TCREUR_Public/110623.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 23, 2011, Vol. 12, No. 123

                            Headlines



A N D O R R A

BANCA PRIVADA: Fitch Affirms LT Issuer Default Rating at 'BB+'


G E R M A N Y

HECKLER & KOCH: S&P Upgrades Long-Term Corporate Rating to 'CCC+'
NEUMARKT GALERIE: Bought Out of Insolvency by Signature Capital
SIAG SCHAAF: S&P Assigns 'CCC+' Rating on Proposed EUR500MM Notes


G R E E C E

AEOLOS SA: S&P Gives 'CCC' Rating on EUR355MM Floating-Rate Notes


H U N G A R Y

* HUNGARY: Construction Sector Liquidations Up 9.9% in May 2011


I R E L A N D

ALLIED IRISH: Non-Payment of Bonds Triggers Credit Event
ANGLO IRISH BANK: Fitch Maintains Watch Negative on 'BB-' IDR


K A Z A K H S T A N

BTA BANK: Has Enough Cash to Pay KZT24.3-Bil. Debt on June 30
KAZAGROFINANCE: Fitch Affirms 'BB' Issuer Default Rating


R U S S I A

RUSSIAN ROSBANK: D Individual Rating on Watch Positive, Fitch Says


S P A I N

AYT GENOVA: Fitch Affirms 'BBsf' Ratings on Three Classes of Notes


S W E D E N

QUINN INVESTMENTS: "Hopelessly Insolvent," Anglo's Lawyers Say
SAAB AUTOMOBILE: Submits Debt Repayment Proposal to Suppliers


U N I T E D   K I N G D O M

BAR OPERATIONS: Goes Into Administration, Seeks Buyer for Business
BRADFORD & BINGLEY: Fitch Affirms 'C' Ratings on Securities
CROWNE PLAZA: Goes Into Administration, Seeks Buyer for Hotel
DECO 12: Fitch Affirms 'CCsf' Rating on Class E & F Notes Due 2020
FE PEACOCK: Ramsey Library Opening Uncertain After Administration

LIFE & STYLE: Closes 22 Stores, Axes 22 Jobs
PLYMOUTH ARGYLE: Administrators Reach Deal to Sell Club
* UK: High Street Bracing for Company Failures on Looming Rent Day


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            *********


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A N D O R R A
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BANCA PRIVADA: Fitch Affirms LT Issuer Default Rating at 'BB+'
--------------------------------------------------------------
Fitch Ratings has revised Andorra-based Banca Privada d'Andorra's
Outlook on its Long-term Issuer Default Rating to Negative from
Stable. The agency has affirmed the bank's Long-term IDR at 'BB+',
Short-term IDR at 'B' and Individual Rating at 'C/D'.

Fitch has also downgraded the bank's Support Rating to '5' from
'4' and revised the Support Rating Floor to 'NF' from 'B',
reflecting Fitch's assessment that while propensity of external
support may be high given the importance of banking to the
Andorran economy, it cannot be relied upon in light of the
sector's size relative to the Andorran economy.

The revision of the Outlook to Negative reflects Fitch's opinion
that BPA could be downgraded over the medium term if it is unable
to smoothly overcome the integration, execution and financial
risks arising from pending acquisitions in onshore countries. The
acquisitions will weaken capital and liquidity at a time when
financial risks remain from a large portfolio of hybrid
securities. Another challenge is to control loan quality
deterioration, which could weigh further on profitability.

BPA's IDRs and Individual Rating also consider its respectable
niche international franchise, still satisfactory profitability
and below sector level of impaired loans.

BPA's profitability has held up well, despite a higher-than-peers'
cost base and larger provisions for loans in arrears and
reputational risks from private banking. BPA's cost/income ratio
of 58% in Q111 is respectable and should help cushion potentially
higher impairments.

BPA's bond portfolio represented 29% of assets at end-2010. Almost
half the portfolio arose from the liquidation of two leveraged
funds run by the bank's asset manager in Q408, which led it to
cancel the loans and acquire the funds' assets. The latter were in
hybrid capital, largely issued by banks and concentrated by name.
A significant part of the yields on these hybrids is used to cover
BPA's commitment to reimburse clients on their initial positions
(net of defaults) in the funds over ten years. Fitch believes
there is an increased likelihood of coupon deferrals or other form
of loss in certain securities.

The loan portfolio, 52% of total assets, is oriented to private
banking. 27% of the total was in secured Lombard loans and 47% in
mortgages with high loan-to-value ratios. Real estate loan
exposure, 16% of total loans, is largely for small projects in
Andorra. Single-name loan concentrations are rather high. Although
the level of loans in arrears has escalated, the impaired/total
loans ratio of 3.5% at end-Q111 remained below peer levels and
coverage was still a sound 43%.

Customer funds are reverting back to off-balance-sheet products.
However, the bank still has a large deposit base and a solid
loan/deposit ratio of 70% (or 87% including hybrid capital
exposures). Fitch considers BPA's liquidity to be satisfactory.

BPA's regulatory capital ratio of 32.2% was strong and the bank
plans to issue a EUR25 million preferred stock in 2011. However,
these capital levels are deemed necessary given BPA's risk profile
and expansion plans, which will lead to large goodwill deductions
from the outset.

BPA, Andorra's fourth-largest bank with funds under management of
EUR3.1 billion, focuses on private banking. It has eight branches
and growing presence in Panama, Luxembourg, Spain and Switzerland.
The share capital is mostly owned by a major Andorran family.

The rating actions on BPA are:

   -- Long-term IDR: affirmed at 'BB+', Outlook revised to
      Negative from Stable

   -- Short-term IDR: affirmed at 'B'

   -- Individual Rating: affirmed at 'C/D'

   -- Support Rating: downgraded to '5' from '4'

   -- Support Rating Floor: revised to 'NF' (No Floor) from 'B'


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G E R M A N Y
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HECKLER & KOCH: S&P Upgrades Long-Term Corporate Rating to 'CCC+'
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
rating on Germany-based defense contractor Heckler & Koch to
'CCC+' from 'CCC-'. "At the same time, we removed the rating from
CreditWatch, where it had been placed with positive implications
on May 3, 2011. The outlook is stable," S&P said.

"In addition, we assigned an issue rating of 'CCC+' and a recovery
rating of '4' to the EUR295 million 9.5% senior secured notes. The
recovery rating of '4' indicates our expectation of average (30%-
50%) recovery in the event of a payment default," S&P said.

