,
in S&P's opinion.

On Jan. 18, 2011, S&P placed the ratings on the class A2a, A2c,
A3a, and A3c notes on CreditWatch negative and kept the
CreditWatch negative placements on the class M1a, M1c, B1a, and
B1c notes.  S&P did so as the rating agency believes that,
following its counterparty criteria update, some existing
transaction documentation may no longer satisfy its applicable
criteria for assessing counterparty risk.  The class A2a, A2c,
A3a, A3c, M1a, and M1c notes remain on CreditWatch negative for
this reason.  As stated in S&P's Jan. 18 media release "Ratings On
1,976 EMEA Structured Finance Tranches Placed On CreditWatch
Negative After Counterparty Criteria Update," the rating agency
intends to resolve the CreditWatch placements due to the
counterparty criteria update by July 18, 2011.

However, S&P removed the ratings on the class B1a and B1c notes
from CreditWatch negative, for counterparty reasons, as the
ratings (after S&P's downgrade) are no longer higher than one
rating level above the issuer credit rating of the lowest-rated
counterparty to which they are exposed.

Eurosail 2007-2NP is a U.K. nonconforming residential mortgage-
backed securities transaction that closed in March 2007.  It
securitizes mortgages originated by Southern Pacific Mortgage
Ltd., Southern Pacific Personal Loans Ltd., Preferred Mortgages
Ltd., London Mortgage Company Ltd., and London Personal Loans Ltd.

Ratings List

                       Rating
Class       To                    From

Eurosail-UK 2007-2NP PLC
EUR480.7 Million, GBP267.575 Million Mortgage-Backed Floating-
Rate Notes and an Overissuance Excess Spread Backed Floating-Rate
Notes

Ratings Lowered and Removed From CreditWatch Negative

B1a         A+ (sf)                AA (sf)/Watch Neg
B1c         A+ (sf)                AA (sf)/Watch Neg
C1a         A- (sf)                A (sf)/Watch Neg
D1a         B+ (sf)                BB+ (sf)/Watch Neg
D1c         B+ (sf)                BB+ (sf)/Watch Neg
E1c         B (sf)                 BB- (sf)/Watch Neg

Ratings Affirmed and Removed From CreditWatch Negative

ETc         BB- (sf)               BB- (sf)/Watch Neg

Ratings Remaining on CreditWatch Negative

A2a         AAA (sf)/Watch Neg
A2c         AAA (sf)/Watch Neg
A3a         AAA (sf)/Watch Neg
A3c         AAA (sf)/Watch Neg
M1a         AAA (sf)/Watch Neg
M1c         AAA (sf)/Watch Neg


ITV PLC: S&P Places 'B+' Debt Ratings on CreditWatch Positive
-------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' long-term
corporate credit and senior unsecured debt ratings on U.K.
broadcaster ITV PLC on CreditWatch with positive implications.

At the same time, S&P affirmed its 'B' short-term corporate credit
rating on ITV.  The '4' recovery rating on all of the group's
senior unsecured debt is unchanged, indicating S&P's expectation
of average (30%-50%) recovery for unsecured creditors in the event
of a payment default.

"The CreditWatch placement reflects our view that ITV is likely to
post profitability and credit metrics commensurate with a higher
rating at year-end 2010 and throughout 2011," said Standard &
Poor's credit analyst Patrizia D'Amico.  "This is in the context
of our base-case scenario of flat to low single-digit growth for
the U.K. advertising market for the current year."

S&P anticipates that ITV is likely to report a material year-on-
year increase in its EBITDA margin -- before exceptional costs --
at year-end 2010.  S&P believes that the group's EBITDA margin
could exceed 20% in 2010, versus about 13% in 2009, owing to the
extensive cost-saving initiatives that the group has taken over
the past two years, and to the strong revenue growth forecast for
the full-year 2010.  S&P believes that the forecast improvement in
ITV's profitability, combined with some debt reduction and a
stable pensions deficit, could result in Standard & Poor's-
adjusted gross debt to EBITDA of less than 4x and adjusted free
operating cash flow to debt exceeding 10% at year-end 2010.

Such profitability levels and credit metrics are commensurate with
a higher rating, and are unlikely to weaken significantly in 2011,
given S&P's base-case scenario of flat to low advertising revenue
growth for ITV in 2011.  ITV's adjusted debt to EBITDA stood at
7.3x in 2009, and declined to 4.8x in the year ended June 30,
2010, thanks to a stronger-than-projected advertising recovery in
the U.K. in 2010.

