TCREUR_Public/110509.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 9, 2011, Vol. 12, No. 90

                            Headlines



C Z E C H   R E P U B L I C

SAZKA AS: Total Debt Exceeds CZK40 Billion


D E N M A R K

* DENMARK: Banks May Face "Large" Loan Losses This Year, FSA Says


F R A N C E

CMA CGM: Moody's Changes Provisional CFR to Definitive 'Ba3'


G E R M A N Y

ARCANDOR AG: Ex-CEO Ordered to Cover Investor's Thomas Cook Losses


G R E E C E

AXIA FINANCE: Moody's Cuts Rating on Senior Notes to 'Ba1 (sf)'
DRYSHIPS INC: Closes US$500MM of 9.5% Sr. Unsecured Notes Offering
DRYSHIPS INC: Ocean Rig Signs Restructuring for US$1.1-Bil. Loan


H U N G A R Y

* HUNGARY: Company Mandatory Liquidations Down to 1,403 in April


I R E L A N D

TITAN EUROPE: S&P Keeps 'D' Ratings on Two Classes of Notes


I T A L Y

CVS SPA: Creditors Accept Proposal to Sell to Manitex Unit


L U X E M B O U R G

AEOLOS SA: S&P Lowers Rating on EUR35-Mil. Notes to 'BB-'
INTELSAT SA: Subsidiary Executes Fourth Supplemental Indenture


R O M A N I A

LEONARDO: Resumes Expansion Following Insolvency


R U S S I A

DELANCE LIMITED: Moody's Changes Outlook on 'Caa1' CFR to Positive
* KRASNOYARSK KRAI: S&P Affirms 'BB+' LT Issuer Credit Rating


S W E D E N

* SWEDEN: Corporate Failures Down 7% Year-on-Year in April 2011


U N I T E D   K I N G D O M

ALLSAINTS: Lion Capital & Goode Partners Rescue Firm
ALWORTHS: Poundstretcher Acquires 15 Stores
BOUGHTON GROUP: Sale of Assets Agreed, Saved From Administration
ETHEDO PRESS: In Administration, Business Set to Continue
FOCUS DIY: Chris Dawson Shows Interest to Acquire Firm

GOOD MORTGAGE: 'Buy To Let Business' Acquires Firm
H20 NETWORKS: Undergoes Pre-Pack Administration
VON ESSEN: Ickworth Hotel Faces Uncertain Future
* UK: Major Retailers Says 1Q 2010 is Marked With Slump Sales
* UNITED KINGDOM: Company Insolvencies Up 3.7% in 1st Qtr. 2011

* UK: High Court to Decide on Fairness of Football Debt Rules


X X X X X X X X

* BOND PRICING: For the Week May 2 to May 6, 2011


                            *********


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


SAZKA AS: Total Debt Exceeds CZK40 Billion
------------------------------------------
According to Bloomberg News' Lenka Ponikelska, CTK, citing court
spokeswoman Martina Lhotakova, reports that the total debt of
Sazka AS exceeds CZK40 billion (US$2.4 billion), according to
claims registered at the municipal court in Prague.

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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D E N M A R K
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* DENMARK: Banks May Face "Large" Loan Losses This Year, FSA Says
-----------------------------------------------------------------
Christian Wienberg at Bloomberg News reports that the Financial
Supervisory Authority said Denmark's banks may face "large" loan
losses this year and should start to refinance debt now to prepare
for the end of a state guarantee on bonds in 2013.

According to Bloomberg, the Copenhagen-based FSA on Thursday said
that in an e-mailed report, the country's banks wrote down DKK36
billion (US$7.2 billion) of bad loans last year, compared with a
record DKK58 billion a year earlier.  Bloomberg notes that the FSA
said bank loans to the real-estate and agriculture industries are
the most at risk.

"Credit risk remain a central challenge for banks and lenders,"
Bloomberg quotes the FSA as saying in the report.  "There's still
a risk of large bank write-downs."

Funding costs for some banks have gone up after the country in
February allowed Amagerbanken A/S to fail as the first to test
rules put in place in October, setting a European Union precedent
for senior creditor losses, Bloomberg relates.  The FSA, as cited
by Bloomberg, on Thursday said that Denmark's lenders have issued
bonds for about DKK200 billion under the government guarantee due
to expire in two years and some lenders wouldn't currently meet
liquidity requirements without the capital from those notes.


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F R A N C E
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CMA CGM: Moody's Changes Provisional CFR to Definitive 'Ba3'
------------------------------------------------------------
Moody's Investors Service has changed from provisional to
definitive the Ba3 corporate family rating (CFR) and probability
of default rating (PDR) of CMA CGM S.A. (CMA CGM) and the B2
senior unsecured bond rating of CMA CGM's US$909.3 million
equivalent notes.  The notes have maturities of between six to
eight years and are multi-currency (US dollars and euros).  The
outlook is stable on all the ratings.

Moody's definitive ratings for CMA CGM are in line with the
provisional ratings assigned on April 6, 2011.  The assignment of
definitive ratings follows (i) Moody's review of the final
documentation of the issued US dollar and euro notes; and (ii)
confirmation that following the agreement on restructuring
principles with the lender bank steering committee, CMA CGM was
able to cancel any default under its existing financing
arrangements and harmonize the financial covenants consistent with
its current financial position.  This has allowed CMA CGM to
resume vessel financing.

Under the agreed restructuring principles, CMA CGM is now
committed to several actions intended to keep leverage under
control and to improve liquidity.  It agreed: (i) a cash flow
sweep mechanism; (ii) to sell a portion of its interest in certain
assets, particularly a 49% interest in Malta Freeport Terminal
Ltd. and a 51% interest in Compagnie du Ponant (CdP), which
collectively represented less than 1% of CMA CGM's total revenues
for 2010; and (iii) to obtain financing for two CdP cruise ships
to further strengthen its business profile.

RATINGS RATIONALE

"The Ba3 CFR reflects the current weakness of CMA CGM's credit
metrics," says Marco Vetulli, Vice President -- Senior Credit
Officer and lead analyst for CMA CGM.  "Moody's expects that the
company's still sizeable capital investment plan will limit its
free cash flow generation and, as result, that its credit metrics
will remain weak in the near future, thus constraining the upside
potential of the rating," continues Mr. Vetulli.

"More positively, the rating reflects both CMA CGM's strong
business profile due to its leading market positions gained from
the successful commercial and operational strategies implemented
by its management, and the company's strong asset base, with a
fleet market value of approximately US$4.9 billion as of the end
of December 2010, according to independent third-party
appraisals," adds Mr. Vetulli.

The rating also reflects the need for CMA CGM to reinforce its
capital structure in order to meet the contrasting challenges of
(i) improving its financial profile (e.g. deleveraging); and (ii)
making the necessary investments to maintain its current market
share in a more mature operating environment.

The entry of a new shareholder (the Turkish group Yildirim)
represents the company's first step towards diversifying its
capital structure, but in Moody's view, this is not sufficient on
its own to achieve the required improvement

Moreover, as a general factor that affects the industry, Moody's
has taken into account the reliance of container shipping
operators on short-term contracts, which imply a greater exposure
to cyclical trends.  This represents a negative factor for the
rating of container shipping companies, given their high operating
leverage and, therefore, high degree of sensitivity to revenue
shifts (as illustrated by the 2009 recession).

The B2 rating (LDG5, 85%) on the senior unsecured notes is two
notches lower than CMA CGM's CFR.  The differential reflects that
the proposed bond issuance, which will be subordinated to all of
CMA CGM's secured debt, will rank "pari passu" with senior
unsecured debt already in the company's capital structure.
Moreover, the subordinated bonds redeemable in preferred shares
(Obligations Remboursable en Actions de Preference, or "ORA")
subscribed for by Yildirim will be subordinated to all of CMA
CGM's senior unsecured debt, including the company's proposed
notes.

The stable outlook on CMA CGM's ratings reflects Moody's view that
after the market recovery, the agreement signed with Yildirim
Holding and the signing of the restructuring agreements with the
banks, CMA CGM has stabilized its capital structure and liquidity
profile.  Moreover, Moody's notes that the container shipping
market is expected to report a satisfactory year in 2011 (although
it will be less exceptional than in 2010); therefore, the rating
agency expects CMA CGM to perform relatively well in such
conditions.

The ratings and outlook also reflect Moody's expectation that,
going forward, CMA CGM will maintain: (i) financial leverage,
measured in terms of debt/EBITDA, of around 5.5x (as adjusted by
Moody's for operating leases and pension items); (ii) a retained
cash flow (RCF)/net debt ratio above 10%; and (iii) a free cash
flow/debt ratio above 3%.

Given that CMA CGM's immediate target will be to demonstrate its
ability to maintain an adequate financial profile, Moody's
considers it unlikely that any upward pressure would be exerted on
the company's rating in the short term.  However, upward pressure
could materialize over time as a result of: (i) a reduction in the
company's financial leverage below 4.0x; (ii) an RCF/net debt
ratio above the mid-teens; and (iii) an increase in its
EBIT/interest coverage ratio above 3.0x on sustainable basis.

Downward pressure on the rating could potentially result from
deteriorating market conditions leading to financial leverage
increasing towards 6.0x and/or EBIT/interest expense coverage
falling below 1.5x, together with weak or negative free cash flow
and/or a deterioration in CMA CGM's liquidity profile.

METHODOLOGIES

The principal methodology used in rating CMA CGM S.A. was the
Global Shipping Industry Methodology, published December 2009.
Other methodologies used include Loss Given Default for
Speculative Grade Issuers in the US, Canada, and EMEA, published
June 2009.

Headquartered in Marseilles, CMA CGM (as of end-2010) transported
over 9,041 thousand TEU on behalf of a globally diversified base
of more than 100,000 customers, recorded revenue for US$14.3
billion, and employed approximately 17,500 employees worldwide.

CMA CGM's fleet as of end-2011 amounted to 396 container ships
(305 chartered-in and 91 owned), with a total capacity of 1.224
million TEU and a weighted-average age of 5.7 years (based on
total TEU).