The two-notch upgrade reflects our view that the successful
issuance of EUR295 million, seven-year, 9.5%, senior secured notes
has significantly improved Heckler & Koch's debt maturity profile.
Heckler & Koch used both the proceeds of the new notes and
approximately EUR14 million of cash in hand to redeem in full its
existing EUR120 million senior secured notes due 2011 and the
EUR170 million payment-in-kind (PIK) notes (nominal value EUR100
million) issued by Heckler & Koch's indirect parent, Heckler &
Koch Beteiligungs GmbH (not rated).

Having addressed its near-term debt refinancing risk, the rating
on Heckler & Koch largely reflects the group's highly leveraged
financial risk profile, which takes into account Heckler & Koch's
weak credit measures and very aggressive financial policy. "We
also envisage that Heckler & Koch will have limited financial
flexibility to meet any high-impact, low-probability events,
particularly as the group has no revolving credit facility to draw
on," S&P said.

"In our view, Heckler & Koch's current order backlog provides it
with near-term liquidity support. Given our assessment of Heckler
& Koch's liquidity position as less than adequate, an upgrade
would depend on the group's ability to improve its financial
flexibility through access to credit facilities that could provide
additional cover if operating needs were to arise unexpectedly.
Additional support for liquidity could derive from the evolution
of Heckler & Koch's order book beyond 2011," S&P stated.

"Downward rating pressure could arise if the order book were much
weaker than we currently anticipate, or if liquidity were to
deteriorate significantly so as to render Heckler & Koch unable to
meet its operating needs or financial obligations, specifically,
its cash interest," S&P added.


NEUMARKT GALERIE: Bought Out of Insolvency by Signature Capital
---------------------------------------------------------------
PropertyEU, citing well-informed market sources, reports that
Irish private equity firm Signature Capital has acquired one of
Cologne's major landmarks, the Neumarkt Galerie mixed-use complex,
from administrator Markus Heider of Goerg for around EUR130-135
million.

The price represents a nearly 25% discount to the amount paid by
the former owner, Irish investor Quinlan Private, back in
September 2006, PropertyEU states.

According to PropertyEU, the prime office and retail complex was
sold through a narrowly-marketed sales process managed by CB
Richard Ellis.

Insolvency firm Goerg was appointed to sell the center after the
vehicle holding the asset, Neumarkt Galerie Immobilien GmbH & Co.
KG, filed for bankruptcy in February 2011, PropertyEU recounts.

The curator, as cited by PropertyEU, said that it worked alongside
Capita Asset Services (previously known as Barclays Capital
Mortgage Servicing Limited) in the sales process to a Luxembourg-
based fund managed by Signature Capital.  Capita Asset Services
managed a EUR140 million loan secured against the shopping center
which was originated by Barclays Bank to finance Quinlan's
purchase five years ago.  While senior debt holders could recover
most of their investment, it is understood that holders of the
junior tranches have taken hefty losses on the deal, PropertyEU
notes.

Neumarkt Galerie Immobilien GmbH & Co. KG is a property company
based in Cologne, Germany.


SIAG SCHAAF: S&P Assigns 'CCC+' Rating on Proposed EUR500MM Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary 'B-'
long-term corporate credit rating to SIAG Schaaf Industrie AG, a
Germany-based manufacture of steel components for wind turbines.

"We also assigned a preliminary 'CCC+' senior unsecured debt
rating to the proposed notes of up to EUR50 million, with a
recovery rating of '5', indicating our expectation of modest
recovery (10%-30%) in the event of a default," S&P said.

The 'B-' issuer rating is subject to successful closing of the
proposed notes issuance. "Our analysis assumes that the company
would need to issue at least EUR40 million to restore an adequate
liquidity profile, which is a key assumption for the 'B-' rating,"
S&P stated.

"We will assign final ratings once we have received final
documentation of SIAG's planned notes issue, and once we have
confirmation that the notes transaction has closed successfully,"
S&P related.

The preliminary 'B-' corporate credit rating on SIAG is subject to
SIAG successfully issuing up to EUR50 million in unsecured notes.
"It reflects our view that the company will have a 'highly
leveraged' financial risk profile on completion of this proposed
issuance and a 'vulnerable' business risk profile, according to
our classifications," S&P said.

"We believe the very cyclical demand for SIAG's products, its high
business and customer concentration, and relatively weak
profitability compared with capital goods industry peers limits
the company's business risk profile," S&P said.

"Furthermore, we consider that SIAG's business plan relies
significantly on a strong recovery in the wind energy market to
achieve future growth and profitability improvements," said
Standard & Poor's credit analyst Anna Stegert. "We believe these
factors offset SIAG's solid position in its domestic German market
and long-standing relationships with its customers. In our view,
SIAG's currently strong order backlog, at 1.8x of 2009 revenues,
translates into good growth potential for the coming years."

"We expect the group to benefit from a positive regulatory
environment in Germany, especially in offshore wind energy
markets, after the government recently decided to phase out
nuclear energy. We expect this will be substituted largely with
renewable energy. While we see some risks of increased competitive
pressures from Chinese players, we believe transportation costs
for heavy steel towers provide some barriers to entry," S&P
stated.

"We view SIAG's financial risk profile as highly leveraged. Pro
forma the proposed new debt issuance, we expect that its total
debt-to-EBITDA ratio will be high, owing to weak profitability
recently. We believe that SIAG's credit metrics would likely
improve in the next few quarters, to reach between 5x-6x by the
end of 2011, amid a gradual recovery in its end markets. Our
ratings do not incorporate larger bolt-on acquisitions," S&P
related.

"We expect that the company will benefit from the current upturn
in the economy as of 2011 and that its profitability will improve
on the back of a greater number of contracts," said Ms. Stegert.
"We anticipate that this will support a rebound in SIAG's sales,
profitability, and credit metrics over the next two years."

"We expect SIAG to be able to fund its growth through advance
payments and further credit facilities to maintain an adequate
liquidity profile. To stay commensurate with the current rating we
would expect that SIAG's debt to EBITDA will be about 5x-6x by the
end of 2011. However, the company's earnings remain highly
vulnerable to weakening economic conditions, and we could lower
the ratings if the expected rebound in profitability doesn't
result in this improvement in financial metrics and/or if debt-
financed activities adversely affected liquidity and subsequently
credit measures," S&P stated.


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G R E E C E
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AEOLOS SA: S&P Gives 'CCC' Rating on EUR355MM Floating-Rate Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its ratings on five European collateralized
debt obligation tranches.

