TCREUR_Public/110523.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 23, 2011, Vol. 12, No. 100

                            Headlines


I C E L A N D

LANDSBANKI ISLANDS: Estate to Cover 99% of Icesave Priority Claims


I R E L A N D

ALLIED IRISH: Bondholders Not Entitled to Report, Judge Rules
BUTTON FACTORY: Comes Out of Examinership
IRISH LIFE: S&P Corrects Local Currency Rating on Guaranteed MTNs
IRISH LIFE: May Seek More Than EUR2.5 Bil. to Meet Capital Bill
P. ELLIOT: Goes Into Administration, Work Stops at Olympic Site

QUINN GROUP: Sean Quinn's Children File Damage Claim v. Anglo
WILLOW NO. 2: Moody's Reviews 'Ba1' Rating on Notes for Downgrade


L U X E M B O U R G

LOGWIN AG: S&P Raises Long-Term Corporate Credit Rating to 'B+'


N E T H E R L A N D S

DALRADIAN EUROPEAN: Moody's Lifts Rating on Class D Notes to 'B3'


P O L A N D

CEDC FINANCE: Moody's Downgrades Corporate Family Rating to 'B2'
LOCIC RESIDENTIAL: Files Insolvency Petition in Bucharest Court


R U S S I A

ROSENERGOBANK: Moody's Assigns 'E+' Financial Strength Rating
* SAKHA REPUBLIC: Fitch Assigns 'BB(exp)' Rating to RUB2.5BB Bond


S P A I N

IM CAJA LABORAL: Fitch Affirms 'CCCsf' Rating on Class E Notes


U N I T E D   K I N G D O M

CARVILL GROUP: To Go Into Administration on Economic Climate
HMV GROUP: To Sell Waterstone's to A. Mamut for GBP53 Million
HOMECALL PLUS: Placed in Compulsory Liquidation
J W CARNELL: Goes Into Voluntary Liquidation
NOMI MOBILE: Goes Into Administration, Taps Receiver

PEVEREL GROUP: BoA 'Unlikely' to Recover GBP136MM Tchenguiz Loans
PORTSMOUTH FOOTBALL FC: Howes Percival Aids Investigation
R-TRAVEL: In Liquidation; Freedom to Honor Existing Bookings
SKYKON CAMPBELTOWN: Deal With Wind Towers Saves Firm
SOUTHERN CROSS: Optimistic on Future Despite GBP311-Mil. Loss

TRIUMPH FURNITURE: Management Team Buys Firm, Saves 200++ Jobs
VISIT LONDON: London Assembly to Hold Public Meeting on May 24


X X X X X X X X

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


                            *********


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I C E L A N D
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LANDSBANKI ISLANDS: Estate to Cover 99% of Icesave Priority Claims
------------------------------------------------------------------
Omar R. Valdimarsson at Bloomberg News reports that the resolution
committee of Landsbanki Islands hf said its estate will cover 99%
of all priority claims filed against it as it hires banks to help
sell its stake in Iceland Foods Group Ltd.

Bloomberg relates that the bank's resolution committee said in an
e-mailed statement on Thursday that Landsbanki hired Bank of
America Merrill Lynch and UBS AG to advise it on a possible sale
of its 67% stake in Iceland Foods.

Iceland's government had previously estimated Landsbanki's assets
would cover about 93% of claims, leaving the island's taxpayers to
pay the rest, Bloomberg notes.  The 2008 failure of Landsbanki
triggered a dispute with the U.K. and Netherlands over settling
depositor losses linked to the lender's high-yielding Internet
accounts, known as Icesave, Bloomberg recounts.

"According to UBS and BAML, market conditions are currently
favorable and it is therefore advisable to commence the sales
process," Bloomberg quotes the statement as saying.  "In view
thereof, the bank's resolution committee has decided to launch a
formal sales process for the bank's holding in the company."

Separately, The Financial Times' Andrea Felsted reports that the
Resolution Committee is thought to be looking for a price that
values Iceland Foods at GBP1.8 billion to GBP2 billion.

                         Aurum Stake Sale

Bloomberg notes that the bank also said a formal sales process was
recently started for its 66% holding in Aurum Group, according to
the same statement.  Aurum comprises the retail chains Mappin &
Webb, Goldsmiths and Watches of Switzerland, Bloomberg discloses.
Landsbanki, as cited by Bloomberg, said that it hired Cavendish
Corporate Finance in the U.K. to advise on the divestment.

                     About Landsbanki Islands

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

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


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I R E L A N D
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ALLIED IRISH: Bondholders Not Entitled to Report, Judge Rules
-------------------------------------------------------------
According to The Irish Times' Mary Carolan, at the High Court,
Mr. Justice John Cooke ruled that firms representing some junior
bondholders in Allied Irish Banks are not entitled to be given a
report which led to the Central Bank recalculating AIB's
recapitalization requirements at EUR13.3 billion, up from EUR4.2
billion.

The report by international asset management company Blackrock
Solutions was sought for the legal challenge by two firms opposing
the Minister for Finance's decision last month to seek a
subordinated liabilities order to impose burden-sharing on AIB
bondholders, The Irish Times relates.

Mr. Justice Cooke ruled on Wednesday on discovery applications by
the firms, and by the Minister, in advance of the June 2 hearing,
The Irish Times discloses.  The firms are British Virgin Islands-
registered Abadi Co. Securities and Cayman Islands-registered
Aurelius Capital Master and linked firms, The Irish Times says.

                     About Allied Irish Banks

Allied Irish Banks, p.l.c., together with its subsidiaries --
http://www.aibgroup.com/-- conducts retail and commercial banking
business in Ireland.  It also provides corporate lending and
capital markets activities from its head office at Bankcentre and
from Dublin's International Financial Services Centre.  The Group
also has overseas branches in the United States, Germany, France
and Australia, among other locations.  The business of AIB Group
is conducted through four operating divisions: AIB Bank Republic
of Ireland division, Capital Markets division, AIB Bank UK
division, and Central & Eastern Europe division.  In February
2008, the Group acquired the AmCredit mortgage business in the
Baltic states of Latvia, Lithuania and Estonia.  In September
2008, the Group also acquired a 49.99% shareholding in BACB.


BUTTON FACTORY: Comes Out of Examinership
-----------------------------------------
State Magazine reports that Button Factory is no longer in
examinership.

According to State Magazine, the immediate financial survival of
the company is no longer in doubt and events will continue there
as normal for the foreseeable future.

Button Factory is a music venue in Dublin.


IRISH LIFE: S&P Corrects Local Currency Rating on Guaranteed MTNs
-----------------------------------------------------------------
Standard & Poor's Ratings Services corrected its 'A-2' short-term
local currency debt ratings on the guaranteed medium-term note
(MTN) program of Irish Life & Permanent PLC (ILP; BB+/Watch Neg/B)
by removing them from CreditWatch negative.

Due to an administrative error, the short-term local currency
ratings on ILP's EUR15 billion guaranteed MTN program were placed
on CreditWatch negative on April 5, 2011.

The press release corrects this error by removing the CreditWatch
status of the ratings on these instruments.  The error did not
affect the 'BB+' long-term and 'B' short-term counterparty credit
ratings on ILP and they remain on CreditWatch, where they were
placed with negative implications on Nov. 26, 2010.

Ratings List
CreditWatch/Outlook Action
                                                 To          From
Irish Life & Permanent PLC
  Short-Term Senior Unsecured Rating*            A-2         A-
2/Watch Neg
   EUR15 bil. medium-term notes program

*Guaranteed by the Republic of Ireland.


IRISH LIFE: May Seek More Than EUR2.5 Bil. to Meet Capital Bill
---------------------------------------------------------------
Simon Carswell at The Irish Times reports that Irish Life and
Permanent says it may need more than EUR2.5 billion from the State
to meet a capital bill of EUR4 billion following the bank stress
tests.

The Irish Times relates that the new chairman of ILP, Alan Cook,
told shareholders at his first annual meeting in Dublin on
Wednesday that "this will have huge consequences for all our
shareholders".

According to The Irish Times, he told shareholders he would argue
for a limit on the losses imposed on them when he meets Minister
for Finance Michael Noonan over the coming weeks.  However, he
stressed that he was unlikely to be able to reduce the EUR4
billion bill and did not want to leave shareholders with the
impression that this was possible, The Irish Times notes.

The company is facing outright Government control, with
shareholders being wiped out, even after selling the most
profitable part of the group, Irish Life, The Irish Times
discloses.

Mr. Cooke, as cited by The Irish Times, said ILP was expected to
require more than EUR2.5 billion from the State to meet the higher
capital target after raising an estimated EUR1.5 billion from a
trade sale or flotation of Irish Life.

ILP had no choice but to accept the stress test results given its
reliance on Central Bank funding, The Irish Times states.

Headquartered in Dublin, Irish Life & Permanent plc --
http://www.irishlifepermanent.ie/-- is a provider of personal
financial services to the Irish market.  Its business segments
include banking, which provides retail banking services; insurance
and investment, which includes individual and group life assurance
and investment contracts, pensions and annuity business written in
Irish Life Assurance plc and Irish Life International, and the
investment management business written in Irish Life Investment
Managers Limited; general insurance, which includes property and
casualty insurance carried out through its associate, Allianz-
Irish Life Holdings plc, and other, which includes a number of
small business units.  On June 30, 2008, it acquired the rest of
the 50% interest in Joint Mortgage Holdings No. 1 Limited (the
parent of Springboard Mortgages Limited), resulting in Springboard
Mortgages becoming a wholly owned subsidiary.  On December 23,
2008, it acquired an additional 23% of Cornmarket Group Financial
Services Ltd, bringing its interest to 98%.


P. ELLIOT: Goes Into Administration, Work Stops at Olympic Site
---------------------------------------------------------------
Construction Inquirer reports that Olympic chiefs are racing to
get work restarted on the Athletes Village after work on block N14
was halted as contractor P Elliott went into administration.

P Elliott has been facing financial problems for months and was
the subject of a string of winding-up petitions, according to
Construction Inquirer.