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G E R M A N Y
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ARCANDOR AG: Ex-CEO Ordered to Cover Investor's Thomas Cook Losses
------------------------------------------------------------------
Karin Matussek at Bloomberg News reports that Thomas Middelhoff,
the former Arcandor AG chief executive officer, was ordered to
cover the losses an investor had on Thomas Cook Group Plc shares
bought in 2008 after Arcandor denied it was looking to sell its
stake.

According to Bloomberg, a German court ruled on Thursday that Mr.
Middelhoff intentionally damaged investors when he didn't prevent
a company spokesman from telling the media that Arcandor
would keep shares of the travel company, while management was
secretly weighing selling them.

The suit was brought by Jan-Eric Peters, the editor-in-chief of
newspaper Die Welt, Bloomberg says, citing court spokesman
Wolfgang Schmidt.

Bloomberg relates that Arcandor said on Sept. 24, 2009, that it
had to "clarify" an earlier statement that it wouldn't give away
part of its majority stake in Thomas Cook to guarantee loans.  The
shares fell 30% the next day, Bloomberg recounts.  After several
refinancing efforts faltered, Arcandor announced that it would
sell 23 million new shares to Bank Sal Oppenheim Jr. & Cie,
Bloomberg discloses.

Mr. Peters claimed he lost more than EUR50,000 (US$73,000) because
he bought Arcandor shares relying on company information,
Bloomberg notes.  He limited his suit to EUR5,000 to avoid cost
risks and was awarded 2,575 euros on Thursday, according to
Bloomberg.

Mr. Middelhoff's attorney Hartmut Fromm, as cited by Bloomberg,
said he will appeal Friday's ruling.  Mr. Fromm said in an e-
mailed statement that the court improperly declined to call
witnesses who would have backed Mr. Middelhoff's position,
according to the report.

The court rejected another argument by Mr. Peters in the lawsuit
that Middelhoff misled investors when he told a reporter on Sept.
16, 2008, that Arcandor had ruled out a capital increase for a
refinancing, Bloomberg discloses.

                        About Arcandor AG

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

As reported by the Troubled Company Reporter-Europe, a local court
in Essen formally opened insolvency proceedings for Arcandor on
September 1, 2009.  The proceedings started for the Arcandor
holding company and for 14 units, including the Karstadt
department-store chain and Primondo mail-order division.  Arcandor
filed for bankruptcy protection after the German government turned
down its request for loan guarantees.


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G R E E C E
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AXIA FINANCE: Moody's Cuts Rating on Senior Notes to 'Ba1 (sf)'
---------------------------------------------------------------
Moody's Investors Service has downgraded to Ba1 (sf) from Baa2
(sf) the ratings of the senior notes in three asset-backed
securities (ABS) transactions originated by Piraeus Bank S.A.
(Ba3, Non-Prime).

RATINGS RATIONALE

The downgrades follow the transfer of the issuer accounts from
Citibank N.A. (A1/P-1) to Piraeus Bank on April 15, 2011.  The
issuer had previously transferred the issuer accounts to Citibank
as part of recent amendments to these transactions.

The transfer of the issuer accounts back to the originator results
in a high linkage between the ratings of the notes in the three
ABS transactions and those of Piraeus Bank.  Therefore, Moody's
rating approach has considered a similar probability of default
for the bank and for the notes in the ABS transactions.  However,
the ratings of the notes are two notches above the bank's rating,
as they reflect a lower expected loss on the notes resulting from
their senior secured position.  In particular, Moody's has
considered the large amount of credit enhancement (40% to 45%)
that supports the senior notes in the three transactions, mostly
as a result of the subordination of junior notes.

Moody's has also considered that in the event of Piraeus Bank's
insolvency, the issuer accounts would be transferred to a solvent
bank under the termination events provided for in the transaction
documents.

The considerations described in this press release complement the
applicable principal methodologies for each transaction.  To
identify the primary methodology for each of the asset classes of
the affected transactions, please refer to the index of
methodologies under the research and ratings tab on Moodys.com.

Moody's also commented on March 11, 2011, that Greek structured
finance transactions could no longer achieve or retain a rating of
A3(sf) or higher ("Moody's gives an update on analysis of Greek
structured finance transactions") and downgraded senior ratings on
Greek structured finance transactions on 14 April 2011.

Issuer: Axia Finance PLC

   -- A Certificate, Downgraded to Ba1 (sf); previously on Apr 14,
      2011 Downgraded to Baa2 (sf) and Remained On Review for
      Possible Downgrade

Issuer: PRAXIS I FINANCE PLC

   -- A Certificate, Downgraded to Ba1 (sf); previously on Apr 14,
      2011 Downgraded to Baa2 (sf) and Remained On Review for
      Possible Downgrade

Issuer: Praxis II Finance Plc

   -- A Certificate, Downgraded to Ba1 (sf); previously on Apr 14,
      2011 Downgraded to Baa2 (sf) and Remained On Review for
      Possible Downgrade


DRYSHIPS INC: Closes US$500MM of 9.5% Sr. Unsecured Notes Offering
------------------------------------------------------------------
DryShips Inc. announced the closing of the sale of US$500 million
aggregate principal amount of 9.5% Senior Unsecured Bonds Due 2016
offered by its majority-owned subsidiary Ocean Rig UDW Inc. in a
private placement made to Norwegian professional investors and
eligible counterparties as defined in the Norwegian Securities
Trading Regulation 10-2 to 10-4, to non-United States persons in
offshore transactions in reliance on Regulation S under the
Securities Act of 1933, as amended and in a concurrent private
placement in the United States only to qualified institutional
buyers pursuant to Rule 144A under the Securities Act.

The proceeds of the offering are expected to be used to finance
Ocean Rig's newbuilding drillships program and general corporate
purposes.

The Bonds have not been registered under the Securities Act or the
securities laws of any other jurisdiction and may not be offered
or sold in the United States or to or for the benefit of U.S.
persons unless so registered except pursuant to an exemption from,
or in a transaction not subject to, the registration requirements
of the Securities Act and applicable securities laws in other
jurisdictions.

In the European Economic Area, with respect to any Member State
that has implemented Directive 2003/71/EC the information in
respect of the Bond offering is only addressed to and is only
directed at qualified investors in that Member State within the
meaning of the Prospectus Directive.

                        About DryShips Inc.

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

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

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

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

Deloitte, Hadjipavlou Sofianos & Cambanis S.A., noted that the
Company's inability to comply with financial covenants under its
original loan agreements as of Dec. 31, 2009, its negative working
capital position and other matters raise substantial doubt about
its ability to continue as a going concern.


DRYSHIPS INC: Ocean Rig Signs Restructuring for US$1.1-Bil. Loan
----------------------------------------------------------------
DryShips Inc. announced the signing, by its majority-owned
subsidiary Ocean Rig UDW Inc., of the previously announced
restructuring of its US$1.1 billion Secured Term Loan Facility led
by Deutsche Bank.  The main terms of the restructuring are:

   -- The maximum amount permitted to be drawn is reduced from
      US$562.5 million to US$495 million under each facility.

   -- In addition to the Dryships Guarantee, Ocean Rig UDW Inc.,
      will provide an unlimited recourse guarantee and will be
      subject to certain financial covenants that will apply
      quarterly.

   -- Full draw downs (up to a total of US$495 million) will be
      permitted for the Ocean Rig Poseidon based upon the
      employment of the drillship under its drilling contract with
      Petrobras, and cash collateral deposited for this vessel
      will be released.

   -- For the Ocean Rig Mykonos, the Company will have up to one
      month prior to delivery (scheduled for September 2011) to
      execute an acceptable drilling contract in order to draw
      down the loan.

Ocean Rig exercised two newbuilding options to construct Ultra
Deepwater Drillships at Samsung Heavy Industries.  Earlier
deliveries than previously scheduled were secured for July and
October 2013.  The specification of both the drillships has been
further upgraded to 7th generation from the already high
specification of the existing series of four, including:

   * capability to drill in 12,000 feet of water depth,
   * a seven ram BOP,
   * a dual mud system,
   * enhanced riser handling and storage system, and
   * ballast water treatment system.

George Economou, Chairman and CEO commented: "Today marks the
start of a new phase for Ocean Rig UDW.  For the last two years,
we have been working towards this landmark where the original
newbuilding program is now fully funded from the proceeds of the
Nordea loan and the restructured facility for the Ocean Rig
Poseidon.  In addition, we have successfully concluded a US$500
million unsecured bond and still have the Ocean Rig Mykonos
facility that can be drawn subject to a suitable charter.  The
demand for ultra deepwater drilling services is strong and we see
substantial growth in the near term from across the globe.  We are
confident of substantially increasing our backlog in the near
future.  To service this growing demand, we have exercised the
first two of the newbuilding options we had secured in November
last year.  The significantly enhanced specification and early
delivery positions should prove to be attractive to our
customers."

He adds, "Ocean Rig is positioned as the largest single pure play
in the ultra deepwater drilling space and continues to deliver on
its strategy to build a credible and competitive pure play in this
space.  We are working towards listing the Company on an
international exchange and expect to have this done in the next
couple of months."

                        About DryShips Inc.

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

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

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

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

Deloitte, Hadjipavlou Sofianos & Cambanis S.A., noted that the
Company's inability to comply with financial covenants under its
original loan agreements as of Dec. 31, 2009, its negative working
capital position and other matters raise substantial doubt about
its ability to continue as a going concern.

The restated statement of operations reflects a net loss of
US$12.03 million on US$819.83 million of revenue for the year
ended Dec. 31, 2009, compared with a net loss of US$25.20 million
on US$819.83 million of revenue as originally reported.

The Company's restated balance sheet at Dec. 31, 2009 showed
US$5.80 billion in total assets, US$2.99 billion in total
liabilities and US$2.81 billion in total stockholders' equity,
compared with US$5.79 billion in total assets, US$2.99 billion in
total liabilities and US$2.80 billion in total stockholders'
equity.


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H U N G A R Y
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* HUNGARY: Company Mandatory Liquidations Down to 1,403 in April
----------------------------------------------------------------
MTI-Econews, citing company information provider Opten, reports
that the number of mandatory liquidations against Hungarian
companies totaled 1,403 in April, up 1.7% year-on-year, but down
from 1,501 in the previous month, reflecting a downward trend for
the second month in a row.

