TCREUR_Public/110516.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 16, 2011, Vol. 12, No. 95


C Z E C H   R E P U B L I C

SAZKA AS: Bankruptcy Administrator Recognizes CZK15-Bil. Claims


OXYMETAL SA: Seeks Creditor Protection


HONSEL AG: Martinrea International to Buy Assets
PFLEIDERER AG: Reaches Creditors' Deal on Financial Restructuring


CLARIS LIMITED: Moody's Cuts Ratings on Series 22-25 Notes to 'B1'
DANAOS CORP: Reports US$5.44MM Net Income in 2011 First Quarter
HELLENIC TELECOMS: Moody's Cuts Long-Term Issuer Rating to 'Ba1'
MARFIN INVESTMENT: S&P Lowers LT Corporate Credit Rating to 'B'
NATIONAL BANK: S&P Lowers Counterparty Credit Ratings to 'B/C'


ARDAGH GLASS: Moody's Assigns '(P)Caa1' Rating to 2018 PIK Notes
TITIAN CDO: S&P Reinstates 'CCC-' Ratings on Five CDO Tranches


ASTANA FINANCE: Can Avail of Restructuring Regime


BANK OCHRONY:  Fitch Assigns 'D' Individual Rating


CITY MALL: May Find Buyer at Third Auction


* RUSSIAN TAMBOV REGION: Fitch Affirms Ratings at 'BB-'


SAAB AUTOMOBILE: Great Wall Motor to Continue Talks

U N I T E D   K I N G D O M

DUNDEE FOOTBALL CLUB: Exits Administration
FOCUS (DIY): Buxton Store's Future Uncertain
GLASTONBURY FINANCE: S&P Lowers Rating on Class F Notes to 'CC'
KEYDATA: FSA Launches Fresh Probe Into Firm's Advisers
LEADHALL TRIANGLE: Administrators Sells Site to Henderson

ODEON & UCI: Moody's Assigns 'B2' Corporate Family Rating
ODEON & UCI: S&P Assigns Preliminary 'B' Corporate Credit Rating
LOTHIAN HELICOPTERS: Goes Into Receivership, Gives Refunds
MANCHESTER HOSIERY: Goes Into Administration, Seeks Buyer
RECLINER WORLD: Goes Into Administration Due to Economic Climate

VON ESSEN: Administrators Alerts Police Over Stately Homes Loan


* BOND PRICING: For the Week May 9 to May 13, 2011


C Z E C H   R E P U B L I C

SAZKA AS: Bankruptcy Administrator Recognizes CZK15-Bil. Claims
Lenka Ponikelska at Bloomberg News, citing Hospodarske Noviny,
reports that Sazka AS's bankruptcy administrator Josef Cupka
recognized CZK15 billion (US$879 million) in claims by creditors
of the company.

According to Bloomberg, the newspaper related that Czech financial
groups PPF AS and KKCG hold more than CZK6 billion in claims.

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.


OXYMETAL SA: Seeks Creditor Protection
David Whitehouse at Bloomberg News reports that Oxymetal SA said
in a statement on the Les Echos Web site that it has applied for
creditor protection.

Oxymetal SA is a France-based company that specializes in the
cutting of metals for use in all sectors of industry.


HONSEL AG: Martinrea International to Buy Assets
Foundry Management and Technology reports that Martinrea
International Inc., a Toronto-based Tier 1 automotive
manufacturer, is in partnership with a private equity group to buy
the assets of Honsel AG in a bankruptcy sale.

According to Foundry, Martinrea has offered a reported US$159
million for Honsel, together with Anchorage Capital Partners Ltd.
Prior to Honsel's insolvency declaration last October, Anchorage
had acquired a large volume of Honsel's debt, Foundry relates.
Martinrea and Anchorage were chosen by the German bankruptcy court
to submit a purchase agreement for Honsel.  According to
Martinrea's statement, a conclusive agreement is expected soon,
Foundry notes.

During a financial restructuring in 2009, Belgian investment group
RHJ International (a unit of private equity group Ripplewood
Holdings) invested an estimated US$70 million in the Honsel Group,
in exchange for a 51% stake holding, while the remaining 49%
remained held by Honsel's senior term lenders, Foundry recounts.

Honsel is a German foundry group with plants in Brazil, France,
Mexico, and Spain.  The company produces aluminum sand and
permanent mold castings, and aluminum and magnesium diecastings.
It has a reported 3,800 employees and produces four major product
lines: engine blocks, cylinder heads and oil pans; transmission
products (housings and control parts); suspension products (e.g.,
engine cradles); and body parts (front boards and extrusion

PFLEIDERER AG: Reaches Creditors' Deal on Financial Restructuring
Pfleiderer AG has agreed with its creditors on the financial
details of the Group's restructuring.  The relevant contracts have
been signed by all the creditors.  The contents of the contracts
are in accordance with the key points announced on April 26, 2011.
The financial restructuring of the Pfleiderer Group is therefore
progressing as planned.

Hans H. Overdiek, Chairman of the Executive Board of Pfleiderer
AG, related: "This is a good day for Pfleiderer.  The agreement
with our creditors means that the foundations have now been laid
to return the Pfleiderer Group to a sound financial and equity
base once again.  The implementation of the concept will lead to
an enormous reduction in debt, which will give us new scope for
action.  We now have the opportunity to move forward with the
restructuring of the Group's operations and to conclude it

Hans-Joachim Ziems, Executive Board Member for Restructuring,
said: "The substantial waiver of receivables by our financial
creditors is subject to the hybrid bondholders and the
shareholders approving the proposed measures without any
qualifications.  We will make all efforts in the coming weeks and
months to obtain that approval, because there is no alternative to
this rescue concept for Pfleiderer with its workforce of more than
5000 people. Implementation of these measures is in the interests
of all stakeholders."

            Key Points of the Financial Restructuring

The restructuring concept includes the creditors' waiver of their
claim to financial receivables (excluding the separate Eastern
Europe financing group) equal to 40% of the utilized credit lines.
They have also waived a part of the accrued interest and fees.
This represents a total amount of approximately EUR380 million.

Furthermore, the creditors will provide Pfleiderer with an
additional credit line of EUR100 million in May 2011 in the form
of a first-lien secured loan.  Half of the super senior loan is to
be repaid after the capital changes have been carried out.

The Executive Board and the Supervisory Board will recommend to
the shareholders at an extraordinary shareholders' meeting, which
will probably be held in the second half of July 2011, that a
massive capital reduction be carried out.  As a result, the
shareholders will at first hold only approximately 1 percent of
the present share capital, but they will be able to increase that
to up to 16% in the context of a capital increase.

In order to regain a sound equity base, a capital increase against
cash contributions will then be carried out in which funds of up
to EUR100 million are to be raised.  Of that total, EUR60 million
is to be contributed by the creditors and EUR40 million is to be
contributed by the shareholders of Pfleiderer or by other third
parties.  The creditors are also prepared to provide a further
first-lien loan in the amount of that portion of the capital
increase of up to EUR40 million that is not contributed by the
shareholders or other third parties, so that the planned cash
inflow of EUR100 million is in any case guaranteed.

When the capital increase is completed, the creditors are to hold
at least 80% of the increased share capital of Pfleiderer.  This
proportion may increase to the extent that existing old
shareholders or third parties do not subscribe to the shares
allocated to them in the capital increase.  The majority
shareholding reflects the significant waiver of receivables and
the guarantee of the cash inflow through the super-senior loan of
up to EUR40 million.  The shareholders can increase their stake in
the company's share capital by up to 15% from 1% to up to 16% by
subscribing to the portion of the capital increase which is
assigned to them against cash contributions of up to
EUR40 million.

The holders of the hybrid bond issued in 2007 with a nominal
volume of EUR275 million are to fully waive their rights and in
return will hold 4% of the company's share capital after the
capital increase.  Including the accrued unpaid interest, this
amounts to further debt relief of approximately EUR340 million.

Those creditors that waive 40% of their receivables but do not
wish to participate in the capital increase will receive bonds
with warrants that can be converted into shares under certain

Conditions for approval and further steps to be taken
The implementation of the measures agreed upon is subject to the
conditions set by the creditors that both the bondholders and the
shareholders agree to the steps to be taken without any
qualifications in separate meetings.

According to current planning, a meeting of the bondholders is
planned for June and an extraordinary meeting of the shareholders
of Pfleiderer is planned for the second half of July.

The implementation of the restructuring concept is expected to
last until well into the second half of 2011 and possibly into the
first quarter of 2012.

Headquartered in Neumarkt, Germany, Pfleiderer AG -- is a producer and supplier of
engineered wood products.  It acts as a partner for wood trade
outlets, interior designers, the building and do-it-yourself
trade, and the furniture industry in more than 80 countries
worldwide.  The Company offers a range of base products, such as
raw chipboard and particleboard, tongue and groove board, medium-
density fiberboard and high- density fiberboard, and surfaced
products, such as melamine-faced chipboard, high-pressure
laminates and post-forming elements, laminate flooring and a range
of films and surfacings.  The Company operates through three
geographical segments: Western Europe, including Germany and
Sweden; Eastern Europe, consisting of Poland and Russia, and North
America, comprised of Canada and the United States.


CLARIS LIMITED: Moody's Cuts Ratings on Series 22-25 Notes to 'B1'
Moody's Investors Service has downgraded the ratings of 5 series
of notes issued by Claris Limited.  The notes affected by the
rating action are:

   Issuer: Claris Limited Series 20,21,22 ,23,25/2004 (Millesime)

   -- EUR25M Series 20 Notes, Downgraded to Baa1 (sf) and Placed
      Under Review for Possible Downgrade; previously on Oct 29,
      2010 Confirmed at A1 (sf)

   -- JpnY500M Series 21 Notes, Downgraded to Baa3 (sf) and Placed
      Under Review for Possible Downgrade; previously on Oct 29,
      2010 Confirmed at Baa1 (sf)

   -- EUR15M Series 22 Notes, Downgraded to B1 (sf) and Placed
      Under Review for Possible Downgrade; previously on Oct 29,
      2010 Confirmed at Ba1 (sf)

   -- EUR10M Series 23 Notes, Downgraded to B1 (sf) and Placed
      Under Review for Possible Downgrade; previously on Oct 29,
      2010 Confirmed at Ba1 (sf)

   -- US$5M Series 25 Notes, Downgraded to B1 (sf) and Placed
      Under Review for Possible Downgrade; previously on Oct 29,
      2010 Confirmed at Ba1 (sf)


This transaction is a synthetic CDO currently referencing a
portfolio of 45 European ABS assets, all initially rated Aaa. At
present, the portfolio is composed mainly of Prime RMBS (90%) and
Subprime RMBS (6%). Series 20, 21, 22, 23 and 25 have thicknesses
of 4.31%, 2.70%, 3.50%, 3.77% and 2.16% respectively and credit
enhancements of 3.77%, 2.16%, 0.27%, 0%, and 0% respectively.

The rating downgrade actions reflect a deterioration in the credit
quality of the underlying portfolio. Since the last rating action
in October 2010, 14 reference assets amounting to 30% of the
portfolio have been downgraded or placed on review for possible
downgrade. Currently, the two lowest rated assets with a
cumulative 4.85% exposure are two Greek Prime RMBS assets which
were recently downgraded to Baa3. 21% of the underlying pool
remains on review for possible downgrade including two Portuguese
Prime RMBS which are currently rated A1. Moody's left the
transaction's ratings under review for possible downgrade based on
this and given the recent watchlisting of Greece which may place
pressure on the underlying Greek RMBS transactions. For more
information please see the press release "Moody's places Greece's
ratings on review for possible downgrade" 9th of May 2011 and the
special comment "Assessing the impact of the Eurozone sovereign
debt crisis on structured finance transactions" dated 20th of
April 2011.