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

Ratings List

Class              Rating
            To                   From

Ratings Lowered and Removed From CreditWatch Negative

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

            CCC                  B/Watch Neg

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

            CCC                  B/Watch Neg

ELM B.V.
EUR 5 Million Schuldschein Callable Variable Accretion Loan Series
30

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

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

            CCC                  B/Watch Neg

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

            CCC                  B/Watch Neg


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H U N G A R Y
=============


* HUNGARY: Construction Sector Liquidations Up 9.9% in May 2011
---------------------------------------------------------------
MTI-Econews, citing company-information service Opten, reports
that creditors initiated liquidation procedures against 342
companies in Hungary's construction sector in May, up 9.9% yr/yr
and accelerating from an increase of 7.2% yr/yr in April.

According to MTI, the number of liquidation procedures initiated
in May rose 8.7% yr/yr throughout all sectors of Hungary's
economy.

The number of liquidations in the construction sector rose 12%
yr/yr in the first five months of the year, MTI discloses.

Voluntary liquidation procedures in the construction sector
increased 51% yr/yr to 210 in May, compared to a rise of 23.4%
yr/yr in all sectors of the economy last month, MTI notes.


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I R E L A N D
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ALLIED IRISH: Non-Payment of Bonds Triggers Credit Event
--------------------------------------------------------
Simon Carswell at The Irish Times reports that Allied Irish Banks
plc's decision not to pay out on subordinated bonds has triggered
a new "failure to pay" credit event that will force sellers of
insurance against default to cover some losses incurred by the
bondholders.

The Irish Times says a new ruling by the International Swaps and
Derivatives Association, the trade body that oversees the credit
default swaps market, ruled that a failure to pay credit event --
a financial markets term for a default on a payment or breach of a
bond covenant -- had occurred at AIB.

The Irish Times relates that the association said senior and
subordinated auctions would take place after ruling last week that
a "credit event" had taken place.

The ruling means that bondholders will be able to recover some of
their losses as a result of insuring against a default by the
bank, The Irish Times notes.

There is a net notional value of US$507 million (EUR353 million)
in credit default swaps contracts on AIB debt, The Irish Times
discloses.

According to The Irish Times, the derivatives association said
that the failure to pay credit event took place on June 19 after
AIB, which is 93% owned by the State, said that it did not intend
to pay the coupon on a subordinated bond due to be repaid on
June 5 and had a 15-day grace period.

                      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 BANK: Fitch Maintains Watch Negative on 'BB-' IDR
-------------------------------------------------------------
Fitch Ratings has maintained Anglo Irish Bank Corporation's and
Irish Nationwide Building Society's Long- and Short-term Issuer
Default Ratings on Rating Watch Negative.

The RWN on Anglo's and INBS's ratings reflects continuing
political uncertainty as well as the risks associated with the
asset quality and wind-down status of the two institutions. The
Irish authorities indicated at the beginning of April 2011 that
they would consider imposing losses on Anglo's and INBS's senior
creditors in case of a further need for capital injections. The
Central Bank of Ireland announced at end-May 2011 that the
analysis undertaken by Blackrock Solutions "does not indicate that
an additional capital requirement is required" for either Anglo or
INBS. However, Fitch notes that the political risks surrounding
the issue of burden-sharing for Anglo's and INBS's senior
creditors has not diminished.

Because of Anglo's and INBS' reduced systemic importance and
political risks, Fitch considers the probability of further
support to be only moderate. However, Fitch notes the state has a
strong presence on the balance sheets of both institutions, both
on the liability side (capital, CBI funding and guarantees) and on
the asset side (primarily through EUR31bn of promissory notes
contributed as capital), while the amount of senior unsecured debt
that could be subject to burden-sharing is small relative to total
funding and is relatively short term.

The rating actions are:

Anglo

   -- Long-term IDR: 'BB-'; RWN maintained

   -- Short-term IDR: 'B'; RWN maintained

   -- Support Rating: '3'; RWN maintained

   -- Support Rating Floor: 'BB-'; RWN maintained

   -- Short-term debt: 'B'; RWN maintained

   -- Senior unsecured: 'BB-'; RWN maintained

   -- Sovereign-guaranteed Long-term notes: affirmed at 'BBB+

   -- Sovereign-guaranteed Short-term notes: affirmed at 'F2

   -- Sovereign-guaranteed commercial paper: affirmed at 'F2

   -- Sovereign-guaranteed Long-term deposits: affirmed at 'BBB+'

   -- Sovereign-guaranteed Short-term deposits: affirmed at 'F2'

   -- Sovereign-guaranteed Long-term interbank liabilities:
      affirmed at 'BBB+'

   -- Sovereign-guaranteed Short-term interbank liabilities:
      affirmed at 'F2'

Anglo Irish Mortgage Bank

   -- Long-term IDR: 'BB-'; RWN maintained

   -- Short-term IDR: 'B'; RWN maintained

   -- Support Rating: '3'; RWN maintained

INBS

   -- Long-term IDR: 'BB-'; RWN maintained

   -- Short-term IDR: 'B'; RWN maintained

   -- Support Rating: '3'; RWN maintained

   -- Support Rating Floor: 'BB-'; RWN maintained

   -- Senior unsecured notes: 'BB-'; RWN maintained

   -- Sovereign-guaranteed long-term deposits: affirmed at 'BBB+'

   -- Sovereign-guaranteed short-term deposits: affirmed at 'F2'

   -- Sovereign-guaranteed long-term interbank liabilities:
      affirmed at 'BBB+'

   -- Sovereign-guaranteed short-term interbank liabilities:
      affirmed at 'F2'


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K A Z A K H S T A N
===================


BTA BANK: Has Enough Cash to Pay KZT24.3-Bil. Debt on June 30
-------------------------------------------------------------
Nariman Gizitdinov at Bloomberg News reports that BTA Bank,
Kazakhstan's biggest lender before it defaulted two years ago,
said it has enough money to make a KZT24.3 billion (US$166
million) interest payment on June 30 after yields on its debt
soared.

According to Bloomberg, BTA on Tuesday said in an e-mailed
statement that it has KZT50.7 billion in its accounts and can
access KZT251 billion through repurchase operations with the
National Bank of Kazakhstan.

BTA last year restructured US$16.7 billion of debt after the
government took control of the bank when credit markets froze and
Kazakhstan's property bubble burst, Bloomberg recounts.

BTA, as cited by Bloomberg, on Tuesday said that in addition to
the June 30 interest payment, it must repay KZT25.5 billion of
trade financing on Sept. 30.  BTA made the first KZT24.3 billion
coupon payment on the 2018 notes in January and paid back
KZT25.5 billion of trade financing in March, Bloomberg notes.

The bank rejected on June 3 speculation that it may restructure
debts for a second time after overestimating the potential
recovery on bad loans, Bloomberg relates.

                           About BTA Bank

BTA Bank AO (BTA Bank JSC), formerly Bank TuranAlem AO --
http://bta.kz/-- is a Kazakhstan-based financial institution,
which is involved in the provision of banking and financial
products for private and corporate clients.

The BTA Group is one of the leading banking groups in the
Commonwealth of Independent States and has affiliated banks in
Russia, Ukraine, Belarus, Georgia, Armenia, Kyrgyzstan and Turkey.
In addition, the Bank maintains representative offices in Russia,
Ukraine, China, the United Arab Emirates and the United Kingdom.
The Bank has no branch or agency in the United States, and its
primary assets in the United States consist of balances in
accounts with correspondent banks in New York City.

As of November 30, 2009, the Bank employed 5,043 people inside
and 4 people outside Kazakhstan.  It has no employees in the
United States.  Most of the Bank's assets, and nearly all its
tangible assets, are located in Kazakhstan.


KAZAGROFINANCE: Fitch Affirms 'BB' Issuer Default Rating
--------------------------------------------------------
Fitch Ratings has affirmed the Development Bank of Kazakhstan's
and KazAgroFinance's Long-term foreign currency Issuer Default
Ratings at 'BBB-' and 'BB', respectively.

DBK's ratings reflect Fitch's view of the strong propensity for
the Kazakhstani authorities to provide support in case of need,
based on state ownership and the bank's special legal mandate and
significant policy role underpinned by its participation in high-
profile investment projects. The agency also believes that DBK's
potential default would result in significant reputational risks
for the government given the bank's overt market presence.

However, Fitch notes that the bank's ratings have a Stable Outlook
and are unlikely to change even if Kazakhstan's Long-term IDRs are
upgraded to 'BBB'. This mirrors the agency's usual practice of
notching the ratings of state-owned banks down from their
respective sovereigns, particularly at the higher rating levels.

DBK has significantly increased its foreign borrowings since end-
2007, with the bulk of non-equity funding (94%) coming from
international investors at end-2010. At the same time, capital
adequacy has deteriorated, and Fitch core capital-to-weighted
risks ratio decreased to 18% at end-2010 from 24% at end-2009.
Loan quality is also weak with 27% of gross loans reported non-
performing, although this is largely in line with other Kazakh
financial institutions.

On the positive side, Fitch notes that DBK has a solid track
record of receiving equity support from the government. Also, the
proportion of liquid assets is currently high, with loans and
finance leasing accounting for only 36% of total assets at end-
2010. Given that the nearest significant debt redemptions are
scheduled for 2015, DBK appears to have reasonable financial
flexibility at present.

However, Fitch notes that downward pressure on DBK's ratings could
arise over the medium term should the bank continue to expand
rapidly, resulting in its non-government debt and balance sheet
size becoming more substantial relative to those of the sovereign.
DBK's debt now amounts to approximately 4% of the nation's gross
external debt.

KAF's Long-term IDRs are two notches lower than DBK's, reflecting
its less prominent role and importance for the local economy. The
agency's view of support probability also takes into account the
defaults of other Kazakh financial companies during 2009. At the
same time,

KAF's ratings continue to factor in moderate probability of
government support in light of its state ownership, small size
(hence, cost of support) and reasonable track record of past
equity contributions.

KAF's asset quality is also weak, with non-performing loans and
restructured loans comprised 13% and 34% of the loan book at end-
2010, respectively. However, it had a solid capital buffer
reported at end-2010. The local Tier I capital adequacy ratio
stood at 58% and management expects significant new injections in
the near term.

DBK was founded to foster the growth of non-extracting industries
in Kazakhstan. Its owner, Sovereign Wealth Fund Samruk-Kazyna, is
wholly owned by the state. KAF is a non-banking financial
institution predominantly providing finance leases to the domestic
agricultural industry. KAF is a subsidiary company of the state-
owned JSC National Holding Kazagro.

The rating actions are:

DBK

   -- Long-term foreign currency IDR affirmed at 'BBB-'; Outlook
      Stable

   -- Short-term foreign currency IDR affirmed at 'F3'

   -- Long-term local currency IDR affirmed at 'BBB'; Outlook
      Stable

   -- Short-term local currency IDR affirmed at 'F3'

   -- Support Rating affirmed at '2'

   -- Support Rating Floor affirmed at 'BBB-'

   -- Senior unsecured Long-term rating affirmed at 'BBB-'

KAF

   -- Long-term foreign currency IDR affirmed at 'BB'; Outlook
      Stable

   -- Short-term foreign currency IDR affirmed at 'B'

   -- Long-term local currency IDR affirmed at 'BB'; Outlook
      Stable

   -- National Long-term rating affirmed at 'A(kaz)'; Outlook
      Stable

   -- Support Rating affirmed at '3'

   -- Support Rating Floor affirmed at 'BB'


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


RUSSIAN ROSBANK: D Individual Rating on Watch Positive, Fitch Says
------------------------------------------------------------------
Fitch Ratings has affirmed Russian Rosbank's Long-term foreign
currency Issuer Default Rating at 'BBB+' with Positive Outlook. At
the same time, the agency has placed the bank's Individual Rating
on Rating Watch Positive.

Rosbank's IDRs and Support Rating are driven by potential support
the bank may receive from its majority shareholder, France-based
Societe Generale (SG; 'A+'/Stable; 74.9% stake in Rosbank) and
constrained by the Russian Country Ceiling of 'BBB+'. The Positive
Outlook reflects the sovereign's rating Outlook. An upgrade of the
Country Ceiling could generate upside potential for Rosbank's
Long-term IDRs.

In Fitch's view, SG has a strong propensity to support the bank,
especially given its strategic role in the consolidation of SG's
Russian bank assets at Rosbank's level. In January 2011, as a
first stage of this consolidation, Rosbank acquired Russian
Rusfinance Bank and DeltaCredit Bank (both were 100%-subsidiaries
of SG), supported by a strong equity injection from the parent.
The planned merger of Rosbank with Bank Societe Generale Vostok
(BSGV, 100%-owned by SG), scheduled for closure in July 2011, will
result in BSGV ceasing to exist as a separate legal entity, while
the merged bank will continue to operate under Rosbank's name,
which is evidence of Rosbank's strong strategic importance for SG.

The RWP on Rosbank's Individual Rating reflects Fitch's view that
the upcoming completion of Rosbank's merger with BSGV, scheduled
for July 1, 2011, will result in an improvement of Rosbank's
market share, widening its franchise and strengthening the bank's
credit profile as Fitch does not expect material asset quality
issues in the recently acquired and merged banks and the
capitalization of other entities is quite healthy. The merged bank
will benefit from better corporate governance and stronger risk
management, in Fitch's opinion. The agency also believes that the
operating environment is currently in a better condition than was
previously expected, and that the bank overcame the economic
downturn in reasonably good condition.

The RWP will be resolved once the merger is completed and Fitch
completes its analysis of the merged entity.

The rating actions are:

Rosbank

   -- Long-term foreign currency IDR: affirmed at 'BBB+'; Positive
      Outlook

   -- Long-term local currency IDR: affirmed at 'BBB+'; Positive
      Outlook

   -- Short-term foreign currency IDR: affirmed at 'F2'

   -- Support rating: affirmed at '2'

   -- Individual Rating of 'D' put on RWP

   -- National Long-term rating: affirmed at 'AAA(rus)'; Stable
      Outlook


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


AYT GENOVA: Fitch Affirms 'BBsf' Ratings on Three Classes of Notes
------------------------------------------------------------------
Fitch Ratings has affirmed 29 tranches of the AyT Genova
Hipotecario Spanish RMBS series. The agency has revised the
Outlooks to Negative from Stable on the junior tranches of AyT
Genova IX and AyT Genova X.

The AyT Genova Hipotecario series comprises residential mortgage
loans originated and serviced in Spain by Barclays Bank, S.A.,
which is 99.7% owned by Barclays Bank PLC ('AA-'/Stable/F1+'). All
the mortgages are amortizing mortgage loans offered to high net
worth Spanish clients.

The transactions have consistently performed better than other
Fitch-rated Spanish RMBS deals, particularly the more seasoned
transactions (AyT Genova III, IV, VI, VII and VIII). In Fitch's
view, strong performance is due to the composition of the
underlying assets, with low loan to value (LTV) ratios (original
LTVs for the series were in the range of 60%-65%) and low exposure
to more adverse portfolio characteristics (such as second lien
mortgages to self-employed borrowers). With loans typically
granted to high net worth clients, the performance has remained in
line with Fitch's expectations, as is reflected in the affirmation
of the ratings on these transactions.

The solid performance of the underlying assets in AyT Genova III
and IV is also reflected in the pro-rata amortization of the
notes, alongside the amortization of their reserve funds. This
amortization schedule has resulted in static credit enhancement
levels in these transactions, hence their affirmations. Fitch
expects AyT Genova VI to meet its pro-rata amortization triggers
on the upcoming interest payment dates (IPD) whilst the rest of
the deals should continue to amortize sequentially, allowing for
credit enhancement levels to build up, particularly on the senior
notes.

As with most other Fitch rated RMBS Spanish series, the earlier
vintage's assets have displayed better performance compared to the
latter vintages. AyT Genova III, IV, VI, VII and VIII, have
continued to outperform the latter deals in the series (AyT Genova
IX, X, XI and XII) in terms of levels of gross cumulative defaults
and three-month plus (3m+) arrear levels. Considering that the
earlier vintages are more deleveraged, the levels of cumulative
defaults in these earlier deals were all below 0.3% of the initial
collateral balance according to the latest April/May IPD, whilst
AyT Genova IX was at 0.4%, AyT Genova X at 0.3%, AyT Genova XI at
0.6% and AyT Genova XII 0.3%.

In Fitch's view, all the transactions have been structured to
generate tight annualized gross excess spread levels of
approximately 0.2% (i.e. net of liabilities margin). Consequently,
the agency believes that the higher default levels and higher
pipelines of 3m+ arrears in the latter vintages (AyT Genova IX, X,
XI and XII) have triggered the provisioning mechanism of defaulted
loans (defined as loans in arrears by more than 18 months), but
with insufficient excess spread, AyT Genova IX, X, XI and XII's
reserve funds have been drawn. This in turn has prevented credit
enhancement increases and mainly exposed the most junior tranches.

The Negative Outlooks on the class D notes of AyT Genova IX and X
and class B notes of AyT Genova XII are a direct result of the
reserve fund draws. The Negative Outlooks also highlight Fitch's
concern over the thin levels of gross excess spread generated by
these deals and the exposure of the underlying assets to
increasing default rates expected to be triggered by the potential
rise in interest rates. Although similar concerns also affect the
AyT Genova XI transaction, in Fitch's view, the level of credit
support provided by the reserve fund remains sufficient to
withstand the respective 'BBsf' stresses, which is why the Outlook
on the class D notes remains Stable.

The rating actions are:

AyT Genova Hipotecario III, Fondo de Titulizacion Hipotecario:

   -- Class A (ISIN ES0370143002): affirmed at 'AAAsf'; Outlook
      Stable; Loss Severity (LS) rating of 'LS-1'

   -- Class B (ISIN ES0370143010): affirmed at 'AA-sf'; Outlook
      Stable; 'LS-1'

AyT Genova Hipotecario IV, Fondo de Titulizacion Hipotecario:

   -- Class A (ISIN ES0370150007): affirmed at 'AAAsf'; Outlook
      Stable; 'LS-1'

   -- Class B (ISIN ES0370150015): affirmed at 'AA-sf'; Outlook
      Stable; 'LS-1'

AyT Genova Hipotecario VI, Fondo de Titulizacion Hipotecario:

   -- Class A2 (ISIN ES0312349014): affirmed at 'AAAsf'; Outlook
      Stable; 'LS-1'

   -- Class B (ISIN ES0312349022): affirmed at 'AA+sf'; Outlook
      Stable; 'LS-2'

   -- Class C (ISIN ES0312349030): affirmed at 'Asf'; Outlook
      Stable; 'LS-2'

   -- Class D (ISIN ES0312349048): affirmed at 'BBBsf'; Outlook
      Stable; 'LS-2'

AyT Genova Hipotecario VII, Fondo de Titulizacion Hipotecario:

   -- Class A2 (ISIN ES0312343017): affirmed at 'AAAsf'; Outlooks
      Stable; 'LS-1'

   -- Class B (ISIN ES0312343025): affirmed at 'AA-sf'; Outlook
      Stable; 'LS-2'

   -- Class C (ISIN ES0312343033): affirmed at 'A-sf'; Outlook
      Stable; 'LS-2'

AyT Genova Hipotecario VIII, Fondo de Titulizacion Hipotecario:

   -- Class A2 (ISIN ES0312344007): affirmed at 'AAAsf'; Outlook
      Stable; 'LS-1'

   -- Class B (ISIN ES0312344023): affirmed at 'AAsf'; Outlook
      Stable; 'LS-2'

   -- Class C (ISIN ES0312344031): affirmed at 'Asf'; Outlook
      Stable; 'LS-2'

   -- Class D (ISIN ES0312344049): affirmed at 'BB+sf'; Outlook
      Stable; 'LS-2'

AyT Genova Hipotecario IX, Fondo de Titulizacion Hipotecario:

   -- Class A2 (ISIN ES0312300017): affirmed at 'AAAsf'; Outlook
      Stable; 'LS-1'

   -- Class B (ISIN ES0312300025): affirmed at 'AA-sf'; Outlook
      Stable; 'LS-3'

   -- Class C (ISIN ES0312300033): affirmed at 'BBB+sf'; Outlook
      Stable; 'LS-3'

   -- Class D (ISIN ES0312300041): affirmed at 'BBsf'; Outlook
      revised to Negative from Stable; 'LS-3'

AyT Genova Hipotecario X, Fondo de Titulizacion Hipotecario:

   -- Class A2 (ISIN ES0312301015): affirmed at 'AAAsf'; Outlook
      Stable; 'LS-1'

   -- Class B (ISIN ES0312301023): affirmed at 'AA-sf'; Outlook
      Stable; 'LS-3'

   -- Class C (ISIN ES0312301031): affirmed at 'BBBsf'; Outlook
      Stable; 'LS-3'

   -- Class D (ISIN ES0312301049): affirmed at 'BBsf'; Outlook
      revised to Negative from Stable; 'LS-3'

AyT Genova Hipotecario XI, Fondo de Titulizacion Hipotecario:

   -- Class A2 (ISIN ES0312302013): affirmed at 'AAAsf'; Outlook
      Stable; 'LS-1'

   -- Class B (ISIN ES0312302021): affirmed at 'Asf'; Outlook
      Stable; 'LS-3'

   -- Class C (ISIN ES0312302039): affirmed at 'BBB+sf'; Outlook
      Stable; 'LS-3'

   -- Class D (ISIN ES0312302047): affirmed at 'BBsf'; Outlook
      Stable; 'LS-3'

AyT Genova Hipotecario XII, Fondo de Titulizacion Hipotecario:

   -- Class A (ISIN ES0312285002): affirmed at 'AAAsf'; Outlook
      Stable; 'LS-1'

   -- Class B (ISIN ES0312285010): affirmed at 'Asf'; Outlook
      Negative; 'LS-2'


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


QUINN INVESTMENTS: "Hopelessly Insolvent," Anglo's Lawyers Say
--------------------------------------------------------------
Naomi Powell at The Irish Times reports that Anglo Irish Bank's
lawyers told a Swedish court on Tuesday that the Quinn family's
Swedish company is "hopelessly insolvent" and has no possibility
of repaying massive loans owed to the bank.

Anglo wants a bankruptcy receiver appointed to Quinn Investments
Sweden, the holding company for the family's international
properties in Russia, Sweden, Britain, Turkey and Ukraine, The
Irish Times says.  The receiver would be empowered to sell the
properties, worth about EUR500 million, and use the funds to
compensate Anglo and other creditors, The Irish Times states.

The court will issue its decision on July 5, The Irish Times
discloses.

Though Anglo insists the loans are valid and the responsibility
for them extends to all companies, the Quinns' lawyers say Quinn
Investments is only responsible for the funds it received, which
total about EUR129 million, The Irish Times notes.  Under Swedish
law, companies can only guarantee loans they gained from, the
lawyers argued, according to The Irish Times.

The Irish Times relates that Quinn Investments has said it could
raise as much as EUR344 million in three months through the sale
of Russian properties located in Moscow, Kazan, Ufa and
Yekaterinburg.  But Anglo executives have expressed doubts about
the timing of a sale and the valuation of the properties, The
Irish Times notes.

In court on Tuesday, Quinn Investments argued that measures taken
by Anglo as a creditor to recoup the losses on Quinn loans have
brought construction on some projects to a halt and impeded the
Quinn family's ability to maintain the properties in its
portfolio, The Irish Times cites.  The Quinn lawyers, according to
the lawyers, claimed that the value of the properties has
deteriorated from SEK8 billion to roughly SEK2 billion as a
result.

A share receiver appointed by Anglo removed several executives and
board members from Quinn companies, The Irish Times relates.

In total, the Quinn family owes Anglo almost EUR2.9 billion, the
lion's share relating to loans that covered the losses on Anglo
shares as a result of the 2008 financial crash, The Irish Times
discloses.

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.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on March 8,
2011, Moody's Investors Service downgraded the bank deposit
ratings of Anglo Irish Bank Corporation Limited and Irish
Nationwide Building Society to Caa1/Not-Prime, from Baa3/P-3 (on
review for possible downgrade), the same level as the unguaranteed
senior unsecured debt ratings of the two institutions.  The Caa1
long-term bank deposit ratings remain on review for possible
downgrade, in line with the review on the unguaranteed senior
unsecured debt ratings.  S&P said there is no rating impact on the
stand-alone bank financial strength ratings, on the senior
unsecured and subordinated debt ratings, and on the government-
guaranteed debt ratings.


SAAB AUTOMOBILE: Submits Debt Repayment Proposal to Suppliers
-------------------------------------------------------------
Helena Soderpalm at Reuters reports that Saab Automobile, owned by
Netherlands-based Swedish Automobile, said on Tuesday it had
offered a deal to suppliers over unpaid debts in an effort to get
production restarted.

Reuters relates that Saab said on Monday its Trollhattan factory
in southern Sweden would be idle for two more weeks after having
stood still for most of April and May because it could not pay its
suppliers and ran out of parts.

"[Mon]day, we handed out a proposal to the suppliers that had to
do with production activities," Reuters quotes Saab spokeswoman
Gunilla Gustavs as saying, declining to comment on details of the
proposal.

According to Reuters, Swedish business daily Dagens Industri
reported it had seen a letter in which Saab proposed repaying 10%
of its debts to suppliers when production starts and cash on
delivery until mid-September, when it hopes to pay off the
remainder of what it owes with interest of 6%.

Dagens Industri wrote that suppliers had to respond by June 21 to
the proposal, Reuters notes.

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


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


BAR OPERATIONS: Goes Into Administration, Seeks Buyer for Business
------------------------------------------------------------------
Peter Leathley at The Journal reports that Bar Operations Limited,
which runs Paddywacks in the city centre, is continuing to trade
after being placed into administration and put up for sale.  Ian
Green and Nick Reed of PricewaterhouseCoopers (PwC) were appointed
joint administrators of the company.

Bar Operations not only owns Paddywacks but subsidiary company
Hoffman Inns, which remains outside of any insolvency process,
according to The Journal.

The Journal discloses that the fall into administration is the
result of cash flow difficulties leading to increased creditor
pressure and, ultimately, a winding up order being filed against
Bar Operations.  The 32 staff employed by the company is not made
redundant.

Bar Operations Limited is a Sunderland pub company that runs
Paddywacks in the city centre.


BRADFORD & BINGLEY: Fitch Affirms 'C' Ratings on Securities
-----------------------------------------------------------
Fitch Ratings has affirmed Bradford & Bingley's Long- and Short-
term Issuer Default Ratings at 'A+' and 'F1+', respectively. The
Outlook on the Long-term IDR is Stable. The agency has also
affirmed all B&B's other ratings.

B&B's Long- and Short-term IDRs and Support Rating of '1' reflect
the high level of state support that Fitch believes is available
to the company given the UK government's ownership and guarantee
of its senior debt. Fitch notes that although government funding,
which accounted for 65% of total funding at end-2010, is repayable
on demand, HM Treasury has confirmed its intention to fund B&B
until at least end-2012.

The senior unsecured debt securities are rated 'AAA'/F1+, the same
level as the UK, as they are guaranteed by the UK government.

The ratings of B&B's subordinated debt securities reflect the fact
that B&B is unlikely to pay coupons or principal on its
subordinated debt until it has fully repaid its statutory debt to
the UK Financial Services Compensation Scheme, the timing of which
is uncertain given the long maturity of the loan book. Besides the
timing of liquidation, the recovery prospects on subordinated
securities are also affected by the risk of interest rate
increases on government funding. If the cost of funding were to
rise, there would be fewer assets available to satisfy the claims
of the holders of subordinated securities in a winding up.
Although one issue of preference shares (ISIN: XS0148804536) is
paying coupons because of a subordinated guarantee, Fitch
nevertheless considers that the junior ranking of the security
constrains its recovery prospects on liquidation.

The ratings are:

   -- Long-term IDR affirmed at 'A+'; Outlook Stable

   -- Short-term IDR affirmed at 'F1+'

   -- Support Rating affirmed at '1'

   -- Support Rating Floor affirmed at 'A+'

   -- Senior unsecured debt securities (guaranteed) affirmed at
      'AAA'

   -- Short-term debt securities (guaranteed) affirmed at 'F1+'

   -- Lower Tier 2 subordinated debt securities affirmed at 'C'

   -- Upper Tier 2 subordinated debt securities affirmed at 'C'

   -- Tier 1 subordinated debt securities affirmed at 'C'


CROWNE PLAZA: Goes Into Administration, Seeks Buyer for Hotel
-------------------------------------------------------------
Lorraine Heller at Big Hospitality reports that Crowne Plaza Hotel
has been put up for sale after falling into administration earlier
this year.

Property agents Colliers International, who are acting on behalf
of the administrators and receivers Grant Thornton, said they are
looking for offers of around GBP80 million, according to Big
Hospitality.  The report says that Crowne Plaza had been owned and
operated by the Irish property group Glenkerrin until it went into
administration in April this year.

Big Hospitality notes that the hotel will be sold as a going
concern.

Colin Hall, head of London hotels at Colliers International said
the guide sale price was set at around GBP300,000 per bedroom,
taking into account the additional rooms that will be added and
created to the "Crowne Plaza standard," Big Hospitality discloses.

"The part-built extension comprising another 68 rooms are included
as part of the deal, so we're effectively asking for offers based
on the finished 264-room hotel.  The structure is up, although the
fit-up is as yet to be completed; it should be completed by end of
the year," Big Hospitality quoted Mr. Hall as saying.

Mr. Hall said Colliers International is currently putting together
a sales brochure, but has already received strong interest for the
property, the report adds.

The 264-bedroom Crowne Plaza Hotel in Shoreditch is close to
Liverpool Street Station, with easy access to London City Airport.


DECO 12: Fitch Affirms 'CCsf' Rating on Class E & F Notes Due 2020
------------------------------------------------------------------
Fitch Ratings has affirmed DECO 12-UK 4 p.l.c.'s commercial
mortgage-backed notes due January 2020:

   -- GBP427.4m class A1 (XS0289644121) affirmed at 'AAAsf';
      Outlook Stable

   -- GBP115m class A2 (XS0289644477) affirmed at 'AAsf'; Outlook
      revised to Stable from Negative

   -- GBP35m class B (XS0289644550) affirmed at 'BBBsf'; Outlook
      Negative

   -- GBP28m class C (XS0289644634) affirmed at 'Bsf'; Outlook
      Negative

   -- GBP16m class D (XS0289644717) affirmed at 'CCCsf'; Recovery
      Rating 'RR5'

   -- GBP2.7m class E (XS0289644808) affirmed at 'CCsf'; Recovery
      Rating 'RR6'

   -- GBP1.1m class F (XS0289644980) affirmed at 'CCsf'; Recovery
      Rating 'RR6'

The rating action is driven by the stable performance of the two
largest loans in the portfolio, Tesco and Merry Hill (accounting
for almost 90% of the loan balance). Fitch considers these loans
to be of good credit quality. On paper at least, the insertion of
break options in the Tesco leases reduced the certainty of income
and property value to support the loan around its scheduled
maturity date. However, the properties remain a core element in
the Tesco supermarket portfolio, reducing the likelihood that the
tenant will exercise the break options. The agency's key concern
is the interest-only nature of the loan, combined with the high
Fitch LTV of 94%, as the decreased value of the lease at loan
maturity is not scheduled to be offset by a corresponding
amortization of the debt.

The Merry Hill loan (34.4% of the portfolio) is secured by a
shopping centre in the West Midlands that is managed by the
Westfield Group, a renowned property group with substantial
experience in shopping centre management. The moderate Fitch LTV
of 65% and strong collateral quality indicates a heightened chance
of refinance at loan maturity in January 2012. Even in the recent
period of market distress, similar properties have proven to be
liquid and several banks would currently be willing to fund such
investments. If the loan repays in full at its scheduled maturity
date, the proceeds will be allocated to the notes on a fully
sequential basis.

The remaining portfolio, with the exception of the Regent Capital
Spectrum loan, which is fully cash-collateralized, is
significantly weaker and has a substantially increased likelihood
of incurring a loss which, in turn, would result in a loss on the
junior notes. Fitch LTVs on these loans range between 111% and
138%, indicating it is unlikely that there is any equity interest
remaining.


FE PEACOCK: Ramsey Library Opening Uncertain After Administration
-----------------------------------------------------------------
Gail Anderson at Hunts Post 24 reports that the opening date for
Ramsey's Grand Cinema remains uncertain after the contractor, FE
Peacock Construction, for the GBP2million project went into
administration.  Hunts Post 24 relates that the opening date for
the building was due to be July 6 but speculations revealed it
will now be pushed back until mid-August.

As reported in the Troubled Company reporter-Europe on June 20,
2011, theconstructionindex.co.uk said FE Peacock has gone into
administration with all but two of the 39 employees have been made
redundant and the business is being wound up.  Administrator
Adrian Allen, partner at Baker Tilly Restructuring and Recovery
LLP, said that there was insufficient ongoing work to maintain the
viability of the business, according to heconstructionindex.co.uk.

Operations manager Paul Adams insisted the building was finished,
but the building's owners social housing landlord Luminus has not
as yet taken control of the premises, according to Hunts Post 24.

Mr. Adams, Hunts Post 24 notes, said that company bosses met with
Luminus representatives the day before they went into
administration for a site visit.

Hunts Post 24 says that an unnamed source close to Luminus said
the building's keys were currently in the hands of administrators
Baker Tilly.  Hopes are they will be given to Luminus next week,
Hunts Post 24 adds.

Bourne-based FE Peacock, established in 1991, is a house builder
company whose clients include Northern Lights Group, Quantum
Consortium, Sanctuary Group, Circle Anglia, Metropolitan Housing
Partnership and Cross Keys Homes as well as local authorities.


LIFE & STYLE: Closes 22 Stores, Axes 22 Jobs
--------------------------------------------
DIYWEEK.net reports that Life & Style is to close 22 of its 150
stores, with the loss of 274 jobs.

"RSM Tenon has now completed its initial review of the Life &
Style business.  Unfortunately as part of our efforts to safeguard
the health of the overall business we had no alternative but to
close 22 shops, and make 274 people redundant.  We are now in
early discussions with a number of parties in relation to the
disposal of all parts of the business as a going concern," joint
administrator Simon Bonney said in a statement obtained by the
news agency.

As reported in the Troubled Company Reporter-Europe on June 13,
2011, PropertyWeek.com said that Life & Style has collapsed into
administration due to poor trading.  RSM Tenon directors Simon
Bonney, Peter Hughes-Holland, and Tom MacLennan have been
appointed as administrators, according to propertyWeek.com

Life & Style is a fashion and homewares retailer company.


PLYMOUTH ARGYLE: Administrators Reach Deal to Sell Club
-------------------------------------------------------
EuroSports.com reports that Plymouth Argyle Football Club's
administrators have reached an agreement to sell the club to a
mystery consortium.

A statement on the club's official Web site said: "Brendan
Guilfoyle, administrator for Plymouth Argyle Football Company is
delighted to announce that, at a meeting with the preferred bidder
held on Tuesday, June 21, the terms of a formal sale and purchase
agreement were agreed by both parties.  Lawyers from both parties
will now move to sign the sale and purchase agreement at the
earliest possible opportunity.  "In addition, it has been
confirmed that further funds as per the original exclusivity
agreement are in the solicitors' account to be transferred to our
account," according to EuroSports.com

As reported in the Troubled Company Reporter on March 8, 2011,
guardian.co.uk related that Plymouth Argyle Football Club has been
placed into administration by the high court.  An unnamed Argyle
director is understood to have applied to the court for a stay of
the administration process, according to guardian.co.uk.  The
report related that Plymouth Argyle hoped that a buyer could be
found to take over the club as a solvent entity, but the judge
overruled the application.  guardian.co.uk noted that after the
hearing, Plymouth Argyle said Brendan Guilfoyle, Christopher White
and John Russell of The P&A Partnership have been appointed as
administrators.  Mr. Guilfoyle, who was the preferred choice of
Peter Ridsdale, Plymouth's de facto chief executive, conducted the
administration process at Crystal Palace.  HM Revenue & Customs
had wanted a creditor-driven administration in which it appoints
the insolvency practitioner, guardian.co.uk added.

                     About Plymouth Argyle

Plymouth Argyle Football Club, commonly known as Argyle, or by
their nickname, The Pilgrims, is an English professional football
club based in Central Park, Plymouth.  It plays in Football League
One, the third division of the English football league system.


* UK: High Street Bracing for Company Failures on Looming Rent Day
------------------------------------------------------------------
Catherine Deshayes at Business Sale reports that the high street
is bracing itself for another wave of company failures as
quarterly rents are due this Friday, June 25.  Business Sale
relates that entrepreneurial predators can, therefore, expect
several opportunities to make acquisitions over the coming weeks.

Quarterly rent due dates at the end of March, June, September and
December have heralded several retailers being put into
administration in the past, with high-profile cases including
music store Zavvi, tea specialist Whittard of Chelsea, and men's
fashion clothing shop the Officer's Club, according to Business
Sale.

The Officer's Club entered administration at the end of March this
year, Grant Thornton sold about half of the business to Blue Inc
in a deal worth GBP5 million, Business Sale discloses.  The
business was taken into administration in December 2008.  The
appointed administrators at PwC sold it to management at that
time.

Whittard of Chelsea was sold out of administration to EPIC private
equity partners in December 2008, Business Sale discloses.  At the
time the deal safeguarded the jobs of 950 staff, keeping all 130
shops open and trading, Business Sale notes.

Business Sale says that research undertaken by Deloitte has shown
that retail administrations for the first quarter of 2011 rose by
30% to 60, from a total of 46 for the same period the previous
year. Two of the better-known victims are Focus DIY and off-
licence chain Oddbins.

The BRC has been requesting that commercial landlords accept
monthly rental payments instead of quarterly to ease the pressure
on struggling retailers, Business Sale adds.


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


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

July 21-24, 2011
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     Northeast Bankruptcy Conference
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July 27-30, 2011
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     Southeast Bankruptcy Workshop
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Aug. 4-6, 2011
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     Mid-Atlantic Bankruptcy Workshop
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Oct. 14, 2011
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     NCBJ/ABI Educational Program
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Oct. __, 2011
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     International Insolvency Symposium
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Oct. 25-27, 2011
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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
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 * * *