S&P aims to review the CreditWatch placement shortly after ITV's
publication of its 2010 annual results on March 2, 2011.  In
reviewing the CreditWatch, S&P will focus on the economic and
advertising environment for the U.K. over the coming quarters, as
well as ITV's medium-term programming strategy and financial
policy.  Any rating upgrade is likely to be limited to one notch.


LATINIS: Closes Jmac Restaurant, Goes Into Administration
----------------------------------------------------------
Ben Truslove at The Evening Telegraph reports that Jmac restaurant
has closed after Latinis, the company running it, went into
administration.  The report relates that Latinis shut its doors
after its managers could not make enough money out of the
business.

Restaurateur David Shaheen's attempts to rescue the company were
futile, according to The Evening Telegraph.  Mr. Shaheen became a
director of the company running Jmac about four months ago.  "All
enquiries should be directed to David Vickerstaff, Dexter Brown
Ltd," The Evening Telegraph quoted Mr. Shaheen as saying.

Dexter Brown Ltd is a Milton Keynes-based chartered surveyor,
which manages the building on behalf of Allianz.

The Evening Telegraph notes that David Vickerstaff, who works for
the firm, claimed that the restaurant's owners had not paid rent
to the landlord for more than a year and had racked up GBP50,000
in arrears.

"David Shaheen took the business on.  I said he could try to keep
running it but we couldn't afford to keep making a loss.  He
decided to hand back the keys to us," The Evening Telegraph quoted
Mr. Vickerstaff as saying.

Mr. Vickerstaff could not say if any further action would be taken
against the company, the report adds.

Headquartered in New Road, Latinis runs the restaurant, Jmac.
Jmac is a Mexican-themed bar and restaurant.


NEW FOREST: To be Acquired Following Administration
---------------------------------------------------
Horticulture Week reports that New Forest Garden Plants was set to
be bought by Roundstone Nurseries.

Roundstone Nurseries is believed to have had a seven-figure offer
accepted by administrator Grant Thornton in Southampton for the 12
hectare site plus stock, according to Horticulture Week.

The report notes that it is thought that Roundstone Nurseries had
asked NFGP Managing Director Matthew Dixon to carry on running the
business, which sold 35% imports, 25% herbs, 20% alpines and 20%
perennials.

As reported in the Troubled Company Reporter-Europe on Nov. 22,
2010, New Forest Garden Plants went into administration on
Nov. 17, 2010.  Horticulture Week said that around 40 staff has
been made redundant.  The report related that the company is being
run by administrators Grant Thornton in Southampton.  The bank
involved is HSBC, the report said.

Headquartered in Beaulieu, Hampshire, New Forest Garden Plants was
established in 1985 and grows herbs, alpines, bulbs, wild flowers
and other seasonal plants for the garden centre industry.
Production is approximately three million plants per year and
turnover is between GBP3 million and GBP4 million.


STAMFORD QUARTER: Goes Into Receivership, Still Open for Business
-----------------------------------------------------------------
The Stamford Quarter in Altrincham has been put into receivership.

James Ferguson and Helen Johnson at Manchester Evening News
reports that the centre, which has tenants including Marks &
Spencer, H&M and Waterstones, remains open despite Jones Lang
Lasalle's appointment as receivers on January 20, 2011.

"It is very much business as usual at Stamford Quarter, which
continues to trade as normal," Manchester Evening News quoted JLL
Director Jemma McAndrew as saying.

Manchester Evening News notes that earlier this month, bosses at
the centre spoke of their hope for the future, and said they were
hopeful of attracting new business this year.

The Stamford Quarter is a GBP40 million project by developers Park
Lane Estates, which was formerly known as Stamford shopping
precinct.


STYLES GROUPS: Goes Into Administration, Axes 70 Jobs
-----------------------------------------------------
Insider Media Limited reports that more than 70 jobs have been
lost after Image Styles Groups fell into administration.

The Birmingham office of RSM Tenon has been appointed as
administrators for the company, which blamed the economic downturn
for its demise, according to Insider Media Limited.

"We immediately instructed a firm of quantity surveyors to assist
us in reviewing outstanding Image Styles contracts to see if the
customers were willing to continue the contracts under
administration.  Unfortunately, after looking through the
outstanding contracts and carrying out a complete overview, we
felt that this wouldn't be possible.  This is not a decision we
have taken lightly.  As a consequence, all the direct employees of
property services and insulations have been made redundant.  Nine
people have been made redundant in property services, 28 people
have been made redundant in insulations, and 34 people have been
made redundant in decorating," Insider Media Limited quoted Bev
Marsh, of administrators RSM Tenon, as saying.