Construction Inquirer notes that Olympic Delivery Authority bosses
were hoping Elliott would stay afloat long enough to complete its
GBP30 million contract, which is due for completion in August.

But administrators were appointed in Ireland and the site gates in
Stratford locked, the report relates.

Construction Inquirer adds that the ODA is now in talks with
Village developer Lend Lease to get the 250 strong Elliott team
back on site.


QUINN GROUP: Sean Quinn's Children File Damage Claim v. Anglo
-------------------------------------------------------------
Mary Carolan at The Irish Times reports that the wife and five
children of businessman Sean Quinn have lodged a High Court
action, seeking massive damages against Anglo Irish Bank over
alleged negligence, breach of duty and intentional and/or
negligent infliction of economic damage.

According to The Irish Times, the damages claim arises from events
of the past two years that led to the family losing control of the
Quinn group of businesses and is believed to seek hundreds of
million of euros.

In proceedings against Anglo and receiver Kieran Wallace, the
family are seeking to overturn the appointment of Mr. Wallace by
Anglo as receiver over shares held by them in the Quinn Group and
various related companies, The Irish Times discloses.  They claim
that charges made in favor of Anglo from late 2003 up to 2009 over
shares held in Quinn Group (RoI) Ltd., Quinn Quarries Ltd., Slieve
Russell Hotel Ltd., Quinn Finance Holding, Quinn Group Hotels Ltd.
and Quinn Group Properties Ltd. are invalid, unenforceable, and of
no legal effect, The Irish Times relates.

The appointment of Mr. Wallace on April 14 as receiver over those
shareholdings on foot of the disputed charges is also invalid and
unenforceable, the family claims, The Irish Times states.  They
want orders restraining Mr. Wallace acting as receiver and setting
aside his appointment, The Irish Times says.  They also want
declarations that undated guarantees provided by them to Anglo
over the liabilities of several Cyprus-registered companies are
invalid and unenforceable, The Irish Times notes.

The proceedings by Patricia Quinn and her children, Sean Jr.,
Brenda, Aoife, Colette and Ciara, were lodged in the High Court
last week and it is expected an application will be made within
weeks to have the case fast-tracked by the Commercial Court,
according to The Irish Times.

The children are equal shareholders in Quinn Group (RoI), the
parent company for the various manufacturing, financial services
and leisure businesses that were owned by the family, The Irish
Times discloses.

Quinn Group ROI Ltd. controls its cement, building materials,
glass and other manufacturing businesses in Ireland and Britain
through its ownership of Quinn Group, an operating entity
registered in Northern Ireland.


WILLOW NO. 2: Moody's Reviews 'Ba1' Rating on Notes for Downgrade
-----------------------------------------------------------------
Moody's Investors Service reviewed the rating on notes issued by
Willow No.2 Series 39. The notes affected by the rating review
are:

   Issuer: WILLOW NO.2 (IRELAND) PLC Series 39

   -- Series 39 EUR7,100,000 Secured Limited Recourse Notes due
      2039, Ba1 (sf) Placed Under Review for Possible Downgrade;
      previously on Apr 20, 2011 Downgraded to Ba1 (sf)

REVIEW RATIONALE

Willow No.2 (Ireland) Plc Series 39 is a repackaging of Grifonas
Finance No.1 Plc Class A Notes, a Greek residential mortgage-
backed security. All interest and principal received on the
underlying securities are passed net of on-going costs to the
holders of the Willow No.2 Series 39 notes. This rating is
essentially a pass-through of the rating of the underlying
securities.

Moody's explained that the rating review taken today is the result
of the Ba1 (sf) rating of Grifonas Finance No.1 Plc Class A Notes,
being placed under review for possible downgrade on the 13th May
2011. For more information please see the press release on Greek
structured finance transactions.

The principal methodology used in the rating was "Moody's Approach
to Rating Repackaged Securities" published in April 2010.


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


LOGWIN AG: S&P Raises Long-Term Corporate Credit Rating to 'B+'
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on Luxembourg-based logistics services provider
Logwin AG to 'B+' from 'B'. The outlook is stable.

"At the same time, we raised our issue rating on the EUR65 million
senior subordinated notes issued by Logwin to 'B' from 'B-', one
notch below the company's corporate credit rating. The recovery
rating on these notes is '5', indicating our expectation of modest
(10%-30%) recovery in the event of a payment default," S&P
related.

"The upgrades reflect our opinion of Logwin's improved operating
performance in 2010 and its continued commitment to reducing its
gross debt. The company recently announced its intention to
prematurely redeem the remaining EUR65 million 8% senior
subordinated notes, due 2012, on June 15, 2011. We understand that
Logwin has already secured a new EUR20 million bank loan, which,
together with a EUR20 million existing factoring line and EUR25
million of existing cash balances, will finance the repayment. The
first half of the EUR130 million notes was repaid in December
2010," S&P noted.

Improved economic conditions and the disposal of the loss-making
Road & Rail business in the first quarter of 2010 enabled Logwin
to report improved trading results. Revenues amounted to EUR1,356
million in 2010, up 21.9% from 2009. Logwin's reported EBIT margin
remained weak, increasing to 1.8% in 2010 from a very low base of
0.9% in 2009. "We believe that the margin improvement was mainly
due to significant cost reductions in the Solutions business,
which suffers from internal inefficiencies and strong pricing
pressure from customers. However, we continue to view Logwin's
business risk profile as vulnerable, owing in part to our opinion
of its fairly small base of operating profit (reported EBITDA of
EUR37 million in 2010), which we believe provides limited
protection against adverse market conditions and other downside
risks," according to S&P.

"The stable outlook reflects our view that the ongoing global
economic recovery and associated trading volumes should enable
Logwin to maintain its current level of operating profits and
generate positive free operating cash flow over the near term. The
outlook further reflects our expectation that the gains from
improved profitability and lower interest costs will be partially
offset by higher capex, following the very low level achieved by
Logwin during the economic crisis. The ratings do not factor in
any future material shareholder remuneration," S&P related.

"We would consider raising the rating if Logwin's consolidated
operating profits materially improve, for example as a result of
an improved operating performance in the Solutions business, and
if the company continues to generate sustainable free operating
cash flow. Equally, we would consider taking a negative rating
action if an unexpected deterioration in market conditions were to
result in a material weakening of Logwin's cash flows or liquidity
position, or if the company's adjusted debt to EBITDA were to
increase to more than 4.5x," added S&P.


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N E T H E R L A N D S
=====================


DALRADIAN EUROPEAN: Moody's Lifts Rating on Class D Notes to 'B3'
-----------------------------------------------------------------
Moody's Investors Service has upgraded its ratings of four classes
of notes issued by Dalradian European CLO II B.V. The ratings of
the other classes of notes as well as the three combo notes remain
unchanged.

   Issuer: Dalradian European CLO II B.V.

   -- EUR59.2M Class A2 Senior Secured Floating Rate Notes due
      2022, Upgraded to Aa1 (sf); previously on Sep 10, 2009
      Downgraded to Aa2 (sf)

   -- EUR31.83M Class B Deferrable Secured Floating Rate Notes due
      2022, Upgraded to A2 (sf); previously on Sep 10, 2009
      Downgraded to Baa1 (sf)

   -- EUR23.81M Class C Deferrable Secured Floating Rate Notes due
      2022, Upgraded to Ba1 (sf); previously on Sep 10, 2009
      Downgraded to Ba2 (sf)

   -- EUR25.8M Class D Deferrable Secured Floating Rate Notes due
      2022, Upgraded to B3 (sf); previously on Sep 10, 2009
      Downgraded to Caa1 (sf)

RATINGS RATIONALE

Dalradian European CLO II, issued in December 2006, is a cash
multi currency CLO managed by Elgin Capital LLP. The underlying
pool and principal cash in this transaction amounts to EUR 311.8
million with 89% exposure to European borrowers and 88% to senior
secured loans. The collateral assets are denominated in EUR, GBP
and USD and support liabilities denominated in the same currencies
with the aim of matching the liabilities and assets in each
currency. The reinvestment period of Dalradian European CLO II
B.V. will end in December 2012.

According to Moody's, the upgrade rating actions taken on the
notes is a result primarily of the increased overcollateralization
('OC') levels. Since the last rating action in September 2009 the
OC ratios of all classes have increased following a deleveraging
of the transaction. However, class D and E OC tests are still
failing. The OC ratios reported March 2011 are at 146.54% for
class A (versus 134.76 % July 2009), 127.27% for class B (versus
118.57% July 2009), 115.87% for class C (versus 108.8% July 2009),
105.62% for class D (versus 99.88% July 2009) and 100.46% for
Class E (versus 95.33% July 2009). While deferred interest
balances for classes C, D and E are above their levels at last
rating action, the rate of deferral has decelerated.

The reported weighted average rating factor ("WARF") at 2968 in
March 2011 is still above the level of 2755 in July 2009. However,
this reported WARF overstates the actual deterioration in credit
quality because of the technical transition related to rating
factors of European corporate credit estimates, as announced in
the press release published by Moody's on September 1, 2010.

The proportion of securities from issuers rated Caa1 and below has
increased from 10.8% reported July 2009 to approximately 14.8% in
March 2011. The defaulted par has decreased from EUR 37.6 million
to EUR 20.3 million. The diversity score reported by the trustee
has increased from 38 to 39.5. The average recovery rate has
increased from 56.8% to 58.6%. The weighted average spread has
increased from 2.94% to 3.05%.

In its base case, Moody's analyzed the underlying collateral pool
with an adjusted weighted average rating factor of 4368 (versus
4194 at last rating action), a diversity score of 38 (versus 36 at
last rating action), and a weighted-average recovery rate of 57.9%
(versus 56.5% at last rating action).

Moody's also ran sensitivity analyses on key parameters for the
rated notes. For instance, modelling the portfolio using a
weighted average life (WAL) greater by one year compared to the
current WAL to capture the potential impact of asset maturity
extensions as well as portfolio trading had an impact of less than
1 notch on the model output across the capital structure. Moody's
also modelled the impact of a 5% lower average recovery rate in
which case the model outputs would change by less than a notch for
Class A and up to two notches for the lower rated classes.

Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, as evidenced by 1) uncertainties of
credit conditions in the general economy and 2) the large
concentration of speculative-grade debt maturing between 2012 and
2014 which may create challenges for issuers to refinance. The CDO
notes' performance may also be impacted by 1) the manager's
investment strategy 2) the transaction's deleveraging pace, 3) the
manager's decisions to work out or sell defaulted assets and the
resulting recoveries achieved on defaulted assets, 4) foreign
exchange risk introduced in case of defaults of non-Euro
denominated obligations, 5) volatility of the deal's
overcollateralization levels due to fluctuation of market values
and 6) divergence in legal interpretation of CDO documentation by
different transactional parties due to embedded ambiguities.

The principal methodology used in the rating was "Moody's Approach
to Rating Collateralized Loan Obligations" published in August
2009. Under this methodology, Moody's used its Binomial Expansion
Technique, whereby the pool is represented by independent
identical assets, the number of which is being determined by the
diversity score of the portfolio. The default and recovery
properties of the collateral pool are incorporated in a cash flow
model where the default probabilities are subject to stresses as a
function of the target rating of each CLO liability being
reviewed. The default probability range is derived from the credit
quality of the collateral pool, and Moody's expectation of the
remaining life of the collateral pool. The average recovery rate
to be realized on future defaults is based primarily on the
seniority and jurisdiction of the assets in the collateral pool.

Due to the impact of revised and updated key assumptions
referenced in "Moody's Approach to Rating Collateralized Loan
Obligations" and "Annual Sector Review (2009): Global CLOs", key
model inputs used by Moody's in its analysis, such as par,
weighted average rating factor, diversity score, and weighted
average recovery rate, may be different from the trustee's
reported numbers.

Moody's also notes that around 72% of the collateral pool consists
of debt obligations whose credit quality has been assessed through
Moody's credit estimates.

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of the rating committee
considerations. These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record, and
the potential for selection bias in the portfolio. All information
available to rating committees, including macroeconomic forecasts,
input from other Moody's analytical groups, market factors, and
judgments regarding the nature and severity of credit stress on
the transactions, may influence the final rating decision.

The cash flow model used for the transaction, whose description
can be found in the methodology listed above, is Moody's EMEA
Cash-Flow model.

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.


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P O L A N D
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CEDC FINANCE: Moody's Downgrades Corporate Family Rating to 'B2'
----------------------------------------------------------------
Moody's Investors Service has downgraded to B2 from B1 the
corporate family rating (CFR) and probability of default rating
(PDR) of Central European Distribution Corporation (CEDC). The
rating on the company's senior secured notes due in 2016 issued by
CEDC Finance Corporation International are unchanged at B1. The
outlook on the ratings is stable.

RATINGS RATIONALE

"The rating action concludes the review for possible downgrade
initiated on March 4, 2011 following the significant deterioration
in CEDC's operating performances during the fourth quarter of 2010
and reflects Moody's expectations that the company's profitability
will remain below previous expectations over the short to medium
term," says Paolo Leschiutta, a Moody's Vice President-Senior
Analyst and lead analyst for CEDC.

Challenging market conditions both in Poland and Russia
experienced over the past 12-18 months negatively impacted CEDC's
profitability. Operating profit, excluding impairments, for the
financial year ending (FYE) December 2010, amounted to US$108.3
million, representing a 34% fall from the US$164.1 million
reported a year earlier. At FYE December 2010 the company's
financial leverage, as adjusted by Moody's and calculated on gross
debt basis, exceeded 10x. "Moody's understands that the
significant decline in CEDC's profitability was a result of a
number of exceptional items, such as production disruption in
Russia during the peak season and soft demand in Poland,"
continues Mr. Leschiutta. "However, the decline was also a result
of more structural issues, such as erosion of the company's market
share and CEDC's decision to invest more in supporting its brands,
which could result, in the rating agency's view, in ongoing
pressure on profitability."

Although Q1 2011 results released on May 5, 2011 revealed a degree
of recovery in volumes and market share in the Polish market,
revenues in the country were still below previous year, while the
Russian operations are still suffering from market disruption
resulting in organic revenues declining by approximately 19%
during the quarter. Going forward Moody's expects volatility in
consumer spending to continue in both Poland and Russia. In
addition, higher spirit prices and the company's intention to
invest more in promoting its brands and on the value segment of
the vodka market is likely to result in lower profitability than
previously anticipated.

Nevertheless, Moody's would still expect a reduction in financial
leverage from the level reported at FYE December 2010. However, in
the rating agency's view, the company's expected financial
indebtedness, coupled with its changing operating profile and
volatile market conditions, are more in line with a B2 rating.
Further negative pressure on the ratings could arise if the
company's financial leverage were to remain sustainably above 6.5x
(pro-forma for the Whitehall acquisition) or in case of a
prolonged deterioration in the company's operating performance or
liquidity profile. Although an upgrade is unlikely at the moment,
positive rating pressure could result from ongoing improvements in
profitability and cash flow generation, resulting in positive free
cash flow generation and in a reduction of financial leverage
towards 4.5x.

In April 2011, the Company repaid part of its bank facility
amending some of the terms. As a result of this renegotiation, the
company does not have any longer financial covenants to comply
with although the bank facility was reduced to an overdraft
facility of PLN120 million (US$44 million) which is currently not
utilized and is available till January 2012. Given the short term
nature of this line and the uncommitted nature Moody's does not
consider this facility as a reliable sources of liquidity.
However, Moody's notes that the company had US$168 million of cash
on balance sheet as at the end of March 2011 (part of which though
was used to repay the term loan) and that CEDC recently signed a
factoring agreement to sell up to PLN290 million (US$103 million)
of receivables, representing a source of financing for the
company's working capital needs. Moody's would expects the cash on
balance sheet, the recently signed factoring agreement and the
expected cash generation from operating activity to cover for
CEDC's significant working capital seasonality during the year,
while there are no significant short term debt maturities.

The stable outlook anticipates a degree of recovery in market
conditions, which will however remain volatile, and a meaningful
recovery in the company's financial leverage from FYE December
2010 level.

The B1 rating on the senior secured notes, one notch above the
CFR, and the loss-given-default (LGD) assessment on the notes of
LGD3, 38%, reflect the repayment of the bank facility and the fact
that the notes rank ahead of the convertible notes which do not
benefit from guarantees from operating companies. The notes are
secured on: (i) issuer shares and certain company subsidiaries;
(ii) a first-priority assignment of rights under particular bank
accounts; (iii) a first-priority mortgage over some real estate
and fixtures; and (iv) security in certain intellectual
properties. The debt rating reflects the relatively low value that
Moody's assigns to the pledge on shares in the event of distress.

PRINCIPAL METHODOLOGIES

The principal methodology used in rating CEDC was Moody's "Global
Alcoholic Beverage Rating Methodology", published in August 2009.

Headquartered in Warsaw, Poland, CEDC is one of the largest vodka
producers in the world, with annual sales of around 32.7 million
nine-litre cases, mainly in Russia and Poland. Following
investments in Russia over the past two years and the recent
disposal of its distribution business in Poland, CEDC generated
net revenues of around USD711 million during FYE December 2010.
This amount excludes Whitehall Group, the importer and distributor
of premium spirits and wine in Russia that will be consolidated
during FY 2011.


LOCIC RESIDENTIAL: Files Insolvency Petition in Bucharest Court
---------------------------------------------------------------
Cristi Moga, writing for Ziarul Financiar, reports that Locic
Residential, controlled by businessman Marius Locic, filed an
insolvency petition with the Bucharest Court of Law.

The company had taken out a loan worth over EUR10 million in 2008
from Volksbank Romania, guaranteed with three plots of land
covering a cumulated area of over 3,500 square meters on Intrarea
Chefalului street in northern Bucharest, on the shore of Lacul Tei
lake, where Locic had been planning to erect an apartment
building, ZF says, citing information from The Electronic Archive
for Secured Transactions.  According to ZF, the real estate market
plummeted and the project was frozen, and in addition Mr. Locic
has been investigated by the National Anti-corruption Department
in the last two years, being charged with influence peddling,
forgery of documents, and corruption.

Information published in the press revealed that Marius Locic,
known as a business partner of George Becali, also has part of his
assets frozen, ZF notes.

Locic's property is currently just a weed-covered land, from the
sale of which Volksbank should recoup several million euros if the
company is declared bankrupt on a land market still partly frozen
at present, ZF states.

Locic Residential is a residential complex in Romania.


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


ROSENERGOBANK: Moody's Assigns 'E+' Financial Strength Rating
-------------------------------------------------------------
Moody's Investors Service has assigned these global scale ratings
to Rosenergobank (REB): a standalone E+ bank financial strength
rating (BFSR), which maps to B3 on the long-term scale, and B3
long-term and Not Prime short-term local and foreign currency
deposit ratings. Concurrently, Moody's Interfax Rating Agency
assigned a Baa3.ru long-term National Scale Rating (NSR) to the
bank. Moscow-based Moody's Interfax is majority-owned by Moody's,
a leading global rating agency. The outlook on the long-term
global scale ratings is stable, while the NSR carries no specific
outlook.

Moody's assessment is primarily based on REB's financial
statements for 2010 (audited), prepared under IFRS.

RATINGS RATIONALE

According to Moody's, REB's E+ BFSR, which maps to the long-term
scale of B3, reflects the bank's (i) currently stable liquidity
position as illustrated by growing customer deposits and
sufficient share of liquid assets -- accounting for over 30% of
the bank's total assets; and (ii) its growing geographical
diversification.

At the same time, Moody's notes that REB's ratings are constrained
by (i) the bank's small size and narrow market franchise;(ii) high
appetite for credit risk demonstrated by very rapid growth in
recent years and very high single-name concentrations and (iii)
weak core profitability and efficiency.

