TCREUR_Public/110602.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

            Thursday, June 2, 2011, Vol. 12, No. 108

                            Headlines



G R E E C E

DANAOS CORP: Registers Resale of 23.94MM Common Stock Shares
DANAOS CORP: Issues Common Stock on Exercise of 15MM Warrants
* GREECE: ECB Must Reconsider Debt Restructuring, Bofinger Says


H U N G A R Y

REXPLO 21: Liquidator Set to Announce Successful Bidder


I R E L A N D

ALLIED IRISH: To Formally Merge with EBS on July 1
ANGLO IRISH: High Court Approves Sale of Fitzpatrick's Property
QUINN GROUP: Posts EUR888 Million Operating Loss in 2009
SORRENTO STRUCTURING: Owner Challenges Bankruptcy Laws
SOUTH DUBLIN MOTORS: Goes Into Receivership, Ceases Trading

* IRELAND: Corporate Insolvencies Down 25% to 122 in May 2011


N O R W A Y

NORSKE SKOGINDUSTRIER: Moody's Affirms B2 Corporate Family Rating


R U S S I A

RESO GARANTIA: S&P Assigns 'BB+' Insurer Financial Strength Rating
* CITY OF MINSK: S&P Places 'B' Issuer Credit Rating on Watch Neg.


S P A I N

CAJA MADRID: S&P Keeps 'BB-' Rating on Preferred Shares
* SPAIN: PM Meets with Barclays Amid Caja Financial Woes


S W E D E N

UNITED COMMUNICATIONS: Posts US$394,000 First Quarter Net Loss


U N I T E D   K I N G D O M

CASTLELANDS CONSTRUCTION: Creditors to Lose Euros in Liquidation
HOLCOMBE HALL: Goes Into Administration, For Sale for GBP850,000
JEAN-CHARLES DE CASTELBAJAC: Goes Into Administration
KEYDATA: FSA Blames Founder's Judicial Review for Probe Delay
MESH COMPUTERS: Goes Into Administration, Ceases Trading

NORTHERN ROCK: Preferred Shareholders Seek GBP322.5MM Compensation
PETER WERTH: JD Sports to Acquire Firm, Pink Soda
SOUTHERN CROSS: To Defer 30% of Rent Bill Amid Financial Troubles
WD COOPER: Goes Into Administration, Taps Administrators
WIMSLOW FINANCIAL: Goes Into Administration


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            *********


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G R E E C E
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DANAOS CORP: Registers Resale of 23.94MM Common Stock Shares
------------------------------------------------------------
Danaos Corporation filed with the U.S. Securities and Exchange
Commission a Form F-3 registration statement relating to the
resale of up to an aggregate of 23,945,945 shares of common stock
of the Company by Danaos Investments Limited as trustee of the 883
Trust.  The common stock shares were issued by the Company
pursuant to a subscription agreement between the Company and the
selling stockholder in a transaction exempt from the registration
requirements of the Securities Act of 1933.

The Company will not receive any of the proceeds from the sale of
the shares by the selling stockholder, or by its respective
pledgees, donees, transferees or other successors-in-interest.

The Company's common stock is traded on the New York Stock
Exchange under the symbol "DAC."  The last reported sale price of
the Company's shares on May 24, 2011, was $6.24 per share.

A full-text copy of the prospectus is available for free at:

                        http://is.gd/ZumeLL

                     About Danaos Corporation

Headquartered in Piraeus, Greece, Danaos Corporation (NYSE: DAC)
-- http://danaos.com/-- 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 Dec. 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.

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.


DANAOS CORP: Issues Common Stock on Exercise of 15MM Warrants
-------------------------------------------------------------
Danaos Corporation filed with the U.S. Securities and Exchange
Commission a Form F-3 registration statement relating to the
initial issuance of shares of common stock by the Company upon
exercise of 15,000,000 warrants by persons other than the original
holders of such warrants.  It also covers the resale by such
selling holders of 8,044,176 of such warrants to purchase common
stock and the shares of common stock issuable to them upon
exercise of those warrants.

The warrants and warrant shares may be offered from time to time
by the selling holders.  The selling holders may sell any of these
securities at various times and in various types of transactions,
including sales in the open market, sales in negotiated
transactions and sales by a combination of these methods.  The
Company will not receive any proceeds from such sales by the
selling holders.

The Company's common stock is traded on the New York Stock
Exchange under the symbol "DAC."  On May 24, 2011, the last
reported sale price of the Company's common stock on the NYSE was
$6.24 per share.

A full-text copy of the prospectus is available for free at:

                        http://is.gd/IiEpZO

                      About Danaos Corporation

Headquartered in Piraeus, Greece, Danaos Corporation (NYSE: DAC)
-- http://danaos.com/-- 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 Dec. 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.

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.


* GREECE: ECB Must Reconsider Debt Restructuring, Bofinger Says
---------------------------------------------------------------
Tony Czuczka and Francine Lacqua at Bloomberg News report that
Peter Bofinger, a member of German Chancellor Angela Merkel's
council of economic advisers, said the European Central Bank
"might have to reconsider" its opposition to Greek debt
restructuring.

A restructuring of Greek debt carries risks "but is worth it,"
Mr. Bofinger said on Wednesday in an interview on Bloomberg
television from Munich.

Mr. Bofinger, as cited by Bloomberg, said the nature of Greece's
austerity program "makes it difficult" for the International
Monetary Fund to keep providing aid.  However, if the IMF won't,
the European Union will "no doubt" pick up the slack, Bloomberg
notes.


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H U N G A R Y
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REXPLO 21: Liquidator Set to Announce Successful Bidder
-------------------------------------------------------
MTI-Econews reports that liquidator Magdolna Vass said that three
valid applications were received for the assets of Rexplo 21 Lopor
Termelo es Kereskedelmi Kft in the open tender closed at the end
of May.  The application with the highest bid price was accepted,
MTI states.