Moody's performed a number of sensitivity analyses in addition to
the standard notching assumptions applied to assets under review
for possible downgrade. In particular, Moody's considered a model
run where assets under review are stressed by one notch more than
the standard notching assumptions. The model output for this run
differs from the base run by 1 notch.

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

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

Moody's did not run a separate loss and cash flow analysis other
than the one already done using the CDOROM model. For a
description of the analysis, refer to the methodology and the
CDOROM user guide on Moody's website.

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

DANAOS CORP: Reports US$5.44MM Net Income in 2011 First Quarter
Danaos Corporation reported net income of US$5.44 million on
US$98.98 million of operating revenue for the three months ended
March 31, 2011, compared with a net loss of US$79.76 million on
US$79.66 million of operating revenue for the same period during
the prior year.

The Company's balance sheet at March 31, 2011, showed US$3.58
billion in total assets, US$3.11 billion in total liabilities and
US$474.80 million in total stockholders' equity.

A full-text copy of the press release announcing the financial
results is available for free at

                     About Danaos Corporation

Headquartered in Piraeus, Greece, Danaos Corporation (NYSE: DAC)
-- is an international owner of
containerships, chartering its vessels to many of the world's
largest liner companies.  The Company operates through a number of
subsidiaries incorporated in Liberia and Cyprus.  As of May 31,
2010, the Company had a fleet of 45 containerships aggregating
193,629 TEUs, making the Company among the largest containership
charter owners in the world, based on total TEU capacity.

As reported in the Troubled Company Reporter on June 22, 2010,
PricewaterhouseCoopers S.A., in Athens, Greece, expressed
substantial doubt about the Company's ability to continue as a
going concern after auditing the Company's financial statements
for the year ended Dec. 31, 2009.  The Company noted of the
Company's inability to comply with financial covenants under
its current debt agreements as of December 31, 2009, and its
negative working capital deficit.

PricewaterhouseCoopers S.A.'s report regarding the 2010 financial
results did not contain a substantial doubt about the Company's
ability to continue as a going concern.

HELLENIC TELECOMS: Moody's Cuts Long-Term Issuer Rating to 'Ba1'
Moody's Investors Service has downgraded to Ba1 from Baa3 the
long-term issuer rating of Hellenic Telecommunications
Organisation S.A. (OTE). Concurrently, Moody's has also downgraded
(i) the senior unsecured ratings on the global medium-term notes
(GMTN) and global bonds issued by OTE Plc -- OTE's fully and
unconditionally guaranteed subsidiary -- to Ba1 from Baa3; and
(ii) OTE's short-term debt ratings to Not Prime from Prime-3.
Simultaneously, Moody's has assigned OTE a corporate family rating
(CFR) and probability of default Rating (PDR) of Ba1. All long-
term ratings remain on review for possible further downgrade.


The key driver for the ratings downgrade is Moody's revised
expectation after OTE's Q1 2011 performance, which showed a
steeper-than-anticipated deterioration in revenues and cash flow.
This highlights the uncertainties and low visibility with regard
to the company's future performance. Contraction in domestic
consumption resulting from the austerity measures implemented in
May 2010 by the Greek government will further affect OTE's
revenues and cash flow generation.

"Moody's expects that OTE's operating performance will continue to
be severely affected by adverse macroeconomic conditions, intense
competition across all segments and ongoing regulatory
constraints," says Carlos Winzer, a Moody's Senior Vice President
and lead analyst for OTE. "These factors will continue to impact
the company's cash flow generation and financial ratios beyond the
level of tolerance for an investment-grade rating, despite the
fact that strong support from Deutsche Telekom (DT, rated Baa1 on
review for possible upgrade) continues to be factored into the
overall rating," adds Mr. Winzer.

OTE's business lines suffered double-digit revenue declines during
Q1 2011, with a 12.6% fall in group revenues deepening the
deterioration experienced during 2010 (full-year revenue fell by
8% in 2010). Although OTE reduced opex and capex substantially,
the company's reported EBITDA margin deteriorated by more than two
percentage points and reported cash flow from operations was down
by 17%. Moody's anticipates further deterioration in cash flow
related metrics over the short to medium term.

The ratings remain on review for possible further downgrade and
Moody's currently expects no upward pressure. This is also in
light of the rating agency's ongoing review of the sovereign B1
government bond ratings announced on May 9, 2011. The focus of
Moody's review of OTE's ratings will include an assessment of
growing challenges in the domestic economic environment. This will
include, but not be limited to, the potential need for an
additional fiscal austerity program and the extent to which this
might deepen and prolong the recession and further undermine
consumer spending, thereby further affecting OTE's cash flow and
financial metrics.

The review will also include an assessment of the extent to which
OTE will be able to further mitigate the impact of possibly even
more adverse macroeconomic or competitive conditions on its
revenues and cash flow by implementing further cost-cutting
initiatives in a very stringent labor-cost environment. In
addition, the regulatory framework does not support OTE's need to
swiftly react to competitive challenges by introducing lower
prices, products and bundles. Furthermore, there is low visibility
with regard to OTE's future cash flow generation capacity and the
extent to which it will continue to be affected by the very
challenging market environment in Greece. In the rating agency's
view, further negative pressure on the ratings could occur if
these considerations are not sufficiently addressed, leading to a
deterioration in OTE's credit profile with no sustainable prospect
of recovery in the medium term. More specifically, as indicated
above, Moody's believes that prolonged double-digit revenue and
EBITDA declines with weak prospects of recovery would place
substantial pressure on the ability of management to contain any
deterioration in cash flow generation and thus continue to
negatively impact financial metrics.

Moody's continues to factor substantial support from DT into OTE's
ratings. This support is a result of DT's 30% ownership of OTE --
which gives DT effective control and full consolidation of the
Greek telecoms operator -- and the shareholder agreements between
DT and the Greek government. This support was also made evident
through DT's recent EUR150 million backup shareholder facility. An
increase in DT's equity stake in OTE and/or a more explicit
statement of support by DT towards OTE could alleviate some
negative pressure on the ratings.

Although OTE placed a EUR500 million bond on April 8, 2011 -- thus
covering refinancing needs through 2012 -- the company has debt
maturities of EUR1.8 billion in 2013. At this point, it is not yet
clear how OTE plans to refinance this debt.

Ratings affected by the rating action:

   -- Short-term issuer rating of Hellenic Telecommunications
      Organisation S.A. and the commercial paper rating of OTE Plc
      downgraded from Prime-3 to Not Prime.

   -- GMTN program of OTE Plc downgraded to (P)Ba1 from (P)Baa3.
      Ratings left on review for possible further downgrade.

   -- Senior unsecured bonds issued under OTE Plc's GMTN program
      downgraded to Ba1, LGD4 from Baa3. Ratings left on review
      for possible further downgrade.

   -- Long-term issuer rating of Hellenic Telecommunications
      Organisation S.A. downgraded to Ba1 from Baa3. Rating left
      on review for possible further downgrade.

   -- CFR of Ba1, on review for possible downgrade, assigned to
      Hellenic Telecommunications Organisation S.A.

   -- PDR of Ba1, on review for possible downgrade, assigned to
      Hellenic Telecommunications Organisation S.A.


The principal methodology used in rating Hellenic
Telecommunications Organization S.A. was the Global
Telecommunications Industry Methodology, published December 2010.
Other methodologies used include Loss Given Default for
Speculative Grade Issuers in the US, Canada, and EMEA, published
June 2009 and the Government-Related Issuers methodology,
published July 2010.

Headquartered in Athens, Greece, Hellenic Telecommunications
Organisation SA (OTE) is the Greek incumbent full-service
telecommunications provider, servicing 3.7 million fixed access
lines, 1.2 million fixed-line broadband connections and some 7.6
million mobile customers in Greece. In addition to its wireless
operations in Greece, the company offers mobile telephony services
to customers in Albania, Bulgaria and Romania through Cosmote,
Greece's leading provider of mobile telecommunications services,
and a number of subsidiaries, all of which command leading
positions in their respective markets. Additionally, OTE offers
wireline services in Romania through RomTelecom and has a
significant minority interest in Serbia's incumbent operator,
Telekom Srbija. OTE also provides satellite broadcasting services
in Western and Eastern Europe, the Middle East, Africa, India and
Pakistan. OTE had total revenues in 2010 of EUR5.5 billion and the
company reported EBITDA of EUR1.7 billion.

MARFIN INVESTMENT: S&P Lowers LT Corporate Credit Rating to 'B'
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on Greece-based investment-holding company Marfin
Investment Group Holdings S.A. (MIG) to 'B' from 'B+'. "At the
same time, we affirmed the 'B' short-term corporate credit
rating. The outlook is negative," S&P related.

The rating action on MIG follows S&P's downgrade of Greece
(Hellenic Republic; B/Watch Neg/C) on May 9, 2011.

"According to our methodology on rating non-sovereign issuers
higher than sovereigns in the European Monetary Union (EMU), we
assess MIG's country risk exposure to Greece as high because the
company holds over 70% of its assets in Greece. In addition, more
than 70% of MIG's consolidated revenues and earnings originate
locally, primarily in Greece's food industry, and transportation
and healthcare sectors. We consider MIG's sensitivity to country
risk as moderate, however, given its status as a diversified
holding company," S&P explained.

"We believe that Greece's declining credit quality, together with
its tough economic and financial environment, will negatively
effect MIG's underlying operations, including those of Marfin
Popular Bank (not rated), in which MIG holds a small minority
stake, as well as the valuations of other holdings. We also
believe that MIG may have to support its weaker holdings through
cash infusions in 2011, which would increase net debt at MIG
level. MIG's participation in the Greek government's privatization
program would also accentuate the company's concentration on the
domestic economy," S&P continued.

"The negative outlook reflects our view of the uncertainties about
MIG's future financial and operational policies, and takes into
account the CreditWatch negative status on the Greek sovereign
ratings," S&P stated.

Downside rating risk could stem from falling asset values,
defensive cash infusions into the current portfolio, the quality
of new assets to be acquired, or a combination of all. Further
negative rating actions on the Greek sovereign could exacerbate
downward pressure on MIG's ratings to the extent that there could
be adverse effects, in S&P's view, on the company's liquidity
position or some of its operations.

"Alternatively, we could revise the outlook to stable if Greece's
economy were to stabilize and if MIG were to adopt and sustain a
less aggressive operational and financial strategy," S&P noted.

NATIONAL BANK: S&P Lowers Counterparty Credit Ratings to 'B/C'
Standard & Poor's Ratings Services lowered its long- and short-
term counterparty credit ratings to 'B/C' from 'B+/B' on the four
Greek banks it rates -- National Bank of Greece S.A. (NBG), EFG
Eurobank Ergasias S.A. (EFG), Alpha Bank A.E. (Alpha), and Piraeus
Bank S.A. (Piraeus) -- and on NBG's strategically important
Bulgarian subsidiary, United Bulgarian Bank A.D. (UBB). The 'CCC-'
issue ratings on the hybrid securities of the four Greek banks are

"With the exception of these 'CCC-' issue ratings on the hybrid
securities, all of our ratings on all of these banks remain on
CreditWatch with negative implications, where they were placed on
Dec. 3, 2010," S&P stated.

S&P noted, "These rating actions follow the lowering and
maintenance on CreditWatch negative of our ratings on the Hellenic
Republic (Greece; B/Watch Neg/C) on May 9, 2011."