Moody's notes that REB's appetite for credit risk evidenced by a
very rapid growth of its loans portfolio along with a high credit
concentration represents a key risk challenge.  As reported in
REB's audited IFRS statements, at YE2010 the bank's aggregate
exposure to the twenty largest customers accounted for 63% of
total gross loans and 415% of total equity. This renders the bank
vulnerable to the financial performance of a limited number of
major customers. Another constraining factor is the bank's recent
growth -- the bank's loan portfolio grew 95% in 2010 and 42% in
2009, although from a very low base.

According to Moody's, REB's B3 deposit ratings have limited
prospects for upgrade in the near- to medium term. In the longer
term, the ratings could be upgraded if the bank expands its market
franchise and reduces its credit concentrations, while also
maintaining adequate financial fundamentals. Conversely, negative
pressure could be exerted on the ratings as a result of (i) any
failure by REB to maintain a stable liquidity profile, or (ii)
deterioration of the bank's asset quality, profitability and/or
capital levels, especially in view of the bank's aggressive
business expansion.

REB's B3 local and foreign-currency deposit ratings incorporate
Moody's assessment of no probability of systemic support, and are
based on the bank's long-term scale of B3.

Headquartered in Moscow, Russia, REB reported audited IFRS total
assets of RUB18.3 billion (US$630 million), shareholder equity of
RUB1.8 billion (US$62 million) and net income of RUB18.6 million
(US$640,000) at YE2010.

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

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

                About Moody's And Moody's Interfax

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


* SAKHA REPUBLIC: Fitch Assigns 'BB(exp)' Rating to RUB2.5BB Bond
-----------------------------------------------------------------
Fitch Ratings has assigned the Republic of Sakha's (Yakutia)
upcoming RUB2.5 billion domestic bond due May 20, 2016 an expected
Long-term local currency rating of 'BB(exp)' and an expected
National Long-term rating of 'AA-(rus)(exp)'. The region is rated
Long-term foreign and local currency ratings 'BB', with a Positive
Outlook, Short-term foreign currency rating 'B', and National
Long-term rating 'AA-(rus)' with a Positive Outlook.

The final rating is contingent upon the receipt of final documents
conforming to information already received.

The bond has a fixed quarter-annual coupon at 7.95% per annum. The
initial placement price of the bond will be set at an auction on
May 20, 2011. The principal will be amortized by 20% of the
initial bond issue value on August 22, 2014, February 20, 2015,
August 21, 2015 and the remaining 40% of the initial value will be
redeemed on May 20, 2016. The proceeds from the new bond will be
used to finance the region's budget deficit and repayment of
maturing debt.

Sakha is Russia's largest region with rich deposits of prime
natural resources, located in the far eastern part of the country.
Sakha's 949,000 people accounted for 0.7% of the national
population and the region contributed 1% of the national GDP in
2009.


=========
S P A I N
=========


IM CAJA LABORAL: Fitch Affirms 'CCCsf' Rating on Class E Notes
--------------------------------------------------------------
Fitch Ratings has affirmed all tranches of IM Caja Laboral Fondo
de Titulizacion de Activos 1&2, a series of Spanish RMBS
transactions.

The Caja Laboral series comprises collateral originated mainly in
the Basque Country and neighboring Navarra region. All loans in
the pools are originated by Caja Laboral ('A-'/Negative/'F1').

IM Caja Laboral 1 consists of highly seasoned loans, with a
weighted average seasoning of 96 months and a low weighted average
current loan-to-value ratio (WACLTV) of 52.3%, as of March 2011.
The affirmations reflect the continued strong collateral
performance. The pool has consistently outperformed other Fitch
rated Spanish RMBS transactions. The portion of loans in arrears
by more than three months stands at 0.1% of the outstanding
collateral balance and to date gross cumulative defaults are less
than 0.3% of the total original collateral balance.

Credit enhancement levels are supported by a fully funded reserve
fund and have increased as the notes continue to amortize
sequentially. However, at the current 12-month average principal
payment rate of 10.7%, which includes both scheduled and
unscheduled principal payments, it is likely that the necessary
conditions for pro-rata note amortization will be met in the next
18-24 months. In addition, it is likely that the reserve fund will
be permitted to begin amortizing in the next 18-24 months, which
will limit increases in credit enhancement. For this reason, the
Outlook on the class C note has been revised to Stable.

On the other hand, IM Caja Laboral 2's collateral had a much
higher WACLTV of 85.4% as of March 2011 and, as a result, the
performance of the collateral has not been as strong as its
predecessor. Nonetheless, loans in arrears by more than three
months have shown signs of stabilizing, and currently represent
0.8% of the total outstanding balance. In addition, gross
cumulative defaults to date are at 0.8% of the total original
collateral balance.

Like most other Spanish RMBS deals, both transactions feature a
provisioning mechanism through which defaults (defined as loans in
arrears by more than 12 months) are written off using available
excess revenue or cash from the reserve fund.

IM Caja Laboral 2 experienced a high default rate between June
2009 and January 2010, meaning the reserve fund was utilized for
provisioning purposes. However, thanks to a slight drop-off in
recent defaults, some of the annualized gross excess spread of
0.75%, has been used to gradually replenish the reserve fund.
Fitch believes that IM Caja Laboral 2 will continue to generate
sufficient revenue to provision for potential defaults (loans in
arrears for more than three months) in the near future and as a
result has affirmed all the ratings.

Given the higher LTVs and lower seasoned loans in IM Caja Laboral
2, Fitch believes that the expected increase in interest rates and
the high levels of unemployment in Spain pose a risk to the future
performance of the underlying assets, in contrast to IM Caja
Laboral 1. This concern is reflected in the Negative Outlooks
assigned to the junior and mezzanine tranches.

The ratings actions are:

IM Caja Laboral 1, Fondo de Titulizacion de Activos:

   -- Class A (ISIN ES0347565006) affirmed at 'AAAsf'; Outlook
      Stable; Loss Severity Rating of 'LS1'

   -- Class B (ISIN ES0347565014) affirmed at 'AA+sf'; Outlook
      Stable; Loss Severity Rating of 'LS1'

   -- Class C (ISIN ES0347565022) affirmed at 'A+sf'; Outlook
      revised to Stable from Positive; Loss Severity Rating of
      'LS1'

   -- Class D (ISIN ES0347565030) affirmed at 'BBB+sf'; Outlook
      Stable; Loss Severity Rating of 'LS1'

   -- Class E (ISIN ES0347565048) affirmed at 'CCCsf'; Recovery
      Rating 'RR3'

IM Caja Laboral 2, Fondo de Titulizacion de Activos:

   -- Class A (ISIN ES0347552004) affirmed at 'AAAsf'; Outlook

   -- Stable; assigned a Loss Severity Rating of 'LS1'

   -- Class B (ISIN ES0347552012) affirmed at 'Asf'; Outlook
      Negative; assigned a Loss Severity Rating of 'LS3'

   -- Class C (ISIN ES0347552020) affirmed at 'Bsf'; Outlook
      Negative; assigned a Loss Severity Rating of 'LS3'


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


CARVILL GROUP: To Go Into Administration on Economic Climate
------------------------------------------------------------
BBC News reports that Carvill Group is to go into administration.

The group said the Carvill Group Limited, Carvill (Scotland)
Limited and Carvill (Newcastle) Limited would all be affected,
according to BBC News.

BBC News notes that the group blamed the "adverse economic
climate" for the move.

Group managing director Christopher Carvill said: "This is a sad
day for all of us who have tried so hard to find an alternative
solution," the report relates.

Carvill Group is a construction firm.  It has been involved in
projects in Germany, as well as Northern Ireland, England and
Scotland.


HMV GROUP: To Sell Waterstone's to A. Mamut for GBP53 Million
-------------------------------------------------------------
Claer Barrett at The Financial Times reports that HMV Group has
conditionally agreed to sell its book chain Waterstone's to
Russian billionaire Alexander Mamut for GBP53 million cash after
months of negotiations.

According to the FT, the company's sales have dropped by nearly a
fifth at HMV's core business and by 11.3% at Waterstone's since
the start of the year.  The FT says debts have ballooned further
and the company now expects net debt for the year to April 30 to
be GBP170 million, up from GBP130 million at its last estimate,
blaming "adverse sales performance combined with a tightening
supplier credit environment".

Mr. Mamut, a 6.7% shareholder in HMV, has made the offer through
his vehicle A&NN Capital Fund Management, the FT discloses.  HMV,
as cited by the FT, said that the disposal is conditional on a
successful renegotiation of the group's lending facilities, but
analysts say the company will also need to raise capital via a
rights issue, as net debts are on course to be four times the
company's GBP42 million market capitalization.

"HMV is still not out of trouble," the FT quotes Nick Bubb, retail
analyst at Arden Partners, as saying.  "The cash offer for
Waterstone's is better than expected, but the debt position is way
higher.  Given the drop in trading, it will not be easy to
convince shareholders to raise equity."

The FT notes that HMV said its lending banks were "supportive" of
the disposal, and that it continued to work on renegotiating its
banking facilities.  According to the FT, the company warned: "If
the group is unable to secure a refinancing of the current lending
facilities . . . then the disposal will not complete," stressing
that the group continues to "assess all other options" in the
event of this happening.  The sale of Waterstone's will also be
subject to the approval of shareholders and the Pensions
Regulator, and the company does not expect it to complete until
June, the FT states.

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


HOMECALL PLUS: Placed in Compulsory Liquidation
-----------------------------------------------
BBC News reports that Homecall Plus of Furthergate, Blackburn, has
been put into compulsory liquidation after a creditor petitioned
the Official Receiver in Blackpool.

BBC News says Homecall provided cover for plumbing, heating and
other emergencies in the home.  As well as plumbing problems, it
dealt with drainage and electrical failures, and provided gas
safety checks, the report says.

BBC News relates that some 10,000 customers who bought policies up
to Dec. 3, 2010, should still receive cover.

According to the report, the service was a form of insurance,
described by its website as a warranty and "a comprehensive
extension of the cover provided by your household insurance".