According to MTI, the liquidator said the purchase price will be
published and the winning applicant named after the signing of the
sale and purchase agreement and the payment of the price.  The
company was last offered for HUF120 million, MTI notes.

The liquidator earlier said that a previous tender to sell the
company's assets was declared unsuccessful in April, MTI recounts.

The liquidator, as cited by MTI, said creditor claims against the
company amount to HUF162 million.

Rexplo 21 laid off all 45 of its employees during the liquidation
procedure, which began in November, MTI discloses.

Rexplo 21 is an ammunition company based in Balatonfuzfo, Hungary.


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I R E L A N D
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ALLIED IRISH: To Formally Merge with EBS on July 1
--------------------------------------------------
Laura Noonan at Irish Independent reports that Allied Irish Banks
is snapping up EBS Building Society for just EUR1.

According to Irish Independent, the Department of Finance said it
would "make little sense" to have a state-owned bank paying cash
for a state-owned building society.

Finance Minister Michael Noonan confirmed that agreement had been
reached on a deal that will formally merge AIB and EBS on July 1,
Irish Independent relates.

EBS will become a subsidiary of AIB and will "continue to operate
as a separate business . . . with its own brand", the Department
of Finance, as cited by Irish Independent, said, stressing that
customers' accounts in AIB and EBS would stay separate.

The merger, Irish Independent says, will also see EBS demutualize
and acquire its own banking license.  It will take the name 'EBS
Ltd', Irish Independent states.

                    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.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on May 20,
2011, Moody's Investors Service downgraded the dated subordinated
debt of Allied Irish Banks (AIB) one further notch to C from Ca,
and downgraded the undated subordinated debt and tier 1
instruments to C(hyb) from Ca(hyb). This follows the announcement
of an offer from AIB to buy back its subordinated and tier 1 debt
for cash at very high discounts to the par value, and the previous
announcement on April 14 that the Irish High Court had made a
Subordinated Liabilities Order (SLO) with regard to AIB.  AIB is
rated Ba2/N-P for bank deposits, Ba3/N-P for senior debt and has a
D- bank financial strength rating (mapping to Ba3 on the long-term
scale).  The outlook on the ratings is negative.


ANGLO IRISH: High Court Approves Sale of Fitzpatrick's Property
---------------------------------------------------------------
The Irish Times reports that a High Court judge has approved the
sale of property in Bray owned by former Anglo Irish Bank chairman
Sean FitzPatrick.

According to Bloomberg, a solicitor representing the court-
appointed assignee who was given control over Mr. FitzPatrick's
assets last year secured approval to finalize the sale of a
property owned by Mr. FitzPatrick at Camaderry Road, Bray, Co
Wicklow.

The court heard the house was put up for auction and a reserve
price set after an independent valuation was obtained, The Irish
Times relates.  The price achieved at the auction was not
disclosed in court, but the reserve price is believed to have been
about EUR300,000, The Irish Times discloses.  Approval for the
sale was granted by Ms. Justice Elizabeth Dunne, according to the
report.

In a statement of affairs previously submitted to the court as
part of his bankruptcy proceedings, Mr. FitzPatrick said he
received rental income from apartments at Smithfield Market, in
Dublin, and Killiney Court, in Killiney, and the three-bedroom
house in Bray, The Irish Times states.

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


QUINN GROUP: Posts EUR888 Million Operating Loss in 2009
--------------------------------------------------------
Simon Carswell at The Irish Times reports that Quinn Group posted
an operating loss of EUR888 million for 2009, the last year by
which the business was fully under Sean Quinn's control.

According to The Irish Times, the group wrote down assets by about
EUR274 million and absorbed a loss of EUR644 million at its Quinn
Insurance subsidiary.  The value of the group's properties and
some of its industrial plants, including the plastics factory in
Mainz, Germany, were written down substantially, The Irish Times
notes.

Quinn group had net liabilities of EUR192 million at the end of
2009 after taking provisions for related party loans of EUR951
million, The Irish Times discloses.

Anglo seized ownership of the group appointing receiver Kieran
Wallace of KPMG over the family's shares in Quinn Group (ROI), the
firm at the top of the group, The Irish Times relates.  The bank
installed its own directors and management to lead the Quinn
business, freezing Mr. Quinn out of the running of the group, The
Irish Times recounts.

The figures published on Friday showed the group's manufacturing
turnover fell 28% in 2009, reflecting the collapse in the
construction sector, The Irish Times states.

Overall turnover at the group, including Quinn Insurance, fell to
EUR1.6 billion in 2009 from EUR2.3 billion a year earlier when the
group made a profit of EUR83 million, The Irish Times discloses.
The group's overall turnover fell to EUR939 million in 2010 as
only the first quarter turnover of EUR281 million at Quinn
Insurance was included in the 2010 figures, The Irish Times notes.

Joint administrators were appointed to the insurer group on
March 31, 2010, amid the Central Bank's concerns about the group's
solvency, The Irish Times recounts.  Losses at the insurer will
lead to a call of EUR600 million on the State's Insurance
Compensation Fund to be recouped by a levy on all non-life
insurance policies, The Irish Times says.

According to The Irish Times, the filing of the group's 2009
results was delayed for more than a year due to the delay in the
sign-off of Quinn Insurance's 2009 financial statements by
auditors PricewaterhouseCoopers as a result of the administration.

The 2010 financial statements are expected to be finalized within
the next three to four months, The Irish Times states.

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.


SORRENTO STRUCTURING: Owner Challenges Bankruptcy Laws
------------------------------------------------------
Mary Carolan and Fiona Gartland of The Irish Times report that the
High Court has heard that a challenge to the constitutionality of
Ireland's bankruptcy laws is being brought by a woman who is being
pursued for a debt of more than EUR1 million.

According to The Irish Times, the intention to bring the challenge
was disclosed on Monday in bankruptcy proceedings brought against
Darina Heavey.