According to MTI, the number of voluntary liquidations totaled
2,230 in April, up 55.8% from one year earlier and up from 2,142
in the previous month.


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I R E L A N D
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TITAN EUROPE: S&P Keeps 'D' Ratings on Two Classes of Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Titan Europe 2006-3 PLC's class B and C notes.  The transaction's
other ratings remain unaffected.

The rating actions reflect our view of an increased likelihood of
ultimate principal losses on the class B and C notes due to
reported decreases in the valuations of assets securing two of the
underlying loans -- the SQY Ouest Shopping Centre and
Wesserstrasse loans -- which represent 27% of the current
pool.

"The credit quality of these two loans has significantly changed,
in our view, as evidenced by recent events," S&P stated.

S&P continued, "We understand that in February 2011 the borrower
sold the sole property backing the SQY Ouest Shopping Centre loan,
the third-largest loan, which represents 13% of the current pool.
The sale was to a consortium of investors for a gross sale price
of EUR38 million.  In July 2009, Knight Frank LLP valued
the property at EUR73.3 million."

"We believe that the principal losses associated with this loan
will be in the region of EUR80.0 million (after taking into
account any costs associated with the asset disposal, the
repayment of servicing advances, and any swap termination costs).
We further understand that the cash manager did not write down the
junior notes on the April note payment date by an amount
equivalent to such losses, as the special servicer is seeking to
recover additional cash from a valuer negligence claim," S&P
stated.

"In March 2011, the sole property backing the Wesserstrasse loan
was revalued at EUR61.5 million.  The loan is the second-largest
in the pool, representing 14%, and is an office property located
in Frankfurt's banking district.  This revaluation increased
further the securitized loan-to-value ratio to 180.4% from the
previously reported 165.5% (compared with 87.7% at closing).  We
understand that the drop in value was mainly due to the confirmed
departure of the sole tenant in June 2013.  Although we believe
that higher recoveries could ultimately be realized were the
property to be re-let, we are of the opinion that the reported
value may restrict the marketability of the property.  The loan,
which failed to repay at its maturity date in April 2011, had
previously been transferred by the servicer to special servicing
in December 2010," according to S&P.

"In January 2011, we placed our rating on the class A notes on
CreditWatch negative in line with our new counterparty criteria.
This CreditWatch placement remains unaffected by the rating action
and we will resolve it in due course," S&P noted.

The transaction closed in June 2006 and was initially secured
against 17 pan-European loans and one senior tranche in a German
whole loan.  Following the prepayment of five loans, 13 loans are
currently left in the pool and are secured on 35 pan-European
commercial properties.  The outstanding note balance has reduced
to EUR813.7 million from EUR943.7 million at closing.  The
transaction legal maturity date is July 2016.

Ratings List

Class            Rating
            To            From

Titan Europe 2006-3 PLC
EUR943.751 Million Commercial Mortgage-Backed Floating-Rate Notes

Ratings Lowered

B           BB (sf)       BBB (sf)
C           B (sf)        BB- (sf)

Ratings Unaffected

A           AA (sf)/Watch Neg
X           AA (sf)/Watch Neg
D           B- (sf)
E           CCC (sf)
F           CCC- (sf)
G           D (sf)
H           D (sf)


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I T A L Y
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CVS SPA: Creditors Accept Proposal to Sell to Manitex Unit
----------------------------------------------------------
Manitex International, Inc. has been notified that a majority of
the creditors of CVS SpA has voted in favor of a proposal,
pursuant to the Italian "Concordato Preventivo" proceeding, under
which Manitex's subsidiary, CVS Ferrari srl, would purchase
certain assets of CVS SpA from the court.

Since July 2010, Manitex, through its subsidiary CVS Ferrari srl,
has been utilizing certain assets of CVS SpA under a rental
agreement approved through the Italian, Concordato Preventivo
proceeding.  Recently, a majority of the creditors of CVS SpA
approved the final liquidation plan for CVS SpA, which includes
the purchase by Manitex's subsidiary, CVS Ferrari srl, of assets
including certain drawings, designs and equipment of CVS SpA.  The
final Court approval and legal documentation is anticipated to be
completed during the third quarter of 2011.

Chairman and CEO of Manitex David Langevin commented, "We are very
pleased with the completion of the next step in the process, and
now, with the approval of the creditors secured, we expect to
complete the transaction in the near future."

He continued, "During the past year, through our rental of the CVS
assets, we have learned a great deal about this business area, and
have been gratified by the positive results our subsidiary, CVS
Ferrari srl, has achieved.  We are hopeful that the acquisition,
and full implementation of our business plan will be completed
soon, and that CVS Ferrari srl will have a significant positive
impact on our Company as a whole."

                  About Manitex International

Manitex International, Inc. is a leading provider of engineered
lifting solutions including cranes, rough terrain forklifts,
indoor electric forklifts and special mission oriented vehicles,
including parts support.


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


AEOLOS SA: S&P Lowers Rating on EUR35-Mil. Notes to 'BB-'
---------------------------------------------------------
Standard & Poor's Ratings Services took various rating actions on
13 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 four
      tranches;

    * Placed its ratings on two tranches on CreditWatch negative;

    * Removed its ratings on two tranches from CreditWatch
      negative;

    * Placed its ratings on two tranches on CreditWatch positive;

    * Raised its rating on one tranche; and

    * Withdrawn the rating on one tranche.

"The rating actions follow our recent rating actions on the
underlying collateral, reference obligation, or guarantor.
According to the transaction documents, the ratings on these
tranches are weak-linked to the rating on the underlying
collateral, reference obligation, or guarantor.  Under our
criteria applicable to transactions such as these, we would
generally reflect changes to the rating on the collateral in our
rating on the tranche," S&P stated.

Ratings List

Class                 Rating
            To                         From

*Rating Lowered

Curzon Funding Ltd.
EUR202.9 Million, $540 Million Class A & Class B Floating-Rate
Notes Series
2007-1

            BBB (sf)                   A (sf)

*Ratings Lowered and Kept on CreditWatch Negative

Aeolos S.A.
EUR355 Million
Floating-Rate
Asset-Backed Notes

            BB-/Watch Neg              BB+/Watch Neg

Ariadne S.A.
EUR650 Million
Floating Rate
Asset-Backed Notes

            BB-/Watch Neg              BB+/Watch Neg

New Economy
Development Fund S.A.
EUR105 Million
Floating-Rate
Participation Notes

            BB-/Watch Neg              BB+/Watch Neg

Signum Finance II PLC
EUR200 Million
Danish Inflation
Linked Notes
Series 2005-15

            BB-/Watch Neg              BB+/Watch Neg

*Ratings Placed on CreditWatch Negative

ELM B.V.
EUR5 Million
Schuldschein Callable
Variable Accretion
Loan Series 30

            A (sf)/Watch Neg           A (sf)

Feco II Ltd.
EUR5.05 Million
TITAN Europe 2006-2
PLC Commercial
Mortgage-Backed
Floating-Rate
Notes due 2016

            A (sf)/Watch Neg           A (sf)

*Ratings Removed From CreditWatch Negative

Fondo de Titulizacion
de Activos Santander Autos 1
EUR1.598 Billion
Floating-Rate Notes

            AAA                        AAA/Watch Neg

Lunar Funding V PLC
EUR6.75 Million
Limited-Recourse
Secured Asset-Backed
Notes Series 2010-75

            AA (sf)                    AA (sf)/Watch Neg

*Ratings Placed and CreditWatch Positive

Highlander Euro CDO
(USD Repack) Ltd.
$12.75 Million
Floating-Rate Notes
Series 2

            BBB/Watch Pos              BBB

TransAlp 3 Securities PLC
EUR10 Million
Schuldschein Series 2008-3

            A+/Watch Pos               A+

*Rating Raised

Prelude Europe CDO Ltd.
A$40 Million
Credit-Linked Notes
Series 2005-4
(Credit Sail)

            BB+p (sf)                  B+p (sf)

*Rating Withdrawn

Repacs Trust Series: Crystal
$18.223 Million
Variable-Rate Principal
At Risk Certificates

            NR                         BB-

NR--Not rated.


INTELSAT SA: Subsidiary Executes Fourth Supplemental Indenture
--------------------------------------------------------------
Intelsat Jackson Holdings S.A., an indirect wholly owned
subsidiary of Intelsat S.A., and Wells Fargo Bank, National
Association, as trustee, executed a fourth supplemental indenture,
amending and supplementing the Indenture dated as of Oct. 20,
2009, with respect to Intelsat Jackson's 8 1/2% Senior Notes due
2019.  The Fourth Supplemental Indenture amends the Indenture to
allow Intelsat Jackson, as permitted by the Securities Act of
1933, as amended, to issue Notes without a Restricted Notes Legend
in exchange for a like principal amount of Notes that bear a
Restricted Notes Legend.

In accordance with the terms of the Indenture as amended and
supplemented by the Fourth Supplemental Indenture, on April 29,
2011, Intelsat Jackson completed a mandatory exchange of all of
the existing Notes that bear a Restricted Notes Legend for Notes
that do not bear a Restricted Notes Legend.  As a result of the
mandatory exchange, the Notes are now "freely tradable" without a
Restricted Notes Legend and related transfer restrictions.

A full-text copy of the Fourth Supplemental Indenture is available
for free at http://is.gd/vSuiAW

                           About Intelsat

Intelsat S.A., formerly Intelsat, Ltd., provides fixed-satellite
communications services worldwide through a global communications
network of 54 satellites in orbit as of Dec. 31, 2009, and ground
facilities related to the satellite operations and control, and
teleport services.  It had US$2.5 billion in revenue in 2009.

Luxembourg-based Intelsat S.A. carries 'B' issuer credit ratings
from Standard & Poor's.  It has 'Caa1' corporate family and
probability of default ratings from Moody's Investors Service.

Washington D.C.-based Intelsat Corporation, formerly known as
PanAmSat Corporation, is a fully integrated subsidiary of Intelsat
S.A., its indirect parent.  Intelsat Corp. had US$7.70 billion in
assets against US$4.86 billion in debts as of Dec. 31, 2010.

The Company reported a net loss of US$507.77 million on
US$2.54 billion of revenue for the year ended Dec. 31, 2010,
compared with a net loss of US$782.06 million on US$2.51 billion
of revenue during the prior year.

The Company's balance sheet at Dec. 31, 2010 showed US$17.59
billion in total assets, US$18.29 billion in total liabilities,
and US$698.94 million in total Intelsat S.A shareholder's deficit.


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


LEONARDO: Resumes Expansion Following Insolvency
------------------------------------------------
Cristina Rosca at Ziarul Financiar reports that Leonardo, the
biggest retailer of footwear and leather products in Romania,
which went insolvent in the second part of 2009, with EUR100
million in debts, is resuming expansion.

The company has opened its first store in Bucharest's Bucur Obor
complex, ZF discloses.  A further three stores could be opened
this year, ZF states.

"The store was opened on April 22nd following a 20,000-euro
investment, which is the cost of the furniture.  The space where
we opened the store, located on the ground floor of Bucur Obor
complex, very close to the Altex store, was already set up," ZF
quotes representatives of Casa de Insolventa Transilvania
insolvency firm (CITR), in charge of Leonardo's judicial
reorganization, as saying.

Leonardo has already sealed three other contracts for stores,
which are set to open in Unirea Shopping Center Bucharest, in
Maritimo Mall Constanta (October) and in Electroputere Mall
Craiova (November), ZF relates.


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


DELANCE LIMITED: Moody's Changes Outlook on 'Caa1' CFR to Positive
------------------------------------------------------------------
Moody's Investors Service has changed to positive from negative
the outlook for the Caa1 corporate family rating (CFR) and
probability of default rating (PDR) of Delance Limited, which is a
holding company of ROLF Group (ROLF), a Russian importer and
retailer of foreign-brand cars.  Simultaneously, Moody's has
upgraded ROLF's national scale rating (NSR) to Ba1.ru from Ba3.ru,
with a positive outlook.

The change in outlook for ROLF's ratings and the upgrade of its
NSR reflect: (i) the group's improved operating and financial
performance on the back of the recovery in the Russian car market
in 2010 and Q1 2011; (ii) Moody's expectation that ROLF's
financial metrics will have improved substantially at year-end
2010 (which should be evidenced when the group's audited
International Financial Reporting Standards (IFRS) annual
financial statements for 2010 are available) and are likely to
approach, or even outperform, pre-crisis levels in the short to
medium term; and (iii) materially improved liquidity as a result
of the group's procurement of new medium-term bank loans in 2010
and Q1 2011.

Moody's would consider upgrading the ratings if: (i) ROLF's
debt/EBITDA ratio were to improve to around 5.0x at year-end 2010
and approach 4.0x at year-end 2011; (ii) the group were to achieve
an EBIT/interest expense ratio that is comfortably above 1.0x and
at least maintain this on a sustainable basis; (iii) its free cash
flow were to turn positive starting from year-end 2010; and (iv)
the group were to maintain liquidity that is sufficient to cover
its short-term debt maturities.

RATINGS RATIONALE

ROLF's Caa1 CFR remains constrained by: (i) improvements in the
group's operating performance being reliant on a sustained
recovery in car demand in Russia; (ii) renewal risk regarding
supply contracts with original equipment manufacturers (OEMs) and
the group's dependence on Mitsubishi for the supply of
competitively priced vehicles; (iii) the group's exposure to
significant foreign currency risks; (iv) the threat of increasing
competition in the attractive import car market; (v) a lack of
geographical diversification across Russian regions; and (vi)
refinancing risks attributed to significant debt maturities in
mid-2012.

However, more positively, the rating is supported by the group's:
(i) strong position in the Russian market for imported cars and
related services; (ii) spare parts and service business
activities, which tend to be less cyclical and thus more resilient
during economic downturns; (iii) relatively flexible cost
structure, given that the majority of ROLF's costs relates to
traded vehicles; (iv) solid operating performance in the last
economic upturn before H2 2008; and (v) cost structure adjustments
and the recent recovery in market volumes, which supported
improvements in ROLF's profit margins in 2010.

PRINCIPAL METHODOLOGY

The principal methodology used in rating ROLF was the Global
Automotive Retailer Industry Methodology, published in December
2009.  Other methodologies used include Loss Given Default for
Speculative Grade Issuers in the US, Canada, and EMEA, published
June 2009.

Delance Limited is the holding company of ROLF Group (ROLF), the
leading importer and retailer of foreign-made cars in Russia.
ROLF has been the exclusive distributor of Mitsubishi cars in
Russia since 1998 and renewed its distribution agreement until
March 2014.  ROLF also has dealer agreements with Audi, Ford,
Hyundai, Land Rover, Lexus, Mazda, Mercedes-Benz, Renault, Skoda
and Toyota.

NATIONAL SCALE RATINGS

Moody's Interfax Rating Agency's National Scale Ratings (NSRs) are
intended as relative measures of creditworthiness among debt
issues and issuers within a country, enabling market participants
to better differentiate relative risks. NSRs differ from Moody's
global scale ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".ru" for Russia. For further information
on Moody's approach to national scale ratings, please refer to
Moody's Rating Implementation Guidance published in August 2010
entitled "Mapping Moody's National Scale Ratings to Global Scale
Ratings."

ABOUT MOODY'S AND MOODY'S INTERFAX

Moody's Interfax Rating Agency (MIRA) specializes in credit risk
analysis in Russia.  MIRA is controlled by Moody's Investors
Service, a leading provider of credit ratings, research and
analysis covering debt instruments and securities in the global
capital markets.  Moody's Investors Service is a subsidiary of
Moody's Corporation (NYSE: MCO).


* KRASNOYARSK KRAI: S&P Affirms 'BB+' LT Issuer Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Russia's
Krasnoyarsk Krai to stable from negative.  "At the same time, we
affirmed the 'BB+' long-term issuer credit and 'ruAA+' Russian
national scale ratings.  The recovery rating on the krai's
unsecured debt remains unchanged at '3'," S&P noted.

"The outlook revision reflects our expectation of Krasnoyarsk
Krai's economic growth and continued prudent financial policies,
leading to sound budgetary performance, despite potential tax
revenue volatility and expenditure pressure, and a low debt burden
in 2011-2013," S&P related.

The ratings on Krasnoyarsk Krai, a vast territory in Russia's
Eastern-Siberian region, are constrained by revenue volatility
caused by still significant taxpayer concentration and exposure to
commodity markets, additional pressures from costs and
infrastructure requirements, and low financial flexibility
common to Russian regions because of federal controls.

These weaknesses are partly offset by the krai's low debt burden
and strong liquidity position.  The region's economic growth
potential, based on its ample natural resources and good energy
supply, together with gradual economic diversity, support the
ratings in the long term.

"The stable outlook reflects our view that Krasnoyarsk Krai's
potential losses in tax revenues and pressure on operating
expenditures will be counterbalanced by continued economic revival
and management's prudent financial policies, and that these will
result in sound, albeit weakening, budgetary performance in 2011-
2013.  Our base-case scenario also assumes a strong liquidity
position and debt service below 5%-7% of adjusted operating
revenues," S&P stated.

"We could take a negative rating action if the management proves
unable to control spending growth and decreasing flexibility on
the capital-expenditure side, combined with weaker revenues, for
example, due to a sharp correction in world commodity prices, and
leading to significantly weaker budgetary performance and rapid
cash depletion," S&P noted.

"We could raise the ratings should the krai's long-term planning
and financial policies be further formalized, and a liquidity
policy be institutionalized with a view to offsetting the krai's
revenue volatility.  In our view, this process would likely take
more than our outlook time horizon of one year.  Ongoing economic
diversification with decreasing exposure to the largest taxpayers
would also have a positive effect on the ratings over the long
term," S&P added.


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


* SWEDEN: Corporate Failures Down 7% Year-on-Year in April 2011
---------------------------------------------------------------
M2 Communications, citing data from business and credit
information agency Upplysningscentralen (UC) AB, reports that the
number of corporate failures in Sweden went down 7% year-on-year
to 462 in April 2011.

According to M2, the agency said that for a second month in a row,
the bankruptcy count declined substantially following a strong
growth in the Swedish economy and high demand for products and
services.

In the first four months of 2011, the number of bankruptcies
declined by 3% year-on-year to 2,023, M2 discloses.  Most sectors
registered good development, led by transport, which saw the
biggest drop (-26%), M2 notes.  At the same time, the bankruptcy
count increased by 13% in the construction industry and by 6% in
the retail trade sector, M2 states.


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


ALLSAINTS: Lion Capital & Goode Partners Rescue Firm
----------------------------------------------------
thisismoney.co.uk reports that Lion Capital, owner of La Senza and
American Apparel, teamed up with U.S. investor Goode Partners to
snap up clothing retailer AllSaints for an undisclosed sum.

AllSaints was effectively put up for sale after the nationalized
Icelandic banks Kaupthing and Glitnir, which came to own the
business after the collapse of Baugur, sought to realize some of
their assets, according to thisismoney.co.uk.

The deal is understood to leave AllSaints chairman Kevin Stanford
with a larger-than-expected 15% stake in the business,
thisismoney.co.uk notes.  The new partnership, according to the
report, is expected to ease some of the financial pressure on
AllSaints by paying off some of its GBP53 million debt pile.

As reported in the Troubled Company Reporter-Europe on May 2,
2011, Fibre2fashion News Desk said that Goode Partners is near to
closing a rescue deal sanctioning GBP102 million or US$168 million
for All Saints, to save it from slipping into administration.
Fibre2fashion News Desk related that 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.

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.


ALWORTHS: Poundstretcher Acquires 15 Stores
-------------------------------------------
PropertyWeek reports that Poundstretcher has bought 15 of the 17
Alworths stores.

As reported in the Troubled Company Reporter-Europe on April 4,
2011, portsmouth.co.uk's The News related that Alworths has been
placed in administration.  According to The News, Alworths has
been going through a restructuring just 18 months after opening as
'the new Woolworths', and rumors of administration surfaced at the
beginning of March.  "We went into administration on Monday.
We're not getting any new stock and we've been told we're waiting
for a buyer to take over.  We've only been open for 13 months,"
The News quotes a sales assistant at the Cosham branch, who did
not want to be named, as saying.

"We are delighted to announce that we have completed the sale of
the Alworths business.  We successfully traded the stores for five
weeks and had a lot of interest in the business from the start,
resulting in the sale to Poundstretcher," PropertyWeek quotes Mr.
Bennet as saying.

Alworths is a retail chain based in the United Kingdom.


BOUGHTON GROUP: Sale of Assets Agreed, Saved From Administration
----------------------------------------------------------------
The Manufacturer reports that a sale of the Boughton Group has
been agreed.

The Boughton Group fell into administration last month following
financial difficulties during the recession, according to The
Manufacturer.  Although a Company Voluntary Agreement was accepted
by many of its suppliers, it was rejected by Her Majesty's
Revenue & Customs (HRMC), the report relates.

Administrators Baker Tilly Restructuring and Recovery LLP have
agreed a sale to the West Midlands based multi-engineering Skan
Group, which has renamed the company Boughton Engineering Limited,
according to The Manufacturer.

Headquartered in Staffordshire and Devon, The Boughton Group --
trading as Reynolds Boughton -- is a waste disposal equipment
manufacturer.


ETHEDO PRESS: In Administration, Business Set to Continue
---------------------------------------------------------
Adam Hooker at PrintWeek reports that Ethedo Press has closed its
doors and gone into administration; however a continuation of the
business appears to be in the offing.

Chris Stevens and Ian Vickers of FRP Advisory were appointed as
administrators on April 12.

PrintWeek, citing an official statement from the administrator,
notes that it was not viable to trade the GBP1.4 million turnover
company so all 14 employees were made redundant and it ceased to
operate on the day of appointment.  However, "certain company
assets were sold to Ethedo Digital on April 27, 2011," the
statement added.

PrintWeek notes that the creditors' report dated April 20 showed
that Ethedo Digital's offer, which was for plant and machinery,
seller's record stock, customer contacts, domain name and
telephone numbers, was for GBP15,000, which the administrator said
was above the GBP11,200 valuation of the business as a going
concern and the GBP6,300 break-up value.

PrintWeek notes that the report indicated that Ethedo Press had
trade creditor debts totaling GBP300,000, the two main creditors
were paper companies owed a total of GBP120,000, while an
additional GBP40,000 was owed to Her Majesty's Revenue & Customs
(HRMC).

Ethedo Press is a print and design business.


FOCUS DIY: Chris Dawson Shows Interest to Acquire Firm
------------------------------------------------------
BBC News reports that Plymouth businessman Chris Dawson said he is
interested in buying the Focus DIY chain, which went into
administration last month.

As reported in the Troubled Company Reporter-Europe on May 6,
2011, BBC News related that Focus DIY chain has said it intends to
go into administration.  The move follows "notification of an
event of default under the senior credit facility, and a
realization that there were no alternatives that could be explored
any further," according to BBC News.  BBC News related that Focus
said its directors had sought consent from the firm's lenders to
appoint Ernst & Young as the administrators.

BBC News notes that Focus DIY's almost 180 stores are to continue
to trade as administrators try to find a buyer for the firm.

Focus DIY was founded by Bill Archer in 1987, with six stores in
the Midlands and the north of England.  The company now has 178
stores in England, Scotland and Wales, and employs more than 3,900
staff.


GOOD MORTGAGE: 'Buy To Let Business' Acquires Firm
--------------------------------------------------
FT Adviser reports that the Buy To Let Business has acquired Good
Mortgage Company, the mortgage broker that fell into
administration.

As reported in the Troubled Company Reporter-Europe on May 5,
2011, Mortgage Strategy related that the Good Mortgage Company has
gone into administration, cutting 38 jobs in the process after its
main shareholder, Octopus, pulled its funding last month.  The
company was making a last ditch attempt to secure a buyer but
after receiving no offers, it went into the hands of liquidator
James Cowper LLP on April 21, according to Mortgage Strategy.

The business was bought for an undisclosed sum.

"I'm delighted to welcome The Good Mortgage Company on board.
With The Good Mortgage Company's expertise in the residential and
insurance sectors, we feel the acquisition perfectly complements
The Buy to Let Business unrivalled service levels, and knowledge
in buy to let," FT Adviser quotes Ying Tan, managing director at
The Buy To Let Business, as saying.

Money Workout Limited, trading as The Good Mortgage Company, is
headquartered in Southampton.


H20 NETWORKS: Undergoes Pre-Pack Administration
-----------------------------------------------
CRN News reports that H20 Networks has undergone a pre-pack
administration, as part of its new owner's restructuring strategy.
H20 Networks ran into financial difficulties following the
collapse earlier this year of Total Asset Finance, a major funding
provider for its superfast broadband rollouts in Bournemouth and
Dundee, according to CRN News.

CRN News recalls that the firm was subsequently sold off by fibre
network specialist i3 Group, along with 13 of its UK subsidiaries,
to CityFibre Holdings (CFB) in Jan.

In a statement released at the time, CFB said its priority was to
"reorganize the companies and financial structures it has
inherited", CRN News notes.

CRN News says that CFB completed this process last month,
resulting in H20 Networks being placed into administration, and
then repurchased the firm.

H20 Networks' last filed accounts with Companies House revealed
the company had a turnover of GBP976,537, but made a loss of
GBP3.3 million in 2010, CRN News says.  This is down from GBP3.8
million in 2009.

Speaking to ChannelWeb, CFB director and former i3 Group president
Greg Mesch said the H20 Networks pre-pack deal was a necessary
part of the overall restructuring process, the report adds.

H20 Networks is a broadband provider.


VON ESSEN: Ickworth Hotel Faces Uncertain Future
------------------------------------------------
Laurence Cawley at EADT reports that the future of Ickworth Hotel,
one of Suffolk's most prestigious hotels, has been cast into doubt
after it emerged the owners had plunged into administration.

A spokeswoman for the hotel declined to comment on the situation
regarding its future and referred the EADT to the administrators
Ernst and Young.  Ickworth employs dozens of workers from the
area.

As reported in the Troubled Company Reporter-Europe on April 25,
2011, BBC News said the holding company of the von Essen hotel
chain has appointed accountants Ernst & Young as administrators.
SoGlos.com related that the von Essen is reported to have debts of
more than GBP25 million.  SoGlos.com noted that while
administrators have been appointed and the portfolio of hotels are
expected to be sold-off either as a group or as individual
properties, the hotels are all expected to continue to trade as
usual.  "It is business as normal for the hotels and customers of
von Essen Hotels can continue to enjoy their stay," The Northern
Echo quoted Angela Swarbrick, joint administrator, as saying.

von Essen hotel chain owns 28 luxury hotels in the UK and France.


* UK: Major Retailers Says 1Q 2010 is Marked With Slump Sales
--------------------------------------------------------------
The Business Rescue Service spoke out about concerns around
declining high streets sales while high street chain Oddbins
entered administration this month.  Reports from major retailers
across diverse sectors demonstrate a marked sales slump for the
first quarter of the year.

Oddbins chain of wine shops was one of the latest casualties, with
the Financial Times confirming in early April that it had gone
into administration.  400 jobs were reported to be at risk as a
consequence.  Elsewhere, major high street retail chains were
reporting a decline in sales.  Some retailers placed the figure as
high as an 11% drop compared to the same period a year before.
Many have also been reported as trading 'in the red', with falling
share prices reflecting their decline.  The Business Rescue
Service gave their reaction:

"Retail is a sector that is under close scrutiny right now. We
have had a number of years which saw some very well-known
businesses enter into liquidation or administration.  Our advice
for directors is to seek our support as early as possible, even
before any problems have developed.  The economy is still
presenting challenges to some sectors.  While there are some
companies doing very well indeed, we know there are plenty who
could certainly benefit from expert advice".

Statistics for company insolvency released by the government's
Insolvency Service show that during the final quarter of 2010,
over 5,000 UK firms declared insolvency in England and Wales
alone.  This was predominantly composed of liquidations (3,995
including creditors' voluntary liquidations).  There were also 170
company voluntary arrangements; 642 administrations and 302
receiverships.  Northern Ireland saw 382 companies enter
liquidation during the same period.  Scottish figures have not yet
been released.  The latest available statistics show by the close
of the previous quarter, 320 companies entered liquidation and 5
more entered receivership.  Economists are describing current
consumer confidence as particularly fragile with rising inflation
affecting spending behaviour.  The level of household income is
believed to have recently fallen due to wages lagging behind
inflation, the first such fall for 30 years.

"Our team are dealing with both incorporated businesses and sole
traders right now who are certainly under financial pressure.
There could be a multitude of problems.  We sometimes intervene
with their creditors, aiming to signal the business is one hundred
per cent focused on tackling its financial problems.  If creditors
will allow more time to pay, this can be the vital breathing space
the business needs.  There could be tax arrears, which we
specialize in, having had years of experience dealing with cases
where arrears were becoming a very serious problem.  Some
companies can use a company voluntary arrangement to allow them to
continue trading to resolve the problems. Other firms have needed
to enter a formal winding up phase and we still support them to
gain the best possible position they can".


* UNITED KINGDOM: Company Insolvencies Up 3.7% in 1st Qtr. 2011
---------------------------------------------------------------
Scott Hamilton at Bloomberg News reports that company insolvencies
in England and Wales rose 3.7% in the first quarter of this year
from the previous three months to 4,121.

According to Bloomberg, the government's Insolvency Service said
on its Web site on Friday that from a year earlier, insolvencies
gained 2.1%.


* UK: High Court to Decide on Fairness of Football Debt Rules
-------------------------------------------------------------
Brian Farmer at Press Association reports that the High Court is
to be asked to decide whether league rules governing the way
football clubs clear debts are fair.

Critics say rules operated by the Premier League and the Football
League mean that certain creditors are given preferential
treatment when clubs get into financial difficulties, according to
Press Association.  They say the rules mean that creditors from
the world of football go to the head of the queue and get paid in
full while creditors not involved in football have to share the
remainder and can be forced to settle for a fraction of what they
are owed, Press Association states.

HM Revenue and Customs (HMRC) -- often a creditor when clubs
become insolvent -- has taken legal action against the two leagues
in an attempt to force rule changes, Press Association discloses.

Mr. Justice Newey heard legal argument about the case during a
High Court hearing in London on Thursday.

According to Press Association, the judge said HMRC's claim
against the Football League would be tried at the High Court in
London on November 28.  He said the Premier League would also be
represented at the trial, Press Association notes.

Press Association relates that Gregory Mitchell QC, who is
representing the HMRC, said the HMRC would argue that the "rule"
was unlawful and that all creditors should be treated in the same
way.

Both leagues dispute the HMRC's claims and argue that their rules
are fair, Press Association notes.


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


* BOND PRICING: For the Week May 2 to May 6, 2011
-------------------------------------------------

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

AUSTRIA
-------
IMMOFINANZ             4.250    3/8/2018      EUR       4.20
OESTER VOLKSBK         5.270    2/8/2027      EUR      74.02
OESTER VOLKSBK         4.900   8/18/2025      EUR      60.00
OESTER VOLKSBK         4.810   7/29/2025      EUR      56.50
OESTER VOLKSBK         3.700    6/3/2025      EUR      74.86
OESTER VOLKSBK         4.160   5/20/2025      EUR      68.80
OESTER VOLKSBK         4.750   4/30/2021      EUR      69.24
RAIFF ZENTRALBK        4.500   9/28/2035      EUR      76.99

BULGARIA
--------
PETROL AD-SOFIA        8.375  10/26/2011      EUR      73.11

CZECH REPUBLIC
--------------
SAZKA                  9.000   7/12/2021      EUR      71.84

DENMARK
-------
KOMMUNEKREDIT          0.500    2/3/2016      TRY      69.46
KOMMUNEKREDIT          0.500  12/14/2020      ZAR      43.22
MUNI FINANCE PLC       0.500   4/27/2018      ZAR      58.87
MUNI FINANCE PLC       1.000  10/30/2017      AUD      71.76
MUNI FINANCE PLC       1.000   2/27/2018      AUD      70.41
MUNI FINANCE PLC       0.500   4/26/2016      ZAR      70.34
MUNI FINANCE PLC       0.500    2/9/2016      ZAR      69.16
MUNI FINANCE PLC       0.500   9/24/2020      CAD      68.30
MUNI FINANCE PLC       0.500  11/25/2020      ZAR      46.30
MUNI FINANCE PLC       0.500   3/17/2025      CAD      52.71
MUNI FINANCE PLC       0.250   6/28/2040      CAD      21.40
MUNI FINANCE PLC       1.000  11/21/2016      NZD      75.13
MUNI FINANCE PLC       1.000   6/30/2017      ZAR      61.08

FRANCE
------
AIR FRANCE-KLM         4.970    4/1/2015      EUR      14.97
ALCATEL-LUCENT         5.000    1/1/2015      EUR       4.86
ALTRAN TECHNOLOG       6.720    1/1/2015      EUR       5.92
ATOS ORIGIN SA         2.500    1/1/2016      EUR      55.45
BPCE                   3.455   9/16/2025      EUR      73.79
CALYON                 6.000   6/18/2047      EUR      24.09
CAP GEMINI SOGET       3.500    1/1/2014      EUR      45.19
CAP GEMINI SOGET       1.000    1/1/2012      EUR      44.68
CGG VERITAS            1.750    1/1/2016      EUR      30.42
CIE FIN FONCIER        3.250  12/30/2044      EUR      70.90
CLUB MEDITERRANE       5.000    6/8/2012      EUR      16.28
CLUB MEDITERRANE       6.110   11/1/2015      EUR      19.23
DEXIA MUNI AGNCY       1.000  12/23/2024      EUR      61.42
EURAZEO                6.250   6/10/2014      EUR      59.78
FAURECIA               4.500    1/1/2015      EUR      30.07
INGENICO               2.750    1/1/2017      EUR      45.33
MAUREL ET PROM         7.125   7/31/2015      EUR      18.37
MAUREL ET PROM         7.125   7/31/2014      EUR      19.51
NEXANS SA              4.000    1/1/2016      EUR      73.67
NOVASEP HLDG           9.625  12/15/2016      EUR      58.75
NOVASEP HLDG           9.750  12/15/2016      USD      58.00
NOVASEP HLDG           9.750  12/15/2016      USD      58.25
NOVASEP HLDG           9.625  12/15/2016      EUR      58.63
ORPEA                  3.875    1/1/2016      EUR      48.93
PEUGEOT SA             4.450    1/1/2016      EUR      34.64
PUBLICIS GROUPE        3.125   7/30/2014      EUR      39.13
PUBLICIS GROUPE        1.000   1/18/2018      EUR      48.88
RHODIA SA              0.500    1/1/2014      EUR      51.42
SOC AIR FRANCE         2.750    4/1/2020      EUR      21.19
SOITEC                 6.250    9/9/2014      EUR      11.65
TEM                    4.250    1/1/2015      EUR      57.92
THEOLIA                2.700    1/1/2041      EUR      11.29

GERMANY
-------
DEUTSCHE BK LOND       2.250   9/20/2020      EUR      72.80
ESCADA AG              7.500    4/1/2012      EUR      21.01
EUROHYPO AG            6.490   7/17/2017      EUR       7.25
EUROHYPO AG            3.830   9/21/2020      EUR      71.13
HSH NORDBANK AG        4.375   2/14/2017      EUR      74.50
IKB DEUT INDUSTR       5.625   3/31/2017      EUR      15.17
IKB DEUT INDUSTR       6.550   3/31/2012      EUR      17.45
IKB DEUT INDUSTR       6.500   3/31/2012      EUR      17.95
L-BANK FOERDERBK       0.500   5/10/2027      CAD      47.44
LB BADEN-WUERTT        5.250  10/20/2015      EUR      29.07
LB BADEN-WUERTT        2.500   1/30/2034      EUR      56.80
LB BADEN-WUERTT        2.800   2/23/2037      JPY      71.78
Q-CELLS                6.750  10/21/2015      EUR       3.73
SOLON AG SOLAR         1.375   12/6/2012      EUR      66.77
TAG IMMO AG            6.500  12/10/2015      EUR       7.75
TUI AG                 2.750   3/24/2016      EUR      56.00
WESTLB AG              3.350  10/19/2026      EUR      69.35

GREECE
-------
ATHENS URBAN TRN       5.008   7/18/2017      EUR      54.73
ATHENS URBAN TRN       4.851   9/19/2016      EUR      55.32
ATHENS URBAN TRN       4.301   8/12/2014      EUR      60.46
ATHENS URBAN TRN       4.057   3/26/2013      EUR      70.85
HELLENIC RAILWAY       4.500   12/6/2016      JPY      50.98
HELLENIC RAILWAY       7.350    3/3/2015      JPY      69.23
HELLENIC REP I/L       2.300   7/25/2030      EUR      45.70
HELLENIC REP I/L       2.900   7/25/2025      EUR      45.21
HELLENIC REPUB         5.800   7/14/2015      JPY      63.78
HELLENIC REPUB         5.000   8/22/2016      JPY      48.74
HELLENIC REPUB         5.000   3/11/2019      EUR      55.25
HELLENIC REPUB         2.125    7/5/2013      CHF      73.46
HELLENIC REPUB         4.590    4/8/2016      EUR      60.61
HELLENIC REPUB         5.200   7/17/2034      EUR      58.69
HELLENIC REPUB         6.140   4/14/2028      EUR      61.20
HELLENIC REPUB         5.250    2/1/2016      JPY      60.45
HELLENIC REPUBLI       4.500   9/20/2037      EUR      47.61
HELLENIC REPUBLI       4.600   9/20/2040      EUR      47.70
HELLENIC REPUBLI       4.506   3/31/2013      EUR      73.24
HELLENIC REPUBLI       4.300   7/20/2017      EUR      56.01
HELLENIC REPUBLI       4.675   10/9/2017      EUR      54.37
HELLENIC REPUBLI       4.590    4/3/2018      EUR      52.23
HELLENIC REPUBLI       4.600   7/20/2018      EUR      55.60
HELLENIC REPUBLI       5.014   2/27/2019      EUR      51.66
HELLENIC REPUBLI       5.959    3/4/2019      EUR      55.30
HELLENIC REPUBLI       6.000   7/19/2019      EUR      55.19
HELLENIC REPUBLI       5.161   9/17/2019      EUR      51.36
HELLENIC REPUBLI       6.500  10/22/2019      EUR      55.81
HELLENIC REPUBLI       6.250   6/19/2020      EUR      56.12
HELLENIC REPUBLI       5.900  10/22/2022      EUR      53.10
HELLENIC REPUBLI       4.700   3/20/2024      EUR      50.90
HELLENIC REPUBLI       5.300   3/20/2026      EUR      50.85
HELLENIC REPUBLI       7.500   5/20/2013      EUR      73.42
HELLENIC REPUBLI       4.600   5/20/2013      EUR      70.47
HELLENIC REPUBLI       4.427   7/31/2013      EUR      68.94
HELLENIC REPUBLI       3.900    7/3/2013      EUR      67.74
HELLENIC REPUBLI       4.520   9/30/2013      EUR      66.36
HELLENIC REPUBLI       4.000   8/20/2013      EUR      65.86
HELLENIC REPUBLI       4.500   5/20/2014      EUR      60.65
HELLENIC REPUBLI       6.500   1/11/2014      EUR      65.95
HELLENIC REPUBLI       3.985   7/25/2014      EUR      58.88
HELLENIC REPUBLI       4.500    7/1/2014      EUR      61.31
HELLENIC REPUBLI       4.113   9/30/2014      EUR      58.91
HELLENIC REPUBLI       5.500   8/20/2014      EUR      61.09
HELLENIC REPUBLI       6.100   8/20/2015      EUR      60.17
HELLENIC REPUBLI       3.700   7/20/2015      EUR      56.09
HELLENIC REPUBLI       3.702   9/30/2015      EUR      56.63
HELLENIC REPUBLI       3.700  11/10/2015      EUR      53.57
HELLENIC REPUBLI       3.600   7/20/2016      EUR      56.77
HELLENIC REPUBLI       4.020   9/13/2016      EUR      56.70
HELLENIC REPUBLI       4.225    3/1/2017      EUR      55.28
HELLENIC REPUBLI       5.900   4/20/2017      EUR      57.34
NATIONAL BK GREE       3.875   10/7/2016      EUR      68.40

IRELAND
-------
AIB MORTGAGE BNK       5.000   2/12/2030      EUR      66.91
AIB MORTGAGE BNK       5.000    3/1/2030      EUR      66.87
AIB MORTGAGE BNK       5.580   4/28/2028      EUR      73.54
ALLIED IRISH BKS       7.875    7/5/2023      GBP      22.00
ALLIED IRISH BKS      12.500   6/25/2019      GBP      28.41
ALLIED IRISH BKS      11.500   3/29/2022      GBP      26.07
ALLIED IRISH BKS      10.750   3/29/2017      EUR      24.52
ALLIED IRISH BKS      12.500   6/25/2019      EUR      28.83
ALLIED IRISH BKS       4.000   3/19/2015      EUR      74.17
ALLIED IRISH BKS      10.750   3/29/2017      USD      24.61
BANK OF IRELAND        4.625   2/27/2019      EUR      57.07
BANK OF IRELAND        3.780    4/1/2015      EUR      74.04
BANK OF IRELAND        8.500   9/22/2018      CAD      64.00
BANK OF IRELAND       10.000   2/12/2020      GBP      63.47
BANK OF IRELAND        9.250    9/7/2020      GBP      60.00
BANK OF IRELAND       10.000   2/12/2020      EUR      65.22
BANK OF IRELAND        3.585   4/21/2015      EUR      72.94
BK IRELAND MTGE        5.360  10/12/2029      EUR      73.02
BK IRELAND MTGE        5.400   11/6/2029      EUR      73.30
BK IRELAND MTGE        5.450    3/1/2030      EUR      73.44
DEPFA ACS BANK         5.125   3/16/2037      USD      66.94
DEPFA ACS BANK         5.125   3/16/2037      USD      66.84
DEPFA ACS BANK         0.500    3/3/2025      CAD      35.28
EBS BLDG SOCIETY       4.000   2/25/2015      EUR      74.53
EBS BLDG SOCIETY       4.992   3/19/2015      EUR      69.18
IRISH GOVT             5.000  10/18/2020      EUR      69.16
IRISH GOVT             4.500  10/18/2018      EUR      69.41
IRISH GOVT             4.400   6/18/2019      EUR      68.53
IRISH GOVT             5.900  10/18/2019      EUR      73.52
IRISH GOVT             4.500   4/18/2020      EUR      67.96
IRISH GOVT             5.400   3/13/2025      EUR      68.75
IRISH LIFE PERM        4.000   3/10/2015      EUR      74.59
IRISH LIFE PERM        4.820   3/22/2015      EUR      68.91
IRISH NATIONWIDE       6.250   6/26/2012      GBP      70.00
IRISH PERM PLC         5.832   2/15/2035      EUR      57.00

ITALY
-----
ABRUZZO REGION         4.450    3/1/2037      EUR      74.14
CITY OF TURIN          5.270   6/26/2038      EUR      67.89
CO BRAONE              4.567   6/30/2037      EUR      66.44
COMUNE DI MILANO       4.019   6/29/2035      EUR      63.77
REGION OF LIGURI       4.795  11/22/2034      EUR      72.63
REGION OF UMBRIA       5.087   6/15/2037      EUR      74.34
SARDINIA REGION        4.022  11/28/2035      EUR      72.23

LUXEMBOURG
----------
ARCELORMITTAL          7.250    4/1/2014      EUR      29.88
ESPIRITO SANTO F       6.875  10/21/2019      EUR      69.48
INTL INDUST BANK       9.000    7/6/2011      EUR       9.50
LIGHTHOUSE INTL        8.000   4/30/2014      EUR      41.75
LIGHTHOUSE INTL        8.000   4/30/2014      EUR      41.67

NETHERLANDS
-----------
APP INTL FINANCE      11.750   10/1/2005      USD       0.01
BK NED GEMEENTEN       0.500   2/24/2025      CAD      54.05
BK NED GEMEENTEN       0.500   3/29/2021      USD      69.64
BK NED GEMEENTEN       0.500   3/29/2021      NZD      60.29
BK NED GEMEENTEN       0.500    3/3/2021      NZD      60.67
BK NED GEMEENTEN       0.500   5/25/2016      TRY      70.95
BK NED GEMEENTEN       0.500   4/27/2016      TRY      69.41
BK NED GEMEENTEN       0.500   3/17/2016      TRY      69.88
BRIT INSURANCE         6.625   12/9/2030      GBP      65.51
DGS INTL FIN BV       10.000    6/1/2007      USD       0.01
ELEC DE CAR FIN        8.500   4/10/2018      USD      59.22
FRIESLAND BANK         4.210  12/29/2025      EUR      70.39
ING BANK NV            4.200  12/19/2035      EUR      73.98
NATL INVESTER BK      25.983    5/7/2029      EUR      27.59
NED WATERSCHAPBK       0.500   3/11/2025      CAD      54.10
NIB CAPITAL BANK       4.510  12/16/2035      EUR      55.25
RABOBANK               6.900    6/6/2017      RUB      95.89
RBS NV EX-ABN NV       2.910   6/21/2036      JPY      71.62
SIDETUR FINANCE       10.000   4/20/2016      USD      71.00
TJIWI KIMIA FIN       13.250    8/1/2001      USD       0.01

NORWAY
------
EKSPORTFINANS          0.500    5/9/2030      CAD      39.17
KOMMUNALBANKEN         0.500   1/27/2016      ZAR      71.94
KOMMUNALBANKEN         0.500   5/25/2016      ZAR      71.65
KOMMUNALBANKEN         0.500    3/1/2016      ZAR      71.45
KOMMUNALBANKEN         0.500   3/24/2016      ZAR      71.09
KOMMUNALBANKEN         0.500  12/18/2015      ZAR      72.52
NORSKE SKOGIND         7.125  10/15/2033      USD      72.88
NORSKE SKOGIND         7.125  10/15/2033      USD      72.00
SPAREBANKEN RGLD       4.170   12/7/2035      EUR      72.10
TRICO SHIPPING        13.875   11/1/2014      USD      73.00

POLAND
------
POLAND-REGD-RSTA       2.810  11/16/2037      JPY      75.73

PORTUGAL
--------
CAIXA GERAL DEPO       5.380   10/1/2038      EUR      58.80
CAIXA GERAL DEPO       5.980    3/3/2028      EUR      73.13
CAIXA GERAL DEPO       5.320    8/5/2021      EUR      67.15
CAIXA GERAL DEPO       4.250   1/27/2020      EUR      73.80
CAIXA GERAL DEPO       4.400   10/8/2019      EUR      66.89
CAIXA GERAL DEPO       4.455   8/20/2017      EUR      74.74
CAIXA GERAL DEPO       4.750   2/14/2016      EUR      70.99
COMBOIOS DE PORT       4.170  10/16/2019      EUR      59.91
COMBOIOS DE PORT       5.700    2/5/2030      EUR      64.88
METRO DE LISBOA        4.061   12/4/2026      EUR      56.20
METRO DE LISBOA        4.799   12/7/2027      EUR      61.32
MONTEPIO GERAL         5.000    2/8/2017      EUR      56.75
PARPUBLICA             4.191  10/15/2014      EUR      73.01
PARPUBLICA             4.200  11/16/2026      EUR      59.95
PORTUGUESE OT'S        4.450   6/15/2018      EUR      69.80
PORTUGUESE OT'S        4.350  10/16/2017      EUR      71.30
PORTUGUESE OT'S        3.850   4/15/2021      EUR      63.58
PORTUGUESE OT'S        4.950  10/25/2023      EUR      65.44
PORTUGUESE OT'S        4.750   6/14/2019      EUR      69.71
PORTUGUESE OT'S        4.100   4/15/2037      EUR      59.38
PORTUGUESE OT'S        4.200  10/15/2016      EUR      73.99
PORTUGUESE OT'S        4.800   6/15/2020      EUR      69.17
REFER                  4.000   3/16/2015      EUR      68.08
REFER                  4.675  10/16/2024      EUR      55.83
REFER                  4.250  12/13/2021      EUR      56.20