Those policies were underwritten by Brit Insurance, which is
honouring them, the report notes.

However, BBC News says, there is concern that any customers who
signed up after December 3 last year could be left without cover.

BBC News relates that it is uncertain whether they would be able
to make a claim to the Financial Services Compensation Scheme
(FSCS).  The FSCS has yet to decide whether the policies would be
eligible.

The Insolvency Service has transferred the case to its public
interest unit because of the number of people who could be
affected, according to BBC News.


J W CARNELL: Goes Into Voluntary Liquidation
--------------------------------------------
Spalding Guardian and Lincolnshire Free Press reports that J W
Carnell Ltd has gone into voluntary liquidation with the loss of
13 jobs.

Spalding Guardian relates that a company spokesman said the firm
folded in the face of the current economic climate, in which
soaring fuel costs are piling the pressure on transport firms.

"Some of our staff have already found work and we are grateful for
that. I understand that our school runs have been covered and we
hope that no-one has been left wanting as a result of this," the
spokesman told Spalding Guardian.

The firm told Lincolnshire County Council on Wednesday that it
would not be in a position to fulfill its school bus runs after
Friday, the report says.

J W Carnell Ltd was set up as a family business in 1969 and ran
excursions, holidays and private hire.  The firm, which had a
depot in Long Sutton, had a fleet of 12 coaches and employed nine
drivers, two fitters and two members of office staff.


NOMI MOBILE: Goes Into Administration, Taps Receiver
----------------------------------------------------
Paul Withers at Mobile News reports that Nomi Mobile has gone into
administration.

The company's office in Waterloo has been shut with a notice
pinned on the front door informing customers of the situation,
according to Mobile News.  A receiver has been brought in to
oversee the matter.

Nomi Mobile launched in the UK in late 2007 with a wholesale deal
with BT Mobile, itself running off the Vodafone UK network.


PEVEREL GROUP: BoA 'Unlikely' to Recover GBP136MM Tchenguiz Loans
-----------------------------------------------------------------
Russell Lynch at London Evening Standard reports that
administrators of Vincent Tchenguiz's property management empire
have warned that Bank of America Merrill Lynch is unlikely to
recover GBP136 million in loans.

As reported in the Troubled Company Reporter-Europe on March 16,
2011, The Independent said restructuring firm Zolfo Cooper was
appointed as administrator for Mr. Tchenguiz's four companies
-- Peverel, Peverel Group, Aztec Opco Developments and Aztec
Acquisitions -- within the Peverel Group.

Peverel Group and three other companies connected to Mr. Tchenguiz
were put into administration after Merrill called in the debt
after the arrest of Vincent and his brother, Robert, by the
Serious Fraud Office (SFO) in March, according to London Evening
Standard.

The SFO is probing the collapse of Icelandic bank Kaupthing in
2008, the report recalls, although both brothers were released
without charge and deny any wrongdoing.

Zolfo Cooper, which is handling the administration, warned "it is
expected that Merrill Lynch will suffer a shortfall on its
lending," London Evening Standard adds.

Peverel Group is UK's largest property management company.


PORTSMOUTH FOOTBALL FC: Howes Percival Aids Investigation
---------------------------------------------------------
BusinessWeekly reports that the insolvency team from Norwich law
firm Howes Percival has been called in to help the investigation
into Portsmouth Football Club Ltd.

As reported in Troubled Company Reporter-Europe on March 1, 2010,
Bloomberg News related that Portsmouth Football went into
administration after U.K. authorities tried to force its closure
over unpaid taxes.  UHY Hacker Young Michael Kiely, Peter Kubik
and Andrew Andronikou were appointed joint administrators to the
company and the football club.

The company is believed to owe creditors over GBP83 million, with
up to GBP35 million owed to Her Majesty's Revenue & Customs,
according to BusinessWeekly.

BusinessWeekly notes that Howes Percival has been instructed by
insolvency practitioners Geoff Carton-Kelly and David Hudson of
Baker Tilly Restructuring and Recovery LLP, the joint liquidators
of the Club.

"We will be assisting Geoff Carton-Kelly and David Hudson with
their investigations into the financial collapse of the club. The
liquidators have identified significant issues that require
detailed investigation," BusinessWeekly quoted Nick Oliver, as
saying.

                   About Portsmouth Football

Portsmouth Football Club Ltd. -- http://www.portsmouthfc.co.uk/--
operates Portsmouth FC, a professional soccer team that plays in
the English Premier League.  Established in 1898, the club boasts
two FA Cups, its last in 2008, and two first division
championships.  Portsmouth FC's home ground is at Fratton Park;
the football team is known to supporters as Pompey.  Dubai
businessman Sulaiman Al-Fahim purchased the club from Alexandre
Gaydamak in 2009.  A French businessman of Russian decent,
Gaydamak had controlled Portsmouth Football Club since 2006.


R-TRAVEL: In Liquidation; Freedom to Honor Existing Bookings
-------------------------------------------------------------
Scotland Courier reports that R-Travel, a Perth travel agency, has
gone into liquidation with the loss of six jobs.

The company, a member of the Freedom Travel Group, arranged
holidays mainly in the Mediterranean, Egypt and Florida.

"As R-Travel was a member of The Freedom Travel Group, we will
honour all existing bookings," Scotland Courier quotes a company
spokesman as saying.

According to Scotland Courier, the firm's number went unanswered
and its Web site was unavailable but previously stated, "Our
prices are the very best in the industry.  We believe that
successful holidays are much more than cheap flights and places to
stay."

An Association of British Travel Agents spokeswoman said the
branch has been closed and bookings will be transferred to the
head office of the Freedom Travel Group, Scotland Courier relates.


SKYKON CAMPBELTOWN: Deal With Wind Towers Saves Firm
----------------------------------------------------
Press Association reports that Skykon Campbeltown Ltd has been
saved more than four months after being put into administration.

As reported in the Troubled Company Reporter-Europe on Jan. 7,
2011, Skykon Campbeltown goes into administration.  The Press
Association said that Skykon Campbeltown suffered when its
Denmark-based parent company Skykon suspended payments to
creditors in October.

A deal with Wind Towers Limited, a joint venture between Scottish
and Southern Energy (SSE) and Marsh Wind Technology, was finalized
by administrators Ernst and Young, according to Press Association.

Press Association notes that the firm had earlier agreed a deal
with engineering giant Siemens to resume production while attempts
were made to sell the business.  The report relates that an order
for 30 wind turbine towers destined for the Clyde wind farm near
Abington, South Lanarkshire, has been completed.

Press Association discloses that the deal was finalized earlier
and staff was informed of its completion at a meeting with
administrator Andrew Davison.

Skykon Campbeltown makes wind turbine parts.

                             *     *     *

As reported in the Troubled Company Reporter-Latin America on
January 7, 2011, Skykon Campbeltown went into administration.  The
Press Association said that Skykon Campbeltown suffered when its
Denmark-based parent company Skykon suspended payments to
creditors in October.  Around 130 people work at Skykon's factory
in Machrihanish, Argyll, the report related.


SOUTHERN CROSS: Optimistic on Future Despite GBP311-Mil. Loss
-------------------------------------------------------------
BBC News reports that Southern Cross has said it has a
"reasonable" chance of securing its future, despite announcing a
GBP311 million half-year loss.

BBC relates that the Southern Cross, which says it can no longer
afford to pay full rent at its 750 homes, is continuing talks with
its landlords over a rent reduction.

According to BBC, the firm said that if a deal was agreed, it
would open the way for it to seek GBP100 million of new funds.

Its loss comes after it had to write-down the value of its
investments, BBC notes.

As reported by the Troubled Company Reporter-Europe on May 17,
2011, The Sunday Telegraph said that Southern Cross told investors
that the company had asked landlords to reduce its rent bill by
30% over the next four months so that a longer-term deal can be
agreed.  It also said landlords had agreed to form an official
committee to conduct talks with Southern Cross, which will be
chaired by Daniel Smith of Grant Thornton and has the support of
NHP, the biggest landlord, The Sunday Telegraph disclosed.
Southern Cross is battling to survive as it struggles under the
burden of a GBP250 million annual rent bill and local authorities
paying it lower fees to look after patients, according to The
Sunday Telegraph.

Southern Cross Healthcare provides residential and nursing care to
more than 31,000 residents cared for by 45,000 staff in 750
locations.  Its also operates homes that specialize in treating
people with dementia, mental health problems and learning
disabilities.


TRIUMPH FURNITURE: Management Team Buys Firm, Saves 200++ Jobs
--------------------------------------------------------------
BBC News reports the Triumph Furniture Company was bought out by
the firm's management team saving more than 200 jobs in the
process.

As reported in the Troubled Company Reporter-Europe on March 17,
2011, The Business Sale Report said that Triumph Furniture is to
be put up for sale by its administrators.  The report related the
company entered administration after a fall in demand from public
sector organizations.  According to the report, the firm is still
trading while the administrators of FRP Advisory, Nigel Hamilton-
Smith, Charles Turner and Geoff Rowley, focus on restructuring the
business after making 110 of its 300-strong workforce redundant,
before selling it.

Established in 1941, Triumph Furniture Company is a corporate
furniture and storage specialist.  The firm has a London showroom,
an office in Solihull, and a base in Holland.


VISIT LONDON: London Assembly to Hold Public Meeting on May 24
--------------------------------------------------------------
MayorWatch reports London Assembly will hold a public meeting on
May 24, from 10:00 a.m., at the Chamber at City Hall to discuss
the decision to place Visit London Limited into administration.
Guests scheduled to appear before the committee includes: Dame
Judith Mayhew Jonas, interim Chair of London & Partners and Sir
Peter Rogers, Chief Executive of the London Development Agency.

Visit London was placed into administration on April 1 this year
following the establishment of successor body London & Partners,
which merged the responsibilities of Visit London, Think London
and Study London into a single body, according to MayorWatch.  The
report related that the merger followed the slashing of the
mayor's development budget as part of Government spending cuts.