According to S&P, "The rating actions on these banks reflect our
view of the increased risk that Greece will take steps to
restructure the terms of its commercial debt. The downgrades of
the four abovementioned Greek banks factor in the impact that we
believe their direct and indirect exposure to what we see as
Greece's increased sovereign risk may have on these banks'
business and financial profiles--particularly on their domestic
retail funding bases."

"We view Greek banks as being directly exposed to Greece's
declining creditworthiness through their large portfolios of Greek
government debt, which accounts for 80%-220% of Tier 1 capital for
the four Greek banks (Alpha, in our view, being the least
exposed). In our opinion, these large Greek sovereign debt
portfolios expose the four Greek banks to the heightened risk
we see of the Greek government extending its bond and loan
maturities," S&P continued.

"In this context, we also believe that the continued erosion of
market confidence in Greece's creditworthiness may trigger a
further increase in the volatility of these banks' domestic
customer deposit bases. We observe that Greek retail customers
have proved highly sensitive to the real or perceived
deterioration of Greece's sovereign credit quality, as evidenced
by the sizable deposit outflows experienced by the Greek financial
system in the past 18 months," related S&P.

"The one-notch downgrade of the four Greek banks brings our
ratings on the banks in line with those on the sovereign (which we
downgraded by two notches). In this context, our rating actions on
the four Greek banks take into account our view that the potential
impact of these banks' direct exposure to the Greek sovereign, in
the event Greece restructures its commercial debt, is the main
risk weighing on the four banks' financial profiles at their
current rating levels," S&P said.

S&P noted, "Our ratings on the four Greek banks incorporate our
view that the Greek authorities -- in the EU framework -- are
"supportive" of Greece's financial system. Consequently, our
assessment of the stand-alone credit profiles (SACPs) of Greek
banks takes into account what we consider to be the benefits of
being a bank in a regulated and supervised environment, with
access to extraordinary liquidity, such as that provided under the
Greek government's support package and by the European Central
Bank (ECB). We are of the view that such extraordinary liquidity
is likely to remain available, even under the relatively stressful
scenarios that could materialize in the event of further
acceleration of deposit outflows."

"Our downgrade of UBB reflects our view of its SACP and the risks
we see related to UBB's reliance on funding provided by parent
NBG. It also reflects our view of the continued deterioration of
UBB's asset quality and the knock-on effect on its earnings. Even
if there is no indication that NBG has weakened its supportive
stance toward UBB, we believe that NBG could withdraw its current
support for UBB if its financial profile comes under greater
pressure," stated S&P.

"The negative CreditWatch implications on all of our ratings on
the four Greek banks (except our ratings on the hybrids) mirror
those on our sovereign ratings on Greece, indicating the
likelihood of a further downgrade of the four Greek banks in the
event of another sovereign downgrade," S&P noted.

"We could also lower our ratings on the four Greek banks if we
take the view that the impact of Greece's adverse operating
environment and frail market confidence could weaken their
financials beyond the levels we have already factored into the
ratings. Specifically, we could lower our ratings on the
four Greek banks if we believe that deposit outflows could occur
of such magnitude that measures beyond ECB support might be
necessary to contain the impact on these banks' liquidity
positions," S&P explained.

S&P continued, "A downgrade of the four Greek banks would also be
possible if, contrary to our current belief, asset quality
deteriorates more than we anticipate, or if these banks report
operating losses that materially impair their capital bases. We
believe that public perception of an increased likelihood of
government debt restructuring could have a negative effect on
private-sector borrowers' willingness to pay their debt,
particularly in the context of the Greek private sector's
comparatively weak payment culture with respect to Western
European standards."

"The negative CreditWatch listing of UBB primarily reflects that
of its parent, NBG. Our CreditWatch resolution of UBB will
therefore depend on that of NBG, but also on our analysis of UBB's
contingency plans to replace funding from its parent if such
support were withdrawn," S&P added.


ARDAGH GLASS: Moody's Assigns '(P)Caa1' Rating to 2018 PIK Notes
Moody's Investors Service has assigned a provisional (P)Caa1
rating to the proposed bond issuance of EUR395 million senior PIK
notes maturing in 2018, to be issued in a EUR and USD series by
ARD Finance S.A., the indirect holding company of Ardagh Packaging
Group plc. Existing ratings of Ardagh, including the B2 Corporate
Family Rating as well as instrument ratings of the existing debt
issues have been affirmed with positive outlook.

The proceeds from the proposed bond issuance are expected to be
used to repay the existing PIK notes that mature in 2015 with a
face value of EUR127 million and approximately EUR242 million
outstanding currently. Moody's understands that management intends
to distribute the remaining net proceeds of about EUR140 million
to its shareholders either through a share buyback or other return
of capital.

Moody's issues provisional ratings in advance of the final sale of
securities and these reflect the rating agency's credit opinion
regarding the transaction only. Upon a conclusive review of the
final documentation, Moody's will endeavor to assign definitive
ratings to the instruments. A definitive rating may differ from a
provisional rating.


"Moody's notes that the contemplated transaction increases the
absolute amount of debt outstanding and is therefore viewed as
credit negative, as the increase in debt is in contrast to Moody's
expectation of a focus on deleveraging following the Impress
acquisition in late 2010" says Anke Rindermann, Moody's lead
analyst for Ardagh. "At the same time, we note that the increase
in leverage is moderate and that solid operating performance over
the past months in line with Moody's expectation should still
enable Ardagh to achieve credit metrics in line with a higher
rating category over the next quarters as indicated by the
positive rating outlook. In addition, the rating agency considered
positively the company's recent announcement to file for an IPO in
the United States later this year" she concluded.

No details have been announced so far with regards to the targeted
size of the potential IPO or what proportion of proceeds would be
applied towards debt repayments. However, Moody's assumed in its
positive rating outlook that a meaningful portion of any potential
floatation proceeds would be used to reduce indebtedness in line
with management's stated strategy to de-lever the group.

The positive outlook is based on Moody's expectation that the
enlarged group should be able to reduce leverage towards levels of
5x debt/EBITDA over the next quarters on the back of ongoing cost
saving initiatives, potential synergies and the application of
positive free cash flows and potentially part of IPO proceeds to
net debt reduction.

More fundamentally, the B2 corporate family rating continues to
incorporate (i) the solid scale with sales in excess of EUR3
billion and solid market positions of the combined group in the
rather low-cyclical food and beverage industry, where Ardagh
generates the vast majority of sales; (ii) an improving geographic
spread with the focus of operations still on the European market
but with activities also to include Impress existing presence in
North America and Australasia; as well as (iii) an improved
substrate diversity from a pure glass container focus to a mix of
glass and metal.

These positive rating drivers are balanced by (i) high leverage
following the acquisition of Impress and more recently FiPar, that
is expected to reduce only gradually; (ii) the execution risk
inherent in a transaction of transformational character; as well
as (iii) the exposure to volatile raw material prices which need
to be passed on to customers in a timely fashion to preserve solid
profitability levels.

The provisional instrument rating of (P)Caa1 (LGD 6, 94%) for the
new PIK notes is two notches below the Corporate Family Rating,
reflecting their position as most junior debt instrument within
the group. The PIK notes will be subordinated to all other debt
instruments in the group and only benefit from certain share
pledges as well as intercompany loans which Moody's does not
consider as security in its LGD assessment considering the
subordinated ranking of these securities in a default scenario.

The ratings could be upgraded over the next quarters should Ardagh
be able to reduce leverage in terms of Debt/EBITDA towards 5 times
and keep interest coverage in terms of (EBITDA-Capex)/Interest
around 1.5x by improving its operating profitability and continued
free cash flow generation.

A deterioration in profitability, caused for instance by
increasing competition or the inability to manage volatile raw
material costs, negative free cash flow or a more aggressive
capital structure as indicated by Debt/EBITDA moving towards 6
times and interest coverage in terms of (EBITDA-Capex)/Interest
towards 1x could put negative pressure on the ratings.


   Issuer: ARD Finance S.A.

   -- Senior Unsecured Regular Bond/Debenture, Assigned a range of
      94 - LGD6 to (P)Caa1


   Issuer: Ardagh Glass Finance plc

   -- Senior Secured Regular Bond/Debenture, Upgraded to LGD2, 23%
      from LGD2, 29%

   -- Senior Unsecured Regular Bond/Debenture, Upgraded to LGD5,
      74% from LGD5, 77%

   Issuer: Ardagh Packaging Finance plc

   -- Senior Secured Regular Bond/Debenture, Upgraded to LGD2, 23%
      from LGD2, 27%

   -- Senior Unsecured Regular Bond/Debenture, Upgraded to LGD5,
      74% from LGD5, 77%

The principal methodology used in rating ARD Finance S.A. was the
Global Packaging Manufacturers: Metal, Glass, and Plastic
Containers Industry Methodology, published June 2009. Other
methodologies used include Loss Given Default for Speculative
Grade Issuers in the US, Canada, and EMEA, published June 2009.

Ardagh Glass Group, registered in Ireland, is a leading supplier
of glass and metal containers by volume focusing on the European
food and beverage market with some operations also in North
America and Australasia. Pro forma for the acquisition of Impress
in late 2010, which more than doubled the size of the group, the
company generated sales of about EUR3 billion in 2010.

TITIAN CDO: S&P Reinstates 'CCC-' Ratings on Five CDO Tranches
Standard & Poor's Ratings Services reinstated its 'CCC-(sf)'
credit ratings on Titian CDO PLC's series F, G, H, I, and O, which
are European synthetic collateralized debt obligation (CDO)
tranches. "Following the reinstatement of the ratings, we have
lowered them to 'CC (sf)' on these five series of notes," S&P

"On April 15, 2011, we withdrew the 'CCC- (sf)' ratings on these
five series of notes following confirmation from one of the
transaction's participants that the notes had been repurchased.
They subsequently informed us that this is not the case and that
the notes are still outstanding. Therefore, we have reinstated our
'CCC- (sf)' ratings on these five series of notes," S&P related.

"In addition, we have received confirmation that losses from
credit events in the reference portfolio have exceeded the
available credit enhancement for all series. Therefore, we do not
expect the noteholders to receive full principal upon maturity or
early redemption. Consequently, we have lowered our ratings on
these notes to 'CC (sf)'," S&P noted.

Titian CDO is a European corporate investment-grade synthetic CDO

Ratings List

Ratings Reinstated and Lowered

         To                 From

Titian CDO PLC
A$17 Million Floating-Rate Notes Series F

         CCC- (sf)          NR
         CC (sf)            CCC- (sf)

Titian CDO PLC
$50 Million Floating-Rate Notes Series G

         CCC- (sf)          NR
         CC (sf)            CCC- (sf)

Titian CDO PLC
EUR13 Million Fixed-Rate Notes Series H

         CCC- (sf)          NR
         CC (sf)            CCC- (sf)

Titian CDO PLC
$10 Million Floating-Rate Notes Series I

         CCC- (sf)          NR
         CC (sf)            CCC- (sf)

Titian CDO PLC
$30 Million Floating-Rate Notes Series O

         CCC- (sf)          NR
         CC (sf)            CCC- (sf)

NR--Not rated.


ASTANA FINANCE: Can Avail of Restructuring Regime
JSC Astana Finance on May 11 disclosed that certain changes have
been made to the laws of the Republic of Kazakhstan that will
allow the Company to take advantage of a restructuring regime
previously not available to it.  This restructuring regime has in
the recent past been successfully used by certain large Kazakh
banks.  Under this restructuring regime, the Company can, under
the supervision of the National Bank of Kazakhstan and of a
specialized financial court, agree with two thirds of its
creditors to a restructuring plan which will bind all creditors
and obtain a "stay" on any legal enforcement proceedings that may
be taken by creditors.