The firm was looking for interested parties who would be able to
take over the business and assets of the group, Mr. Marsh added.

Headquartered Tipton, Image Styles Groups is a construction
company.  The company employs 95 people across the group.  The
group holds three subsidiary companies: Image Styles Property
Services, Image Styles Insulations and Image Styles Decorating.


VISIT LINCOLNSHIRE: Goes Into Administration, Loses GBP670,000
--------------------------------------------------------------
Press Association reports that Visit Lincolnshire has been forced
into administration after losing almost GBP670,000 in funding.
Directors of Visit Lincolnshire said there was "no prospect" of
getting enough money to continue operating after March, according
to Press Association.

Press Association notes that the group said it would formally
lodge a notice of intention to appoint administrators at court
during the next few days.

The report notes that East Midlands Development Agency, which is
being axed, has cut its GBP400,000 grant to Visit Lincolnshire
while the county council has axed its GBP268,000 in funding.  A
final decision on budget proposals will be confirmed in February,
Press Association says.

"Despite our best efforts to persuade Lincolnshire County Council
to recognize the value of Visit Lincolnshire and our role in
promoting the growing tourism, Lincolnshire will be left out in
the cold nationally and internationally.  Considering the economic
impact on tourism, it is disappointing that the county council,
unlike district authorities, has not seen Visit Lincolnshire's
value in the same light.  The decision to cut Visit Lincolnshire's
funding flies in the face of Government policy.  David Cameron
wants to see domestic tourism grow in the UK and Lincolnshire is
well placed to make that happen, but it requires partnership
working between industry and the public sector," Press Association
quoted Visit Lincolnshire Interim Chief Executive Marc Etches as
saying.

Visit Lincolnshire is a Lincolnshire County Council's main tourism
body.  The group promotes Lincolnshire's GBP1 billion tourism
industry.


WAKEFIELD TRINITY: Faces Administration
---------------------------------------
Martin Richards at express.co.uk reports that Wakefield Trinity
Wildcats could go into administration as early today, January 31,
2011, to avoid a winding-up order -- their third in the past 12
months.

The Wildcats are due in the High Court on February 2, 2011, to
answer a petition for about GBP300,000 in unpaid VAT and National
Insurance.  express.co.uk relates that an attempt to raise
GBP500,000 through a share issue has flopped and administration
looks to be the only recourse to tackle Wakefield Trinity's debts
and make it attractive to four potential buyers.

However, express.co.uk notes, Wakefield Trinity officials remain
bullish.

Wakefield Trinity notes said that there is no question of them not
starting the season in Cardiff a fortnight tomorrow and they still
intend to apply for a Super League license, express.co.uk
discloses.

The club's financial situation worsened in December after a
government decision to refer its plans for a new stadium to a
public inquiry meant a delay a payment of GBP350,000 from the
developers, express.co.uk discloses.

Wakefield Trinity Wildcats is a professional rugby league club
that plays in the European Super League and is based in Wakefield.
It achieved promotion in 1999 and has remained in the League
since.  The club is known to its fans as 'Wakey', 'Trinity',
'Wildcats', or historically 'The Dreadnoughts'.


WINDSOR & ETON: May Face Liquidation on Wednesday Over HMRC Debt
----------------------------------------------------------------
Charles Watts at Maidenhead Advertiser reports that Windsor & Eton
FC finally appear to have lost their battle to stay afloat.

According to Maidenhead Advertiser, the cash-strapped Royalists
look to have exhausted all options in a bid to deal with their
crippling debts and will be wound up at London's High Court on
Wednesday unless something dramatic happens in the next few days.

Maidenhead Advertiser says the club will not be contesting the
winding up petition, brought against it by Her Majesty's Revenue &
Customs (HMRC) due to an unpaid tax bill of around GBP60,000
dating back over five years.  The only way that the club will be
able to survive is if someone agrees to pay off the money to HMRC
before Wednesday's deadline, Maidenhead Advertiser states.
But that GBP60,000 is only the tip of the iceberg, the  overall
debt stands at close to GBP250,000 and that would also need to be
dealt with, Maidenhead Advertiser notes.

The Royalists had hoped to enter into a Company Voluntary
Arrangement (CVA) which could have seen the debt drastically
reduced, Maidenhead Advertiser discloses.  Insolvency specialist
Robert Keyes had been hired to put the proposal together, but the
information he needed was not forthcoming in time for him to
proceed before Wednesday's hearing, Maidenhead Advertiser relates.