RUSSIA
------
A-ENGINEERING          8.500  10/30/2014      RUB      75.00
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      53.02
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
BANK OF MOSCOW         7.550    2/1/2013      RUB      75.00
BARENTSEV FINANS      20.000    7/4/2011      RUB       1.10
CB STROYCREDIT         9.500    8/1/2011      RUB      75.00
CREDIT EUROPE BK      11.500   6/28/2011      RUB      75.00
DIPOS                  6.000   6/19/2012      RUB      75.00
DVTG-FINANS           17.000   8/29/2013      RUB       8.01
EESK                   8.740    4/5/2012      RUB      75.00
ELIS                  14.000   9/20/2012      RUB      75.00
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      12.500   6/22/2011      RUB      75.00
FINANCEBUSINESSG      10.000    7/1/2013      RUB      75.00
FORMAT                17.000   12/6/2012      RUB      75.00
GAZPROMBANK OJSC       6.850  11/22/2012      RUB      75.00
GAZPROMBANK OJSC       6.850  11/15/2012      RUB      75.00
GLOBEX BANK            8.100   7/22/2013      RUB     100.60
GRACE DIAMOND         15.000    6/7/2012      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
KIT FINANCE CAPI      11.000   6/10/2014      RUB      75.00
KOSMOS-FINANS         10.200   6/16/2011      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
LEASING TECH           8.500  10/24/2014      RUB      75.00
LLC VICTORIA FIN       8.000   2/12/2013      RUB      75.00
M-INDUSTRIYA          12.250   8/16/2011      RUB      27.70
MAIN ROAD OJSC        10.200    6/3/2011      RUB      75.00
MEDVED-FINANS         14.000   8/16/2013      RUB      75.00
MIG-FINANS             0.100    9/6/2011      RUB       1.00
MIRAX                 17.000   9/17/2012      RUB      15.00
MIRAX                 14.990   5/17/2011      RUB      20.02
MOSCOW BANK R&D        7.000   3/28/2013      RUB      75.00
MOSMART FINANS         0.010   4/12/2012      RUB       1.81
MOSOBLGAZ             12.000   5/17/2011      RUB      72.50
MY BANK               10.000   4/16/2015      RUB      75.05
NATIONAL CAPITAL      13.000   9/25/2012      RUB      75.00
NATIONAL CAPITAL      12.500   5/20/2011      RUB      75.00
NAUKA-SVYAZ           12.500   6/27/2013      RUB      75.00
NOK                   12.500   8/26/2014      RUB       0.06
NOK                   10.000   9/22/2011      RUB      15.00
NOVOROSSIYSK          13.000   12/9/2011      RUB      75.00
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     100.75
PROMNESTESERVICE       7.750   12/5/2014      RUB      75.00
PROMPEREOSNASTKA       1.000  12/17/2012      RUB       0.01
PROMTRACTOR-FINA       0.010  10/18/2011      RUB      85.01
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
RMK PARK PLAZA        10.000    1/8/2013      RUB      75.00
ROSSELKHOZBANK         7.800    2/9/2018      RUB      75.00
RUSFINANS BANK         7.900  11/11/2015      RUB     100.40
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       1.03
SATURN                 8.500    6/6/2014      RUB       1.00
SENATOR               14.000   5/18/2012      RUB      75.00
SEVKABEL-FINANS       10.500   3/27/2012      RUB       3.40
SIBUR                  7.300   3/13/2015      RUB      75.00
SIBUR                  9.250   3/13/2015      RUB      75.00
SIBUR                  8.000   3/13/2015      RUB      75.00
SIBUR                 13.500   3/13/2015      RUB      75.00
SINERGIA               8.000   8/18/2014      RUB      75.00
SISTEMA-HALS           8.500   4/15/2014      RUB      75.00
SISTEMA-HALS           8.500    4/8/2014      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      13.000   9/25/2013      RUB      75.00
TECHNONICOL-FINA      13.000   9/19/2013      RUB      75.00
TECHNONICOL-FINA      13.500   9/11/2013      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       5.00
TGK-4                  8.000   5/31/2012      RUB      75.00
TGK-6-INVEST           7.500   2/21/2012      RUB      75.00
TRANSFIN-M            11.000   12/3/2014      RUB      75.00
TRANSFIN-M            11.000   12/3/2014      RUB      75.00
TRANSFIN-M            11.000   12/3/2014      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   12/3/2015      RUB      75.00
TRANSFIN-M            11.000   12/3/2015      RUB      75.00
TRANSFIN-M             9.750   8/13/2013      RUB      75.00
TRANSFIN-M             9.750   8/13/2013      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            14.000   7/10/2014      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      99.50
VKM-LEASING FINA       1.000   5/18/2011      RUB       0.02
VNESHPROMBANK          9.000  11/14/2012      RUB      75.00
VTB 24                 6.900   2/20/2014      RUB      75.00
VTB 24                 4.500    2/5/2013      RUB      75.00
ZAO EUROPLAN          10.000   8/11/2011      RUB      75.00
ZHILSOTSIPOTEKA-       9.000   7/26/2011      RUB      75.00

SPAIN
-----

AYT CEDULAS CAJA       4.750   5/25/2027      EUR      74.49
AYT CEDULAS CAJA       3.750  12/14/2022      EUR      72.51
AYT CEDULAS CAJA       3.750   6/30/2025      EUR      66.85
AYUNTAM DE MADRD       4.550   6/16/2036      EUR      67.12
BANCAJA                1.500   5/22/2018      EUR      65.24
CAJA CASTIL-MAN        1.500   6/23/2021      EUR      63.61
CAJA MADRID            5.755   2/26/2028      EUR      68.93
CAJA MADRID            4.125   3/24/2036      EUR      67.21
CEDULAS TDA 6 FO       3.875   5/23/2025      EUR      67.89
CEDULAS TDA 6 FO       4.250   4/10/2031      EUR      65.17
CEDULAS TDA A-5        4.250   3/28/2027      EUR      68.93
COMUN AUTO CANAR       3.900  11/30/2035      EUR      54.85
COMUN AUTO CANAR       4.200  10/25/2036      EUR      57.71
COMUN NAVARRA          4.000  11/23/2021      EUR      74.47
COMUNIDAD ARAGON       4.646   7/11/2036      EUR      68.96
COMUNIDAD BALEAR       4.063  11/23/2035      EUR      64.49
COMUNIDAD MADRID       4.300   9/15/2026      EUR      68.52
DIPUTACION FOR         4.323  12/29/2023      EUR      73.26
GEN DE CATALUNYA       5.325   10/5/2028      EUR      74.89
GEN DE CATALUNYA       4.220   4/26/2035      EUR      66.58
GEN DE CATALUNYA       4.690  10/28/2034      EUR      72.12
GEN DE CATALUNYA       5.219   9/10/2029      EUR      73.26
GENERAL DE ALQUI       2.750   8/20/2012      EUR      72.49
INSTITUT CATALA        4.250   6/15/2024      EUR      70.73
JUNTA ANDALUCIA        5.150   5/24/2034      EUR      70.57
JUNTA ANDALUCIA        4.250  10/31/2036      EUR      58.73
JUNTA LA MANCHA        3.875   1/31/2036      EUR      54.42
XUNTA DE GALICIA       4.025  11/28/2035      EUR      60.05

SWEDEN
------
SWEDISH EXP CRED       9.000   8/12/2011      USD      10.47
SWEDISH EXP CRED       9.000   8/28/2011      USD      10.69
SWEDISH EXP CRED       8.000  10/21/2011      USD      10.02
SWEDISH EXP CRED       8.000   11/4/2011      USD       8.11
SWEDISH EXP CRED       2.000   12/7/2011      USD      10.36
SWEDISH EXP CRED       2.130   1/10/2012      USD       9.58
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      10.27
SWEDISH EXP CRED       9.750   3/23/2012      USD      10.00
SWEDISH EXP CRED       9.250   4/27/2012      USD       9.64
SWEDISH EXP CRED       0.500  12/21/2015      ZAR      68.97
SWEDISH EXP CRED       0.500    3/3/2016      ZAR      67.60
SWEDISH EXP CRED       0.500    3/5/2018      AUD      68.52
SWEDISH EXP CRED       0.500  12/17/2027      USD      49.73
SWEDISH EXP CRED       0.500   1/25/2028      USD      49.41
SWEDISH EXP CRED       7.000    3/9/2012      USD      10.34

SWITZERLAND
-----------
UBS AG                 9.640  11/14/2011      USD      14.14
UBS AG                10.530   1/23/2012      USD      39.91
UBS AG                 8.720   3/20/2012      USD      32.30
UBS AG                 9.250   3/20/2012      USD      14.60
UBS AG                10.070   3/23/2012      USD      37.33
UBS AG                13.300   5/23/2012      USD       4.19
UBS AG                13.700   5/23/2012      USD      13.09
UBS AG                10.580   6/29/2011      USD      39.16
UBS AG JERSEY         10.140  12/30/2011      USD      15.22
UBS AG JERSEY          3.220   7/31/2012      EUR      51.27
UBS AG JERSEY         10.280   8/19/2011      USD      35.25
UBS AG JERSEY          9.230  12/30/2011      USD      13.85
UBS AG JERSEY         11.150   8/31/2011      USD      39.48
UBS AG JERSEY         10.500   6/16/2011      USD      71.69
UBS AG JERSEY         13.000   6/16/2011      USD      49.96

UNITED KINGDOM
--------------
BANK NADRA             8.000   6/22/2017      USD      73.51
BANK OF SCOTLAND       5.772    2/7/2035      EUR      73.10
BARCLAYS BK PLC       10.510   5/31/2011      USD      12.92
BARCLAYS BK PLC        9.000   6/30/2011      USD      43.42
BARCLAYS BK PLC       10.600   7/21/2011      USD      39.23
BARCLAYS BK PLC        7.500   9/22/2011      USD      16.96
BARCLAYS BK PLC        8.750   9/22/2011      USD      72.79
BARCLAYS BK PLC        8.800   9/22/2011      USD      16.39
BARCLAYS BK PLC        8.550   1/23/2012      USD      11.32
BARCLAYS BK PLC       10.950   5/23/2011      USD      64.38
BARCLAYS BK PLC       10.350   1/23/2012      USD      22.03
BARCLAYS BK PLC       10.650   1/31/2012      USD      45.65
BARCLAYS BK PLC        9.400   7/31/2012      USD      11.23
BARCLAYS BK PLC       10.800   7/31/2012      USD      27.52
BARCLAYS BK PLC        9.250   8/31/2012      USD      35.47
BARCLAYS BK PLC        9.500   8/31/2012      USD      30.03
BARCLAYS BK PLC        2.500   5/24/2017      USD      10.47
BARCLAYS BK PLC       12.950   4/20/2012      USD      23.88
BRADFORD&BIN BLD       4.910    2/1/2047      EUR      63.73
CO-OPERATIVE BNK       5.875   3/28/2033      GBP      72.79
CONSORT HEALTH         2.068   6/19/2042      GBP      91.76
DISCOVERY EDUCAT       1.948   3/31/2037      GBP      70.35
EFG HELLAS PLC         5.400   11/2/2047      EUR      31.00
EFG HELLAS PLC         6.010    1/9/2036      EUR      31.00
HEALTHCARE SUPP        2.067   2/19/2043      GBP      73.17
MAX PETROLEUM          6.750    9/8/2013      USD      60.19
NOMURA BANK INTL       0.800  12/21/2020      EUR      64.74
NORTHERN ROCK          5.750   2/28/2017      GBP      75.00
PUNCH TAVERNS          7.567   4/15/2026      GBP      63.51
PUNCH TAVERNS          8.374   7/15/2029      GBP      64.63
ROYAL BK SCOTLND       6.620    6/9/2025      EUR      73.59
ROYAL BK SCOTLND       6.316   6/29/2030      EUR      66.33
RSL COMM PLC          12.000   11/1/2008      USD       1.88
UNIQUE PUB FIN         6.464   3/30/2032      GBP      65.82
WESSEX WATER FIN       1.369   7/31/2057      GBP      31.54


                            *********

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
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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 * * *