TCREUR_Public/110502.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, May 2, 2011, Vol. 12, No. 85

                            Headlines


C Z E C H   R E P U B L I C

SAZKA AS: Debt Expected to Rise to U$553 Million


I C E L A N D

LANDSBANKI ISLANDS: Icesave Deposits Priority Claims, Court Rules


I R E L A N D

QUINN INSURANCE: Posts EUR160 Million Loss in 2010
QUINN INSURANCE: Liberty Mutual to Acquire 51% Stake in Firm
TCS FINANCE: Fitch Assigns Final 'B' Rating to Sr. Unsec. Notes


I T A L Y

FIAT FINANCE: Moody's Reviews 'Ba1' Rating for Possible Downgrade


R O M A N I A

CITY MALL: May 16 Auction Set; Starting Price Reduced


R U S S I A

CREDIT EUROPE: Fitch Assigns 'BB-(exp)' Rating to Sr. Unsec. Bonds


S P A I N

AYT HIPOTECARIO: S&P Lowers Rating on Class C Notes to 'BB'
CAJA DE AHORROS: Moody's Assigns 'Baa1' Rating to EUR1,000MM Bonds
TDA PASTOR: S&P Lowers Rating on Class C Notes to 'CCC'


S W E D E N

SAAB AUTOMOBILE: Vladimir Antonov Wins Initial OK for Rescue Plan


U N I T E D   K I N G D O M

ACORN PETS: Goes Into Administration, Axes 122 Jobs
ALL SAINTS: Finds Rescuer, May Miss Administration
DCM MONEY: More Than GBP2 Million Missing from Account
DUNDEE FOOTBALL CLUB: Chief Executive Eyes Positive Future
ETS: Goes Into Administration, May Cut 57 Jobs

HMV GROUP: Discounted Waterstone's Sale May Prompt CVA
* UK: North West Firms at Risk of Insolvency Up 3%


X X X X X X X X

* BOND PRICING: For the Week April 25 to April 29, 2011


                            *********



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C Z E C H   R E P U B L I C
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SAZKA AS: Debt Expected to Rise to U$553 Million
------------------------------------------------
According to Bloomberg News' Lenka Ponikelska, Hospodarske Noviny,
citing PPF Group NV spokesman Milan Tomanek, reports that the
total debt of Sazka AS may rise to about CZK9 billion (US$553
million) after registration of claims by PPF and KKCG, which hold
most of the company's bonds.

The newspaper added that the municipal court had received claims
amounting to more than CZK4 billion from Sazka creditors as of
Friday, Bloomberg notes.

As reported by the Troubled Company Reporter-Europe, CTK, citing
information made public in the insolvency register, said that the
Prague City Court declared Sazka insolvent on March 29 and named
Josef Cupka as insolvency administrator.

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


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LANDSBANKI ISLANDS: Icesave Deposits Priority Claims, Court Rules
-----------------------------------------------------------------
Iceland Review Online reports that Reykjavik District Court ruled
on Wednesday that the Icesave deposits are priority claims to the
Landsbanki Island hf's bankruptcy estate in a case which general
claimants filed against the bank's winding-up committee.

According to Iceland Review Online, visir.is said that this is the
second verdict which indicates that the emergency law established
in October 2008 was justifiable.  Recently, another verdict was
announced saying that wholesale loans are also priority claims.

Iceland Review Online says both of these verdicts will likely be
appealed to the Supreme Court.  The verdicts are a prerequisite
for commencing payments from the Landsbanki bankruptcy estate,
Iceland Review Online 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.


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QUINN INSURANCE: Posts EUR160 Million Loss in 2010
--------------------------------------------------
Finfacts Ireland reports that Quinn Insurance administrators on
Thursday said that the company lost a total of EUR706 million in
2009, mainly related to operating losses in its UK market and
writedowns in the value of some assets.

According to Finfacts Ireland, the joint administrators, Michael
McAteer and Paul McCann, said losses in 2010 were contained and
the company will post a loss of EUR160 million, which again is
related to UK business written prior to their appointment.  About
EUR600 million will be required from the bailout insurance fund,
Finfacts Ireland says.

The company will be sold to the nationalized Anglo Irish Bank and
US insurance giant Liberty Mutual, which were named joint
preferred bidders earlier this month, Finfacts Ireland discloses.

The losses will require Quinn Insurance to call on the Insurance
Compensation Fund later this year, a move that will likely result
in a general levy being applied to non-life insurance customers,
Finfacts Ireland states.

Anglo and Liberty will take over the Irish business of Quinn
Insurance, but the loss-making British unit will not be acquired,
Finfacts Ireland notes.

                      About Quinn Insurance

Quinn Insurance is owned by Sean Quinn, Ireland's richest man, and
his family.  The company has more than 20% of the motor and health
insurance market in Ireland.  Employing almost 2,800 people in
Britain and Ireland, it was founded in 1996 and entered the UK
market in 2004.

As reported by the Troubled Company Reporter-Europe, The Irish
Times said the Financial Regulator put Quinn Insurance into
administration in March 2010 after his office discovered
guarantees had been provided by the insurer's subsidiaries as far
back as 2005 on Quinn Group debts of more than EUR1.2 billion.
The regulator said the guarantees reduced the amount the firm had
in reserve to protect policyholders against possible claims,
putting 1.3 million customers at risk, according to The Irish
Times.


QUINN INSURANCE: Liberty Mutual to Acquire 51% Stake in Firm
------------------------------------------------------------
Reuters reports that Quinn Insurance Limited administrator said
U.S. insurer Liberty Mutual Group Inc. has agreed to buy a
controlling stake in the company.

As reported in the Troubled Company Reporter-Europe on April 18,
2011, The Irish Times said that a joint venture of US insurer
Liberty Mutual and state-owned Anglo Irish Bank has been confirmed
as the preferred bidder for the general insurance business of
Quinn Insurance Ltd.  The Irish Times noted that while the deal
has yet to be finalized and the contracts of sale have yet to be
signed, it is envisaged that there will no job losses in either
the Republic or Northern Ireland as a result of the sales process.

Liberty will invest EUR102 million (US$148.4 million) to secure
51% in a new joint venture built from Quinn Insurance assets, the
Liberty Mutual Direct Insurance Co., according to Reuters.  The
report relates that the administrators will invest EUR98 million
($142.6 million) and maintain a 24.5% stake.  Anglo Irish will
also take a 24.5% stake and will release assets it held as
collateral, the report notes.

The administrators also reported that Quinn Insurance posted a
2009 full-year loss of EUR706 million (US$1.03 billion).

The administrator estimated this would lead to a call of EUR600
million (US$872.9 million) on Ireland's insurance compensation
fund, a levy to be imposed on the country's non-life insurance
companies, Reuters adds.

                      About Quinn Insurance

Quinn Insurance is owned by Sean Quinn, Ireland's richest man, and
his family.  The company has more than 20% of the motor and health
insurance market in Ireland.  Employing almost 2,800 people in
Britain and Ireland, it was founded in 1996 and entered the UK
market in 2004.

As reported by the Troubled Company Reporter-Europe, The Irish
Times said the Financial Regulator put Quinn Insurance into
administration in March 2010 after his office discovered
guarantees had been provided by the insurer's subsidiaries as far
back as 2005 on Quinn Group debts of more than EUR1.2 billion.
The regulator said the guarantees reduced the amount the firm had
in reserve to protect policyholders against possible claims,
putting 1.3 million customers at risk, according to The Irish
Times.


TCS FINANCE: Fitch Assigns Final 'B' Rating to Sr. Unsec. Notes
---------------------------------------------------------------
Fitch Ratings has assigned TCS Finance Limited's issue of US$175
million 11.5% senior unsecured loan participation notes, due April
21, 2014, a final Long-term rating of 'B' and Recovery Rating of
'RR4'.

TCS Finance Limited, an Ireland-domiciled special purpose vehicle,
will use the proceeds from the notes to finance a loan to Tinkoff
Credit Systems (TCS-bank) and will only pay noteholders principal
and interest received from the bank.  TCS-bank is the core
operating entity of the broader group consolidated at the level of
Cyprus-domiciled Egidaco plc.

TCS-bank's ratings are: Long-term foreign and local currency
Issuer Default Ratings (IDR) of 'B', Short-term IDR of 'B',
Individual Rating of 'D/E', Support Rating '5' and National Rating
of 'BBB(rus)'.  The Outlooks on the IDRs and National Long-term
rating are Stable.  Egidaco plc will provide a guarantee to TCS
Finance Limited in respect to TCS-bank's obligations under the
loan agreement.

The notes will rank at least equally with TCS-bank's other senior
unsecured obligations, except those preferred by relevant
legislation. Under Russian law, the claims of retail depositors
rank above those of other senior unsecured creditors. At end-Q111,
retail deposits accounted for 46.3% of total liabilities of TCS-
bank according to the bank's local accounts. The terms of the
issue provide a put option to bondholders on the occurrence of a
put event, which may be triggered by a change of control in TCS-
bank.