According to Maidenhead Advertiser, would-be owner Kevin Stott,
who is looking to take control of the club, admits that all
options appear to have failed, but he insists he will fight right
up to Wednesday's deadline to keep the club alive.

As reported by the Troubled Company Reporter-Europe on Jan. 19,
2011, Maidenhead Advertiser said Mr. Keyes wants payment from
Chairman Peter Simpson before starting on the CVA proposal.
Maidenhead Adviser noted that once Mr. Keyes is paid, the
insolvency expert will call a creditors' meeting where he will
look to get 70% to accept a proposal, which would see the club pay
off their debts at a rate of 25p to GBP1.

Windsor & Eton Football Club is an English association football
club based in Windsor, Berkshire, currently playing in the
Southern League Premier Division.


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


* BOND PRICING: For the Week January 24 to January 28, 2011
-----------------------------------------------------------

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

AUSTRIA
-------
BA CREDITANSTALT       5.470   8/28/2013      EUR     71.13
BAWAG                  7.548   2/18/2035      EUR     67.77
OESTER VOLKSBK         4.810   7/29/2025      EUR     51.38
OESTER VOLKSBK         5.450    8/2/2019      EUR     72.63
OESTER VOLKSBK         4.170   7/29/2015      EUR     67.00
RAIFF ZENTRALBK        4.500   9/28/2035      EUR     80.10

DENMARK
-------
KOMMUNEKREDIT          0.500    2/3/2016      TRY     74.46

FINLAND
-------
MUNI FINANCE PLC       0.500   9/24/2020      CAD     69.67
MUNI FINANCE PLC       0.500   3/17/2025      CAD     54.62
MUNI FINANCE PLC       0.250   6/28/2040      CAD     24.07
MUNI FINANCE PLC       0.500    2/9/2016      ZAR     74.13
MUNI FINANCE PLC       1.000   6/30/2017      ZAR     58.17
MUNI FINANCE PLC       1.000   2/27/2018      AUD     68.34

FRANCE
------
AIR FRANCE-KLM         4.970    4/1/2015      EUR     16.62
ALCATEL-LUCENT         5.000    1/1/2015      EUR      3.46
ALTRAN TECHNOLOG       6.720    1/1/2015      EUR      4.85
ATOS ORIGIN SA         2.500    1/1/2016      EUR     54.02
CALYON                 6.000   6/18/2047      EUR     25.79
CAP GEMINI SOGET       1.000    1/1/2012      EUR     43.49
CAP GEMINI SOGET       3.500    1/1/2014      EUR     42.89
CGG VERITAS            1.750    1/1/2016      EUR     28.93
CLUB MEDITERRANE       6.110   11/1/2015      EUR     19.42
CLUB MEDITERRANE       5.000    6/8/2012      EUR     18.44
EURAZEO                6.250   6/10/2014      EUR     57.38
FAURECIA               4.500    1/1/2015      EUR     27.73
MAUREL ET PROM         7.125   7/31/2014      EUR     17.88
MAUREL ET PROM         7.125   7/31/2015      EUR     15.77
NEXANS SA              4.000    1/1/2016      EUR     66.95
ORPEA                  3.875    1/1/2016      EUR     47.20
PEUGEOT SA             4.450    1/1/2016      EUR     35.70
PUBLICIS GROUPE        3.125   7/30/2014      EUR     40.43
PUBLICIS GROUPE        1.000   1/18/2018      EUR     49.24
RHODIA SA              0.500    1/1/2014      EUR     49.11
SOC AIR FRANCE         2.750    4/1/2020      EUR     22.13
SOITEC                 6.250    9/9/2014      EUR     10.71
TEM                    4.250    1/1/2015      EUR     58.27
THEOLIA                2.700    1/1/2041      EUR     10.71

GERMANY
-------
DEUTSCHE BK LOND       0.500   8/25/2017      BRL     55.13
HSH NORDBANK AG        4.375   2/14/2017      EUR     62.47
L-BANK FOERDERBK       0.500   5/10/2027      CAD     48.93
LB BADEN-WUERTT        2.500   1/30/2034      EUR     69.62
QIMONDA FINANCE        6.750   3/22/2013      USD      4.00
SOLON AG SOLAR         1.375   12/6/2012      EUR     27.80