There will also be the potential for the Company's restructuring
plan, once approved by the authorities in Kazakhstan, to be
recognized and made effective in both the United Kingdom and the
United States under the UNCITRAL Model Law on Cross Border

JSC Astana has not yet applied for an exemption from the liability
to tax, under Kazakh law, that may arise as a result of the
restructuring, but intends to do so during the course of the

JSC Astana also disclosed that it has unpaid tax liabilities under
Kazakh law.  These include 228 million (including penalties) in
respect of unpaid VAT and between 1,450 million (including
penalties) and 5,792 million (including penalties) in respect of
unpaid corporate tax, the exact amount of which is still under
discussion between the Company and the Kazakh tax authorities.
These liabilities were incurred between 2006 and 2009, prior to
the changes in the Company's management that took place in 2010.

Furthermore, JSC Astana Finance Leasing Company announced the
publication of the following financial information: (i) its
unaudited financial results for the year ended December 31, 2010;
(ii) its unaudited trading results for the quarter ended
December 31, 2010; and (iii) certain financial projections.

Joint Stock Company Astana Finance (Astana Finance), through its
subsidiaries, provides various financial products and services in
the Republic of Kazakhstan.  It provides current accounts, saving
accounts, and other deposits; investment savings products; and
various loans comprising mortgage, consumer, and car loans, as
well as other credit facilities.


BANK OCHRONY:  Fitch Assigns 'D' Individual Rating
Fitch Ratings has assigned Bank Ochrony Srodowiska's (BOS) EUR250
million (around PLN1bn equivalent) five-year, 6%, senior unsecured
Eurobond issue a final rating of 'BBB'.

The assignment of the final rating follows the completion of the
issuance and receipt of documents conforming to the information
previously received.  The final rating is the same as the expected
rating assigned on April 8, 2011.

The issue matures on May 11, 2016, and the proceeds will be used
for the bank's growth and to a large extent to refinance a
significant outflow of deposits driven by legislative changes in
Poland, as selected institutions from the public sector are
required to transfer their disposable funds from commercial banks
to the Ministry of Finance. At the end of April 2011, BOS's
estimate of the amount to be replaced in 2011 totalled about
PLN1.1 billion, of which almost PLN0.9 billion falls due in May.

BOS is a universal bank with a strong focus on preferential and
commercial financing of ecologically-friendly projects. About 98%
of its share capital is owned by state-controlled entities, while
the remainder has been listed on the Warsaw Stock Exchange since

Fitch currently rates BOS:

   -- Long-term foreign currency IDR: 'BBB'; Outlook Stable
   -- Short-term foreign currency IDR: 'F3'
   -- Individual Rating: 'D'
   -- Support Rating: '2'
   -- Support Rating Floor: 'BBB'


CITY MALL: May Find Buyer at Third Auction
Cristi Moga at Ziarul Financiar reports that City Mall shopping
center in Bucharest, currently bankrupt, might find a buyer at the
third auction, for a price of at least EUR26.2 million.

According to ZF, Casa de Insolventa Transilvania, the project's
liquidator, sold a document detailing the conditions of contract
to an interested investor.

Sources told ZF a potential buyer was Austrian investment fund
Immofinanz, the biggest foreign owner of property on the local
market, whose portfolio stands at EUR900 million.

The deadline for buying the conditions of contract document and
depositing the auction guarantee was May 13, with the said
document costing RON5,000 plus VAT and the guarantee set at EUR5.2

The investor that bought the conditions of contract document had
not deposited the guarantee on May 12 so its participation is yet


* RUSSIAN TAMBOV REGION: Fitch Affirms Ratings at 'BB-'
Fitch Ratings has affirmed the Russian Tambov Region's ratings at
Long-term foreign and local currency 'BB-', Short-term foreign
currency 'B' and National Long-term 'A+(rus)'. The Outlooks for
the Long-term ratings are Stable.

The ratings reflect the region's satisfactory budgetary
performance, prudent financial management leading to moderate
direct risk and strong cash position. The ratings also factor in
the modest size of the local economy and contingent liabilities in
the form of guarantees issued.

Fitch notes that sustaining sound budgetary performance with
margins above 10%, and containment of contingent liabilities and
debt growth at a manageable level in the medium term would be
positive for the ratings. Conversely, structural deterioration of
budgetary performance, triggered by operating expenditure growth
and increasing refinancing risk due to short-term borrowing, would
be negative for the ratings.

Fitch expects continuing stabilization of the region's budgetary
performance in 2011-2013. The operating margin will likely be in
line with the 2005-2008 average of 10%, as the fluctuation of
budgetary performance in 2008 and 2010 was an exception rather
than a change of trend. The region recorded moderate budgetary
performance deterioration in 2010. However, the operating balance
remained satisfactory at 9.4% of operating revenue (2009: 14.3%).
Tambov's capital spending is partly linked with national
subsidies. It spiked in 2010 at about RUB5.5 billion and Fitch
expects it to average RUB4.5 billion-RUB5 billion over the medium
term, limiting borrowing.

The region's debt burden is relatively low. Fitch expects direct
risk to remain unchanged by end-2011 in absolute terms and stay
low at about 13% of current revenue. In the medium term, the
region intends to replace maturing bank loans with new loans from
the federal budget with longer maturity. The region's direct risk
in 2010 increased by 18% to RUB3.2 billion from RUB2.7 billion one
year earlier, due to new borrowing from the federal budget. The
debt stock at end-2010 was roughly equally divided between bank
loans and budget loans from the federal government and remained
relatively low at 13% of current revenue.

The region's contingent liabilities, stemming from issued
guarantees and public sector debt are relatively high, albeit
declining to RUB3.5 billion in 2010 from a peak of RUB6.2 billion
in 2008. The region issues guarantees as a means of funding its
investment program, mainly via public companies using those
guarantees for debt financing of capex projects. Although indirect
risk is well monitored, the excessive use of guarantees exposes
the region's budget to the risk of expenditure increase.

Tambov's economy is modestly sized and the region's wealth
indicators remain well below the national average. This means the
region has a relatively weak tax capacity and current federal
transfers constitute a significant proportion of current revenue
(about 51% in 2010). However, federal transfers act as a
stabilizing factor during recessions, making the region less
vulnerable to external negative shocks.

Tambov Region is located in the centre of European Russia and is
part of the Central Federal District. Tambov's GRP accounted for
0.4% of the national total in 2009 and 0.8% of the national


SAAB AUTOMOBILE: Great Wall Motor to Continue Talks
Joshua Fellman at Bloomberg News, citing Hong Kong's English-
language Standard newspaper, reports that Great Wall Motor Co. is
continuing talks with Spyker cars about possible cooperation after
the Saab-brand owner's deal with Hawtai Motor Group Co. fell

As reported by the Troubled Company Reporter-Europe on May 13,
2011, BBC News said Spyker's funding deal with China's Hawtai has
fallen through, throwing its plans to resume production at the
Swedish carmaker into doubt.   Spyker said the agreement had been
terminated because Hawtai had been unable to secure shareholder
approval, BBC disclosed.  The deal was unveiled on May 3, with
Hawtai pledging to invest EUR150 million (US$221 million; GBP134
million) into Spyker, BBC related.  In exchange for the EUR150
million, Hawtai was to take a 30% stake in Spyker and it had also
reached an agreement on sharing manufacturing and technology, BBC
stated.  BBC noted that Spyker said it would continue work to
secure short- and medium-term funding.  Spyker added in its
statement that it would continue discussions with Hawtai, but
would now talk to other potential Chinese partners as well,
according to BBC.

On April 21, 2011, the Troubled Company Reporter-Europe, citing
Global Insolvency, reported that Saab urgently needs fresh funds
to pay its suppliers and resume production.  Production came to a
halt in recent weeks because of parts shortages after some
suppliers stopped deliveries, Global Insolvency recounted.  Global
Insolvency related that on April 15, the Swedish government
granted the car maker approval to sell its property and set
several conditions for the NDO to allow Saab to release its
collateral.  The conditions were mainly related to the expected
price and the potential buyer, Global Insolvency stated.

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

U N I T E D   K I N G D O M

DUNDEE FOOTBALL CLUB: Exits Administration
Dundee Football Club has formally exited administration after the
relevant paperwork was lodged at the Court of Session in

This means that Bryan Jackson of corporate recovery firm PKF will
no longer have responsibility for the running of the club.
Control of day-to-day affairs will pass to the new club board
comprising Chairman Stuart Murphy, Chief Executive Harry MacLean,
and directors Jim Thomson, Mark Gallacher, Steve Martin, Scott
Glenday and Maurice Kidd when they are formally appointed
tomorrow.  The first official board meeting will take place on

The board consists of representatives of the Dundee FC Supporters'
Society and Dark Blues Business Trust as well as executive
directors and a new financial director.

Harry MacLean was quick to point out that the club has only been
able to survive the ravages of administration because of the
togetherness shown by everyone with the best interests of the club
at heart.

"The outstanding support from the fans, DFCSS, DBBT, external
investment and Club activities has meant we have been able to
survive the past seven months, pass a CVA and get to the stage
where we can take control once again and look to a sustainable
future," he said.

"The administration period has been painful for everyone connected
with the club and we can never forget that people lost jobs and
money as a result of what happened.  We cannot change the past,
however, and we must now look to the future and begin a new
chapter in the history of Dundee FC.

"We would not have had any kind of future to look forward to
without the magnificent efforts of the players, staff, management
and fans and we thank everyone who helped us get to here.  We will
do all we can to support Barry Smith in his efforts to build a
team to be proud of but are acutely aware that the future of the
club can never be jeopardized again.  Sustainability and
transparency may not be the most exciting words in the footballing
vocabulary but they will be at the heart of this club from now on.
What is clear from all of the discussions that we have had is that
we cannot simply copy what has gone on at other clubs but that we
need to write a new way of doing things with the help of the whole

"Thanks once again to everyone who helped make this possible.
Over the past seven months we've shown what can be achieved
through togetherness and if everyone continues to display this
kind of spirit then Dundee can not only survive but also prosper
in the longer term."

Stuart Murphy, the new chairman and a DFCSS representative, said,
"Obviously we are delighted to be looking to the future and, on
this day, want to thank the fans who raised a huge sum of money to
help make this possible.  Without the efforts of the ordinary man
in the street we would not be in this position.  We've come a long
way since those dark days back in October and are now looking to
an exciting new era with players, fans, staff, businesses and the
wider community continuing to pull together.  On behalf of the
DFCSS, I would like to thank everyone for their unstinting support
throughout that dark period.

"We can't change what has gone before but it will for evermore
serve as a sobering reminder of the huge responsibility this new
management structure has in protecting the long term future of the
football club.  The people have provided a platform for us to
consolidate that future and we owe it to them to ensure that's
exactly what happens.  The bond between supporter and club has
never been stronger and we can build on that as we establish
ourselves as a true Community Club for generations to come with
innovative ways of partnership working."

Steve Martin, DBBT representative on the board, added, "This is
excellent news for Dundee supporters everywhere and we're really
excited to be working with everyone at the club and DFCSS as we
move on.  Everyone connected with Dundee has worked miracles to
save the club and should be rightly proud of themselves."

Dundee Football Club -- is a Scottish
football club.

                              *     *     *

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

FOCUS (DIY): Buxton Store's Future Uncertain
Louise Bellicoso at Buxton Advertiser reports that uncertainty
surrounds the future of Buxton's Focus DIY store after the company
went into administration.

As reported in the Troubled Company Reporter-Europe on May 10,
2011, H&V News related that Focus DIY fell into administration.
Ernst & Young, who were appointed as administrator, said they are
looking for a buyer for the company's 144 stores, according to H&V

Ernst and Young have said the Staden Lane store and the company's
other shops will continue to trade while a buyer for all or part
of the business is sought, according to Buxton Advertiser.

Buxton Advertiser notes that customers are being warned that the
company is unable to give a refund on outstanding customer orders
and cannot deliver goods where orders have been placed for home

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.

GLASTONBURY FINANCE: S&P Lowers Rating on Class F Notes to 'CC'
Standard & Poor's Ratings Services lowered its credit ratings on
Glastonbury Finance 2007-1 PLC's class A-1, A-2, B, C, D, E, and F
notes. "At the same time, we removed our rating on the class A-2
notes from CreditWatch negative. The ratings on the classes X
and A-1 notes remain on CreditWatch negative for counterparty
reasons," S&P noted.

"We have taken these rating actions after observing the default of
two assets in the underlying portfolio, and after applying our
updated counterparty criteria," according to S&P.

"We note that, since our previous review in December 2010, Gemini
(Eclipse 2006-3)'s class E notes, which account for 5.9% of the
portfolio, have defaulted. We also observe the continued
underperformance of White Tower 2006-3's 'CCC- (sf)' rated class E
notes, which account for 6.0% of the portfolio. As the portfolio
manager treats White Tower 2006-3's class E notes as defaulted, we
consider it appropriate to treat them defaulted in our analysis.
In our opinion, the two defaults have led to a decrease in the
available credit enhancement to the rated notes," S&P stated.

"Additionally, we note that the failure of the
overcollateralization ratio tests has resulted in the continuing
deferral of interest payments due to the class B, C, D, E, and F
notes, as the issuer is using available interest proceeds (after
payments due to the class X notes and various senior items) to
repay the class A-1 notes," S&P related.

"Because the portfolio has entered its amortization phase and we
believe it is relatively poorly diversified, our analysis took
into account the potential impact of spread compression and
recovery compression," according to S&P.

"As a result of these developments, the ratings on the class A-1,
A-2, B, C, D, E, and F notes were, in our view, no longer
commensurate with the available credit enhancement. We have
therefore lowered our ratings on the class A-1, A-2, B, C, D, E,
and F notes," S&P explained.

Capital Structure

                               as of   Current
Class     Rating           Dec. 2010  notional
     To           From      (mil. GBP) (mil. GBP)   PIK   CE(%)

X    AAA(sf)/WN   AAA(sf)/WN    2.37      2.25      No   99.27
A-1  AA+(sf)/WN   AAA(sf)/WN  201.14    193.51      No   36.14
A-2  A+(sf)       AA+(sf)/WN   33.00     33.00      No   25.38
B    BBB(sf)      A-(sf)       32.36     32.45     Yes   14.79
C    BB-(sf)      BB+(sf)      31.57    3 1.68     Yes    4.46
D    CCC+(sf)     B(sf)        16.40     16.48     Yes    0.00
E    CCC-(sf)     CCC(sf)      10.54     10.63     Yes    0.00
F    CC(sf)       CCC-(sf)      4.28      4.33     Yes    0.00
G    NR                        19.00     19.00     N/A     N/A

PIK--Payment in kind.
CE--Credit enhancement.
WN--Watch Neg.
N/A--Not applicable.
NR--Not rated.
Credit enhancement = (balance of performing assets + principal
cash + recovery value of defaulted assets - notional of notes
considered and any more senior notes)/(balance of performing
assets + principal cash + recovery value of defaulted assets).

"We derived current amounts from the Feb. 4, 2011 trustee report.
We converted euro amounts using the spot rate as of the review
date," S&P stated.

"Our previous rating action on Glastonbury Finance 2007-1 took
place on Jan. 18, 2011, when we placed on CreditWatch negative our
ratings on the class X, A-1, and A-2 notes for counterparty
reasons," according to S&P.

The London Branch of Deutsche Bank AG (A+/Stable/A-1) currently
acts as account bank and custodian. The Bank of New York Mellon
(AA/Stable/A-1+) is currently counterparty to the issuer on
GBP25.9 million of cross currency options.

S&P noted, "In our opinion, our new rating on the class A-2 notes
is not constrained by our updated counterparty criteria.
Therefore, we have removed the rating on class A-2 from
CreditWatch negative."

"The ratings on class X and class A-1 remain subject to the
implementation of a plan the portfolio manager submitted to us on
April 15. We have therefore left the ratings on class X and A-1 on
CreditWatch negative. We intend to resolve these CreditWatch
placements by July 18, 2011," S&P continued.

Glastonbury Finance 2007-1 is a collateralized debt obligation
(CDO) of European commercial mortgage-backed securities (CMBS),
which closed in April 2007. Palatium Investment Management Ltd.
manages the transaction. At closing, Glastonbury issued the class
A-1 revolving notes, under which the issuer could draw amounts in
British pounds sterling or euros. "We understand that the
transaction's reinvestment period ended on May 9, 2010," S&P

Ratings List

Class                 Rating
            To                    From

Glastonbury Finance 2007-1 PLC
GBP354 Million Floating-Rate Notes

Ratings Lowered

B           BBB (sf)              A- (sf)
C           BB- (sf)              BB+ (sf)
D           CCC+ (sf)             B (sf)
E           CCC- (sf)             CCC (sf)
F           CC (sf)               CCC- (sf)

Rating Lowered and Removed From CreditWatch Negative

A-2         A+ (sf)               AA+ (sf)/Watch Neg

Ratings Lowered and Remaining On CreditWatch Negative

A-1         AA+ (sf)/Watch Neg    AAA (sf)/Watch Neg

Rating Remaining On CreditWatch Negative

X           AAA (sf)/Watch Neg

KEYDATA: FSA Launches Fresh Probe Into Firm's Advisers
Nick Reeve at Investment Adviser reports that the Financial
Service Authority (FSA) is writing to all advisers that sold
Keydata products as part of an investigation into sales of the
failed company's investments.

The regulator is contacting advisers and distributors who sold
Keydata's Secured Income Bond and Defined Income Plan before the
company was placed into administration in June 2009, according to
Investment Adviser.

In April, Norwich & Peterborough Building Society was fined
GBP1.4 million for misselling Keydata products.

Meanwhile, Investment Adviser discloses, the FSCS is continuing to
pursue companies that sold Keydata products in an attempt to
reclaim compensation, following the GBP28 million it reclaimed
from Norwich & Peterborough Building Society.  An unnamed FSCS
spokesman however said the FSA's investigation was separate from
the scheme's actions, Investment Adviser notes.

At the end of April, the Serious Fraud Office dropped its criminal
investigation into GBP103m of assets misappropriated from SLS
Capital, one of Keydata's suppliers of life settlement bonds.

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

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

LEADHALL TRIANGLE: Administrators Sells Site to Henderson
Jonathan Russell at The Telegraph reports that administrators for
the site known as the Leadenhall Triangle, once mooted as the new
headquarters of JP Morgan, have sold the properties to fund
manager Henderson.

The properties, which include a number of buildings on Leadenhall
Street and Fenchurch Street, fell into administration in November
2010, according to The Telegraph.  The site had been owned by
clients of property fund manager Investream.

The Telegraph notes that PricewaterhouseCoopers was called in
after a GBP153-million loan secured against the properties matured
in April last year.

Plans for a 1.25m sq.ft. headquarters for a global bank had been
drawn up for the site in 2006 by architects Kohn Pedersen Fox, the
report notes.   The Telegraph says it had been talked about as a
home for either JP Morgan or Deutsche Bank as both banks had been
looking for a new London headquarters.

The sale of the site to Henderson was managed by Simon Cooke of
property advisors Cooke and Powell, The Telegraph adds.

ODEON & UCI: Moody's Assigns 'B2' Corporate Family Rating
Moody's Investors Service has assigned a B2 corporate family
rating (CFR) and probability of default rating (PDR) to Odeon &
UCI Bond Midco Limited, the holding company of the Odeon & UCI
cinema group. At the same time, Moody's has assigned a (P)B3
(loss-given default LGD4 -- 62%) rating to the group's proposed
GBP475 million equivalent senior secured bond to be issued by
Odeon & UCI Finco plc and a (P)Ba2 (loss-given default LGD1 -- 7%)
to the new GBP90 million super senior revolving credit facility.
The outlook on the ratings is negative. This is the first time
Moody's has assigned ratings to Odeon.


"The B2 CFR rating assigned to Odeon is based on: (i) the high
financial leverage of the group, (ii) its limited organic revenue
growth potential and (iii) event and execution risks associated
with the current strategy of the group; which are compensated by
(i) the solid business profile of the group; (ii) its market
leadership position across Europe; and (iii) the historically
relatively stable nature of the cinema industry," says Paolo
Leschiutta a Moody's Senior Analyst, vice president and lead
analyst for Odeon. "The rating also reflects the good track record
of the group and Moody's expectation that the company will be free
cash flow-positive and maintain a sound liquidity profile going
forward. Nonetheless, the rating also reflects risks from the
acquisitive appetite of the group and the uncertainties
surrounding potential changes in ownership," continued Mr.

Odeon is the largest cinema operator in Europe with 207 cinemas
and 1,884 screens as at fiscal year-end (FYE) December 2010. The
group is the market leader in the UK, Spain and Italy (where it is
on a par with the second-largest operator) and is among the
largest operators in Germany. Moreover, the group operates in
Ireland, Austria and Portugal, where the group is also among the
largest operators (however, these markets represent a smaller
contribution to group revenues). The group is planning to issue a
GBP475 million bond and to use part of the proceeds to further
strengthen its position in the aforementioned countries in order
to enhance its economies of scale across Europe.

The cinema industry, in terms of attendance and overall revenues
derived from ticket price, has proven to be resilient over the
years and has been to an extent immune to economic crises and/or
new technology introductions such as VHS, DVD or Video on Demand
services. However, in Moody's view, the industry is currently more
vulnerable than in the past given the degree of alternative
entertainment products, technologies and rapidity in consumer
preferences changes. Furthermore, volatility in demand exists in
the form of weather conditions and competition from alternative
form of entertainments (such as world cup and other sports
events). Industry demand has been boosted in recent years by the
introduction of 3D films, which currently also support higher
ticket prices. Nevertheless, attendance levels and the ultimate
performance of Odeon will continue to depend upon the success of
blockbuster releases from major Hollywood studios and alternative
forms of entertainment. Although the current film pipeline is
still strong and provides a degree of visibility on group
revenues, Odeon is heavily dependent on the success of film
releases and the general health of the film industry. Overall,
Moody's believes that Odeon will find it challenging to achieve
visible organic revenue growth going forward.

Over the years, the group has been able to grow its business and
maintain relatively stable operating margins. Going forward,
Moody's expects Odeon to further consolidate its position across
Europe while also completing the digitalization of its screens
over the short to medium term (although part of the investment
associated with this upgrade will be shared with the studios).
Moody's recognizes the relatively flexible nature of some group
costs like film hire costs which are dependent on the box office
revenues from each particular film. However, we also note the
significant amount of annual rents (c. GBP115 million during FYE
December 2010) that represent fixed costs.