TCS-bank is the first and currently only credit card monoline
company in Russia, established in 2006 by Russian businessman Oleg
Tinkov. A combined 32% stake in the group was subsequently sold to
Goldman Sachs and Scandinavian private equity fund Vostok-Nafta.
Following rapid growth in 2010, the bank had a market share of
approximately 4.5% of credit card receivables at year-end.


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FIAT FINANCE: Moody's Reviews 'Ba1' Rating for Possible Downgrade
-----------------------------------------------------------------
Moody's Investors Service has placed under review for possible
downgrade the Ba1 Corporate Family Ratings (CFR) of Fiat S.p.A.
and its rated subsidiaries Fiat Finance & Trade and Fiat Finance
North America as well as the Ba1 Probability of Default Rating
(PDR) following the announced agreement to increase its stake in
Chrysler Group LLC by another 16% to 46%.

The review was triggered by Fiat's announcement on April 21 that
it had reached an Agreement with Chrysler itself and the other
members of Chrysler to purchase an additional 16% stake in
Chrysler Group LLC for a cash payment to Chrysler of US$1,268
million which represents a significant step in the progressive
tighter integration of the two automobile manufacturers globally.
The exercise of this option is conditional upon the successful
refinancing of Chrysler's government loans provided by the
Canadian and US governments.  This is expected to be finalized in
the second quarter 2011.  Following this transaction Fiat would
own 46% in Chrysler.  This stake could go up further to 51%
without additional cash requirements for Fiat if the last
performance event is met.

Issuer: Fiat Finance & Trade Ltd.,

   On Review for Possible Downgrade:

   -- Senior Unsecured Medium-Term Note Program, Placed on Review
      for Possible Downgrade, currently (P)Ba1

   -- Senior Unsecured Regular Bond/Debenture, Placed on Review
      for Possible Downgrade, currently Ba1

   -- Senior Unsecured Regular Bond/Debenture, Placed on Review
      for Possible Downgrade, currently Ba1

   Outlook Actions:

   -- Outlook, Changed To Rating Under Review From Negative

Issuer: Fiat Finance Canada Ltd.,

   On Review for Possible Downgrade:

   -- Senior Unsecured Medium-Term Note Program, Placed on Review
      for Possible Downgrade, currently (P)Ba1

   Outlook Actions:

   -- Outlook, Changed To Rating Under Review From Negative

Issuer: Fiat Finance North America Inc.,

   On Review for Possible Downgrade:

   -- Senior Unsecured Medium-Term Note Program, Placed on Review
      for Possible Downgrade, currently (P)Ba1

   -- Senior Unsecured Regular Bond/Debenture, Placed on Review
      for Possible Downgrade, currently Ba1

   Outlook Actions:

   -- Outlook, Changed To Rating Under Review From Negative

Issuer: Fiat S.p.A.,

   On Review for Possible Downgrade:

   -- Probability of Default Rating, Placed on Review for Possible
      Downgrade, currently Ba1

   -- Corporate Family Rating, Placed on Review for Possible
      Downgrade, currently Ba1

   Outlook Actions:

   -- Outlook, Changed To Rating Under Review From Negative

The review will mainly focus on (i) the intercompany relationship
and future dependency of both companies on each other's
performance following the common use of vehicle architecture and
drivetrain technology as well as a common purchasing organization
and (ii) the potentially increased exposure of Fiat towards
Chrysler that Moody's views as a weaker credit than Fiat.  Moody's
will also assess the impact on Fiat's liquidity profile following
the cash outflow of US$1,268 million though the agency recognizes
that Fiat has currently significant cash holdings on its balance
sheet.

Fiat's ratings benefit from its leading market positions in Brazil
(with an approximate 25% market share), as the company's major
source of profits and cash flows in the past years.  Fiat Group
also benefits from a dominant domestic Italian market presence
(with an approximate 30% market share).  The group generates
approximately two thirds of its revenues in these two countries
and is therefore especially vulnerable to a drop-off in demand in
either one of these regions.  This very limited geographic
diversification, which would improve with the inclusion of
Chrysler in the Group, is a key weakness to its current rating.

The rating also reflects (i) Fiat's business risk, with a pure
focus on the highly cyclical automotive industry including an
increased 46% stake in Chrysler Group and the activities of
Magneti Marelli (automotive components) and Teksid (supplier of
engine blocks) as well as of Comau (robotics for the auto
industry) and Fiat Powertrain (mostly an internal supplier of
engines) and (ii) Moody's view of an ageing product portfolio in
Europe resulting from the absence of recent new volume model
launches.  This has led to an overall relatively infrequent model
renewal rate compared with its direct peers, thus constraining the
group's competitive position.  This was also reflected in last
year's market share losses in Europe and in Fiat's important home
market Italy.

Moody's anticipates that Fiat will be able to contain further
market share losses within the next two years before regaining
market shares in Europe, based on an attractive renewed model
range.

The Ba1 rating also takes into consideration a substantial
increase in capital expenditures in the current year and beyond,
compared with a reduced level in 2010, in order to develop and
launch attractive new volume models to the market.  Moody's
anticipates that the launch schedule will accelerate from 2012
onwards.

The principal methodologies used in this rating were Global
Automobile Manufacture Industry published in December 2007, and
Loss Given Default for Speculative-Grade Non-Financial Companies
in the U.S., Canada and EMEA published in June 2009.

Headquartered in Torino, Italy, Fiat S.p.A. is one of Italy's
leading industrial groups and one of Europe's largest automotive
manufacturers by unit sales.  On January 1, 2011, the group
completed the demerger of its capital goods activities, mainly
Iveco and CNH (Ba3,stable), into a separate company, called Fiat
Industrial (Ba1, stable).  On a pro-forma basis, the new Fiat
S.p.A. generated consolidated revenues of EUR35.9 billion and
reported a trading profit of EUR1.1 billion in 2010.


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CITY MALL: May 16 Auction Set; Starting Price Reduced
-----------------------------------------------------
SeeNews reports that Bucharest's City Mall shopping center, which
has entered bankruptcy procedures, will be put up for sale again
at a reduced starting price of EUR26.2 million (US$39 million).

According to SeeNews, Radu Lotrean, managing partner at the
Insolvency House Transilvania, the mall's administrator, as cited
by Bucharest-based daily Ziarul Financiar, said that the third
auction will be called on May 16 after the previous two attracted
no interested buyers.

In November, Australian investment fund APN European Retail
Property Group filed for insolvency of its subsidiary Victoria
Holding, which owns the mall, SeeNews recounts.  SeeNews notes
that the daily said UniCredit Bank Austria and local lenders
UniCredit Tiriac Bank and Bancpost have to recover more than 41
million euro from Victoria Holding, which contracted the loans for
buying City Mall in 2006.


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CREDIT EUROPE: Fitch Assigns 'BB-(exp)' Rating to Sr. Unsec. Bonds
------------------------------------------------------------------
Fitch Ratings has assigned Credit Europe Bank's (CEB) senior
unsecured fixed-rate RUB-denominated exchange bonds (BO-1, BO-2,
BO-3, BO-4, BO-5 and BO-6) an expected Long-term rating of 'BB-
(exp)' and an expected National Long-term rating of 'A+(rus)'.
The three-year bonds will be issued in six series of RUB5 billion
each.  The final ratings on the bonds are contingent on the
receipt of final documents conforming to information already
received.

CEB's ratings are Long-term foreign currency IDR 'BB-'/Stable
Outlook, Short-term IDR 'B', Individual 'D', Support '3' and
National Rating 'A+(rus)'/ Stable Outlook.

CEB's obligations under the notes rank equally with the claims of
other senior unsecured creditors except claims of retail
depositors, which under Russian law rank above those of other
senior unsecured creditors.  Retail deposits accounted for 6.7% of
CEB's total liabilities at end-Q111, according to local GAAP
accounts.

CEB (formerly Finansbank (Russia) Ltd) is a mid-sized commercial
bank (ranked 50 by assets at end-Q111) with a focus on retail
lending.  It is controlled by Credit Europe Bank N.V., which is
part of the larger FIBA Holding A.S., a Turkish conglomerate owned
by Turkish businessman Husnu Ozyegin.


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AYT HIPOTECARIO: S&P Lowers Rating on Class C Notes to 'BB'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on AyT Hipotecario Mixto V
Fondo de Titulizacion de Activos' class B and C notes.  "We have
also lowered our rating on the class A notes, but these notes
remain on CreditWatch negative for counterparty reasons," S&P
noted.

"These rating actions follow our analysis of the underlying
portfolio's credit quality and our review of the transaction's
structural and cash flow features," S&P stated.

"On Oct. 12, 2010, we placed on CreditWatch negative our ratings
on AyT Hipotecario Mixto V's class A, B, and C notes due to
deteriorating credit performance and the partial draw of the
reserve fund," said S&P.

"Based on the most recent transaction information we have received
as of the March 2011 payment date, our analysis has indicated
continuing deterioration in the underlying collateral's
performance.  The cumulative level of defaulted loans (defined as
loans in arrears for more than 18 months) in March 2011
represented 0.56% of the original portfolio balance securitized at
closing, compared with 0.24% a year earlier," S&P noted.

As a result, in September 2010 the issuer partially drew on the
reserve fund to 76.05% of its required level.  As of March 2011,
the reserve fund has been fully replenished.  "Nevertheless, given
the level of defaults, we do not believe that the credit
enhancement is sufficient to support our previous ratings on the
class A, B, and C notes," S&P continued.

"Because of this credit deterioration, and after applying our cash
flow stresses to the outstanding capital structure, we have
lowered and removed from CreditWatch negative our ratings on the
class B and C notes.  We have also lowered our rating on the class
A notes, but these notes remain on CreditWatch negative for
counterparty reasons," S&P said.

"Specifically, some of the existing transaction documents may no
longer adequately mitigate counterparty risk in line with our
updated counterparty criteria.  Therefore, on Jan. 18, 2011, we
updated the CreditWatch negative status of our ratings on the
class A notes for additional counterparty reasons when our updated
counterparty criteria became effective.  We will review this
documentation and we intend to resolve the CreditWatch placements
before the transition date of July 18, 2011," S&P related.

AyT Hipotecario Mixto V is a residential mortgage-backed
securities transaction that closed in July 2006.  It securitizes a
portfolio of residential mortgage loans secured over properties in
Spain.  Caixa d'Estalvis Comarcal de Manlleu, Caja General de
Ahorros de Granada, and Caja de Ahorros y Monte de Piedad de
Navarra originated and service the loans.

Ratings List

AyT Hipotecario Mixto V Fondo De Titulizacion de Activos
EUR675 Million Mortgage-Backed Floating-Rate Notes

Class              Rating
           To                   From

Ratings Lowered and Removed From CreditWatch Negative

B          BBB+ (sf)            A (sf)/Watch Neg
C          BB (sf)              BBB- (sf)/Watch Neg

Rating Lowered and Remaining on CreditWatch Negative

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


CAJA DE AHORROS: Moody's Assigns 'Baa1' Rating to EUR1,000MM Bonds
------------------------------------------------------------------
Moody's Investors Service has assigned a definitive long-term
rating to a new series of mortgage covered bonds issued by Caja de
Ahorros del Mediterraneo (CAM or the issuer) under its covered
bond program.

Issuer: Caja de Ahorros del Mediterr neo, mortgage covered bond
program

   -- EUR1,000M due 04/14/2014, Assigned Baa1.

RATINGS RATIONALE

The covered bonds constitute direct, unconditional and senior
obligations of Caja de Ahorros del Mediterr neo and are secured by
the issuer's entire mortgage loan pool (excluding securitised
loans).

The rating takes into account these factors:

   (1) The credit strength of the issuer (Ba1/NP/D).

   (2) The structure created by the transaction documents in
       combination with the legal framework for Spanish covered
       bonds.

   (3) The credit quality of the assets securing the payment
       obligations of the issuer under the covered bonds. The
       cover assets are residential and commercial mortgages
       located in Spain.

   (4) As of September 2010, the over-collateralization level
       consistent with the Baa1 rating is 12.5% and the level of
       over-collateralization is 170.4%.

Moody's has assigned a Timely Payment Indicator (TPI) of
"Probable" to the covered bonds.

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

The Baa1 rating assigned to the existing covered bonds is expected
to be assigned to all subsequent covered bonds issued by the
issuer under this program and any future rating actions are
expected to affect all such covered bonds. Should there be any
exceptions to this, Moody's will in each case publish details in a
separate press release.

KEY RATING ASSUMPTIONS/FACTORS

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

EXPECTED LOSS

Moody's determines a rating based on the expected loss on the
bond.  The primary model used is Moody's Covered Bond Model
(COBOL) which determines expected loss as a function of the
issuer's probability of default, measured by its rating of Ba1,
and the stressed losses on the cover pool assets following issuer
default.

As of September 2010, the Cover Pool Losses for this program are
40.1%.  This is an estimate of the losses Moody's currently models
in the event of issuer default.  Cover Pool Losses can be split
between Market Risk of 17.5% and Collateral Risk of 22.6%. Market
Risk measures losses as a result of refinancing risk and risks
related to interest rate and currency mismatches (these losses may
also include certain legal risks).  Collateral Risk measures
losses resulting directly from the credit quality of the assets in
the cover pool.  Collateral Risk is derived from the Collateral
Score which for this program is 33.7%.

TPI FRAMEWORK

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

SENSITIVITY ANALYSIS

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

The number of notches by which the issuer's rating may be
downgraded before the covered bonds are downgraded under the TPI
framework is measured by the TPI Leeway.  Based on the current TPI
of "Probable" the TPI Leeway for this program is two notches,
meaning the issuer rating would need to be downgraded to B1 before
the covered bonds are downgraded, all other things being equal.

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

For further details on Cover Pool Losses, Collateral Risk, Market
Risk, Collateral Score and TPI Leeway across all covered bond
programs rated by Moody's please refer to "Moody's EMEA Covered
Bonds Monitoring Overview", published quarterly.  These figures
are based on the most recent reporting by the issuer and are
subject to change over time.

The principal methodology used in this rating was Moody's Rating
Approach to Covered Bonds, published in March 2010.


TDA PASTOR: S&P Lowers Rating on Class C Notes to 'CCC'
-------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions on TDA Pastor Consumo 1, Fondo de Titulizacion de Activos.

Specifically, S&P:

   -- lowered and kept on CreditWatch negative its rating on the
      class A notes;

   -- lowered and placed on CreditWatch negative its rating on the
      class B notes; and

   -- lowered its rating on the class C notes.

"The rating actions follow our review of the credit quality of the
underlying collateral of consumer loans, originated and currently
serviced by Banco Pastor S.A., which has resulted in an updated
assessment of default and recovery levels," S&P noted.

S&P continued, "Our ratings on the notes in this transaction
address the timely payment of interest due under the rated notes,
and ultimate payment of principal at maturity of the rated notes."

The collateral in this transaction comprises unsecured loans
granted by Banco Pastor to Spanish residents between 1999 and 2007
for the purpose of financing consumer goods and services.  These
loans were originated between 1999 and 2007.  The revolving period
was initially scheduled to last two years from the closing date
but as required by the transaction documents, in October 2008 was
terminated early when the level of assets in arrears for more than
90 days reached the trigger of 2.25%.

"Due to a rapid increase in defaults and lower-than-expected
recoveries, the transaction is currently undercollateralized,
meaning that in our opinion there is insufficient performing
collateral available to fully repay the principal amount
outstanding of all the rated notes.  While the level of credit
enhancement provided by the performing balance is positive for the
class A notes, it is almost zero for the class B notes.  The class
C notes are currently undercollateralized," S&P said.

Based on the latest available investor report the pool factor is
at 32%, with assets classified as delinquent (arrears between
three months and 18 months from the payment due date) accounting
for 5% of the current portfolio and 1.61% of the closing balance
of the portfolio.

"Although delinquency levels appear to be stabilizing, we observe
that the rollover rate from delinquency to default is high.  Based
on the latest available data, the level of cumulative defaulted
assets accounts for 4.20% of the original pool at closing, and in
2010 the rate of accumulation was particularly high," S&P noted.

"Furthermore, the data indicate that the level of recoveries on
defaulted assets will be lower than our initial assumptions.  For
example, our calculations indicate that the recovery proceeds on
defaulted assets average approximately 34%, which is lower than
our recovery assumptions at closing," according to S&P.

In addition, the reserve fund has been fully depleted since July
2010.  "In our projections, the excess spread provided by the
interest rate swap is more than offset by the levels of
nonperforming assets.  This would indicate that, in some
scenarios, the reserve fund is unlikely to be replenished.
Furthermore, in some scenarios we anticipate that current levels
of undercollateralization would likely increase as principal would
be drawn to fund interest," S&P noted.

"As a consequence, we have lowered our rating on the class C notes
to 'CCC (sf)' from 'B (sf)' as, in our opinion, the issuer will
not have the capacity to meet its financial commitment in respect
of the principal due at maturity under the class C notes," S&P
said.

"We have also lowered our ratings on the class A and B notes to
reflect our view of the weakening capacity of the issuer to meet
its financial commitments," according to S&P.

"We placed the rating on the class A notes on CreditWatch negative
on March 17, 2011, due to the updated criteria we use for
assessing counterparty risk in structured finance transactions.
As the rating on the class A notes is at a level below the rating
on the swap counterparty, the rating is no longer on CreditWatch
negative for counterparty reasons.  Nevertheless, we kept on and
placed on CreditWatch negative our ratings on the class A and
class B notes, respectively, because we believe that performance
of the underlying collateral could continue to weaken at a
relatively fast rate," S&P related.