GREECE
------
ATHENS URBAN TRN       5.008   7/18/2017      EUR     67.50
ATHENS URBAN TRN       4.851   9/19/2016      EUR     72.12
HELLENIC RAILWAY       4.500   12/6/2016      JPY     58.59
HELLENIC REP I/L       2.300   7/25/2030      EUR     48.00
HELLENIC REP I/L       2.900   7/25/2025      EUR     47.18
HELLENIC REPUB         6.140   4/14/2028      EUR     62.81
HELLENIC REPUB         5.200   7/17/2034      EUR     62.32
HELLENIC REPUB         5.000   3/11/2019      EUR     61.22
HELLENIC REPUB         4.590    4/8/2016      EUR     68.45
HELLENIC REPUB         5.250    2/1/2016      JPY     67.61
HELLENIC REPUB         5.800   7/14/2015      JPY     71.52
HELLENIC REPUBLI       4.225    3/1/2017      EUR     66.03
HELLENIC REPUBLI       5.900   4/20/2017      EUR     70.43
HELLENIC REPUBLI       4.300   7/20/2017      EUR     65.61
HELLENIC REPUBLI       4.675   10/9/2017      EUR     66.00
HELLENIC REPUBLI       4.590    4/3/2018      EUR     64.27
HELLENIC REPUBLI       5.959    3/4/2019      EUR     68.83
HELLENIC REPUBLI       6.000   7/19/2019      EUR     68.41
HELLENIC REPUBLI       6.250   6/19/2020      EUR     70.61
HELLENIC REPUBLI       3.700   7/20/2015      EUR     69.23
HELLENIC REPUBLI       3.650   9/30/2015      EUR     69.84
HELLENIC REPUBLI       5.300   3/20/2026      EUR     61.61
HELLENIC REPUBLI       4.600   7/20/2018      EUR     64.56
HELLENIC REPUBLI       5.014   2/27/2019      EUR     64.36
HELLENIC REPUBLI       4.700   3/20/2024      EUR     60.74
HELLENIC REPUBLI       3.600   7/20/2016      EUR     65.21
HELLENIC REPUBLI       4.020   9/13/2016      EUR     66.95
HELLENIC REPUBLI       4.600   9/20/2040      EUR     56.09
HELLENIC REPUBLI       4.500   9/20/2037      EUR     55.94
NATIONAL BK GREE       3.875   10/7/2016      EUR     73.46

IRELAND
-------
AIB MORTGAGE BNK       5.000    3/1/2030      EUR     55.60
AIB MORTGAGE BNK       5.000   2/12/2030      EUR     55.64
AIB MORTGAGE BNK       5.580   4/28/2028      EUR     61.81
AIB MORTGAGE BNK       4.875   6/29/2017      EUR     74.06
ALLIED IRISH BKS      12.500   6/25/2019      EUR     30.24
ALLIED IRISH BKS      12.500   6/25/2019      GBP     30.38
ALLIED IRISH BKS      11.500   3/29/2022      GBP     30.74
ALLIED IRISH BKS      10.750   3/29/2017      USD     30.45
ALLIED IRISH BKS      10.750   3/29/2017      EUR     30.40
ALLIED IRISH BKS       7.875    7/5/2023      GBP     31.67
BANK OF IRELAND       10.000   2/12/2020      GBP     67.87
BANK OF IRELAND       10.000   2/12/2020      EUR     68.50
BANK OF IRELAND        9.250    9/7/2020      GBP     63.69
BANK OF IRELAND        4.875   1/22/2018      GBP     51.58
BANK OF IRELAND        5.600   9/18/2023      EUR     45.23
BANK OF IRELAND       10.750   6/22/2018      GBP     58.02
BK IRELAND MTGE        5.450    3/1/2030      EUR     60.00
BK IRELAND MTGE        5.400   11/6/2029      EUR     59.99
BK IRELAND MTGE        5.760    9/7/2029      EUR     62.96
DEPFA ACS BANK         3.250   7/31/2031      CHF     70.63
DEPFA ACS BANK         4.900   8/24/2035      CAD     63.62
DEPFA ACS BANK         6.000   10/7/2035      USD     74.29
DEPFA ACS BANK         0.500    3/3/2025      CAD     33.64
DEPFA ACS BANK         5.125   3/16/2037      USD     63.11
DEPFA ACS BANK         5.125   3/16/2037      USD     63.27
DEPFA BANK PLC         3.150    4/3/2018      EUR     68.27
EBS BLDG SOCIETY       4.992   3/19/2015      EUR     74.86
IRISH GOVT             4.500   4/18/2020      EUR     72.69
IRISH GOVT             5.400   3/13/2025      EUR     71.02
IRISH LIFE PERM        4.820   3/22/2015      EUR     74.51
IRISH LIFE PERM        4.250    4/9/2015      EUR     72.91
IRISH NATIONWIDE       6.250   6/26/2012      GBP     45.38
IRISH NATIONWIDE      13.000   8/12/2016      GBP     24.95

ITALY
-----
ABRUZZO REGION         4.450    3/1/2037      EUR     72.47
CITY OF TURIN          5.270   6/26/2038      EUR     65.00
CO CASTELMASSA         3.960   3/31/2026      EUR     73.65
TELECOM ITALIA         5.250   3/17/2055      EUR     73.38
ARCELORMITTAL          7.250    4/1/2014      EUR     32.76
BREEZE FINANCE         6.708   4/19/2027      EUR     64.75
DEXIA BQ INT LUX       2.390   12/7/2021      EUR     68.60
IIB LUXEMBOURG        11.000   2/19/2013      USD     12.49
LIGHTHOUSE INTL        8.000   4/30/2014      EUR     38.02
LIGHTHOUSE INTL        8.000   4/30/2014      EUR     37.88
APP INTL FINANCE      11.750   10/1/2005      USD      0.01
BK NED GEMEENTEN       0.500   2/24/2025      CAD     52.81
BRIT INSURANCE         6.625   12/9/2030      GBP     66.36
DGS INTL FIN BV       10.000    6/1/2007      USD      0.01
ELEC DE CAR FIN        8.500   4/10/2018      USD     57.02
INDAH KIAT INTL       12.500   6/15/2006      USD      0.01
NATL INVESTER BK      25.983    5/7/2029      EUR     15.52
NED WATERSCHAPBK       0.500   3/11/2025      CAD     53.91
NED WATERSCHAPBK       2.927   6/30/2045      EUR     71.25
RABOBANK               2.805   8/28/2020      AUD     75.19
RBS NV EX-ABN NV       6.316   6/29/2035      EUR     67.39
SIDETUR FINANCE       10.000   4/20/2016      USD     73.50
TJIWI KIMIA FIN       13.250    8/1/2001      USD      0.01

NORWAY
------
EKSPORTFINANS          0.500    5/9/2030      CAD     41.05
KOMMUNALBANKEN         0.500   9/24/2014      BRL     73.11
KOMMUNALBANKEN         0.500   1/27/2016      ZAR     74.47
KOMMUNALBANKEN         0.500    3/1/2016      ZAR     71.20
REP OF POLAND          2.648   3/29/2034      JPY     65.45

PORTUGAL
--------
CAIXA GERAL DEPO       4.250   1/27/2020      EUR     77.08
CAIXA GERAL DEPO       5.380   10/1/2038      EUR     66.07
METRO DE LISBOA        4.061   12/4/2026      EUR     74.75
PORTUGUESE OT'S        4.100   4/15/2037      EUR     70.20

RUSSIA
------
APK ARKADA            17.500   5/23/2012      RUB      0.38
ARKTEL-INVEST         12.000    4/9/2012      RUB      0.05
CENTREINVEST GRO       9.250   6/24/2014      RUB    101.60
DVTG-FINANS           17.000   8/29/2013      RUB      3.01
EMALIANS-FINANS       10.970    7/8/2011      RUB     75.00
EUROKOMMERZ           16.000   3/15/2011      RUB      0.01
IZHAVTO               18.000    6/9/2011      RUB     11.31
LEKSTROY               0.100   7/22/2011      RUB     75.00
M-INDUSTRIYA          12.250   8/16/2011      RUB     29.00
MAGNIT OJSC            8.250    9/9/2013      RUB    100.20
MIG-FINANS             0.100    9/6/2011      RUB      1.00
MIRAX                 14.990   5/17/2011      RUB     30.05
MIRAX                 17.000   9/17/2012      RUB     14.01
MOSMART FINANS         0.010   4/12/2012      RUB      2.02
MOSOBLGAZ             12.000   5/17/2011      RUB     72.50
MOSOBLTRUSTINVES      20.000   3/26/2011      RUB      6.99
NOK                   10.000   9/22/2011      RUB     17.01
NOK                   12.500   8/26/2014      RUB      4.00
NOVYE TORGOVYE S      15.000   4/26/2011      RUB     70.99
PEB LEASING           14.000   9/12/2014      RUB     75.00
RUSSIAN STANDARD       7.750   4/13/2012      RUB     99.85
RYBINSKKABEL           0.010   2/28/2012      RUB      1.00
SAHO                  10.000   5/21/2012      RUB     70.00
SATURN                 8.500    6/6/2014      RUB      7.55
SEVERNAYA KAZNA        1.000    8/1/2011      RUB     75.00
SEVKABEL-FINANS       10.500   3/27/2012      RUB      3.40
SVOBODNY SOKOL         0.100   5/24/2011      RUB      1.31
TECHNOSILA-INVES       7.000   5/26/2011      RUB     23.00
TERNA-FINANS           1.000   11/4/2011      RUB     18.50
VESTER-FINANS         15.250   8/11/2011      RUB      1.30
VKM-LEASING FINA       1.000   5/18/2011      RUB      0.07
ZHILSOTSIPOTEKA-       9.000   7/26/2011      RUB     75.00

SPAIN
-----
AYT CEDULAS CAJA       4.750   5/25/2027      EUR     67.85
AYT CEDULAS CAJA       3.750   6/30/2025      EUR     60.99
AYT CEDULAS CAJA       4.000   3/24/2021      EUR     74.59
BANCAJA                1.500   5/22/2018      EUR     57.45
BANCO GUIPUZCOAN       1.500   4/18/2022      EUR     62.76
CAJA CASTIL-MAN        1.500   6/23/2021      EUR     63.17
CAJA MADRID            5.755   2/26/2028      EUR     55.42
CAJA MADRID            4.000    2/3/2025      EUR     73.68
CAJA MADRID            4.125   3/24/2036      EUR     67.84
CAJA MEDITERRANE       4.600   7/31/2020      EUR     68.71
CEDULAS TDA 6          3.875   5/23/2025      EUR     62.34
CEDULAS TDA A-5        4.250   3/28/2027      EUR     63.13
CEDULAS TDA A-6        4.250   4/10/2031      EUR     57.41
GENERAL DE ALQUI       2.750   8/20/2012      EUR     72.56
IM CEDULAS 5           3.500   6/15/2020      EUR     72.32
IM CEDULAS 7           4.000   3/31/2021      EUR     74.70
JUNTA ANDALUCIA        5.150   5/24/2034      EUR     74.46
JUNTA LA MANCHA        3.875   1/31/2036      EUR     61.08
LA CAIXA               3.875   2/17/2025      EUR     74.96

SWEDEN
------
SKANDINAV ENSKIL       4.250   6/20/2012      SEK    101.77
SKANDINAV ENSKIL       4.000   6/15/2011      SEK    100.73
SKANDINAV ENSKIL       4.250   6/19/2013      SEK    101.69
SKANDINAV ENSKIL       4.500   6/18/2014      SEK    101.85
STADSHYPOTEK AB        6.000   9/18/2013      SEK    106.10
STADSHYPOTEK AB        6.000   6/18/2014      SEK    106.83
STADSHYPOTEK AB        6.000   3/18/2015      SEK    107.31
STADSHYPOTEK AB        6.000   9/21/2016      SEK    108.00
SWEDBANK HYPOTEK       4.000   6/15/2011      SEK    100.71
SWEDBANK HYPOTEK       4.250   6/20/2012      SEK    101.70
SWEDBANK HYPOTEK       6.750    5/5/2014      SEK    108.77
SWEDBANK HYPOTEK       3.750   3/18/2015      SEK     98.51
SWEDISH EXP CRED       9.000   8/12/2011      USD     10.07
SWEDISH EXP CRED       9.000   8/28/2011      USD     10.28
SWEDISH EXP CRED       8.000   11/4/2011      USD      9.09
SWEDISH EXP CRED       2.000   12/7/2011      USD      9.81
SWEDISH EXP CRED       0.500   9/29/2015      BRL     64.45
SWEDISH EXP CRED       0.500   1/25/2028      USD     51.18

SWITZERLAND
-----------
UBS AG                13.300   5/23/2012      USD      4.20
UBS AG                13.700   5/23/2012      USD     14.15
UBS AG                10.580   6/29/2011      USD     40.07
UBS AG JERSEY          9.350   9/21/2011      USD     70.76
UBS AG JERSEY         11.400   3/18/2011      USD     25.01
UBS AG JERSEY         10.990   3/31/2011      USD     30.98
UBS AG JERSEY         12.800   2/28/2011      USD     33.19
UBS AG JERSEY          9.450   9/21/2011      USD     50.91
UBS AG JERSEY         11.000   2/28/2011      USD     69.69
UBS AG JERSEY         15.250   2/11/2011      USD     11.17
UBS AG JERSEY         10.000   2/11/2011      USD     58.25
UBS AG JERSEY         14.640   1/31/2011      USD     35.68
UBS AG JERSEY         13.900   1/31/2011      USD     33.88
UBS AG JERSEY         16.170   1/31/2011      USD     12.57
UBS AG JERSEY         12.640   7/29/2011      USD     34.30
UBS AG JERSEY         12.160   7/29/2011      USD     25.10
UBS AG JERSEY         10.760   7/29/2011      USD     10.43
UBS AG JERSEY         10.500   6/16/2011      USD     73.14
UBS AG JERSEY         13.000   6/16/2011      USD     50.13
UBS AG JERSEY         10.820   4/21/2011      USD     21.09
UBS AG JERSEY         10.650   4/29/2011      USD     15.50
UBS AG JERSEY         16.160   3/31/2011      USD     42.07
UBS AG JERSEY         11.150   8/31/2011      USD     39.96
UBS AG JERSEY          3.220   7/31/2012      EUR     54.51
UBS AG JERSEY         10.360   8/19/2011      USD     53.28
UBS AG JERSEY         10.280   8/19/2011      USD     35.71

UNITED KINGDOM
--------------
BANK NADRA             8.000   6/22/2017      USD     67.29
BANK OF SCOTLAND       6.984    2/7/2035      EUR     73.46
BARCLAYS BK PLC        8.800   9/22/2011      USD     16.43
BARCLAYS BK PLC        8.750   9/22/2011      USD     73.50
BARCLAYS BK PLC        7.500   9/22/2011      USD     16.88
BARCLAYS BK PLC        9.000   6/30/2011      USD     43.17
BARCLAYS BK PLC       10.510   5/31/2011      USD     13.00
BARCLAYS BK PLC       13.000   5/23/2011      USD     23.10
BARCLAYS BK PLC       10.950   5/23/2011      USD     65.68
BARCLAYS BK PLC        9.250   1/31/2012      USD      9.81
BARCLAYS BK PLC       10.650   1/31/2012      USD     45.71
BARCLAYS BK PLC        8.950   4/20/2012      USD     16.30
BARCLAYS BK PLC       13.050   4/27/2012      USD     27.08
BARCLAYS BK PLC        9.400   7/31/2012      USD     11.41
BARCLAYS BK PLC       10.800   7/31/2012      USD     27.88
BARCLAYS BK PLC        9.250   8/31/2012      USD     35.23
BARCLAYS BK PLC        9.500   8/31/2012      USD     29.92
BARCLAYS BK PLC        8.550   1/23/2012      USD     11.65
BARCLAYS BK PLC       10.350   1/23/2012      USD     21.34
BRADFORD&BIN BLD       5.500   1/15/2018      GBP     45.52
BRADFORD&BIN PLC       6.625   6/16/2023      GBP     43.43
BRADFORD&BIN PLC       7.625   2/16/2049      GBP     47.43
CO-OPERATIVE BNK       5.875   3/28/2033      GBP     69.87
DISCOVERY EDUCAT       1.948   3/31/2037      GBP     66.35
EFG HELLAS PLC         5.400   11/2/2047      EUR     48.50
EFG HELLAS PLC         6.010    1/9/2036      EUR     21.38
ENTERPRISE INNS        6.375   9/26/2031      GBP     74.50
HBOS PLC               6.000   11/1/2033      USD     69.55
HBOS PLC               6.000   11/1/2033      USD     69.55
HBOS PLC               4.500   3/18/2030      EUR     70.75
HEALTHCARE SUPP        2.067   2/19/2043      GBP     69.46
MAX PETROLEUM          6.750    9/8/2012      USD     63.93
NORTHERN ROCK          4.574   1/13/2015      GBP     75.90
NORTHERN ROCK          5.750   2/28/2017      GBP     70.50
PUNCH TAVERNS          6.468   4/15/2033      GBP     40.95
PUNCH TAVERNS          8.374   7/15/2029      GBP     50.06
PUNCH TAVERNS          7.567   4/15/2026      GBP     50.11
ROYAL BK SCOTLND       6.316   6/29/2030      EUR     67.76
SKIPTON BUILDING       5.625   1/18/2018      GBP     69.59
SKIPTON BUILDING       6.750   5/30/2022      GBP     67.80
TXU EASTERN FNDG       6.750   5/15/2009      USD      2.88
UNIQUE PUB FIN         6.464   3/30/2032      GBP     63.78
WESSEX WATER FIN       1.369   7/31/2057      GBP     31.46
YORKSHRE BLD SOC       6.375   4/26/2024      GBP     74.50


                            *********

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 * * *