Ms. Heavey, a former senior investment manager with Anglo Irish
Bank, had guaranteed a debt for her company, Sorrento Structuring
Ltd., along with three other directors, The Irish Times discloses.

The debt had not been paid and Irish Edible Oils Ltd., to whom it
was owed, petitioned to have Ms. Heavey declared bankrupt after
obtaining a judgment against her and her three colleagues for
EUR1 million in March 2010, The Irish Times relates.

Irish Edible Oils said that with interest, the sum owed was about
EUR1.185 million, The Irish Times notes.

On Monday, former attorney general John Rogers SC, representing
Ms. Heavey, said his client intended to bring a challenge to the
constitutionality of sections of the bankruptcy laws, The Irish
Times discloses.  The Irish Times notes that the counsel said it
would be argued that restrictions placed on those declared
bankrupt were disproportionate.  He added that the constitutional
challenge by Ms. Heavey, a single mother of two, was separate from
the proceedings before the court, The Irish Times relates.

Different legal teams had been engaged and Mr. Rogers was
appearing before the court as a matter of courtesy, The Irish
Times discloses.

Counsel for Ms. Heavey requested that the bankruptcy case be
adjourned until the constitutional challenge was settled, The
Irish Times states.

According to The Irish Times, Ms. Justice Elizabeth Dunne said she
had to proceed on the basis that the legislation was
constitutional until proven otherwise.  She did agree, however, to
adjourn the case until mid-July for a settlement offer to be
further considered by the creditor, The Irish Times notes.

The court had been told the elderly parents of one of the other
directors, Ken Healy, had agreed to pay EUR150,000 towards their
son's share of the debt, The Irish Times recounts.

Sorrento Structuring Ltd. is a Dublin-based privately held
investment group.


SOUTH DUBLIN MOTORS: Goes Into Receivership, Ceases Trading
-----------------------------------------------------------
RTE News reports that South Dublin Motors has gone into
receivership and will now cease trading.  Receiver Kieran Wallace
of KPMG has been appointed to the company.

The Company's 41 employees were told of the decision, according to
RTE News.

RET News notes that Armada Fleet Services, a company related to
South Dublin Motors, continues to trade as normal and is not
affected by the announcement.

RTE News adds that the most recent audited accounts for 2008 saw
that South Dublin Motors reported losses of over EUR1 million.

South Dublin Motors was one of the largest Ford dealerships in
Ireland with two showrooms in Tallaght and Rathfarnham.  In
addition to selling and servicing cars, the Company had a large
car and van rental division.


* IRELAND: Corporate Insolvencies Down 25% to 122 in May 2011
-------------------------------------------------------------
BreakingNews.ie, citing new figures released by
insolvencyjournal.ie on Monday, reports that the number of Irish
corporate insolvencies fell in May compared to the previous month.

Latest information from insolvencyjournal.ie show 122 appointments
recorded for May, a decrease of 25% on April's figure of 162,
BreakingNews.ie discloses.

According to BreakingNews.ie, the total number of Irish corporate
insolvencies for the first five months of 2011 was 680, an
increase on the same period last year of 3%.

Creditor's voluntary liquidations saw a 32% decrease from 136 in
April to 92 in May, BreakingNews.ie relates.  Receivership
appointments in May continued to remain high with 23 appointments
compared to 24 in April; however, there were just two appointments
of a Statutory Receiver in May compared with five during April,
BreakingNews.ie notes.

Meanwhile, eight examinerships in Ireland have been recorded so
far this year, the same amount for the first five months of 2010
but a decrease of 27% on the same period in 2009, BreakingNews.ie
states.


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NORSKE SKOGINDUSTRIER: Moody's Affirms B2 Corporate Family Rating
-----------------------------------------------------------------
Moody's Investors Service affirmed the B2 Corporate Family Rating
of Norske Skogindustrier ASA and assigned a provisional (P)B2
rating to the proposed EUR300 million senior unsecured notes
issuance, with expected maturity in 2016. The Probability of
Default Rating remains unchanged at B3 and the outlook on the
ratings remains negative.

The expected net proceeds from the proposed bond issuance of
approximately NOK2.3 billion together with existing cash balances
will be used to repay existing indebtedness, in particular
drawings under the EUR400 million revolving credit facility
(translating into approximately NOK 3.2 billion) as well as bond
maturities amounting to NOK1.6 billion.

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 mentioned above. A definitive rating
may differ from a provisional rating.

                        Ratings Rationale

The affirmation of the B2 CFR is based on the assumption of a
successful bond issuance and reflects Moody's view that the
proposed transaction is in line with the agency's expectations for
the current rating category of a timely refinancing of upcoming
debt maturities and maintenance of sufficient headroom under
financial covenants. Moody's notes that a successful issuance of
the new instrument does improve the company's debt maturity
profile with no major maturities before 2014. In addition, Moody's
noted the negotiation of a new EUR140 million revolving credit
facility maturing in 2014, providing additional comfort. Moody's
expects that the refinanced facility will contain a revised set of
financial covenants which will provide a higher headroom.

Moody's recognizes however that the operating environment in the
global paper and forest products industry remains challenging.
High price rises for newsprint products should enable Norske Skog
to post clearly improved results for 2011 compared to the prior
year as indicated by net debt/EBITDA improving to around 5x from
8.6x in the LTM period ending in March 2011 and positive free cash
flow generation. Moody's cautions however that continued pressure
on newsprint volumes from gradual digital substitution as well as
high input prices for key input factors such as recovered paper,
chemicals and transportation remain high and could result in
margin pressure.

The negative outlook assigned to the ratings therefore indicates
the risk of downwards pressure building on the rating should
Norske Skog not be able to improve credit metrics also beyond
2011, driven by continued solid pricing power to recoup high input
costs and to become more solidly positioned in the B2 rating
category.

More fundamentally, Norske Skog's B2 corporate family rating
reflects (i) the company's strong market position as one of the
leading newsprint producers in the world, (ii) its good segmental
and geographic diversification, and (iii) the company's track
record of generating positive free cash flows throughout the
recent downturn and despite significant restructuring measures
aimed at improving its cost position.

The rating remains constrained by (i) the company's exposure to
the cyclical publication paper industry, which in addition
continues to be challenged by structural overcapacities and
inflating input costs, and (ii) weak credit metrics following the
recent cyclical demand contraction and resulting pricing pressure,
which increased leverage to about 12x per March 2011 (8.6 times on
a net debt basis).

The rating could come under further pressure if Norske Skog's: (i)
FCF were to turn materially negative; (ii) RCF/debt ratio were to
fall towards 3.5%; (iii) net debt/EBITDA was not to improve to
below 5.0x.

Conversely, Moody's would consider changing the rating outlook
back to stable the company continues to turn around its
profitability as indicated by an EBITDA margin of above 7%, which
should also allow the group to sustain its RCF/debt ratio clearly
above 5.0% and to generate positive FCF with further improvements
in credit metrics to be realized beyond 2011.

The provisional (P)B2 rating assigned to the proposed bond
issuance is in line with the corporate family rating, mirroring
the limited portion of priority debt sitting ahead of the senior
unsecured bond. Key instrument of the priority debt, besides small
amounts of local borrowings, is the new EUR140 million revolving
credit facility which benefits from upstream guarantees of all
major operating companies, which brings this instrument closer
towards the cash generating assets in case of default.

Assignments:

   Issuer: Norske Skogindustrier ASA

   -- Senior Unsecured Regular Bond/Debenture, Assigned a range of
      39% -- LGD3 to (P)B2

Adjustments:

   Issuer: Norske Skogindustrier ASA

   -- Senior Unsecured Regular Bond/Debenture, Downgraded to LGD3,
      39% from LGD3, 36%

The principal methodology used in rating Norske Skogindustrier ASA
was the Global Paper and Forest Products Industry Methodology,
published September 2009. Other methodologies used include Loss
Given Default for Speculative Grade Issuers in the US, Canada, and
EMEA, published June 2009.

Norske Skogindustrier ASA, with headquarters in Lysaker, Norway,
is among the world's leading newsprint producers with production
in Europe, Australasia, South America and Asia. The company also
produces magazine paper in Europe. In the last twelve months
ending March 2011, Norske Skog recorded sales of around NOK19
billion (approximately EUR2.4 billion).


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R U S S I A
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RESO GARANTIA: S&P Assigns 'BB+' Insurer Financial Strength Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' long-term
counterparty credit and insurer financial strength ratings and
'ruAA+' Russia national scale rating to Russia-based non-life
insurer OSAO RESO Garantia. The outlook is stable.

"The ratings reflect our view of RESO Garantia's marginal
capitalization and investments and the high industry risks it
faces in the insurance market in the Russian Federation (Russia;
foreign currency BBB/Stable/A-3; local currency BBB+/Stable/A-2;
Russia national scale 'ruAAA')," S&P related.

The company's good competitive position, its good operating
performance, and adequate financial flexibility somewhat offset
these weaknesses.

"Our overall view of RESO Garantia's capitalization is constrained
by what we regard as marginal capital adequacy, but supported by
adequate reserving and reinsurance protection. Capital adequacy is
somewhat pressured by existing leverage, whereby 27% of the
investment portfolio is funded by repo facilities provided by
international banks, leading to higher capital charges from an
increased amount of assets," S&P continued

The quality of RESO Garantia's investment portfolio is marginal.
The company invests in instruments with fixed returns. The overall
weighted-average quality of instruments is in the 'BB' category.
Credit risk is relatively high due to significant counterparty
concentrations. The largest single-name concentration comprised
46% of total adjusted capital as of Dec. 31, 2010.

"We believe that RESO Garantia's competitive position is good.
With established positions in motor risks, the company enjoys good
brand recognition, expertise, and a good distribution network.
Nevertheless, as RESO Garantia's business is concentrated in
Russia, the company is vulnerable to Russian industry and country
risk. Moreover, the portfolio is relatively concentrated by
business line, with more than 64% of GPW consisting of motor risks
(obligatory motor third-party liability and motor hull). RESO
Garantia therefore shows potential vulnerability to risks specific
to the motor insurance segment," S&P noted.

According to S&P, "We regard RESO Garantia's operating performance
for 2010 as good. The company managed to withstand the softening
cycle of 2009 and 2010, achieving positive technical results
supported by good investment returns."

"We view the company's financial flexibility as adequate. This
view balances RESO Garantia's aggressive dividend policy and the
shareholders' capability to provide capital in case of need. RESO
Garantia is ultimately controlled by brothers Sergey and Nikolay
Sarkisov. The prominent Russian businessmen jointly control 54.11%
of RESO Garantia through holding companies. Minority stakes are
held by AXA (36.68%; A/Stable/A-1), a leading global financial
services provider, and by the European Bank for Reconstruction and
Development (6.316%; AAA/Stable/A-1+)," S&P said.

The stable outlook incorporates our view that RESO Garantia will
continue to benefit from its good competitive position, while
achieving good operating results and keeping at least marginal
capital adequacy in accordance with Standard & Poor's capital
model and 1.5x the regulatory minimum.

"We would consider lowering the ratings if capitalization declines
below our expectations, either following higher-than-expected
growth of the insurance portfolio or significantly increased debt
leverage," stated S&P.

"We would consider raising the ratings if RESO achieves at least
'good' risk-based capital adequacy and improves the quality and
reduces concentrations in its investment portfolio, while at the
same time decreasing relative leverage," S&P added.


* CITY OF MINSK: S&P Places 'B' Issuer Credit Rating on Watch Neg.
------------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B' long-term issuer
credit rating on the Belarusian capital, the City of Minsk, on
CreditWatch with negative implications.