Ratings List

TDA Pastor Consumo 1, Fondo de Titulizacion de Activos
EUR300 Million Asset-Backed Floating-Rate Notes

Class                 Rating
           To                      From

Rating Lowered and Kept on CreditWatch Negative

A          BBB- (sf)/Watch Neg     AA (sf)/Watch Neg

Rating Lowered and Placed on CreditWatch Negative

B          BB- (sf)/Watch Neg      A (sf)

Rating Lowered

C          CCC (sf)                B (sf)


===========
S W E D E N
===========


SAAB AUTOMOBILE: Vladimir Antonov Wins Initial OK for Rescue Plan
-----------------------------------------------------------------
Patrick Lannin and Bernie Woodall at Reuters report that
Vladimir Antonov, a Russian businessman seeking to invest in Saab
won initial approval for the plan on Thursday, raising hopes the
Swedish firm can beat a cash crunch threatening its survival.

Vladimir Antonov, who owns a bank in Lithuania and Latvia, aims to
invest EUR30 million (US$44.5 million) in Spyker, the Dutch group
that owns Saab, to take a 29.9%, Reuters discloses.

Reuters relates that Sweden's Debt Office and former Saab owner
General Motors (GM.N) both said they had approved the plan, though
GM, which still has preference shares in Saab, said it wanted
"certain specific actions" to be taken by the car maker.

"GM will continue to work with all parties to facilitate a
solution to Saab's current business challenges," Reuters quotes
the U.S. group as saying in a statement.

It remains unclear how quickly Mr. Antonov's money will be
available, Reuters notes.  His plans have yet to be approved by
the Swedish government and by the European Investment Bank, which
has lent EUR217 million to Saab, guaranteed by the Swedish state,
Reuters states.

Spyker, Reuters says, wants to raise cash by selling Saab's real
estate, including the manufacturing plant, to Mr. Antonov, who
would then lease it back to Saab.  According to Reuters, Saab has
said that the plan has already won Sweden's approval, but has been
blocked by the EIB, which, has set tough conditions.

Reuters relates that the Dutch group and Mr. Antonov said they
were pleased by the Swedish Debt Office and GM statements.

"Finally we have managed to obtain a clean bill of health and we
need to move fast forward to secure the cash flow of Saab
Automobile," the Russian, as cited by Reuters, said in a
statement.  "I hope all involved parties now further take on their
responsibility so we can close all processes fast to secure the
future of Saab Automobile."

Management has been pushing for Mr. Antonov to be allowed to buy
into the firm and help it with its strained finances, Reuters
discloses.

A former shareholder in Spyker, Mr. Antonov had to sell his shares
in the Dutch group before it bought Saab from GM after reports in
Swedish media of involvement with organized crime and money
laundering, Reuters recounts.

As reported by the Troubled Company Reporter-Europe on April 21,
2011, Global Insolvency said that Saab urgently needs fresh funds
to pay its suppliers and resume production.  Production came to a
halt in recent weeks because of parts shortages after some
suppliers stopped deliveries, Global Insolvency recounted.  Global
Insolvency related that on April 15, the Swedish government
granted the car maker approval to sell its property and set
several conditions for the NDO to allow Saab to release its
collateral.  The conditions were mainly related to the expected
price and the potential buyer, Global Insolvency stated.
The company is currently unable to secure external financing,
since large parts of its assets are tied up as collateral for a
EUR400 million (US$572.2 million) loan granted by the European
Investment Bank, according to Global Insolvency.

With an annual production of up to 126,000 cars, Saab's current
models include the 9-3 (available as a convertible or sport
sedan), the luxury 9-5 sedan (also available in a sport wagon),
and the seven-passenger 9-7X SUV.  As it prepared to separate from
General Motors, Saab filed for bankruptcy protection in February
2009.  A year later, in February 2010, GM sold Saab to Dutch
sports car maker Spyker Cars for about US$400 million in cash and
stock.


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


ACORN PETS: Goes Into Administration, Axes 122 Jobs
---------------------------------------------------
The Courier reports that Acorn Pets has gone into administration,
with the loss of 16 sites and 122 full and part-time jobs.

The firm will retain shops in Dunfermline (Duloch Park) and
Cowdenbeath, according to The Courier.  The report relates that
the company will immediately close other premises in:

   -- Arbroath,
   -- Montrose,
   -- St Andrews,
   -- Leven,
   -- Glenrothes,
   -- Dalgety Bay,
   -- Aberdeen,
   -- East Kilbride,
   -- Fraserburgh,
   -- Haddington,
   -- Inverurie,
   -- Lanark,
   -- Linlithgow,
   -- Musselburgh,
   -- Portobello, and
   -- Saltcoats

The Courier notes that this is the second time in two years that
the firm has gone into administration, with the firm in the hands
of joint administrators David Menzies and Pamela Coyne of Begbies
Traynor, following a sustained period of "poor trading."  The
Courier relates that the administrators have confirmed the head
office at Rosyth will remain, albeit "on a reduced staff" basis.

Acorn Pets closed 11 stores in 2009, including those in Dundee,
Perth, Kirkcaldy and Alloa, with the loss of 73 jobs, The Courier
recalls.

Acorn Pets is a pet supply chain based in Rosyth.


ALL SAINTS: Finds Rescuer, May Miss Administration
--------------------------------------------------
Fibre2fashion News Desk reports that Goode Partners, the U.S.
private equity firm is near to closing a rescue deal sanctioning
GBP102 million or US$168 million for ailing fashion retailer, All
Saints, to save it from slipping into administration.

However, Fibre2fashion News Desk relates, for the deal to
finalize, sanction of the troubled firm's Icelandic shareholders
has been sought.

The private equity consortium, has submitted a joint proposal with
Lion Capital, a private equity house based in UK, a consumer
industry expert, holding investment in fashion chains like La
Senza and American Apparel, according to Fibre2fashion News Desk.

Fibre2fashion News Desk says that All Saints together with its
founder and biggest shareholder, Kevin Stanford, is in support of
this deal.  The report relates that the business needs finance for
recapitalization, repaying debts and to fund its expansion in the
US.

The retailer is in debt amounting to GBP53 million, which includes
a GBP28.5 million working capital arrangement with Lloyds Banking
Group, Fibre2fashion News Desk adds.

All Saints is a fashion chain.  The business was established in
1994 and best known for its distinctive stores decked out with
10,000 vintage Singer sewing machines.  It employs 2,000 staff.


DCM MONEY: More Than GBP2 Million Missing from Account
------------------------------------------------------
The Telegraph reports that DCM Money Solutions, the debt
management group that went into administration last month, had a
GBP2.3 million shortfall in its client funds a year before it went
under.

Administrators piecing together "inaccurate" accounts reported
they found just GBP8,744 in the company's bank account, believed
to be client funds, according to the Telegraph.

The report, citing the administrator's report, notes that the
company was owed GBP492,000 by its deceased founder John Baird and
another GBP1 million to companies related to DCM through joint
directorships.  A number of those companies are now in
liquidation.

The administrators report makes it clear that creditors of DCM,
which also traded as Apex Debt Counselling, will be unlikely to
get any money back, the report says.

The Telegraph says that the report by HJS Recovery states: "Unless
administrators' investigations result in a recovery of further
funds then there will be insufficient funds available to enable a
distribution to client creditors."

Research by ClearDebt, the company that stepped in to takeover the
debt plans, has revealed that less than GBP1 million of those
debts had been repaid, The Telegraph discloses.

The report adds that many DCM customers have complained little or
none of their debt repayments had ended up with their creditors.

DCM Money Solutions offered advice to people faced with credit
card debts, bankruptcy, repossession, and mortgage debt and loan
problems.


DUNDEE FOOTBALL CLUB: Chief Executive Eyes Positive Future
----------------------------------------------------------
BBC News reports that Dundee Football Club is confident of
emerging from administration with a sound financial base, a squad
that can chase promotion and with Barry Smith still as manager.

Club Chief Executive Harry MacLean also stressed that they will
remain a full-time club, according to BBC News.  "The main thing
now is to get out of administration and get back to normal," he
told BBC Scotland.  "We're near the end of the season and, back in
October, we were never sure of reaching this point," he added.

"The administrator said a few times his target is the end of the
season and I don't think much has changed," BBC News quotes Mr.
MacLean as saying.

BBC News notes that a new internal structure will then take
control of the club and attempt to avoid more financial woes.

"The new proposed board has been meeting together for a couple of
months working pretty well together and ironed out some of the
differences that might have been there at the beginning for the
good of the club," Mr. MacLean added.

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

                               *     *     *

As reported in the Troubled Company Reporter-Europe on October 18,
2010, Agence France-Presse said Dundee Football Club was
placed into administration on Oct. 14, 2010, after failing to
pay a GBP365,000 (US$583,525) tax bill.  The report related that
Dundee had no option but to accept administration after being
unable to negotiate the payment and the process was finally
confirmed on.


ETS: Goes Into Administration, May Cut 57 Jobs
----------------------------------------------
thisisthewestcountry.co.uk reports that ETS has gone into
administration with the potential loss of 57 jobs across its six
shops.  The report relates that a company spokesman said that
difficult trading conditions were cited as the reason for the
move, which comes with deep regret.

"We have explored every avenue to keep the business going and to
save jobs, but this has proved impossible,"
thisisthewestcountry.co.uk quotes the spokesman as saying.  "We
deeply regret that the current economic conditions have led to
this unhappy situation and we will do all we can to help the staff
who may lose their jobs."

The report discloses that prices will be slashed across the chain,
as the administrators have authorized a stock clearance while they
search for potential buyers.

"A buyer for the business is being sought and the administrators
will now look to trade the company's business for a short period
to facilitate an orderly disposal of the company's stock at
reduced prices," the spokesman added.

Founded in 1963, during the boom in television sales, ETS
(Electrical & T.V. Services (Helston) Limited) established a
reputation for providing high quality domestic appliances
supported by dependable installation and servicing.


HMV GROUP: Discounted Waterstone's Sale May Prompt CVA
------------------------------------------------------
Lisa Campbell at The Bookseller reports that analysts have warned
that selling Waterstone's for less than GBP70 million could force
the HMV Group into a company voluntary arrangement.

According to The Bookseller, the group said it is continuing to
explore "strategic options" for its book business, but a report in
the Sunday Times suggested that Russian billionaire Alexander
Mamut could seal a deal for the high street bookseller for as
little as GBP35 million or half Waterstone's "fair value."

City analysts cite that the book chain should sell for between
GBP50-70 million, which would help HMV pass its banking covenant
tests, but there are now concerns that further action might also
be required, The Bookseller notes.

Last month, the HMV Group released its third profit warning
predicting its end-of-year profit would be "around GBP30 million"
-- less than half of its GBP74.2 million profit this time last
year, at the same time revealing that the deadline for the bank
covenant test had been pushed back from April 30 to July 2, The
Bookseller recounts.

"The HMV Group will do what is necessary to raise funds, but if
they take a lower bid, they will be looking to raise cash in the
form of a rights issue and probably CVA because they are looking
to raise around GBP70-GBP80 million," The Bookseller quotes John
Stevenson, an analyst at Peel Hunt, as saying.

CVA is a form of insolvency which could release HMV from onerous
rent payments on its shops and provide a ring-fence around the
company that would enable it to continue trading, The Bookseller
states.

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 Web site 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 Jan. 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.


* UK: North West Firms at Risk of Insolvency Up 3%
--------------------------------------------------
Manchester Evening News, citing a new report from accountants and
business advisers RSM Tenon's Traffic Light, says that the number
of north west firms at risk of collapse has risen for the third
month in a row to more than 20,000.  Manchester Evening News
relates that the number of companies at high risk of insolvency
has climbed by 3% in each of the past three months.

In the north west, says RSM Tenon, there are 22,520 firms in this
category, representing 15% of businesses in the region, according
to Manchester Evening News.

"We may be out of recession but high oil prices, inflation and the
dampening effect of public sector cuts are all having an effect on
businesses.  Our recovery line has seen a particular amount of
inquiries regarding the retail sector, itself often a bellwether
for the wider economy," Manchester Evening News quotes Chris
Ratten, the firm's north west director of recovery, as saying.

Along with retail, property companies and those providing services
to the public sector are deemed most at risk of failure,
Manchester Evening News adds.


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


* BOND PRICING: For the Week April 25 to April 29, 2011
-------------------------------------------------------

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

AUSTRIA
-------
IMMOFINANZ              4.250    3/8/2018      EUR     4.25
OESTER VOLKSBK          4.810   7/29/2025      EUR    56.63
OESTER VOLKSBK          5.270    2/8/2027      EUR    73.00
OESTER VOLKSBK          4.900   8/18/2025      EUR    63.38
OESTER VOLKSBK          4.750   4/30/2021      EUR    68.52
OESTER VOLKSBK          4.160   5/20/2025      EUR    67.98
OESTER VOLKSBK          3.700    6/3/2025      EUR    74.48
RAIFF ZENTRALBK         4.500   9/28/2035      EUR    76.13

BULGARIA
--------
PETROL AD-SOFIA         8.375  10/26/2011      EUR    72.97

CZECH REPUBLIC
--------------
SAZKA                   9.000   7/12/2021      EUR    73.25

DENMARK
-------
KOMMUNEKREDIT           0.500    2/3/2016      TRY    69.84
KOMMUNEKREDIT           0.500  12/14/2020      ZAR    43.76

FINLAND
-------
MUNI FINANCE PLC        0.500   3/17/2025      CAD    51.67
MUNI FINANCE PLC        0.250   6/28/2040      CAD    20.70
MUNI FINANCE PLC        1.000  11/21/2016      NZD    74.32
MUNI FINANCE PLC        1.000   6/30/2017      ZAR    65.56
MUNI FINANCE PLC        1.000  10/30/2017      AUD    71.62
MUNI FINANCE PLC        1.000   2/27/2018      AUD    70.22
MUNI FINANCE PLC        0.500   4/27/2018      ZAR    60.50
MUNI FINANCE PLC        0.500   9/24/2020      CAD    67.48
MUNI FINANCE PLC        0.500  11/25/2020      ZAR    48.57
MUNI FINANCE PLC        0.500   4/26/2016      ZAR    70.34
MUNI FINANCE PLC        0.500    2/9/2016      ZAR    71.10

FRANCE
------
AIR FRANCE-KLM          4.970    4/1/2015      EUR    14.69
ALCATEL-LUCENT          5.000    1/1/2015      EUR     4.91
ALTRAN TECHNOLOG        6.720    1/1/2015      EUR     5.86
ATOS ORIGIN SA          2.500    1/1/2016      EUR    55.40
BPCE                    3.455   9/16/2025      EUR    73.57
CALYON                  6.000   6/18/2047      EUR    22.75
CAP GEMINI SOGET        3.500    1/1/2014      EUR    45.48
CAP GEMINI SOGET        1.000    1/1/2012      EUR    44.91
CGG VERITAS             1.750    1/1/2016      EUR    31.13
CIE FIN FONCIER         3.250  12/30/2044      EUR    70.16
CLUB MEDITERRANE        6.110   11/1/2015      EUR    19.04
CLUB MEDITERRANE        5.000    6/8/2012      EUR    16.03
DEXIA MUNI AGNCY        1.000  12/23/2024      EUR    60.91
EURAZEO                 6.250   6/10/2014      EUR    59.80
FAURECIA                4.500    1/1/2015      EUR    30.26
INGENICO                2.750    1/1/2017      EUR    45.75
MAUREL ET PROM          7.125   7/31/2015      EUR    17.76
MAUREL ET PROM          7.125   7/31/2014      EUR    19.18
NOVASEP HLDG            9.625  12/15/2016      EUR    57.67
NOVASEP HLDG            9.750  12/15/2016      USD    56.00
NOVASEP HLDG            9.625  12/15/2016      EUR    58.00
NOVASEP HLDG            9.750  12/15/2016      USD    55.50
ORPEA                   3.875    1/1/2016      EUR    49.21
PEUGEOT SA              4.450    1/1/2016      EUR    34.44
PUBLICIS GROUPE         3.125   7/30/2014      EUR    39.38
PUBLICIS GROUPE         1.000   1/18/2018      EUR    49.06
RHODIA SA               0.500    1/1/2014      EUR    51.53
SOC AIR FRANCE          2.750    4/1/2020      EUR    21.07
SOITEC                  6.250    9/9/2014      EUR    12.09
TEM                     4.250    1/1/2015      EUR    58.64
THEOLIA                 2.700    1/1/2041      EUR    11.85

GERMANY
-------
ESCADA AG               7.500    4/1/2012      EUR    20.99
EUROHYPO AG             3.830   9/21/2020      EUR    70.50
EUROHYPO AG             6.490   7/17/2017      EUR     7.38
HSH NORDBANK AG         4.375   2/14/2017      EUR    74.32
L-BANK FOERDERBK        0.500   5/10/2027      CAD    46.05
LB BADEN-WUERTT         2.800   2/23/2037      JPY    67.10
LB BADEN-WUERTT         5.250  10/20/2015      EUR    29.15
LB BADEN-WUERTT         2.500   1/30/2034      EUR    64.73
Q-CELLS                 6.750  10/21/2015      EUR     3.97
SOLON AG SOLAR          1.375   12/6/2012      EUR    67.26
TAG IMMO AG             6.500  12/10/2015      EUR     7.78
TUI AG                  2.750   3/24/2016      EUR    57.07
WESTLB AG               3.350  10/19/2026      EUR    68.74

GREECE
-------
ATHENS URBAN TRN        5.008   7/18/2017      EUR    53.80
ATHENS URBAN TRN        4.057   3/26/2013      EUR    70.78
ATHENS URBAN TRN        4.851   9/19/2016      EUR    54.47
ATHENS URBAN TRN        4.301   8/12/2014      EUR    60.05
HELLENIC RAILWAY        4.500   12/6/2016      JPY    50.79
HELLENIC RAILWAY        7.350    3/3/2015      JPY    69.08
HELLENIC REP I/L        2.300   7/25/2030      EUR    45.30
HELLENIC REP I/L        2.900   7/25/2025      EUR    44.96
HELLENIC REPUB          5.200   7/17/2034      EUR    59.15
HELLENIC REPUB          6.140   4/14/2028      EUR    61.59
HELLENIC REPUB          5.000   3/11/2019      EUR    54.67
HELLENIC REPUB          5.000   8/22/2016      JPY    48.56
HELLENIC REPUB          4.590    4/8/2016      EUR    60.33
HELLENIC REPUB          5.250    2/1/2016      JPY    60.03
HELLENIC REPUB          5.800   7/14/2015      JPY    63.33
HELLENIC REPUB          2.125    7/5/2013      CHF    72.27
HELLENIC REPUB          4.625   6/25/2013      USD    75.03
HELLENIC REPUBLI        4.600   7/20/2018      EUR    54.82
HELLENIC REPUBLI        5.014   2/27/2019      EUR    53.66
HELLENIC REPUBLI        4.600   9/20/2040      EUR    49.39
HELLENIC REPUBLI        4.500   9/20/2037      EUR    49.16
HELLENIC REPUBLI        4.675   10/9/2017      EUR    56.26
HELLENIC REPUBLI        4.590    4/3/2018      EUR    53.99
HELLENIC REPUBLI        5.300   3/20/2026      EUR    51.57
HELLENIC REPUBLI        5.959    3/4/2019      EUR    57.45
HELLENIC REPUBLI        4.700   3/20/2024      EUR    51.67
HELLENIC REPUBLI        5.900  10/22/2022      EUR    52.50
HELLENIC REPUBLI        6.250   6/19/2020      EUR    55.24
HELLENIC REPUBLI        6.500  10/22/2019      EUR    54.48
HELLENIC REPUBLI        5.161   9/17/2019      EUR    53.50
HELLENIC REPUBLI        4.600   5/20/2013      EUR    69.45
HELLENIC REPUBLI        7.500   5/20/2013      EUR    73.82
HELLENIC REPUBLI        3.900    7/3/2013      EUR    68.12
HELLENIC REPUBLI        4.427   7/31/2013      EUR    71.67
HELLENIC REPUBLI        4.000   8/20/2013      EUR    65.38
HELLENIC REPUBLI        4.520   9/30/2013      EUR    66.46
HELLENIC REPUBLI        6.500   1/11/2014      EUR    65.77
HELLENIC REPUBLI        4.500   5/20/2014      EUR    60.67
HELLENIC REPUBLI        4.500    7/1/2014      EUR    61.27
HELLENIC REPUBLI        3.985   7/25/2014      EUR    62.29
HELLENIC REPUBLI        5.500   8/20/2014      EUR    60.54
HELLENIC REPUBLI        4.113   9/30/2014      EUR    62.43
HELLENIC REPUBLI        3.700   7/20/2015      EUR    55.86
HELLENIC REPUBLI        6.100   8/20/2015      EUR    59.53
HELLENIC REPUBLI        3.702   9/30/2015      EUR    59.94
HELLENIC REPUBLI        3.700  11/10/2015      EUR    53.07
HELLENIC REPUBLI        3.600   7/20/2016      EUR    55.43
HELLENIC REPUBLI        4.020   9/13/2016      EUR    58.80
HELLENIC REPUBLI        4.225    3/1/2017      EUR    57.23
HELLENIC REPUBLI        5.900   4/20/2017      EUR    56.20
HELLENIC REPUBLI        4.300   7/20/2017      EUR    55.13
HELLENIC REPUBLI        6.000   7/19/2019      EUR    54.31
NATIONAL BK GREE        3.875   10/7/2016      EUR    70.58

IRELAND
-------
AIB MORTGAGE BNK        5.000    3/1/2030      EUR    66.27
AIB MORTGAGE BNK        5.580   4/28/2028      EUR    74.55
AIB MORTGAGE BNK        5.000   2/12/2030      EUR    66.38
ALLIED IRISH BKS       10.750   3/29/2017      EUR    24.75
ALLIED IRISH BKS        7.875    7/5/2023      GBP    22.00
ALLIED IRISH BKS       10.750   3/29/2017      USD    24.75
ALLIED IRISH BKS       11.500   3/29/2022      GBP    26.13
ALLIED IRISH BKS       12.500   6/25/2019      EUR    28.60
ALLIED IRISH BKS       12.500   6/25/2019      GBP    29.00
ALLIED IRISH BKS        4.000   3/19/2015      EUR    73.80
BANK OF IRELAND        10.750   6/22/2018      GBP    60.98
BANK OF IRELAND         9.250    9/7/2020      GBP    60.66
BANK OF IRELAND         4.625   2/27/2019      EUR    57.03
BANK OF IRELAND         4.875   1/22/2018      GBP    55.72
BANK OF IRELAND         3.585   4/21/2015      EUR    72.91
BANK OF IRELAND        10.000   2/12/2020      EUR    62.53
BANK OF IRELAND        10.000   2/12/2020      GBP    63.00
BK IRELAND MTGE         5.360  10/12/2029      EUR    72.70
BK IRELAND MTGE         5.400   11/6/2029      EUR    72.83
DEPFA ACS BANK          0.500    3/3/2025      CAD    34.05
DEPFA ACS BANK          5.125   3/16/2037      USD    65.33
DEPFA ACS BANK          5.125   3/16/2037      USD    64.59
DEPFA ACS BANK          6.000   10/7/2035      USD    75.11
EBS BLDG SOCIETY        4.992   3/19/2015      EUR    71.41
HYPO PUBLIC FIN         5.400   3/26/2024      EUR    17.63
IRISH GOVT              4.500   4/18/2020      EUR    67.16
IRISH GOVT              4.600   4/18/2016      EUR    74.02
IRISH GOVT              4.500  10/18/2018      EUR    67.92
IRISH GOVT              4.400   6/18/2019      EUR    67.25
IRISH GOVT              5.900  10/18/2019      EUR    72.66
IRISH GOVT              5.000  10/18/2020      EUR    68.19
IRISH GOVT              5.400   3/13/2025      EUR    67.35
IRISH LIFE PERM         4.000   3/10/2015      EUR    75.00
IRISH LIFE PERM         4.820   3/22/2015      EUR    70.92
IRISH NATIONWIDE        6.250   6/26/2012      GBP    70.01
IRISH PERM PLC          5.832   2/15/2035      EUR    52.22

ITALY
-----
ABRUZZO REGION          4.450    3/1/2037      EUR    73.15
CITY OF TURIN           5.270   6/26/2038      EUR    66.60
CO BRAONE               4.567   6/30/2037      EUR    65.64
COMUNE DI MILANO        4.019   6/29/2035      EUR    63.07
DEXIA CREDIOP           4.790  12/17/2043      EUR    70.49
REGION OF LIGURI        4.795  11/22/2034      EUR    71.53
REGION OF UMBRIA        5.087   6/15/2037      EUR    73.47
SARDINIA REGION         4.383  12/20/2034      EUR    74.79
SARDINIA REGION         4.022  11/28/2035      EUR    71.31

LUXEMBOURG
----------
ARCELORMITTAL           7.250    4/1/2014      EUR    30.12
ESPIRITO SANTO F        6.875  10/21/2019      EUR    69.04
INTL INDUST BANK        9.000    7/6/2011      EUR     9.00
LIGHTHOUSE INTL         8.000   4/30/2014      EUR    41.20
LIGHTHOUSE INTL         8.000   4/30/2014      EUR    41.08

NETHERLANDS
-----------
APP INTL FINANCE       11.750   10/1/2005      USD     0.01
BK NED GEMEENTEN        0.500   3/29/2021      USD    68.62
BK NED GEMEENTEN        0.500    3/3/2021      NZD    59.45
BK NED GEMEENTEN        0.500   5/25/2016      TRY    70.95
BK NED GEMEENTEN        0.500   3/17/2016      TRY    69.51
BK NED GEMEENTEN        0.500   3/29/2021      NZD    59.07
BK NED GEMEENTEN        0.500   2/24/2025      CAD    52.99
BK NED GEMEENTEN        0.500   4/27/2016      TRY    70.52
BRIT INSURANCE          6.625   12/9/2030      GBP    65.40
DGS INTL FIN BV        10.000    6/1/2007      USD     0.01
ELEC DE CAR FIN         8.500   4/10/2018      USD    60.06
FRIESLAND BANK          4.210  12/29/2025      EUR    69.69
ING BANK NV             4.200  12/19/2035      EUR    73.14
NATL INVESTER BK       25.983    5/7/2029      EUR    27.32
NED WATERSCHAPBK        0.500   3/11/2025      CAD    53.98
NIB CAPITAL BANK        4.510  12/16/2035      EUR    58.09
RBS NV EX-ABN NV        2.910   6/21/2036      JPY    67.37
SIDETUR FINANCE        10.000   4/20/2016      USD    74.25
TJIWI KIMIA FIN        13.250    8/1/2001      USD     0.01

NORWAY
------
EKSPORTFINANS           0.500    5/9/2030      CAD    38.29
KOMMUNALBANKEN          0.500   5/25/2016      ZAR    71.65
KOMMUNALBANKEN          0.500    3/1/2016      ZAR    71.69
KOMMUNALBANKEN          0.500   1/27/2016      ZAR    72.16
KOMMUNALBANKEN          0.500  12/18/2015      ZAR    72.72
KOMMUNALBANKEN          0.500   3/24/2016      ZAR    71.33
NORSKE SKOGIND          7.125  10/15/2033      USD    72.88
NORSKE SKOGIND          7.125  10/15/2033      USD    73.00
SPAREBANKEN RGLD        4.170   12/7/2035      EUR    72.02
TRICO SHIPPING         13.875   11/1/2014      USD    73.00

PORTUGAL
--------
CAIXA GERAL DEPO        4.750   2/14/2016      EUR    70.31
CAIXA GERAL DEPO        4.455   8/20/2017      EUR    73.78
CAIXA GERAL DEPO        4.400   10/8/2019      EUR    65.76
CAIXA GERAL DEPO        5.320    8/5/2021      EUR    65.77
CAIXA GERAL DEPO        5.980    3/3/2028      EUR    72.63
CAIXA GERAL DEPO        4.250   1/27/2020      EUR    73.03
CAIXA GERAL DEPO        5.380   10/1/2038      EUR    57.44
COMBOIOS DE PORT        4.170  10/16/2019      EUR    58.64
COMBOIOS DE PORT        5.700    2/5/2030      EUR    74.88
METRO DE LISBOA         4.061   12/4/2026      EUR    58.12
METRO DE LISBOA         4.799   12/7/2027      EUR    62.88
PARPUBLICA              3.567   9/22/2020      EUR    58.48
PARPUBLICA              4.191  10/15/2014      EUR    73.33
PARPUBLICA              4.200  11/16/2026      EUR    61.13
PORTUGUESE OT'S         4.100   4/15/2037      EUR    59.77
PORTUGUESE OT'S         4.950  10/25/2023      EUR    66.92
PORTUGUESE OT'S         3.850   4/15/2021      EUR    64.09
PORTUGUESE OT'S         4.800   6/15/2020      EUR    69.57
PORTUGUESE OT'S         4.750   6/14/2019      EUR    69.95
PORTUGUESE OT'S         4.450   6/15/2018      EUR    70.03
PORTUGUESE OT'S         4.200  10/15/2016      EUR    74.15
PORTUGUESE OT'S         4.350  10/16/2017      EUR    71.84
REFER                   4.000   3/16/2015      EUR    65.06
REFER                   4.250  12/13/2021      EUR    57.65
REFER                   4.675  10/16/2024      EUR    54.99

RUSSIA
------
AGROSOYUZ              17.000   3/28/2012      RUB    75.00
AHML MTGE AGENT         6.500  11/20/2042      RUB    75.00
APK ARKADA             17.500   5/23/2012      RUB     0.38
ARIZK                   3.000  12/20/2030      RUB    53.06
ATOMSTROYEXPORT-        7.750   5/24/2011      RUB    75.00
BALTINVESTBANK          9.000   9/10/2015      RUB    75.00
BANCA INTESA           11.000  11/30/2011      RUB    75.00
BARENTSEV FINANS       20.000    7/4/2011      RUB     1.10
CB STROYCREDIT          9.500    8/1/2011      RUB    75.00
CREDIT BK MOSCOW        9.760   7/14/2015      RUB   102.35
CREDIT EUROPE BK       11.500   6/28/2011      RUB    75.00
DIPOS                   6.000   6/19/2012      RUB    76.01
DVTG-FINANS            17.000   8/29/2013      RUB     5.00
ELIS                   12.000    4/5/2012      RUB    75.40
EMALIANS-FINANS        10.970    7/8/2011      RUB    75.00
ENERGOSPETSSNAB         8.500   5/30/2016      RUB    75.00
ENERGOSTROY-FINA       12.000   5/20/2011      RUB    75.00
EXPERTGROUP            12.000  12/17/2012      RUB    75.00
FINANCEBUSINESSG       10.000    7/1/2013      RUB    75.00
FINANCEBUSINESSG       12.500   6/22/2011      RUB    75.00
FORMAT                 17.000   12/6/2012      RUB    75.00
GAZPROMBANK OJSC        6.850  11/15/2012      RUB    75.00
GAZPROMBANK OJSC        6.850  11/22/2012      RUB    75.00
GLOBEX BANK             8.100   7/22/2013      RUB   100.60
GRACE DIAMOND          15.000    6/7/2012      RUB    75.00
GSS                     9.250   3/26/2017      RUB    75.00
INTERGRAD               9.100    7/9/2014      RUB    75.00
IZHAVTO                18.000    6/9/2011      RUB    11.31
KARUSEL FINANS         12.000   9/12/2013      RUB    75.00
KPM FINANS             11.750  12/23/2014      RUB    75.00
KRAYINVESTBANK          8.500    8/5/2011      RUB    75.00
LADYA FINANS           13.750   9/13/2012      RUB    75.00
LLC VICTORIA FIN        8.000   2/12/2013      RUB    75.00
M-INDUSTRIYA           12.250   8/16/2011      RUB    28.11
MAIN ROAD OJSC         10.200    6/3/2011      RUB    75.00
MEDVED-FINANS          14.000   8/16/2013      RUB    75.00
MIA                     7.400   7/17/2014      RUB    99.00
MIA                    10.000   9/20/2012      RUB   100.00
MIG-FINANS              0.100    9/6/2011      RUB     1.00
MIRAX                  14.990   5/17/2011      RUB    18.90
MIRAX                  17.000   9/17/2012      RUB    20.00
MOSMART FINANS          0.010   4/12/2012      RUB     1.81
MOSOBLGAZ              12.000   5/17/2011      RUB    72.50
NATIONAL CAPITAL       12.500   5/20/2011      RUB    75.00
NATIONAL CAPITAL       13.000   9/25/2012      RUB    75.00
NAUKA-SVYAZ            12.500   6/27/2013      RUB    75.00
NOK                    10.000   9/22/2011      RUB     5.00
NOK                    12.500   8/26/2014      RUB     0.04
NOVOROSSIYSK           13.000   12/9/2011      RUB    75.00
OBYEDINEONNYE KO       10.500   4/17/2013      RUB    99.00
OBYEDINEONNYE KO       10.750   5/16/2012      RUB    75.00
PEB LEASING            14.000   9/12/2014      RUB    75.00
PETROCOMMERCE BK        7.750   8/22/2012      RUB   100.70
PETROCOMMERCE BK        5.000    7/6/2011      RUB    76.00
PROMNESTESERVICE        7.750   12/5/2014      RUB    76.01
PROMPEREOSNASTKA        1.000  12/17/2012      RUB     0.01
RAILTRANSAUTO          11.750   2/10/2016      RUB    75.00
RC KAZNACHEY LTD       10.500  11/20/2015      RUB    75.00
REGIONENERGO            8.500   5/30/2016      RUB    75.00
RFC-LEASING            13.000  10/27/2011      RUB    75.00
RMK PARK PLAZA         10.000    1/8/2013      RUB    76.01
ROSSELKHOZBANK          7.800    2/9/2018      RUB    75.00
RUSSIAN SEA            10.000   6/14/2012      RUB    75.00
RVK-FINANS              9.500   7/21/2011      RUB    75.00
SAHO                   10.000   5/21/2012      RUB     0.03
SENATOR                14.000   5/18/2012      RUB    76.01
SEVKABEL-FINANS        10.500   3/27/2012      RUB     3.40
SIBUR                  13.500   3/13/2015      RUB    75.00
SIBUR                   7.300   3/13/2015      RUB    75.00
SIBUR                   8.000   3/13/2015      RUB    75.00
SIBUR                   9.250   3/13/2015      RUB    75.00
SIBUR                  10.470   11/1/2012      RUB    75.00
SISTEMA-HALS            8.500    4/8/2014      RUB    75.00
SISTEMA-HALS            8.500   4/15/2014      RUB    75.00
SPETSSTROYFINANC        8.500   5/30/2016      RUB    75.00
SPURT                  11.250   5/31/2012      RUB    75.00
SVOBODNY SOKOL          0.100   5/24/2011      RUB     1.00
TALIO-PRINCEPS         16.000   5/17/2012      RUB    75.00
TECHNONICOL-FINA       13.500    3/7/2012      RUB    75.00
TECHNONICOL-FINA       13.500   9/11/2013      RUB    75.00
TECHNONICOL-FINA       13.000   9/25/2013      RUB    75.00
TECHNONICOL-FINA       13.000   9/19/2013      RUB    75.00
TECHNOSILA-INVES        7.000   5/26/2011      RUB     0.01
TEKHNOPROMPROEKT        8.500   9/28/2016      RUB    75.00
TERNA-FINANS            1.000   11/4/2011      RUB     3.00
TGK-4                   8.000   5/31/2012      RUB    75.00
TGK-6-INVEST            7.500   2/21/2012      RUB    75.00
TRANSFIN-M             14.000   7/10/2014      RUB    75.00
TRANSFIN-M              8.400  11/29/2013      RUB    75.00
TRANSFIN-M              8.400  11/29/2013      RUB    75.00
TRANSFIN-M             11.000   12/3/2015      RUB    75.00
TRANSFIN-M             11.000   12/3/2014      RUB    75.00
TRANSFIN-M             11.000   12/3/2015      RUB    75.00
TRANSFIN-M             11.000   12/3/2014      RUB    75.00
TRANSFIN-M              9.750   8/13/2013      RUB    75.00
TRANSFIN-M             11.000   12/3/2014      RUB    75.00
TRANSFIN-M             11.000   12/3/2015      RUB    75.00
TRANSFIN-M             11.000   12/3/2014      RUB    75.00
TRANSFIN-M             11.000   12/3/2015      RUB    75.00
TRANSGAZSERVICE         7.750  11/26/2014      RUB    75.00
UNITAIL                12.000   6/22/2011      RUB    75.00
VKM-LEASING FINA        1.000   5/18/2011      RUB     0.02
VNESHPROMBANK           9.000  11/14/2012      RUB    99.00
VTB 24                  6.300   5/29/2013      RUB   100.00
VTB 24                  4.500    2/5/2013      RUB    75.00
VTB 24                  6.900   2/20/2014      RUB    75.00
VTB NAT MTGE AGE       10.500   2/26/2039      RUB   100.90
ZAO EUROPLAN           10.000   8/11/2011      RUB    75.00
ZHILSOTSIPOTEKA-        9.000   7/26/2011      RUB    75.00

SPAIN
-----
AYT CEDULAS CAJA        3.750   6/30/2025      EUR    66.18
AYT CEDULAS CAJA        4.750   5/25/2027      EUR    73.45
AYT CEDULAS CAJA        4.250  10/25/2023      EUR    74.63
AYT CEDULAS CAJA        3.750  12/14/2022      EUR    71.89
AYUNTAM DE MADRD        4.550   6/16/2036      EUR    64.95
BANCAJA                 1.500   5/22/2018      EUR    64.71
CAJA CASTIL-MAN         1.500   6/23/2021      EUR    63.43
CAJA MADRID             4.125   3/24/2036      EUR    67.08
CAJA MADRID             5.755   2/26/2028      EUR    68.15
CEDULAS TDA 6 FO        3.875   5/23/2025      EUR    66.95
CEDULAS TDA 6 FO        4.250   4/10/2031      EUR    64.67
CEDULAS TDA A-5         4.250   3/28/2027      EUR    68.08
COMUN AUTO CANAR        3.900  11/30/2035      EUR    54.18
COMUN AUTO CANAR        4.200  10/25/2036      EUR    57.03
COMUN NAVARRA           4.000  11/23/2021      EUR    74.74
COMUNIDAD ARAGON        4.646   7/11/2036      EUR    68.04
COMUNIDAD BALEAR        4.063  11/23/2035      EUR    64.05
COMUNIDAD MADRID        4.300   9/15/2026      EUR    67.60
GEN DE CATALUNYA        4.220   4/26/2035      EUR    66.11
GEN DE CATALUNYA        5.325   10/5/2028      EUR    74.67
GEN DE CATALUNYA        5.219   9/10/2029      EUR    72.80
GEN DE CATALUNYA        4.690  10/28/2034      EUR    71.82
GEN DE CATALUNYA        5.400   5/13/2030      EUR    74.69
GENERAL DE ALQUI        2.750   8/20/2012      EUR    72.03
INSTITUT CATALA         4.250   6/15/2024      EUR    71.24
JUNTA ANDALUCIA         4.250  10/31/2036      EUR    58.39
JUNTA ANDALUCIA         5.150   5/24/2034      EUR    71.29
JUNTA LA MANCHA         3.875   1/31/2036      EUR    53.79
XUNTA DE GALICIA        4.025  11/28/2035      EUR    59.05
XUNTA DE GALICIA        5.350  11/22/2028      EUR    75.02

SWEDEN
------
SWEDISH EXP CRED        9.000   8/28/2011      USD    10.73
SWEDISH EXP CRED        8.000  10/21/2011      USD     9.99
SWEDISH EXP CRED        8.000   11/4/2011      USD     8.28
SWEDISH EXP CRED        2.000   12/7/2011      USD    10.12
SWEDISH EXP CRED        2.130   1/10/2012      USD     9.50
SWEDISH EXP CRED        6.500   1/27/2012      USD     9.93
SWEDISH EXP CRED        8.000   1/27/2012      USD     9.64
SWEDISH EXP CRED        7.000    3/9/2012      USD     9.73
SWEDISH EXP CRED        7.000    3/9/2012      USD     9.98
SWEDISH EXP CRED        9.750   3/23/2012      USD    10.12
SWEDISH EXP CRED        9.250   4/27/2012      USD     9.84
SWEDISH EXP CRED        0.500  12/21/2015      ZAR    68.96
SWEDISH EXP CRED        0.500    3/3/2016      ZAR    67.62
SWEDISH EXP CRED        0.500    3/5/2018      AUD    68.28
SWEDISH EXP CRED        0.500  12/17/2027      USD    48.58
SWEDISH EXP CRED        0.500   1/25/2028      USD    48.25
SWEDISH EXP CRED        9.000   8/12/2011      USD    10.40

SWITZERLAND
-----------
UBS AG                 10.530   1/23/2012      USD    40.23
UBS AG                  9.640  11/14/2011      USD    14.14
UBS AG                  8.720   3/20/2012      USD    32.30
UBS AG                  9.250   3/20/2012      USD    14.49
UBS AG                 10.070   3/23/2012      USD    36.90
UBS AG                 13.300   5/23/2012      USD     4.19
UBS AG                 10.580   6/29/2011      USD    39.26
UBS AG JERSEY          10.500   6/16/2011      USD    71.69
UBS AG JERSEY          10.280   8/19/2011      USD    35.25
UBS AG JERSEY          11.150   8/31/2011      USD    39.48
UBS AG JERSEY          13.000   6/16/2011      USD    49.96
UBS AG JERSEY          10.140  12/30/2011      USD    15.22
UBS AG JERSEY           3.220   7/31/2012      EUR    52.78
UBS AG JERSEY           9.230  12/30/2011      USD    13.85

UNITED KINGDOM
--------------
BANK NADRA              8.000   6/22/2017      USD    72.50
BANK OF SCOTLAND        5.772    2/7/2035      EUR    73.28
BARCLAYS BK PLC         8.750   9/22/2011      USD    72.79
BARCLAYS BK PLC         2.500   5/24/2017      USD    10.47
BARCLAYS BK PLC         9.500   8/31/2012      USD    30.03
BARCLAYS BK PLC         9.250   8/31/2012      USD    35.47
BARCLAYS BK PLC        10.800   7/31/2012      USD    27.52
BARCLAYS BK PLC         9.400   7/31/2012      USD    11.23
BARCLAYS BK PLC        12.950   4/20/2012      USD    23.88
BARCLAYS BK PLC        10.650   1/31/2012      USD    45.65
BARCLAYS BK PLC        10.350   1/23/2012      USD    22.03
BARCLAYS BK PLC         8.550   1/23/2012      USD    11.32
BARCLAYS BK PLC         8.800   9/22/2011      USD    16.39
BARCLAYS BK PLC         7.500   9/22/2011      USD    16.96
BARCLAYS BK PLC        10.600   7/21/2011      USD    39.76
BARCLAYS BK PLC         9.000   6/30/2011      USD    43.42
BARCLAYS BK PLC        10.510   5/31/2011      USD    12.92
BARCLAYS BK PLC        10.950   5/23/2011      USD    64.38
BRADFORD&BIN BLD        4.910    2/1/2047      EUR    66.90
BRADFORD&BIN BLD        2.875  10/16/2031      CHF    72.02
CO-OPERATIVE BNK        5.875   3/28/2033      GBP    72.97
DISCOVERY EDUCAT        1.948   3/31/2037      GBP    69.56
EFG HELLAS PLC          6.010    1/9/2036      EUR    31.00
EFG HELLAS PLC          5.400   11/2/2047      EUR    30.63
HEALTHCARE SUPP         2.067   2/19/2043      GBP    72.44
MAX PETROLEUM           6.750    9/8/2013      USD    57.55
NOMURA BANK INTL        0.800  12/21/2020      EUR    63.98
NORTHERN ROCK           5.750   2/28/2017      GBP    73.92
PUNCH TAVERNS           7.567   4/15/2026      GBP    61.94
PUNCH TAVERNS           8.374   7/15/2029      GBP    61.91
ROYAL BK SCOTLND        6.316   6/29/2030      EUR    66.51
RSL COMM PLC           12.000   11/1/2008      USD     1.88
SKIPTON BUILDING        5.625   1/18/2018      GBP    75.79
SKIPTON BUILDING        6.750   5/30/2022      GBP    70.05
UNIQUE PUB FIN          6.464   3/30/2032      GBP    65.27
WESSEX WATER FIN        1.369   7/31/2057      GBP    31.93


                            *********

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, Psyche A. Castillon, Julie Anne G. Lopez,
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 * * *