The group is planning to issue a multicurrency GBP475 million
worth of senior secured notes in order to repay existing bank debt
and finance future acquisitions. Moody's has assigned a (P)B3
rating, LGD4 -- 62%, which is one notch lower than the CFR, mainly
reflecting the fact that the notes will be subordinated to a new
GBP90 million senior priority revolving credit line. The notes,
issued by Odeon Finco, will be secured by a first-ranking lien
over shares of the issuer and the guarantors and charges in
certain bank accounts of the Issuer and the guarantors. The debt
rating reflects the relatively low value assigned by the rating
agency to the pledge on shares in case of distress. The notes will
be also subordinated to trade claims and other financial debt at
non-guarantors, although we would expect these to be limited.
Guarantors represented approximately 80% of consolidated EBITDA
and assets as at FYE December 2010. The new GBP90 million bank
facility will benefit from the same security and guarantee package
as the bond although will rank ahead in terms of payment priority,
hence the rating of (P)Ba2. Both the CFR and the rating on the
debt instruments assume a successful bond issuance and the signing
of the new revolving line.

Moody's notes the covenant-lite structure of the proposed
recapitalization as the revolving credit facility will not contain
any maintenance covenants. Furthermore, in Moody's view, the
limitation on additional indebtedness in the indenture provides
the company with a degree of flexibility given the relaxed
incurrence test. To this extent, Moody's will monitor the
utilization of the proceeds of the bond issue and any potential
future distribution to shareholders (potentially from proceeds
earmarked at closing for acquisitions). Although the absence of
financial maintenance covenants in the bank facility makes the
structure covenant-lite and in that way similar to an all-bond
deal, a recovery rate of 50% at family level has been assumed
resulting in a PDR aligned with the CFR.

Following the issuance of the bond, together with the contribution
of additional acquisitions, Moody's would expect the group to
achieve a financial leverage, measured as Debt to EBITDA, adjusted
for leases, of c. 6.5x and a retained cash flow over debt of
slightly below 10%. These metrics are somewhat weak at the B2
rating level, although compensated for by the strength of the
group's business profile and the expectation that positive free
cash flow generation will result in gradual improvements of key
ratios over time.

The negative outlook reflects uncertainty surrounding the ability
of the group to deliver on its business plan (i.e. reducing
financial leverage) given the mature nature of the industry; as
well as uncertainty over the future ownership of the group. In
this context Moody's notes that the proposed notes permits an
exception to the general change of control clause; whereby a
change of control within 183 days of the issue date, under certain
conditions, would not trigger an investor put. A stabilization of
the outlook would require comfort that the capital structure and
intended use of proceeds as well as business strategy would not
change with any change of ownership, and that the planned slow
improving path in debt metrics remains the base case. The assigned
ratings assume that the group will: (i) grow its business while
maintaining a conservative financial policy (i.e. applying excess
cash to reduce debt); and (ii) gradually improve its key credit

Upward pressure on the rating, currently unlikely, could result
from the company's success in improving operating profitability,
which would lead to a reduction in financial leverage towards 5x
together with an RCF to Debt above 10%. Conversely, a rating
downgrade could result from deteriorating operating profitability
and negative free cash flow that would result in the company's
inability to reduce financial leverage below 6.5x over the short
to medium time.

Moody's issues provisional ratings in advance of the final sale of
securities and these ratings reflect Moody's preliminary credit
opinion regarding the transaction only. Upon a conclusive review
of the final documentation, Moody's will endeavor to assign a
definitive rating to the notes. A definitive rating may differ
from a provisional rating.

Odeon & UCI Bond Midco Limited and Odeon & UCI Finco plc's ratings
were assigned by evaluating factors that Moody's considers
relevant to the credit profile of the issuer, such as the
company's (i) business risk and competitive position compared with
others within the industry; (ii) capital structure and financial
risk; (iii) projected performance over the near to intermediate
term; and (iv) management's track record and tolerance for risk.
Moody's compared these attributes against other issuers both
within and outside Odeon & UCI Bond Midco Limited and Odeon & UCI
Finco plc's core industry and believes Odeon & UCI Bond Midco
Limited and Odeon & UCI Finco plc's ratings are comparable to
those of other issuers with similar credit risk. Other
methodologies used include Loss Given Default for Speculative
Grade Issuers in the US, Canada, and EMEA, published June 2009.

Headquartered in London, United Kingdom, Odeon group is the
largest European cinema operator with 1,884 screens as at December
2010. During the FYE December 2010, the company reported revenues
of GBP650 million and EBITDA of GBP82.4 million. Pro-forma for the
acquisitions already completed or for which the company entered
into an agreement to acquire and including small cost savings,
EBITDA as at December 2010 would be GBP97.5 million.

ODEON & UCI: S&P Assigns Preliminary 'B' Corporate Credit Rating
Standard & Poor's Ratings Services assigned its preliminary 'B'
long-term corporate credit ratings to U.K.-based leading European
cinema operator Odeon & UCI Cinemas Group Ltd. (Odeon) and related
entities. The outlook is stable.

"At the same time, we assigned our preliminary 'B' issue rating to
the GBP475 million-equivalent senior secured notes due 2018, to be
issued by Odeon & UCI Finco PLC. The preliminary recovery rating
on these notes is '4', indicating our expectation of average (30%-
50%) recovery in the event of a payment default," S&P related.

S&P continued, "We also assigned our preliminary issue rating of
'BB-' to the GBP90 million revolving credit facility (RCF) to be
issued by Odeon & UCI Bond Midco Ltd. The preliminary recovery
rating on the RCF is '1', indicating our expectation of very high
(90%-100%) recovery in the event of a payment default."

"The ratings on Odeon reflect our assessment of the company's
financial risk profile as highly leveraged following its proposed
refinancing (consisting of GBP475 million-equivalent in senior
secured notes and a GBP90 million super senior RCF). Based on the
capital structure post refinancing, we estimate that Odeon's
Standard & Poor's-adjusted debt-to-EBITDA ratio will be about
11.8x by Dec. 31, 2011," S&P said.

According to S&P, "In our opinion, a further reduction in leverage
is dependent on future EBITDA growth, given the lack of debt
amortization requirements and restricted free operating cash flow
(FOCF) generation due to an expansion program. Sales and EBITDA
growth would enable the company to generate positive FOCF after
maintenance capital expenditures (capex), but we anticipate that
the company's discretionary cash flow generation capacity will be
limited by an ambitious acquisitions and expansion program over
the next few years."

"In our view, over the coming year, Odeon will sustain positive
revenue growth while maintaining profitability margins at least in
line with previous years. The preliminary rating incorporates our
assumption that EBITDA will rise to about GBP105 million in 2011,
with further growth projected in 2012. Projected growth will
mainly come from acquisitions and the expansion program. We
anticipate that reported EBITDA to cash interest coverage will be
at about 2.0x in 2011. We also believe that the group will
maintain adequate liquidity despite a significant investment
program," S&P explained.

"We could lower the ratings if adverse operating developments were
to materially affect cash flow generation, coverage metrics (cash
interest coverage of less than 1.5x), and cause the company's
liquidity to become less than adequate. Aggressive capital
investments or potential distributions to shareholders could
impair liquidity and also cause us to lower the ratings," noted

A positive rating movement is subject to the successful
implementation of the group's business strategy, that is,
expansion, growth of sales and EBITDA, and maintenance of adequate
liquidity. Rating upside also depends on sustainable deleveraging
to less than 6.0x (on an adjusted basis), and the group's ability
to generate positive discretionary cash flow consistently. "Given
the group's highly leveraged capital structure, we consider a
positive rating movement as unlikely," S&P added.

LOTHIAN HELICOPTERS: Goes Into Receivership, Gives Refunds
David McCann at Edinburgh Evening News reports that Lothian
Helicopters had gone into administration effective May 11, 2011.
The report, citing a statement in the company's Web site, relates
that the firm will give a refund to customers' flight voucher.
Lothian Helicopters is no longer trading.

A posting on aviation website indicates Lothian
Helicopters has been trying to sell a GBP430,000 Bell Helicopter
206-L1 since April 12, according to Edinburgh Evening News.

Lothian Helicopters provides helicopter tours of Edinburgh's

MANCHESTER HOSIERY: Goes Into Administration, Seeks Buyer
Hinckley Times reports that workers at Manchester Hosiery
Limited's Hinckley factory are said to be worried about their
future after a meeting was held with administrators.

Despite cutting jobs at Manchester Hosiery Limited last year, it
wasn't enough to save the firm from going into administration
which had been making losses throughout the year, according to
Hinckley Times.  The report relates that trade union Community has
vowed to fight to save jobs and there are hopes that a buyer will
be found to save the firm from going into meltdown.

Hinckley Times notes that there were as many as four possible
buyers, all based in the country, who were looking to save the

The firm went into administration on Monday May 2 with Martin
Smith and Nicki Hawksley of Midlands business advisers Dains LLP
appointed as joint administrators.

Hinckley Times discloses that Dains LLP is currently assessing
ongoing work and future orders to determine the viability of
trading in administration while a potential purchaser is sought
for the business and assets.

Manchester Hosiery Limited is a hosiery firm.  It has been running
for more than 100 years and manufactures cotton and thermal
underwear and outerwear.  The Queens Road factory employs 54
people with an annual turnover of GBP1.8 million.

RECLINER WORLD: Goes Into Administration Due to Economic Climate
Guy Woodford at Nottingham Post reports that customers fear they
could be out of pocket after Recliner World Ltd. was put into

Recliner World boss Robert Heginbotham said the economic climate
had left him with no choice but to close the Recliner World
business in Queens Road, Nottingham, according to Nottingham Post.

The report notes that Mr. Heginbotham is urging customers who have
paid for chairs but have not had the items delivered to contact
their credit card companies.

Mr. Heginbotham said a notice was on the company Web site asking
all customers awaiting delivery of a product purchased by credit
card to contact the card company for reimbursement, Nottingham
Post says.

Recliner World Ltd. is a recliner chair business.

VON ESSEN: Administrators Alerts Police Over Stately Homes Loan
Jonathan Russell at The Telegraph reports that Ernst & Young are
believed to have contacted City of London Police after concerns
were raised about accounting irregularities at von Essen hotel
Chain and how a loan, thought to be in the region of GBP30
million, had been spent prior to the company collapsing into

It is not certain whether the police will decide to launch an
investigation, according to The Telegraph.  The report relates
that the loan had been earmarked for capital expenditure.

The Telegraph says that administrators are trying to establish
whether the money was spent on the fabric of the hotels or on
keeping the business afloat, which could include keeping up with
interest costs.

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. related that the von Essen is reported to have debts of
more than GBP25 million. 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.


* BOND PRICING: For the Week May 9 to May 13, 2011

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

IMMOFINANZ              4.250   3/8/2018    EUR     4.22
OESTER VOLKSBK          5.270   2/8/2027    EUR    73.29
OESTER VOLKSBK          4.900  8/18/2025    EUR    60.75
OESTER VOLKSBK          4.810  7/29/2025    EUR    57.63
OESTER VOLKSBK          4.750  4/30/2021    EUR    70.24
OESTER VOLKSBK          4.160  5/20/2025    EUR    69.78
RAIFF LB OBEROST        4.620  9/17/2030    EUR    69.77
RAIFF ZENTRALBK         4.500  9/28/2035    EUR    77.95

SAZKA                   9.000  7/12/2021    EUR    69.66

KOMMUNEKREDIT           0.500   2/3/2016    TRY    69.63
MUNI FINANCE PLC        0.500  4/26/2016    ZAR    69.71
MUNI FINANCE PLC        0.500  9/24/2020    CAD    67.90
MUNI FINANCE PLC        0.500  4/27/2018    ZAR    58.68
MUNI FINANCE PLC        1.000  2/27/2018    AUD    70.80
MUNI FINANCE PLC        0.500   2/9/2016    ZAR    69.46
MUNI FINANCE PLC        1.000  6/30/2017    ZAR    61.82
MUNI FINANCE PLC        0.250  6/28/2040    CAD    20.89
MUNI FINANCE PLC        0.500  3/17/2025    CAD    51.85

AIR FRANCE-KLM          4.970   4/1/2015    EUR    14.94
ALCATEL-LUCENT          5.000   1/1/2015    EUR     4.97
ALTRAN TECHNOLOG        6.720   1/1/2015    EUR     6.02
ATOS ORIGIN SA          2.500   1/1/2016    EUR    55.56
BPCE                    3.455  9/16/2025    EUR    74.63
CALYON                  6.000  6/18/2047    EUR    25.66
CAP GEMINI SOGET        3.500   1/1/2014    EUR    45.54
CAP GEMINI SOGET        1.000   1/1/2012    EUR    45.00
CGG VERITAS             1.750   1/1/2016    EUR    31.25
CLUB MEDITERRANE        6.110  11/1/2015    EUR    19.16
CLUB MEDITERRANE        5.000   6/8/2012    EUR    16.15
EURAZEO                 6.250  6/10/2014    EUR    61.04
FAURECIA                4.500   1/1/2015    EUR    31.49
INGENICO                2.750   1/1/2017    EUR    44.39
MAUREL ET PROM          7.125  7/31/2015    EUR    18.41
MAUREL ET PROM          7.125  7/31/2014    EUR    19.54
NEXANS SA               4.000   1/1/2016    EUR    73.48
ORPEA                   3.875   1/1/2016    EUR    48.68
PEUGEOT SA              4.450   1/1/2016    EUR    34.94
PUBLICIS GROUPE         1.000  1/18/2018    EUR    49.43
PUBLICIS GROUPE         3.125  7/30/2014    EUR    40.06
RHODIA SA               0.500   1/1/2014    EUR    51.57
SOC AIR FRANCE          2.750   4/1/2020    EUR    21.20
SOITEC                  6.250   9/9/2014    EUR    11.73
TEM                     4.250   1/1/2015    EUR    58.14
THEOLIA                 2.700   1/1/2041    EUR    11.57

DEUTSCHE BK LOND        2.250  9/20/2020    EUR    73.72
EUROHYPO AG             3.830  9/21/2020    EUR    70.88
EUROHYPO AG             6.490  7/17/2017    EUR     7.13
IKB DEUT INDUSTR        6.500  3/31/2012    EUR    18.58
IKB DEUT INDUSTR        6.550  3/31/2012    EUR    18.75
IKB DEUT INDUSTR        5.625  3/31/2017    EUR    16.00
L-BANK FOERDERBK        0.500  5/10/2027    CAD    46.87
LB BADEN-WUERTT         2.800  2/23/2037    JPY    69.61
LB BADEN-WUERTT         2.500  1/30/2034    EUR    57.79
SOLON AG SOLAR          1.375  12/6/2012    EUR    67.29
TUI AG                  2.750  3/24/2016    EUR    56.35

ATHENS URBAN TRN        4.057  3/26/2013    EUR    71.20
ATHENS URBAN TRN        4.851  9/19/2016    EUR    56.01
ATHENS URBAN TRN        5.008  7/18/2017    EUR    55.41
ATHENS URBAN TRN        4.301  8/12/2014    EUR    61.03
HELLENIC REP I/L        2.300  7/25/2030    EUR    44.88
HELLENIC REP I/L        2.900  7/25/2025    EUR    42.14
HELLENIC REPUB          6.140  4/14/2028    EUR    60.93
HELLENIC REPUB          5.000  3/11/2019    EUR    55.98
HELLENIC REPUB          5.000  8/22/2016    JPY    49.05
HELLENIC REPUB          4.590   4/8/2016    EUR    60.60
HELLENIC REPUB          5.200  7/17/2034    EUR    59.11
HELLENIC REPUB          2.125   7/5/2013    CHF    73.31
HELLENIC REPUBLI        4.500  5/20/2014    EUR    61.18
HELLENIC REPUBLI        4.675  10/9/2017    EUR    54.84
HELLENIC REPUBLI        4.500   7/1/2014    EUR    61.60
HELLENIC REPUBLI        3.985  7/25/2014    EUR    58.95
HELLENIC REPUBLI        5.500  8/20/2014    EUR    61.05
HELLENIC REPUBLI        4.113  9/30/2014    EUR    59.04
HELLENIC REPUBLI        3.700  7/20/2015    EUR    57.55
HELLENIC REPUBLI        6.100  8/20/2015    EUR    61.29
HELLENIC REPUBLI        3.702  9/30/2015    EUR    56.95
HELLENIC REPUBLI        3.600  7/20/2016    EUR    57.66
HELLENIC REPUBLI        4.020  9/13/2016    EUR    57.12
HELLENIC REPUBLI        4.225   3/1/2017    EUR    55.75
HELLENIC REPUBLI        5.900  4/20/2017    EUR    58.18
HELLENIC REPUBLI        4.300  7/20/2017    EUR    56.53
HELLENIC REPUBLI        4.500  9/20/2037    EUR    47.41
HELLENIC REPUBLI        4.590   4/3/2018    EUR    52.70
HELLENIC REPUBLI        4.600  7/20/2018    EUR    56.28
HELLENIC REPUBLI        5.014  2/27/2019    EUR    52.08
HELLENIC REPUBLI        5.959   3/4/2019    EUR    55.71
HELLENIC REPUBLI        6.000  7/19/2019    EUR    55.25
HELLENIC REPUBLI        5.161  9/17/2019    EUR    51.74
HELLENIC REPUBLI        6.250  6/19/2020    EUR    56.57
HELLENIC REPUBLI        4.700  3/20/2024    EUR    50.19
HELLENIC REPUBLI        5.300  3/20/2026    EUR    50.17
HELLENIC REPUBLI        4.600  9/20/2040    EUR    47.48
HELLENIC REPUBLI        4.506  3/31/2013    EUR    73.43
HELLENIC REPUBLI        4.600  5/20/2013    EUR    70.85
HELLENIC REPUBLI        7.500  5/20/2013    EUR    74.73
HELLENIC REPUBLI        3.900   7/3/2013    EUR    69.79
HELLENIC REPUBLI        4.427  7/31/2013    EUR    69.02
HELLENIC REPUBLI        4.000  8/20/2013    EUR    65.76
HELLENIC REPUBLI        4.520  9/30/2013    EUR    66.63
HELLENIC REPUBLI        6.500  1/11/2014    EUR    66.16
NATIONAL BK GREE        3.875  10/7/2016    EUR    65.90

AIB MORTGAGE BNK        5.580  4/28/2028    EUR    58.03
AIB MORTGAGE BNK        5.000  2/12/2030    EUR    52.05
AIB MORTGAGE BNK        5.000   3/1/2030    EUR    52.01
ALLIED IRISH BKS        7.875   7/5/2023    GBP    24.51
ALLIED IRISH BKS       11.500  3/29/2022    GBP    21.93
ALLIED IRISH BKS       12.500  6/25/2019    GBP    24.94
ALLIED IRISH BKS       12.500  6/25/2019    EUR    24.50
ALLIED IRISH BKS       10.750  3/29/2017    USD    21.98
ALLIED IRISH BKS       10.750  3/29/2017    EUR    21.87
ALLIED IRISH BKS        4.000  3/19/2015    EUR    73.87
BANK OF IRELAND         3.780   4/1/2015    EUR    73.97
BANK OF IRELAND         4.875  1/22/2018    GBP    54.00
BANK OF IRELAND        10.750  6/22/2018    GBP    49.00
BANK OF IRELAND         3.585  4/21/2015    EUR    72.89
BANK OF IRELAND         4.625  2/27/2019    EUR    51.01
BANK OF IRELAND        10.000  2/12/2020    EUR    52.23
BANK OF IRELAND         8.500  9/22/2018    CAD    57.13
BANK OF IRELAND        10.000  2/12/2020    GBP    50.67
BANK OF IRELAND         9.250   9/7/2020    GBP    53.01
BK IRELAND MTGE         5.400  11/6/2029    EUR    53.40
BK IRELAND MTGE         5.450   3/1/2030    EUR    52.91
BK IRELAND MTGE         5.760   9/7/2029    EUR    56.30
DEPFA ACS BANK          5.125  3/16/2037    USD    70.93
DEPFA ACS BANK          5.125  3/16/2037    USD    66.17
DEPFA ACS BANK          0.500   3/3/2025    CAD    35.34
EBS BLDG SOCIETY        4.992  3/19/2015    EUR    68.36
EBS BLDG SOCIETY        4.000  2/25/2015    EUR    74.08
IRISH GOVT              4.600  4/18/2016    EUR    73.90
IRISH GOVT              4.400  6/18/2019    EUR    67.15
IRISH GOVT              4.500  4/18/2020    EUR    66.76
IRISH GOVT              5.400  3/13/2025    EUR    67.85
IRISH LIFE PERM         4.820  3/22/2015    EUR    69.88
IRISH NATIONWIDE        6.250  6/26/2012    GBP    70.00
IRISH PERM PLC          5.832  2/15/2035    EUR    59.50

ABRUZZO REGION          4.450   3/1/2037    EUR    74.48
CITY OF TURIN           5.270  6/26/2038    EUR    68.25
CO BRAONE               4.567  6/30/2037    EUR    70.77
COMUNE DI MILANO        4.019  6/29/2035    EUR    64.63
REGION OF UMBRIA        5.087  6/15/2037    EUR    75.01

ARCELORMITTAL           7.250   4/1/2014    EUR    29.77
INTL INDUST BANK        9.000   7/6/2011    EUR     9.50
LIGHTHOUSE INTL         8.000  4/30/2014    EUR    41.92
LIGHTHOUSE INTL         8.000  4/30/2014    EUR    41.83

APP INTL FINANCE       11.750  10/1/2005    USD     0.01
BK NED GEMEENTEN        0.500  5/12/2021    ZAR    40.84
BK NED GEMEENTEN        0.500  3/29/2021    NZD    60.30
BK NED GEMEENTEN        0.500  3/29/2021    USD    69.59
BK NED GEMEENTEN        0.500  2/24/2025    CAD    53.85
BK NED GEMEENTEN        0.500  5/25/2016    TRY    70.70
BK NED GEMEENTEN        0.500   3/3/2021    NZD    60.68
BK NED GEMEENTEN        0.500  3/17/2016    TRY    69.80
BK NED GEMEENTEN        0.500  4/27/2016    TRY    69.33
BRIT INSURANCE          6.625  12/9/2030    GBP    65.40
DGS INTL FIN BV        10.000   6/1/2007    USD     0.01
ELEC DE CAR FIN         8.500  4/10/2018    USD    59.27
KPNQWEST BV             8.125   6/1/2009    USD     0.05
NATL INVESTER BK       25.983   5/7/2029    EUR    27.64
NED WATERSCHAPBK        0.500  3/11/2025    CAD    53.76
RABOBANK                6.900   6/6/2017    RUB    97.10
RBS NV EX-ABN NV        2.910  6/21/2036    JPY    73.74
SIDETUR FINANCE        10.000  4/20/2016    USD    71.00
TJIWI KIMIA FIN        13.250   8/1/2001    USD     0.01

EKSPORTFINANS           0.500   5/9/2030    CAD    38.13
KOMMUNALBANKEN          0.500  5/25/2016    ZAR    71.65
KOMMUNALBANKEN          0.500  3/24/2016    ZAR    71.31
KOMMUNALBANKEN          0.500   3/1/2016    ZAR    71.67
KOMMUNALBANKEN          0.500  5/25/2018    ZAR    60.08
KOMMUNALBANKEN          0.500  1/27/2016    ZAR    72.16
SPAREBANKEN RGLD        4.170  12/7/2035    EUR    73.77
TRICO SHIPPING         13.875  11/1/2014    USD    73.00

CAIXA GERAL DEPO        4.400  10/8/2019    EUR    65.26
CAIXA GERAL DEPO        4.750  2/14/2016    EUR    69.82
CAIXA GERAL DEPO        4.455  8/20/2017    EUR    73.15
CAIXA GERAL DEPO        4.250  1/27/2020    EUR    73.61
CAIXA GERAL DEPO        5.320   8/5/2021    EUR    65.53
CAIXA GERAL DEPO        5.980   3/3/2028    EUR    73.13
CAIXA GERAL DEPO        5.380  10/1/2038    EUR    58.68
COMBOIOS DE PORT        5.700   2/5/2030    EUR    70.88
METRO DE LISBOA         4.061  12/4/2026    EUR    56.56
METRO DE LISBOA         4.799  12/7/2027    EUR    61.69
MONTEPIO GERAL          5.000   2/8/2017    EUR    57.13
PORTUGUESE OT'S         4.100  4/15/2037    EUR    60.81
PORTUGUESE OT'S         3.850  4/15/2021    EUR    66.17
PORTUGUESE OT'S         4.800  6/15/2020    EUR    70.41
PORTUGUESE OT'S         4.750  6/14/2019    EUR    70.62
PORTUGUESE OT'S         4.450  6/15/2018    EUR    70.53
REFER                   5.875  2/18/2019    EUR    71.66
REFER                   4.000  3/16/2015    EUR    65.87

AGROSOYUZ              17.000  3/28/2012    RUB    75.00
APK ARKADA             17.500  5/23/2012    RUB     0.38
ATOMSTROYEXPORT-        7.750  5/24/2011    RUB    75.00
BALTINVESTBANK          9.000  9/10/2015    RUB    75.00
BANK OF MOSCOW          7.550   2/1/2013    RUB    75.00
BANK ST PETERS          7.500  9/23/2013    RUB   100.00
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     6.01
EESK                    8.740   4/5/2012    RUB    75.00
EMALIANS-FINANS        10.970   7/8/2011    RUB    75.00
ENERGOSPETSSNAB         8.500  5/30/2016    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
GRACE DIAMOND          15.000   6/7/2012    RUB    75.00
GSS                     9.250  3/26/2017    RUB    75.02
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
KRAYINVESTBANK          8.500   8/5/2011    RUB    75.00
LADYA FINANS           13.750  9/13/2012    RUB    75.00
LLC VICTORIA FIN        8.000  2/12/2013    RUB    75.00
M-INDUSTRIYA           12.250  8/16/2011    RUB    26.05
MAIN ROAD OJSC         10.200   6/3/2011    RUB    75.00
MIG-FINANS              0.100   9/6/2011    RUB     1.00
MIRAX                  17.000  9/17/2012    RUB    16.50
MIRAX                  14.990  5/17/2011    RUB    22.41
MOSCOW BANK R&D         7.000  3/28/2013    RUB    75.01
MOSMART FINANS          0.010  4/12/2012    RUB     1.81
MOSOBLGAZ              12.000  5/17/2011    RUB    72.50
NATIONAL CAPITAL       13.000  9/25/2012    RUB    75.00
NAUKA-SVYAZ            12.500  6/27/2013    RUB    75.00
NOK                    10.000  9/22/2011    RUB    30.01
NOK                    12.500  8/26/2014    RUB    17.01
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
PERVYI OBIEDINEO        9.500  6/29/2011    RUB   100.43
PETROCOMMERCE BK        7.750  8/22/2012    RUB   100.70
PROMNESTESERVICE        7.750  12/5/2014    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    75.02
RUSSIAN STANDARD        7.750  4/13/2012    RUB   100.38
RVK-FINANS              9.500  7/21/2011    RUB    75.00
SAHO                   10.000  5/21/2012    RUB    65.00
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
SIBIRSKAYA AGRAR       17.000  9/12/2012    RUB   105.00
SIBUR                  13.500  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                   7.300  3/13/2015    RUB    75.00
SINERGIA                8.000  8/18/2014    RUB    75.00
SISTEMA-HALS            8.500   4/8/2014    RUB    75.00
SISTEMA-HALS            8.500  4/15/2014    RUB    75.00
SPETSSTROYFINANC        8.500  5/30/2016    RUB    75.00
SPURT                  11.250  5/31/2012    RUB    75.00
SVOBODNY SOKOL          0.100  5/24/2011    RUB     1.00
TALIO-PRINCEPS         17.000  5/17/2012    RUB    75.00
TECHNONICOL-FINA       13.000  9/25/2013    RUB    75.00
TECHNONICOL-FINA       13.500  9/11/2013    RUB    75.00
TECHNONICOL-FINA       13.000  9/19/2013    RUB    75.00
TECHNOSILA-INVES        7.000  5/26/2011    RUB     2.49
TEKHNOPROMPROEKT        8.500  9/28/2016    RUB    75.00
TERNA-FINANS            1.000  11/4/2011    RUB     0.01
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             14.000  7/10/2014    RUB    75.00
TRANSFIN-M              9.750  8/13/2013    RUB    75.01
TRANSFIN-M              9.750  8/13/2013    RUB    75.00
TRANSFIN-M             11.000  12/3/2014    RUB    75.00
TRANSFIN-M             11.000  12/3/2014    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             11.000  12/3/2015    RUB    75.00
UNITAIL                12.000  6/22/2011    RUB    75.00
VTB 24                  4.500   2/5/2013    RUB    75.00
VTB 24                  6.900  2/20/2014    RUB   100.00
ZAO EUROPLAN           10.000  8/11/2011    RUB    75.00
ZHILSOTSIPOTEKA-        9.000  7/26/2011    RUB    75.00

AYT CEDULAS CAJA        3.750  6/30/2025    EUR    66.98
AYT CEDULAS CAJA        4.750  5/25/2027    EUR    75.11
AYUNTAM DE MADRD        4.550  6/16/2036    EUR    67.68
BANCAJA                 1.500  5/22/2018    EUR    65.49
CAJA CASTIL-MAN         1.500  6/23/2021    EUR    64.05
CAJA MADRID             5.755  2/26/2028    EUR    66.65
CAJA MADRID             4.125  3/24/2036    EUR    68.98
CEDULAS TDA 6 FO        4.250  4/10/2031    EUR    65.07
CEDULAS TDA 6 FO        3.875  5/23/2025    EUR    68.43
CEDULAS TDA A-5         4.250  3/28/2027    EUR    69.33
COMUNIDAD ARAGON        4.646  7/11/2036    EUR    69.96
COMUNIDAD MADRID        4.300  9/15/2026    EUR    68.67
GEN DE CATALUNYA        4.220  4/26/2035    EUR    67.19
GEN DE CATALUNYA        5.219  9/10/2029    EUR    73.95
GENERAL DE ALQUI        2.750  8/20/2012    EUR    72.80
INSTITUT CATALA         4.250  6/15/2024    EUR    71.21
JUNTA ANDALUCIA         5.150  5/24/2034    EUR    71.11
JUNTA LA MANCHA         3.875  1/31/2036    EUR    54.87

SWEDISH EXP CRED        9.000  8/12/2011    USD    10.20
SWEDISH EXP CRED        9.000  8/28/2011    USD    10.69
SWEDISH EXP CRED        8.000  11/4/2011    USD     8.11
SWEDISH EXP CRED        2.000  12/7/2011    USD    10.41
SWEDISH EXP CRED        2.130  1/10/2012    USD     9.94
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        7.000   3/9/2012    USD     9.80
SWEDISH EXP CRED        9.750  3/23/2012    USD    10.46
SWEDISH EXP CRED        9.250  4/27/2012    USD     9.64
SWEDISH EXP CRED        0.500   3/3/2016    ZAR    67.90
SWEDISH EXP CRED        0.500   3/5/2018    AUD    68.95
SWEDISH EXP CRED        0.500  1/25/2028    USD    49.33

UBS AG                 10.580  6/29/2011    USD    39.16
UBS AG                  8.720  3/20/2012    USD    32.30
UBS AG                  9.250  3/20/2012    USD    14.67
UBS AG                 10.530  1/23/2012    USD    39.91
UBS AG                 10.070  3/23/2012    USD    36.44
UBS AG                 13.300  5/23/2012    USD     4.19
UBS AG                 13.700  5/23/2012    USD    13.09
UBS AG JERSEY          11.150  8/31/2011    USD    39.48
UBS AG JERSEY          10.280  8/19/2011    USD    35.25
UBS AG JERSEY          10.500  6/16/2011    USD    71.69
UBS AG JERSEY           3.220  7/31/2012    EUR    49.68
UBS AG JERSEY          13.000  6/16/2011    USD    49.96
BANK NADRA              8.000  6/22/2017    USD    73.84
BANK OF SCOTLAND        5.772   2/7/2035    EUR    73.34
BARCLAYS BK PLC         2.500  5/24/2017    USD    10.47
BARCLAYS BK PLC         9.500  8/31/2012    USD    30.03
BARCLAYS BK PLC         9.250  8/31/2012    USD    35.47
BARCLAYS BK PLC        10.800  7/31/2012    USD    27.52
BARCLAYS BK PLC         9.400  7/31/2012    USD    11.23
BARCLAYS BK PLC        12.950  4/20/2012    USD    23.90
BARCLAYS BK PLC        10.650  1/31/2012    USD    45.65
BARCLAYS BK PLC         9.250  1/31/2012    USD     9.64
BARCLAYS BK PLC         8.800  9/22/2011    USD    16.39
BARCLAYS BK PLC         8.750  9/22/2011    USD    72.79
BARCLAYS BK PLC         7.500  9/22/2011    USD    17.05
BARCLAYS BK PLC        10.600  7/21/2011    USD    39.23
BARCLAYS BK PLC         9.000  6/30/2011    USD    43.42
BARCLAYS BK PLC        10.510  5/31/2011    USD    12.92
BARCLAYS BK PLC        10.950  5/23/2011    USD    64.38
CO-OPERATIVE BNK        5.875  3/28/2033    GBP    72.74
DISCOVERY EDUCAT        1.948  3/31/2037    GBP    70.25
EFG HELLAS PLC          5.400  11/2/2047    EUR    29.88
EFG HELLAS PLC          6.010   1/9/2036    EUR    31.38
HEALTHCARE SUPP         2.067  2/19/2043    GBP    73.23
MAX PETROLEUM           6.750   9/8/2013    USD    59.98
NORTHERN ROCK           5.750  2/28/2017    GBP    72.98
PUNCH TAVERNS           7.567  4/15/2026    GBP    64.84
PUNCH TAVERNS           8.374  7/15/2029    GBP    64.63
ROYAL BK SCOTLND        6.620   6/9/2025    EUR    74.85
ROYAL BK SCOTLND        6.316  6/29/2030    EUR    66.53
RSL COMM PLC           12.000  11/1/2008    USD     1.88
UNIQUE PUB FIN          6.464  3/30/2032    GBP    66.05
WESSEX WATER FIN        1.369  7/31/2057    GBP    31.14


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

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  Go to 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,

Copyright 2011.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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