Although staff transferred from Visit London to London & Partners,
the new body did not take on the pension liabilities for them,
according to MayorWatch.  The report relates that this resulted in
Visit London going into administration since it did not have an
estimated GBP7 million needed to wind up the pension scheme.

Labor AMs say that, in addition to the staff, a number of London
businesses also stand to lose from Visit London's collapse.

Visit London is the capital's former promotional and tourism
agency.


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


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

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

AUSTRIA
-------
IMMOFINANZ              4.250     3/8/2018      EUR       4.21
OESTER VOLKSBK          4.900    8/18/2025      EUR      61.00
OESTER VOLKSBK          5.270     2/8/2027      EUR      73.69
OESTER VOLKSBK          4.350   11/16/2018      EUR      73.00
OESTER VOLKSBK          4.810    7/29/2025      EUR      57.75
OESTER VOLKSBK          4.160    5/20/2025      EUR      70.38
OESTER VOLKSBK          4.750    4/30/2021      EUR      70.62
RAIFF LB OBEROST        4.620    9/17/2030      EUR      70.32
RAIFF ZENTRALBK         4.500    9/28/2035      EUR      76.50

BULGARIA
--------
PETROL AD-SOFIA         8.375   10/26/2011      EUR      74.20

CZECH REPUBLIC
--------------
SAZKA                   9.000    7/12/2021      EUR      69.50

DENMARK
-------
KOMMUNEKREDIT           0.500     2/3/2016      TRY      69.84
KOMMUNEKREDIT           0.500   12/14/2020      ZAR      43.88

FINLAND
-------
MUNI FINANCE PLC        0.250    6/28/2040      CAD      21.63
MUNI FINANCE PLC        1.000    2/27/2018      AUD      71.06
MUNI FINANCE PLC        0.500     2/9/2016      ZAR      69.80
MUNI FINANCE PLC        0.500    4/26/2016      ZAR      69.73
MUNI FINANCE PLC        1.000    6/30/2017      ZAR      62.58
MUNI FINANCE PLC        1.000   10/30/2017      AUD      72.41
MUNI FINANCE PLC        0.500    3/17/2025      CAD      53.17
MUNI FINANCE PLC        0.500   11/25/2020      ZAR      47.13
MUNI FINANCE PLC        0.500    4/27/2018      ZAR      58.62
MUNI FINANCE PLC        0.500    9/24/2020      CAD      69.02

FRANCE
------
AIR FRANCE-KLM          4.970     4/1/2015      EUR      14.65
ALCATEL-LUCENT          5.000     1/1/2015      EUR       4.76
ALTRAN TECHNOLOG        6.720     1/1/2015      EUR       5.97
ATOS ORIGIN SA          2.500     1/1/2016      EUR      55.26
BPCE                    3.455    9/16/2025      EUR      74.97
CALYON                  6.000    6/18/2047      EUR      25.65
CAP GEMINI SOGET        3.500     1/1/2014      EUR      44.42
CAP GEMINI SOGET        1.000     1/1/2012      EUR      44.25
CGG VERITAS             1.750     1/1/2016      EUR      31.62
CIE FIN FONCIER         3.250   12/30/2044      EUR      72.31
CLUB MEDITERRANE        5.000     6/8/2012      EUR      15.98
DEXIA MUNI AGNCY        1.000   12/23/2024      EUR      62.18
EURAZEO                 6.250    6/10/2014      EUR      61.12
FAURECIA                4.500     1/1/2015      EUR      31.56
INGENICO                2.750     1/1/2017      EUR      44.23
MAUREL ET PROM          7.125    7/31/2014      EUR      19.72
MAUREL ET PROM          7.125    7/31/2015      EUR      18.66
NEXANS SA               4.000     1/1/2016      EUR      72.33
NOVASEP HLDG            9.750   12/15/2016      USD      61.13
NOVASEP HLDG            9.625   12/15/2016      EUR      61.00
NOVASEP HLDG            9.750   12/15/2016      USD      60.00
NOVASEP HLDG            9.625   12/15/2016      EUR      61.50
ORPEA                   3.875     1/1/2016      EUR      48.16
PEUGEOT SA              4.450     1/1/2016      EUR      34.20
PUBLICIS GROUPE         1.000    1/18/2018      EUR      49.59
PUBLICIS GROUPE         3.125    7/30/2014      EUR      40.64
RHODIA SA               0.500     1/1/2014      EUR      51.71
SOC AIR FRANCE          2.750     4/1/2020      EUR      21.08
SOITEC                  6.250     9/9/2014      EUR      11.72
TEM                     4.250     1/1/2015      EUR      58.06
THEOLIA                 2.700     1/1/2041      EUR      11.57

GERMANY
-------
DEUTSCHE BK LOND        2.250    9/20/2020      EUR      73.66
EUROHYPO AG             3.830    9/21/2020      EUR      71.63
EUROHYPO AG             6.490    7/17/2017      EUR       7.00
IKB DEUT INDUSTR        5.625    3/31/2017      EUR      15.00
IKB DEUT INDUSTR        6.500    3/31/2012      EUR      18.17
IKB DEUT INDUSTR        6.550    3/31/2012      EUR      18.00
L-BANK FOERDERBK        0.500    5/10/2027      CAD      47.39
LB BADEN-WUERTT         2.500    1/30/2034      EUR      57.99
LB BADEN-WUERTT         5.250   10/20/2015      EUR      28.93
LB BADEN-WUERTT         2.800    2/23/2037      JPY      62.76
Q-CELLS                 6.750   10/21/2015      EUR       3.40
QIMONDA FINANCE         6.750    3/22/2013      USD       2.75
SOLON AG SOLAR          1.375    12/6/2012      EUR      47.49
TAG IMMO AG             6.500   12/10/2015      EUR       7.91
TUI AG                  2.750    3/24/2016      EUR      55.16
WESTLB AG               3.350   10/19/2026      EUR      70.04

GREECE
-------
ATHENS URBAN TRN        5.008    7/18/2017      EUR      54.86
ATHENS URBAN TRN        4.851    9/19/2016      EUR      55.72
ATHENS URBAN TRN        4.301    8/12/2014      EUR      61.26
ATHENS URBAN TRN        4.057    3/26/2013      EUR      71.56
HELLENIC REP I/L        2.900    7/25/2025      EUR      41.60
HELLENIC REP I/L        2.300    7/25/2030      EUR      41.58
HELLENIC REPUB          5.200    7/17/2034      EUR      59.12
HELLENIC REPUB          6.140    4/14/2028      EUR      60.94
HELLENIC REPUB          5.000    3/11/2019      EUR      56.05
HELLENIC REPUB          5.000    8/22/2016      JPY      49.12
HELLENIC REPUB          2.125     7/5/2013      CHF      73.41
HELLENIC REPUB          4.590     4/8/2016      EUR      61.30
HELLENIC REPUBLI        6.000    7/19/2019      EUR      52.53
HELLENIC REPUBLI        5.161    9/17/2019      EUR      51.93
HELLENIC REPUBLI        6.500   10/22/2019      EUR      54.10
HELLENIC REPUBLI        6.250    6/19/2020      EUR      53.45
HELLENIC REPUBLI        5.900   10/22/2022      EUR      51.88
HELLENIC REPUBLI        4.700    3/20/2024      EUR      48.42
HELLENIC REPUBLI        5.300    3/20/2026      EUR      49.26
HELLENIC REPUBLI        3.700   11/10/2015      EUR      53.98
HELLENIC REPUBLI        4.600    9/20/2040      EUR      46.48
HELLENIC REPUBLI        4.506    3/31/2013      EUR      73.79
HELLENIC REPUBLI        4.600    5/20/2013      EUR      70.52
HELLENIC REPUBLI        3.900     7/3/2013      EUR      69.97
HELLENIC REPUBLI        4.427    7/31/2013      EUR      69.28
HELLENIC REPUBLI        4.000    8/20/2013      EUR      65.62
HELLENIC REPUBLI        4.520    9/30/2013      EUR      66.97
HELLENIC REPUBLI        6.500    1/11/2014      EUR      65.89
HELLENIC REPUBLI        4.500    5/20/2014      EUR      60.07
HELLENIC REPUBLI        4.500     7/1/2014      EUR      62.15
HELLENIC REPUBLI        3.985    7/25/2014      EUR      59.08
HELLENIC REPUBLI        5.500    8/20/2014      EUR      59.64
HELLENIC REPUBLI        4.113    9/30/2014      EUR      59.16
HELLENIC REPUBLI        3.700    7/20/2015      EUR      55.90
HELLENIC REPUBLI        6.100    8/20/2015      EUR      59.74
HELLENIC REPUBLI        3.702    9/30/2015      EUR      57.01
HELLENIC REPUBLI        3.600    7/20/2016      EUR      55.50
HELLENIC REPUBLI        4.020    9/13/2016      EUR      57.30
HELLENIC REPUBLI        4.225     3/1/2017      EUR      55.95
HELLENIC REPUBLI        5.900    4/20/2017      EUR      56.80
HELLENIC REPUBLI        4.300    7/20/2017      EUR      53.77
HELLENIC REPUBLI        4.675    10/9/2017      EUR      55.04
HELLENIC REPUBLI        4.590     4/3/2018      EUR      52.92
HELLENIC REPUBLI        4.600    7/20/2018      EUR      52.81
HELLENIC REPUBLI        5.014    2/27/2019      EUR      52.29
HELLENIC REPUBLI        5.959     3/4/2019      EUR      55.92
HELLENIC REPUBLI        4.500    9/20/2037      EUR      46.49
NATIONAL BK GREE        3.875    10/7/2016      EUR      67.16