"The CreditWatch placement follows a similar rating action on the
Republic of Belarus (B/Watch Neg/B; see 'Belarus Ratings Placed On
CreditWatch Negative On Financing Uncertainty; Long-Term Local
Currency Rating Lowered To 'B',' published May 27, 2011). We view
the institutional framework for Belarusian local and regional
governments as centralized and unpredictable, granting little
flexibility to local authorities. Minsk, therefore, does not meet
the conditions to be rated above the sovereign and we cap its
long-term rating at the level of the long-term sovereign credit
rating on Belarus (see 'Methodology: Rating A Regional Or Local
Government Higher Than Its Sovereign,' published on Sept. 9,
2009)," S&P explained.

"Under our methodology we assess the indicative credit profile for
Minsk as 'b+' (see 'Methodology For Rating International Local And
Regional Governments,' published on Sept. 20, 2010)," S&P noted.

S&P continued, "The rating on the City of Minsk continues to
reflect our view of the city's very limited budget predictability
and flexibility, large infrastructure needs, and high contingent
liabilities. Factors supporting the rating are the city's status
as the country's largest administrative, financial, and commercial
center; its consistently very strong operating surplus; moderate
debt burden; and good liquidity."

"We believe that the institutional framework under which
Belarusian regional governments operate is very centralized and
evolving, which limits the predictability and flexibility of
Minsk's financial policy. The central government defines the
types, rates, and bases of most taxes, sets norms of regional
spending through established social standards, limits regions'
budget deficits, and authorizes all borrowings," S&P further said.

Moreover, the central government alters the share of taxes
allocated to regional budgets annually and unilaterally raises
salaries in the public sector, social benefits, and utility
charges. This therefore exerts spending pressure on Minsk's
budget. Furthermore, the central government prescribes annual
limits for deficits of regional governments and authorizes their
borrowings.

As the largest administrative, financial, and commercial center of
the Republic of Belarus, Minsk is economically wealthy and
diversified in a national comparison and S&P expects this to
continue to support its budgetary performance.

"We plan to resolve the CreditWatch listing on the City of Minsk
once that on the sovereign has been resolved," S&P said.

"As the rating on Minsk is capped by that on the sovereign and we
intend to resolve the CreditWatch listing within the next three
months, the trajectory of the rating on the city will likely
follow that on the sovereign. Our view is based on the city
maintaining a high level of cash on its accounts, which we
consider is unlikely to change over the CreditWatch time horizon,"
S&P related.


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


CAJA MADRID: S&P Keeps 'BB-' Rating on Preferred Shares
-------------------------------------------------------
Standard & Poor's Ratings Services took these rating actions:

    * "We assigned 'A-/A-2' long- and short-term counterparty
      credit ratings to Bankia S.A.U. (Bankia), the new main
      operating entity resulting from the consolidation of seven
      Spanish savings banks (Caja Madrid, Bancaja, Caja de Avila,
      Caja Segovia, Insular de Canarias, Caixa Laietana, and Caja
      Rioja)," S&P said.

    * "We have withdrawn our counterparty credit ratings on Caja
      de Ahorros y Monte de Piedad de Madrid (Caja Madrid). Prior
      to the withdrawal and the full effect of the asset transfer
      from Banco Financiero y de Ahorros S.A. (BFA) to Bankia, we
      affirmed the 'A-/A-2' ratings on Caja Madrid," S&P stated.

    * "We affirmed at 'A-/A-2' our ratings on all senior debt
      issues that have been transferred from Caja Madrid to BFA,
      and, in a second step, from BFA to Bankia. We removed these
      ratings from CreditWatch negative where they were placed on
      April 7, 2011," according to S&P.

    * "We lowered our long-term counterparty credit ratings on BFA
      by three notches to 'BBB-' from 'A-' and the short-term
      rating by one notch to 'A-3' from 'A-2'. The ratings were
      removed from CreditWatch negative," stated S&P.

    * "We lowered by three notches to 'BB+' from 'BBB+' our
      ratings on the dated subordinated debt originally issued by
      Caja Madrid and then transferred to BFA. The ratings were
      removed from CreditWatch negative," S&P noted.

    * "We have maintained on CreditWatch negative our 'BB-'
      ratings on the preference shares originally guaranteed by
      Caja Madrid and currently guaranteed by BFA," added S&P.

The rating actions follow the legal completion of the BFA group's
reorganization, which has led to the transfer of the group's
banking assets and liabilities from the seven savings banks
involved in the integration project to BFA and immediately
thereafter the transfer of most of them from BFA to Bankia. From
now on, according to the bank, Bankia will be the main operating
entity of this newly formed banking group, while its single
shareholder, BFA, is to operate as a quasi-holding company. The
seven savings banks, in turn, will own 100% of BFA.

"According to our criteria, we analyze the group on a consolidated
basis (at the BFA level). We consider that Bankia has a core
status within the group as the main operating entity and hence
have assigned 'A-/A-2' ratings to this entity, in line with our
March 2011 review of the merger agreement among the seven savings
banks. Our long-term ratings on Bankia include a two-notch
uplift over our 'bbb' stand-alone credit assessment (SACP) on the
bank. This two-notch uplift reflects our view of Bankia's high
systemic importance within the Spanish financial sector, and,
consequently, the possibility of it receiving extraordinary
government support if needed," S&P elaborated.

"In line with our criteria, we arrived at the ratings on BFA by
notching down from Bankia's ratings. We generally rate entities
operating as holding companies lower than their operating
subsidiaries because of the de facto structural subordination of
holding companies' creditors," S&P said.

"We have withdrawn the ratings on Caja Madrid at the bank's
request, following the transfer in full of its assets and
liabilities (including all debt issues) to BFA and Bankia. Prior
to the full effect of the asset and liability segregation, we
affirmed our 'A-/A-2' ratings on Caja Madrid," S&P related.

"The stable outlook on Bankia's counterparty credit rating
reflects our view that, over the next two years, our assessment of
the bank's SACP has the potential to converge with the bank's
counterparty credit rating. We believe that, over the medium term
and as the integration progresses, if the new group
demonstrates its ability to implement its restructuring plan
successfully our SACP assessment will likely improve," S&P
continued.

The stable outlook on BFA mirrors that on the group's core
operating entity, Bankia. Any change in Bankia's outlook or rating
would likely trigger a similar action on BFA.


* SPAIN: PM Meets with Barclays Amid Caja Financial Woes
--------------------------------------------------------
Josephine Moulds at The Telegraph reports that Bob Diamond,
Barclays chief executive, met with Spanish Prime Minister Jose
Luis Rodriguez Zapatero at a time when the regional banks -- known
as cajas -- are desperately seeking investors.

According to The Telegraph, Mr. Zapatero told Mr. Diamond that the
Spanish government would reform the legal framework for the cajas,
in order to help the economic recovery.  The Spanish official said
the government was committed to strengthening the Spanish
financial system with the creation of a banking bail-out fund, The
Telegraph relates.

It is thought that Mr. Diamond may also have asked for government
guarantees, likely to be related to funding, if Barclays would
take over one of the struggling lenders, The Telegraph notes.

Barclays has 590 branches in Spain and almost 1 million clients,
The Telegraph discloses.


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


UNITED COMMUNICATIONS: Posts US$394,000 First Quarter Net Loss
--------------------------------------------------------------
United Communications Partners Inc. (formerly known as Bark Group
Inc.) filed its quarterly report on Form 10-Q, reporting a net
loss of US$394,000 on US$3.8 million of revenues for the three
months ended March 31, 2011, compared with a net loss of
US$302,000 on no revenue for the same period last year.

The Company's balance sheet at March 31, 2011, showed
US$12.9 million in total assets, US$10.7 million in total
liabilities, and stockholders' equity of US$2.2 million.

Marcum LLP, in New York, expressed substantial doubt about United
Communications Partners' ability to continue as a going concern,
following the Company's 2010 results.  The independent auditors
noted that at Dec. 31, 2010, the Company has not achieved a
sufficient level of revenues to support its business and has
suffered recurring losses from operations.

A complete text of the Form 10-Q is available for free at:

                       http://is.gd/3clycF

Based in Stockholm, Sweden, United Communications Partners Inc.
(OTC QB: UCPA) -- http://www.ucpworld.com/-- is a pioneering U.S.
communications company aiming to create a network of multiplatform
media and advertising houses by acquiring profitable and
innovative media and advertising companies in order to rapidly
expand its presence in the U.S. and Europe.

The holding company currently conducts its operations through its
wholly owned subsidiary Tre Kronor Media AB, which was acquired on
May 4, 2010, and Abrego Spain SL, which was established in
November 2010.

Up until Sept. 8, 2010, UCP owned Bark Corporation A/S.  Bark
Corporation was a Danish holding company that conducted its
operations through its wholly owned subsidiaries Bark Advertising
A/S, and Bark Property ApS.

On Aug. 31, 2010, the Danish companies were not in possession of
sufficient cash to continue its operations.  Thus, the Company's
management decided to cease its Danish operations.  On Sept. 8,
2010, management in the Danish companies filed for closing of all
operations in Denmark, with the Danish court in Copenhagen.  As a
consequence of filing of bankruptcy and control of the Danish
subsidiaries being accepted by the court effective Sept. 8, 2010,
the Company has deconsolidated the Danish subsidiaries.  The
operations of the Company's Danish subsidiaries have been
reclassified as discontinued operations in the Company's condensed
consolidated financial statements since Sept 8, 2010.


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


CASTLELANDS CONSTRUCTION: Creditors to Lose Euros in Liquidation
----------------------------------------------------------------
Sbpost.ie reports that unsecured creditors of Castlelands
Construction are expected to lose millions of euro after a
liquidator was appointed to the firm.

According to the report, Castlelands is being wound up after a
creditors' meeting heard that it was insolvent.

Sbpost.ie relates that the Revenue moved to wind up the firm
earlier this month over unpaid taxes.  The liquidator, Conor Pyne
of accountancy firm O'Connor Pyne, will sell any assets and use
the proceeds to repay creditors, the report notes.

While secured creditors are expected to recoup their money,
unsecured creditors are expected to lose out.  They are understood
to include dozens of sub-contracting firms and service providers.

Castlelands has significant borrowings with AIB, Anglo Irish Bank
and Bank of Ireland, which have been transferred to the National
Asset Management Agency. It is understood the majority of the bank
debts will be repaid.

Founded in 1988, Castlelands Construction was once one of the
biggest building firms in Munster.  It was founded by John Barry.
At its peak, the company had around 500 staff working on projects
in Ireland and Britain.


HOLCOMBE HALL: Goes Into Administration, For Sale for GBP850,000
----------------------------------------------------------------
Herald Express reports that Holcombe Hall Nursing Home Ltd has
been put on the market for GBP850,000 four weeks after it went
into administration.

Holcombe Hall Nursing Home said it was closing a week ago after
attempts to place it under new management failed to materialize,
according to Herald Express.  Affected families now have until
June 20 to find alternative accommodation for their relatives
residing in the Holcombe Home, the report notes.

Herald Express notes that Colliers International Healthcare has
been instructed by the joint administrators to sell the Holcombe
Home on the basis of vacant possession.  The move could result in
the loss of up to 20 jobs.

Holcombe Hall Nursing Home Ltd is a high dependency Dawlish care
home.


JEAN-CHARLES DE CASTELBAJAC: Goes Into Administration
-----------------------------------------------------
CatWalk Queen reports that Jean-Charles de Castelbajac has gone
into administration.

The company entered receivership after its owner, The Sixth
Swedish National Pension Fund, decided to no longer invest in the
fashion house, according to CatWalk Queen.  In early May, Mr. de
Castelbajac revealed he was planning to buy a minority stake in
the business, allowing him to return to ownership of the label he
founded in 1979, the report notes.

"Court protection will allow me to regain ownership of the company
and the brand in partnership with potential new investor partners
with whom negotiations are currently taking place," Mr.
Castelbajac told Just-Style.com, the report notes.  "I have a
strong belief in the future of the brand and in the 'affordable
luxury' niche market we are focusing on.  We hope to submit
takeover proposals to the commercial court by end-June/July," he
added.


KEYDATA: FSA Blames Founder's Judicial Review for Probe Delay
-------------------------------------------------------------
Reuters reports that the Financial Services Authority last
Thursday blamed a judicial review by Stewart Ford, Keydata's
multi-millionaire founder, for the delay in concluding
disciplinary probes into both Keydata Investment Services and Mr.
Ford that were launched in 2007 and 2008 respectively.

Reuters says Mr. Ford, who denies wrongdoing and blames the FSA's
actions for losses suffered by thousands of British pensioners
when Keydata failed in 2009, was given court permission to pursue
the review two weeks ago.

The FSA fast-tracked Keydata into administration two years ago,
alleging the company was insolvent after around 30,000 mainly
elderly investors had invested more than GBP450 million in the
business, Reuters recalls.

According to Reuters, pensioners saw income payments on nest eggs
halt as administrators scrambled to fund the costs of underlying
assets -- a portfolio of second-hand U.S. life insurance policies,
or so-called death bonds -- and accountants PricewaterhouseCoopers
called in fraud officers.

But the Serious Fraud Office (SFO) dropped its investigation in
early May, having failed to unearth enough evidence to prosecute,
Reuters notes.  The Insolvency Service, a government agency that
investigates insolvent firms, has also decided against pursuing
Mr. Ford or other Keydata directors.

The FSA, according to Reuters, reiterated on Thursday that its
investigation into both Keydata and Mr. Ford were at an "advanced
stage," but noted they could not be concluded until after the
judicial review hearing on July 21 and 22.

"This serious and complex investigation remains a priority for
us . . . We remain committed to pursuing this case," the FSA said,
according to Reuters.

Mr. Ford, who now lives in the Swiss city of Geneva, has said he
decided to legally challenge the FSA because it had acted in
"flagrant and deliberate breach of certain fundamental legal
rights" of those under investigation, Reuters adds.

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.


MESH COMPUTERS: Goes Into Administration, Ceases Trading
--------------------------------------------------------
Stewart Mitchell at PC Pro reports that administrator MacIntyre
Hudson said Mesh Computers has gone into administration and ceased
trading.

Although the Mesh Web site remains up and running, MacIntyre
Hudson issued a statement saying "following a thorough review of
the financial position of Mesh Computers, the decision was made by
the Board of Directors to place the company into administration,"
according to PC Pro.

PC Pro notes that following a thorough review of the financial
position of Mesh Computers, the decision was made by the Board of
Directors to place the company into administration.

PC Pro discloses that MacIntyre Hudson said the company was put
into administration and sold to PC Peripherals, leaving customers
with outstanding orders to approach their card companies for a
refund.  The report relates that PC Peripherals bought the Mesh
brand and other assets, and has also agreed to provide hardware
support to existing customers who are within the original warranty
period.

The administrator said the closure was forced by the changing
shape of the market, PC Pro adds.

Mesh Computers is an independent computer manufacturer.


NORTHERN ROCK: Preferred Shareholders Seek GBP322.5MM Compensation
------------------------------------------------------------------
Lindsay Fortado at Bloomberg News reports that Harbinger Capital
Partners, the hedge fund run by billionaire Philip Falcone, said
holders of Northern Rock Asset Management Plc's preferred shares
should be paid GBP322.5 million (US$530 million).

The Fund owns a "substantial" amount of the shares and asked a
London court on Tuesday to reject the determination from a
valuation expert appointed by the British government, which now
owns the bank, that the shares are worthless, Bloomberg relates.

According to Bloomberg, Mark Phillips, a lawyer for the New York-
based Fund, said a "fire sale" of the bank's assets after the U.K.
nationalized the lender depleted its value by GBP4 billion.

Northern Rock shares peaked at 1,251 pence in early 2007, before
falling to 90 pence on Feb. 15, 2008, when they were suspended,
Bloomberg relates.  The bank was then nationalized, becoming the
first U.K. casualty of the credit crunch.  Northern Rock nearly
collapsed in 2007 after seeking emergency funding from the Bank of
England and suffering a run on its deposits, Bloomberg discloses.

Andrew Caldwell of BDO International was appointed in September
2008 to value Northern Rock and determine how much shareholders
should get back.  Mr. Caldwell, as cited by Bloomberg, said in
court filings posted on his Web site that he determined the amount
payable "is nil."

Bloomberg notes that Harbinger said in court papers that the
Northern Rock preferred shares were once worth GBP400 million and,
based on expert reports, a reasonable amount of compensation is
GBP322.5 million.

"Nil is utterly unreasonable," Bloomberg quotes Mr. Phillips as
saying.

The hearing is scheduled to last five days, Bloomberg states.

The case is Harbinger Capital and Northern Rock Applicants v.
Andrew Caldwell and Her Majesty's Treasury, case no. 10/01, In the
Upper Tribunal (Tax and Chancery Chamber) Financial Services
(London).

                       About Northern Rock

Headquartered in Newcastle upon Tyne, England, Northern Rock plc
-- http://www.northernrock.co.uk/-- deals with mortgages, savings
accounts, loans and insurance.  The company also promotes secured
loans to its existing mortgage customers.  The company had more
than US$200 billion in assets at the end of June 2007.


PETER WERTH: JD Sports to Acquire Firm, Pink Soda
-------------------------------------------------
just-style.com reports that retailer JD Sports seeks to acquire
the major assets of collapsed business Brand Acquisitions,
including men's wear label Peter Werth and women's wear brand Pink
Soda for an undisclosed sum.

As reported in the Troubled Company Reporter-Europe on May 18,
2011, Sky News HD said that advisory specialists FRP, led by Jason
Baker and Geoff Rowley, have been appointed administrators to the
Peter Werth business.  FRP has made an undisclosed number of
redundancies at the firm's head office, according to Sky News HD.
There are 70 of the staff remaining across both firms, according
to Sky News HD.  The report related that the company is continuing
to trade while a buyer is sought.  Sky News HD further revealed
that the company's sister firm, womenswear retailer Pink Soda, has
also been put into administration.

Peter Werth is an Upmarket menswear brand sold through 34 House of
Fraser concessions, 1,440 wholesale UK accounts and one standalone
store in Liverpool.


SOUTHERN CROSS: To Defer 30% of Rent Bill Amid Financial Troubles
-----------------------------------------------------------------
BBC News reports that Southern Cross Healthcare said it would
reduce its rent bill amid financial troubles.

BBC relates that Southern Cross on Tuesday said that it would
defer 30% of its rent to landlords over the next four months while
it tried to resolve its financial difficulties.  The rent deferral
would run from June 1 to September 30.  Southern Cross said it
would issue an update in July, according to the report.

The firm, as cited by BBC, said it was confident "a critical mass
of landlords" would support the move.  However, there has been no
official agreement, according to BBC.

In a separate report, communitycare.co.uk notes that Southern
Cross issued an ultimatum to its landlords to accept the four-
month 30% cut in rental payments.

communitycare.co.uk relates that the firm said its rent bills are
unsustainable given falls in revenue from councils, prompting
fears that it will go into administration, putting the future care
of its 31,000 residents at risk.

Paul Saper, director of health care analysts LCS International
Consulting, said the rental deferral amounted to a "declaration of
war" upon landlords, communitycare.co.uk relates.  Some landlords
would choose to take back their homes and run them themselves
rather than accept the rental reduction, he added.

BBC states that the firm has reiterated its belief that a longer-
term solution to its troubles would be "forthcoming."

Concern has mounted over the firm's situation among the elderly
residents and their caretakers and relatives, BBC states.  There
have been concerns that if the rental deferral does not work,
Southern Cross's 31,000 residents could be left "high and dry,"
BBC points out.

BBC relates that Health Select Committee chair Stephen Dorrell MP
said the government needed to make sure there was no interruption
in care for Southern Cross residents, but said it should not
consider a bail-out of the company.

"It doesn't seem to me that it's the taxpayers' job to fund the
losses that have been suffered by the people who have invested in
Southern Cross; that was their risk and it's their loss,"
Mr. Dorrell told the BBC.

Southern Cross recently reported half-year losses of GBP311
million, BBC discloses.  The company warned then that it was in
"critical financial condition," BBC notes.

Southern Cross Healthcare is a care home operator.  It 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.


WD COOPER: Goes Into Administration, Taps Administrators
--------------------------------------------------------
Roger Brown at ROADTRANSPORT.COM reports that WD Cooper Transport
has gone into administration.

ROADTRANSPORT.COM, citing documents lodged at Companies House,
relates that Jason Groocock from Leicester insolvency practice G2
Insolvency was appointed administrator for the Staffordshire
haulier.

Cannock, Staffs-based WD Cooper Transport is a paper waste and
heavy haulage specialist.  The 40-year old transport company,
based in Progress Drive, Bridgtown, had an O-licence for 14
vehicles and 25 trailers. It traditionally worked in the baled
waste paper and recycling sector, delivering used paper and
cardboard to recycling centres, to be reprocessed into usable
paper products such as cartons.


WIMSLOW FINANCIAL: Goes Into Administration
-------------------------------------------
MortgageStrategy reports that Wimslow Financial Services has gone
into administration.

The Wimslow Financial said it is investigating how it can help
customers who have lost money through dealing with them, according
to MortgageStrategy.

Philip Duffy and Sarah Bell, partners at restructuring firm MCR,
were appointed joint administrators on May 17.

MortgageStrategy notes that MCR is expected to make a statement in
relation to the number of claims it expects regarding the mis-
selling of PPI.

Wimslow Financial Services is a payment protection insurance
broker.


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

June 6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Canadian-American Cross-Border Insolvency Symposium
        Fairmont Royal York, Toronto, Ont.
           Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Central States Bankruptcy Workshop
        Grand Traverse Resort and Spa, Traverse City, Mich.
              Contact: http://www.abiworld.org/

July 21-24, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Northeast Bankruptcy Conference
        Hyatt Regency Newport, Newport, R.I.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 27-30, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Sanctuary at Kiawah Island, Kiawah Island, S.C.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 4-6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hotel Hershey, Hershey, Pa.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 14, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     NCBJ/ABI Educational Program
        Tampa Convention Center, Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. __, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     International Insolvency Symposium
        Dublin, Ireland
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 25-27, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     Hilton San Diego Bayfront, San Diego, CA
        Contact: http://www.turnaround.org/

Dec. 1-3, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     23rd Annual Winter Leadership Conference
        La Quinta Resort & Spa, La Quinta, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 3-5, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        Grand Hyatt Atlanta, Atlanta, Ga.
           Contact: http://www.turnaround.org/

Apr. 19-22, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Ritz-Carlton Amelia Island, Amelia Island, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

November 1-3, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Westin Copley Place, Boston, Mass.
           Contact: http://www.turnaround.org/

Nov. 29 - Dec. 2, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 10-12, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        JW Marriott Chicago, Chicago, Ill.
           Contact: http://www.turnaround.org/

October 3-5, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Wardman Park, Washington, D.C.
           Contact: http://www.turnaround.org/



                            *********

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
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The TCR Europe subscription rate is US$625 per half-year,
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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.


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