IRELAND
-------
AIB MORTGAGE BNK        5.000    2/12/2030      EUR      51.92
AIB MORTGAGE BNK        5.000     3/1/2030      EUR      51.88
AIB MORTGAGE BNK        5.580    4/28/2028      EUR      57.92
ALLIED IRISH BKS       10.750    3/29/2017      USD      22.04
ALLIED IRISH BKS       11.500    3/29/2022      GBP      21.94
ALLIED IRISH BKS       12.500    6/25/2019      EUR      24.40
ALLIED IRISH BKS       10.750    3/29/2017      EUR      22.20
ALLIED IRISH BKS        7.875     7/5/2023      GBP      24.93
ALLIED IRISH BKS       12.500    6/25/2019      GBP      25.11
ALLIED IRISH BKS        4.000    3/19/2015      EUR      74.23
ANGLO IRISH BANK        4.000    4/15/2015      EUR      73.71
BANK OF IRELAND         9.250     9/7/2020      GBP      50.06
BANK OF IRELAND        10.000    2/12/2020      EUR      52.00
BANK OF IRELAND         4.625    2/27/2019      EUR      47.03
BANK OF IRELAND        10.750    6/22/2018      GBP      50.00
BANK OF IRELAND         3.585    4/21/2015      EUR      73.37
BANK OF IRELAND         3.780     4/1/2015      EUR      74.45
BANK OF IRELAND        10.000    2/12/2020      GBP      51.15
BK IRELAND MTGE         5.760     9/7/2029      EUR      54.82
BK IRELAND MTGE         5.450     3/1/2030      EUR      51.89
BK IRELAND MTGE         5.360   10/12/2029      EUR      51.71
BK IRELAND MTGE         5.400    11/6/2029      EUR      51.96
DEPFA ACS BANK          5.125    3/16/2037      USD      69.21
DEPFA ACS BANK          5.125    3/16/2037      USD      69.92
DEPFA ACS BANK          0.500     3/3/2025      CAD      35.45
EBS BLDG SOCIETY        4.000    2/25/2015      EUR      74.22
EBS BLDG SOCIETY        4.992    3/19/2015      EUR      68.89
IRISH GOVT              4.500   10/18/2018      EUR      68.97
IRISH GOVT              4.400    6/18/2019      EUR      67.83
IRISH GOVT              5.900   10/18/2019      EUR      71.69
IRISH GOVT              4.500    4/18/2020      EUR      67.22
IRISH GOVT              5.000   10/18/2020      EUR      68.08
IRISH GOVT              5.400    3/13/2025      EUR      68.18
IRISH GOVT              4.600    4/18/2016      EUR      75.05
IRISH LIFE PERM         4.000    3/10/2015      EUR      74.49
IRISH LIFE PERM         4.820    3/22/2015      EUR      68.26
IRISH NATIONWIDE        6.250    6/26/2012      GBP      83.00

ITALY
-----
ABRUZZO REGION          4.450     3/1/2037      EUR      73.96
CITY OF TURIN           5.270    6/26/2038      EUR      67.52
CO BRAONE               4.567    6/30/2037      EUR      72.85
COMUNE DI MILANO        4.019    6/29/2035      EUR      65.90
REGION OF LIGURI        4.795   11/22/2034      EUR      74.38
SARDINIA REGION         4.022   11/28/2035      EUR      72.09

LUXEMBOURG
----------
ARCELORMITTAL           7.250     4/1/2014      EUR      28.94
ESPIRITO SANTO F        6.875   10/21/2019      EUR      69.93
INTL INDUST BANK        9.000     7/6/2011      EUR       9.08
LIGHTHOUSE INTL         8.000    4/30/2014      EUR      41.35
LIGHTHOUSE INTL         8.000    4/30/2014      EUR      41.40

NETHERLANDS
-----------
APP INTL FINANCE       11.750    10/1/2005      USD       0.01
BK NED GEMEENTEN        0.500    3/29/2021      NZD      60.77
BK NED GEMEENTEN        0.500    2/24/2025      CAD      53.93
BK NED GEMEENTEN        0.500    5/12/2021      ZAR      41.34
BK NED GEMEENTEN        0.500    3/29/2021      USD      69.97
BK NED GEMEENTEN        0.500    3/17/2016      TRY      70.01
BK NED GEMEENTEN        0.500    4/27/2016      TRY      69.55
BK NED GEMEENTEN        0.500    5/25/2016      TRY      70.76
BK NED GEMEENTEN        0.500     3/3/2021      NZD      61.16
BRIT INSURANCE          6.625    12/9/2030      GBP      65.36
DGS INTL FIN BV        10.000     6/1/2007      USD       0.01
ELEC DE CAR FIN         8.500    4/10/2018      USD      60.26
FRIESLAND BANK          4.210   12/29/2025      EUR      70.79
KPNQWEST BV             8.125     6/1/2009      USD       0.05
NATL INVESTER BK       25.983     5/7/2029      EUR      26.78
NED WATERSCHAPBK        0.500    3/11/2025      CAD      54.21
NIB CAPITAL BANK        4.510   12/16/2035      EUR      69.24
RBS NV EX-ABN NV        2.910    6/21/2036      JPY      66.11
SIDETUR FINANCE        10.000    4/20/2016      USD      73.50
TJIWI KIMIA FIN        13.250     8/1/2001      USD       0.01

NORWAY
------
EKSPORTFINANS           0.500     5/9/2030      CAD      39.32
KOMMUNALBANKEN          0.500     3/1/2016      ZAR      72.27
KOMMUNALBANKEN          0.500    3/24/2016      ZAR      71.91
KOMMUNALBANKEN          0.500    5/25/2016      ZAR      71.67
KOMMUNALBANKEN          0.500    5/25/2018      ZAR      60.94
KOMMUNALBANKEN          0.500   12/18/2015      ZAR      73.31
KOMMUNALBANKEN          0.500    1/27/2016      ZAR      72.74
NORSKE SKOGIND          7.125   10/15/2033      USD      68.38
NORSKE SKOGIND          7.125   10/15/2033      USD      71.50
SPAREBANKEN RGLD        4.170    12/7/2035      EUR      74.12
TRICO SHIPPING         13.875    11/1/2014      USD      73.00

PORTUGAL
--------
CAIXA GERAL DEPO        4.250    1/27/2020      EUR      73.29
CAIXA GERAL DEPO        5.320     8/5/2021      EUR      66.43
CAIXA GERAL DEPO        4.750    2/14/2016      EUR      70.72
CAIXA GERAL DEPO        4.455    8/20/2017      EUR      74.04
CAIXA GERAL DEPO        5.980     3/3/2028      EUR      73.63
CAIXA GERAL DEPO        5.380    10/1/2038      EUR      58.13
CAIXA GERAL DEPO        4.400    10/8/2019      EUR      66.10
COMBOIOS DE PORT        5.700     2/5/2030      EUR      71.13
COMBOIOS DE PORT        4.170   10/16/2019      EUR      65.10
METRO DE LISBOA         4.799    12/7/2027      EUR      60.90
METRO DE LISBOA         4.061    12/4/2026      EUR      57.17
MONTEPIO GERAL          5.000     2/8/2017      EUR      57.13
PARPUBLICA              4.200   11/16/2026      EUR      59.70
PARPUBLICA              4.191   10/15/2014      EUR      72.83
PORTUGUESE OT'S         4.100    4/15/2037      EUR      60.96
PORTUGUESE OT'S         4.950   10/25/2023      EUR      67.57
PORTUGUESE OT'S         3.850    4/15/2021      EUR      66.17
PORTUGUESE OT'S         4.750    6/14/2019      EUR      71.24
PORTUGUESE OT'S         4.450    6/15/2018      EUR      70.84
PORTUGUESE OT'S         4.350   10/16/2017      EUR      72.29
PORTUGUESE OT'S         4.800    6/15/2020      EUR      70.96
REFER                   4.250   12/13/2021      EUR      58.94
REFER                   4.047   11/16/2026      EUR      60.07
REFER                   5.875    2/18/2019      EUR      71.61
REFER                   4.000    3/16/2015      EUR      66.52
REFER                   4.675   10/16/2024      EUR      59.71


RUSSIA
------
A-ENGINEERING           8.500   10/30/2014      RUB      75.00
AGROSOYUZ              17.000    3/28/2012      RUB      75.00
APK ARKADA             17.500    5/23/2012      RUB       0.38
ARIZK                   3.000   12/20/2030      RUB      50.97
BALTINVESTBANK          9.000    9/10/2015      RUB      75.00
BANCA INTESA           11.000   11/30/2011      RUB      75.00
BANK OF MOSCOW          7.550     2/1/2013      RUB      75.00
BARENTSEV FINANS       20.000     7/4/2011      RUB       1.10
CB STROYCREDIT          9.500     8/1/2011      RUB      75.00
CREDIT EUROPE BK       11.500    6/28/2011      RUB      75.00
DIPOS                   6.000    6/19/2012      RUB      75.00
DVTG-FINANS            17.000    8/29/2013      RUB       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
EXPERTGROUP            12.000   12/17/2012      RUB      75.00
FINANCEBUSINESSG       12.500    6/22/2011      RUB      75.00
FINANCEBUSINESSG       10.000     7/1/2013      RUB      75.00
FORMAT                 17.000    12/6/2012      RUB      75.00
GAZENERGOSET           12.000    4/23/2013      RUB      90.00
GRACE DIAMOND          15.000     6/7/2012      RUB      75.00
IZHAVTO                18.000     6/9/2011      RUB      11.31
KARUSEL FINANS         12.000    9/12/2013      RUB      75.00
KIT FINANCE CAPI       11.000    6/10/2014      RUB      75.00
KOMOS GROUP            13.500    7/21/2011      RUB      75.00
KOSMOS-FINANS          10.200    6/16/2011      RUB      75.00
KPM FINANS             11.750   12/23/2014      RUB      75.00
KRAYINVESTBANK          8.500     8/5/2011      RUB      75.00
LADYA FINANS           13.750    9/13/2012      RUB     101.00
LEASING TECH            8.500   10/24/2014      RUB      75.00
LLC VICTORIA FIN        8.000    2/12/2013      RUB      75.00
M-INDUSTRIYA           12.250    8/16/2011      RUB      27.40
MAIN ROAD OJSC         10.200     6/3/2011      RUB      75.00
MIG-FINANS              0.100     9/6/2011      RUB       1.00
MIRAX                  14.990    5/17/2011      RUB      22.41
MIRAX                  17.000    9/17/2012      RUB      18.02
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                    12.500    8/26/2014      RUB       0.04
NOK                    10.000    9/22/2011      RUB      15.00
NOVOROSSIYSK           13.000    12/9/2011      RUB      75.00
PEB LEASING            14.000    9/12/2014      RUB      75.00
PERVYI OBIEDINEO        8.100    4/24/2013      RUB      99.50
PROMNESTESERVICE        7.750    12/5/2014      RUB      75.00
PROMPEREOSNASTKA        1.000   12/17/2012      RUB       0.01
RC KAZNACHEY LTD       10.500   11/20/2015      RUB      75.00
REGIONENERGO            8.500    5/30/2016      RUB      75.00
RMK PARK PLAZA         10.000     1/8/2013      RUB      75.00
ROSSELKHOZBANK          7.800     2/9/2018      RUB      75.02
RUSFINANS BANK          7.900   11/10/2015      RUB      75.00
RUSSIAN SEA            10.000    6/14/2012      RUB      75.00
RVK-FINANS              9.500    7/21/2011      RUB      75.00
SAHO                   10.000    5/21/2012      RUB      65.00
SATURN                  8.500     6/6/2014      RUB       1.00
SEVKABEL-FINANS        10.500    3/27/2012      RUB       3.40
SIBIRSKAYA AGRAR       17.000    9/12/2012      RUB      75.00
SIBUR                   8.000    3/13/2015      RUB      75.00
SIBUR                   7.300    3/13/2015      RUB      75.00
SIBUR                   9.250    3/13/2015      RUB      75.00
SIBUR                  13.500    3/13/2015      RUB      75.00
SINERGIA                8.000    8/18/2014      RUB      75.00
SISTEMA-HALS            8.500     4/8/2014      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      70.00
TECHNONICOL-FINA       13.500    9/11/2013      RUB      75.00
TECHNONICOL-FINA       13.000    9/25/2013      RUB      75.00
TECHNONICOL-FINA       13.000    9/19/2013      RUB      75.00
TEKHNOPROMPROEKT        8.500    9/28/2016      RUB      75.00
TERNA-FINANS            1.000    11/4/2011      RUB       3.00
TRANSFIN-M             11.000    12/3/2014      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              8.400   11/29/2013      RUB      75.00
TRANSFIN-M              8.400   11/29/2013      RUB      75.00
TRANSFIN-M              9.750    8/13/2013      RUB      75.00
TRANSFIN-M              9.750    8/13/2013      RUB      75.01
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
TRANSGAZSERVICE         7.750   11/26/2014      RUB      75.00
UNITAIL                12.000    6/22/2011      RUB      75.00
ZAO EUROPLAN           10.000    8/11/2011      RUB      75.00
ZHILSOTSIPOTEKA-        9.000    7/26/2011      RUB      75.00

SPAIN
-----
AYT CEDULAS CAJA        4.750    5/25/2027      EUR      73.82
AYT CEDULAS CAJA        3.750   12/14/2022      EUR      71.77
AYT CEDULAS CAJA        3.750    6/30/2025      EUR      65.89
AYUNTAM DE MADRD        4.550    6/16/2036      EUR      67.55
BANCAJA                 1.500    5/22/2018      EUR      65.71
CAJA CASTIL-MAN         1.500    6/23/2021      EUR      64.01
CAJA MADRID             5.755    2/26/2028      EUR      71.13
CAJA MADRID             4.125    3/24/2036      EUR      67.47
CEDULAS TDA 6 FO        4.250    4/10/2031      EUR      63.98
CEDULAS TDA 6 FO        3.875    5/23/2025      EUR      67.88
CEDULAS TDA A-5         4.250    3/28/2027      EUR      68.20
COMUN AUTO CANAR        3.900   11/30/2035      EUR      55.29
COMUN AUTO CANAR        4.200   10/25/2036      EUR      58.20
COMUNIDAD ARAGON        4.646    7/11/2036      EUR      70.58
COMUNIDAD BALEAR        4.063   11/23/2035      EUR      65.03
COMUNIDAD MADRID        4.300    9/15/2026      EUR      68.98
GEN DE CATALUNYA        4.220    4/26/2035      EUR      66.46
GEN DE CATALUNYA        4.690   10/28/2034      EUR      72.78
GEN DE CATALUNYA        5.219    9/10/2029      EUR      74.08
GENERAL DE ALQUI        2.750    8/20/2012      EUR      73.39
INSTITUT CATALA         4.250    6/15/2024      EUR      71.89
JUNTA ANDALUCIA         4.250   10/31/2036      EUR      59.12
JUNTA ANDALUCIA         5.150    5/24/2034      EUR      70.61
JUNTA LA MANCHA         3.875    1/31/2036      EUR      54.71
XUNTA DE GALICIA        4.025   11/28/2035      EUR      60.48

SWEDEN
------
SWEDISH EXP CRED        9.000    8/12/2011      USD      10.15
SWEDISH EXP CRED        9.000    8/28/2011      USD      10.69
SWEDISH EXP CRED        8.000   10/21/2011      USD      10.35
SWEDISH EXP CRED        8.000    11/4/2011      USD       7.76
SWEDISH EXP CRED        2.000    12/7/2011      USD      10.35
SWEDISH EXP CRED        2.130    1/10/2012      USD      10.03
SWEDISH EXP CRED        6.500    1/27/2012      USD       9.17
SWEDISH EXP CRED        8.000    1/27/2012      USD       9.64
SWEDISH EXP CRED        7.500    2/28/2012      USD       9.82
SWEDISH EXP CRED        7.000     3/9/2012      USD      10.35
SWEDISH EXP CRED        7.000     3/9/2012      USD       9.88
SWEDISH EXP CRED        9.750    3/23/2012      USD      10.47
SWEDISH EXP CRED        9.250    4/27/2012      USD       9.64
SWEDISH EXP CRED        0.500     3/3/2016      ZAR      69.72
SWEDISH EXP CRED        0.500     3/5/2018      AUD      69.27
SWEDISH EXP CRED        0.500   12/17/2027      USD      50.18
SWEDISH EXP CRED        0.500    1/25/2028      USD      49.86
SWEDISH EXP CRED        0.500   12/21/2015      ZAR      71.14

SWITZERLAND
-----------
UBS AG                  9.250    3/20/2012      USD      14.58
UBS AG                  9.640   11/14/2011      USD      14.14
UBS AG                  8.720    3/20/2012      USD      32.30
UBS AG                 10.530    1/23/2012      USD      39.91
UBS AG                 13.700    5/23/2012      USD      13.09
UBS AG                 13.300    5/23/2012      USD       4.13
UBS AG                 10.070    3/23/2012      USD      36.44
UBS AG                 10.580    6/29/2011      USD      39.16
UBS AG JERSEY          10.500    6/16/2011      USD      71.69
UBS AG JERSEY          10.280    8/19/2011      USD      35.25
UBS AG JERSEY          11.150    8/31/2011      USD      39.02
UBS AG JERSEY           9.230   12/30/2011      USD      13.85
UBS AG JERSEY          10.140   12/30/2011      USD      15.22
UBS AG JERSEY          13.000    6/16/2011      USD      49.96
UBS AG JERSEY           3.220    7/31/2012      EUR      50.11

UNITED KINGDOM
--------------
BANK NADRA              8.000    6/22/2017      USD      74.01
BANK OF SCOTLAND        5.772     2/7/2035      EUR      73.14
BARCLAYS BK PLC         8.750    9/22/2011      USD      73.06
BARCLAYS BK PLC         7.500    9/22/2011      USD      17.05
BARCLAYS BK PLC         9.250    1/31/2012      USD       9.64
BARCLAYS BK PLC        10.650    1/31/2012      USD      45.65
BARCLAYS BK PLC        12.950    4/20/2012      USD      23.90
BARCLAYS BK PLC         9.400    7/31/2012      USD      11.23
BARCLAYS BK PLC        10.800    7/31/2012      USD      27.52
BARCLAYS BK PLC         9.250    8/31/2012      USD      35.47
BARCLAYS BK PLC        10.950    5/23/2011      USD      64.38
BARCLAYS BK PLC         9.500    8/31/2012      USD      30.03
BARCLAYS BK PLC        10.600    7/21/2011      USD      39.23
BARCLAYS BK PLC         2.500    5/24/2017      USD      10.47
BARCLAYS BK PLC        10.510    5/31/2011      USD      12.92
BARCLAYS BK PLC         8.800    9/22/2011      USD      16.39
BRADFORD&BIN BLD        5.750   12/12/2022      GBP      44.02
CO-OPERATIVE BNK        5.875    3/28/2033      GBP      72.67
EFG HELLAS PLC          5.400    11/2/2047      EUR      28.25
EFG HELLAS PLC          6.010     1/9/2036      EUR      31.25
HEALTHCARE SUPP         2.067    2/19/2043      GBP      72.25
NOMURA BANK INTL        0.800   12/21/2020      EUR      65.03
NORTHERN ROCK           5.750    2/28/2017      GBP      74.98
PUNCH TAVERNS           6.468    4/15/2033      GBP      55.01
PUNCH TAVERNS           7.567    4/15/2026      GBP      64.84
PUNCH TAVERNS           8.374    7/15/2029      GBP      64.63
ROYAL BK SCOTLND        6.316    6/29/2030      EUR      66.45
ROYAL BK SCOTLND        6.620     6/9/2025      EUR      74.42
RSL COMM PLC           12.000    11/1/2008      USD       1.88
SKIPTON BUILDING        5.625    1/18/2018      GBP      78.49
SKIPTON BUILDING        6.750    5/30/2022      GBP      70.50
UNIQUE PUB FIN          6.464    3/30/2032      GBP      64.00
WESSEX WATER FIN        1.369    7/31/2057      GBP      31.08


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA.
Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
Joy A. Agravante, Psyche A. Castillon, Julie Anne G. Lopez,
Ivy B. Magdadaro, Frauline S. Abangan and Peter A. Chapman,
Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *