TCREUR_Public/110829.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, August 29, 2011, Vol. 12, No. 170

                            Headlines



A U S T R I A

A-TEC INDUSTRIES: Favors Ashair Fiyaz's Bid, Format Magazine Says
ROBIN HOOD: Files for Insolvency for the Second Time
* AUSTRIA: Books Fewer Business and Private Bankruptcies in 2010


D E N M A R K

* DENMARK: Political Parties Agree Fresh Bank Package


G E R M A N Y

Q-CELLS SE: Taps Houlihan Lokey to Look Into Mid-Term Financing


H U N G A R Y

SAVCOR FACE: Liquidator Puts Finnish Unit's Property Up for Sale


I R E L A N D

CLOUGHVALLEY STORES: Owners Refuse to Leave Premises


I T A L Y

THINK3 INC: Wants Court to Stay Order Adjourning Pending Matters
THINK3 INC: Files Schedules of Assets and Liabilities


L U X E M B O U R G

PROLOGIS EUROPEAN: Moody's Raises Issuer Rating to Baa3 From Ba1


N E T H E R L A N D S

JUBILEE CDO: Moody's Upgrades Rating on Class C Notes From 'Ba1'
LEOPARD CLO II: Moody's Raises Rating on Class D Notes 'Caa2(sf)'
NORTH WESTERLY: Moody's Confirms 'Caa3' Ratings on 2 Note Classes


S P A I N

FTA SANTANDER: DBRS Assigns 'C(sf)' Rating to Series C Bonds
TDA IBERCAJA: S&P Keeps 'D' Ratings on Two Classes of Notes


S W E D E N

SAAB AUTOMOBILE: Delays Wage Payments to Workers for Third Time


U K R A I N E

AVANGARDCO INVESTMENTS: Fitch Affirms 'B' Issuer Default Ratings


U N I T E D   K I N G D O M

BAROCCO'S ITALIAN: Closes Restaurant Due to Unpaid Water Bills
BEST WESTERN: Goes Into Administration, Seeks New Owners
BRIDGE BUSINESS: KMPG Administrators' Fee Top GBP285,000
BROOKLANDS GRANGE: Goes Into Administration, Seeks Buyer
COVENTRY & RUGBY: S&P Puts 'BB+' Bond Rating on Watch Negative

EATONFIELD DEVELOPMENTS: Talks on Workington Site Sale Underway
ESTATE UK: Moody's Affirms 'Ca(sf)' Rating on Class C,D,E Notes
FLOORS-2-GO: Nixon & Hope Acquires 35 Stores, Saves 162 Jobs
ITV PLC: Moody's Changes Outlook on 'Ba2' CFR to Positive
LUMINAR GROUP: Gets Three-Month Debt Reprieve From Lenders

PARKRIDGE HOLDINGS: Goes Into Administration, 26 Jobs at Risk
SCARISBRICK HOTEL: Taxman Threatened to Close Hotel, BDO Says
WHITE TOWER: S&P Withdraws 'B-' Rating on Class D Notes


X X X X X X X X

* BOND PRICING: For the Week August 22 to August 26, 2011


                            *********


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


A-TEC INDUSTRIES: Favors Ashair Fiyaz's Bid, Format Magazine Says
-----------------------------------------------------------------
Zoe Schneeweiss at Bloomberg News, citing Format magazine,
reports that A-Tec Industries AG's supervisory board on Aug. 24
said it favored a bid by Pakistani billionaire Alshair Fiyaz over
one from Penta Investments Ltd.

According to Bloomberg, the Vienna-based weekly said that the
supervisors believe that Penta Investments Ltd., a Prague-based
investment company, would break up A-Tec and have "misgivings"
about where Penta gets its funds.

Bloomberg notes that Format said Mr. Fiyaz is bidding via Contor
Industries, which was founded by an A-Tec advisor.

A joint bid by hedge fund Springwater Capital and Wolong Electric
Group Co. was withdrawn on financing concerns, Bloomberg says,
citing the report.

Separately, Bloomberg News' Ms. Schneeweiss, citing Die Presse
newspaper, reports that A-Tec's supervisory board won't make a
decision on who to sell the firm to until Sept. 2.  According to
Bloomberg, the Vienna-based newspaper said that this means A-Tec
shareholders won't be presented with a buyer at the Aug. 31
extraordinary meeting and will need to meet again later.

Bloomberg notes that Penta on Thursday said its bid runs until
the end of August and that after two previous postponements, it
"will very carefully consider a further extension."

Meanwhile, Bloomberg News' Lenka Ponikelska reports that Penta
said A-Tec's supervisory board has made a decision about the sale
of A-Tec but the company cannot provide any further details about
the nature of the decisions that were made or whether the
supervisory board chose the winner of the sale or postponed the
procedure.

Penta investment manager Jakub Korinek on Thursday said that the
supervisory-board decision needs to be signed off by A-Tec's
insolvency administrator, Bloomberg relates.

According to Bloomberg, Penta said in a separate statement that
should a competing bidder be closely tied to an A-Tec employee it
would consider this a "disruption of the defined rules of the
bidding process."

Penta submitted a bid to buy and restructure all of A-Tec assets
in June, Bloomberg recounts.

A-TEC Industries AG engages in plant construction, drive
technology, machine tools, and minerals and metals businesses in
Europe and internationally.  The company is based in Vienna,
Austria.


ROBIN HOOD: Files for Insolvency for the Second Time
----------------------------------------------------
Austrian Times reports that Robin Hood Aviation GmbH has gone
bust for a second time.

The Creditors' Protection Association of 1870 (KSV) said that
Robin Hood Aviation asked a court to start insolvency procedures,
the report says.

Austrian Times notes that it is unclear whether judges will give
the green light to regulated bankruptcy proceedings.  Their
decision will depend on the value of the struggling airline's
assets and its debts.  There is no confirmed information
considering these facts.  However, Austrian Times says, it is
alleged that Robin Hood has debts of EUR400,000 and funds of only
EUR54,000.  There are currently no scheduled Robin Hood flights.

Robin Hood flew from Graz Airport to Zurich Airport in
Switzerland and Linz Airport in the Austrian province of Upper
Austria.

Robin Hood was established by Georg Pommer who also acted as
executive manager of Styrian Airways, a carrier which went bust
in 2006 when Mr. Pommer was not with the company anymore,
Austrian Times discloses.  Mr. Pommer managed an airline called
Fairline between 2003 and 2004.


* AUSTRIA: Books Fewer Business and Private Bankruptcies in 2010
-----------------------------------------------------------------
Austrian Independent reports that the Creditors' Protection
Association of 1870 (KSV) said there were significantly fewer
business and private bankruptcies in Austria last year than in
2005.

Austrian Independent relates that KSV 1870 announced Tuesday that
Austria did well in European comparison.  According to the
report, the organization explained the number of insolvency
proceedings dropped by 10% from 2005 to last year.  The
creditors' protection association explained the decrease was down
to "urgently needed and painful" reforms which were "successfully
carried out" by the domestic private sector in the past years.
KSV 1870 added such measures were still lying ahead for the
public sector, according to Austrian Independent.

Austrian Independent discloses that Spain recorded the strongest
decrease in bankruptcies between 2005 and 2010 (plus 422%),
followed by Ireland (plus 361%).  Both countries have suffered
immensely under the most recent economic downturns.  Denmark, one
of the continent's richest countries, came third (plus 159%).
Economically challenged Portugal was fourth.  The number of
private and business bankruptcies rose by 126% in the South
European country from 2005 to 2010.

According to Austrian Independent, KSV 1870 said cash-strapped
Greece recorded a decline of 39%.  The development has nothing to
do with a possible recovery of the country's economy.  The
organization explained Greece lacked a modern insolvency system.
The increases of Great Britain (plus 33%) and France (plus 22%)
had to do with the world cash and debt crisis, KSV 1870 added.
Switzerland also did badly in this concern (plus 32%), Austrian
Independent adds.


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D E N M A R K
=============


* DENMARK: Political Parties Agree Fresh Bank Package
-----------------------------------------------------
Julie Toft at The Financial Times reports that Danish political
parties said they had agreed on a fresh bank package on Thursday,
aimed at encouraging consolidation within the sector and helping
troubled lenders avoid insolvency.

Denmark's banking sector has been weakened by non-performing
commercial and agricultural loans, with nine Danish lenders
failing since 2008, the FT discloses.

In July, Standard & Poor's, the ratings agency, published a
report saying that up to 15 smaller Danish lenders could fail
within the next three years as a result of their exposure to the
farming and property sectors, the FT recounts.

According to the FT, the new plan -- the country's fourth since
2008 -- will supplement the most recent package which was
criticized for offering limited creditor protection in the case
of bank failure.

Brian Mikkelsen, minister for economic and business affairs, said
the center-right government had reached a deal with all political
parties except from one, the FT notes.

The initiatives seek to facilitate consolidation in the banking
sector, the FT discloses.  Strong banks that take over struggling
lenders will receive a financial dowry -- money that the state-
run company Financiel Stabilitet, charged with dismantling
failing banks, would otherwise spend winding down the loans,
according to the FT.  The government hopes the measure will
reduce the risks connected with a merger, the FT states.

Financiel Stabilitet will also offer to buy bad loans from weak
banks to make a takeover of the healthy parts more attractive
before the banks fail, the FT says.

The package also changes the state guarantee scheme, making it
possible to extend the guarantee for individual banks to as much
as three years in the case of a takeover, the FT notes.


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G E R M A N Y
=============


Q-CELLS SE: Taps Houlihan Lokey to Look Into Mid-Term Financing
---------------------------------------------------------------
Stefan Nicola at Bloomberg News reports that Q-Cells SE hired
investment bank Houlihan Lokey to look into its mid-term
financing.

Q-Cells and its peers Solarworld AG and Conergy AG are struggling
to offset a first half with low demand in Europe, where Germany,
Italy and France have cut solar subsidies in the past 12 months,
Bloomberg says.  They're also under pressure from Chinese
manufacturers that have boosted production capacity just as cell
and module prices slumped amid lower demand, Bloomberg states.

The Financial Times Deutschland newspaper reported the entry of
Houlihan Lokey on Thursday, Bloomberg relates.  It had also said
Q-Cells is looking into insurance models as part of an effort to
resolve client concerns over a possible bankruptcy, Bloomberg
notes.

Bloomberg relates that spokeswoman Ina von Spies on Thursday said
that while Q-Cells is "probing" whether to insure guarantees
linked to its solar products, the move has "absolutely nothing"
to do with a possible bankruptcy scenario.

Q-Cells SE on Aug. 10 reported a quarterly net loss of
EUR355 million (US$505 million) and said it expects a full-year
operating loss in the "three-digit million euro" range, Bloomberg
recounts.

Q-Cells SE is a German solar cell and module maker.


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


SAVCOR FACE: Liquidator Puts Finnish Unit's Property Up for Sale
----------------------------------------------------------------
According to MTI-Econews, the business daily Napi Gazdasag,
citing bailiff Sandor Gazda-Pusztai, reported that liquidator
Kerszi has offered the property of the closed Finnish Savcor Face
Group unit in Komarom for sale at a price of HUF1.8 billion.

The property includes the Savcor unit's five-year-old, 6,000-
square-meter production hall and three-floor service building,
MTI discloses.

The unit underwent liquidation at the beginning of 2011 having
accumulated liabilities of HUF2.9 billion, MTI relates.  The
newspaper said that Savcor's Hungarian unit began losing money as
a result of competition from Asia and the global financial and
economic crisis, MTI notes.

The Savcor Face Group unit manufactured metal electromagnetic
screening components, selling 75% of its production to Finnish
multinational corporation Nokia.


=============
I R E L A N D
=============


CLOUGHVALLEY STORES: Owners Refuse to Leave Premises
----------------------------------------------------
Irish Examiner reports that the High Court heard that the former
owners of Cloughvalley Stores Ltd, Michael and Bridget Quinn,
occupied the store's premises and refused to leave after a
receiver was appointed to run the business.

Cloughvalley Stores employed around 50 people when it went into
receivership last January regarding a EUR7.4 million bank debt to
Allied Irish Banks, Plc, according to Irish Examiner.

The report notes that the Quinns owned Cloughvalley Stores from
1988 until January this year when the convenience store and
petrol station went into receivership.

Last May 20, Irish Examiner relates, when chartered accountant
Noirin Hassett was sent by the receiver to take over the running
of the business, Ms. Hassett claims she was told by Mr. Quinn
that she was under citizen's arrest and that he and his family no
longer acknowledged the receivership.


Irish Examiner notes that the former owners are now challenging a
subsequent trespass order on the basis that it stops them from
entering lands they own personally.

The receiver said that the store goes across lands owned by the
Quinns, and the trespass order was necessary to run the business
without molestation, Irish Examiner adds.


=========
I T A L Y
=========


THINK3 INC: Wants Court to Stay Order Adjourning Pending Matters
----------------------------------------------------------------
Dr. Andrea Ferri, in his capacity as the putative foreign
representative of think3, Inc., asks the U.S. Bankruptcy Court
for the Western District of Texas, to stay the effectiveness of
an "order" pending the Bankruptcy Court's consideration of the
foreign representative's "stay application."

The Debtor's corporate reorganization proceedings under the laws
of Italy are pending before the Court of Bologna, Italy.

According to the foreign representative, he filed an application
on Aug. 5, 2011, with the Court both in the Chapter 11 case and
in the related Chapter 15, seeking a stay of all proceedings in
the Chapter 11 case and also in the Chapter 15 proceedings.  As
part of the stay application, Dr. Ferri requested that the Court
establish communications with the Italian Court overseeing the
Italian proceedings.

On Aug. 8, the Court entered the order, granting the adjournment
sought by counsel to Think3.  The Court noted that the relief
sought by Think3 was "Granted without prejudice to the Italian
Trustee filing a motion to stay."

The foreign representative submits that a stay is necessary and
appropriate, and that the relief sought in the Aug. 5 Application
would reduce expenses incurred by Think3, and reduce the debt
burden on the estate.

                           About think3

Think3 Inc. develops computer-aided design software.  Think3 has
been a debtor in corporate reorganization proceedings under the
laws of Italy pending before the Court of Bologna since March 14,
2011.  Dr. Andrea Ferri was appointed to act as trustee in the
Italian Proceedings

Think3 sought Chapter 11 protection (Bankr. W.D. Tex. Case No.
11-11252) on May 18, 2011, in Austin, its hometown, three months
after creditors filed an involuntary bankruptcy petition against
the company in a court in Bologna, Italy.  The company didn't
oppose the involuntary bankruptcy.  Rebecca Roof was appointed as
Chief Restructuring Officer.

The Italian trustee filed a Chapter 15 petition (Bankr. W.D. Tex.
Case No. 11-11925) for Think3 in bankruptcy court in Austin on
Aug. 1, claiming she has the right to control the company's
restructuring through the Italian court.

Since the Italian bankruptcy was filed, there have been
continuing disputes over the right to control the company's
assets.  ESW Capital LLC acquired Think3 in September.  The
primary debt is a US$23 million tax liability in Italy.

The Italian Trustee is represented by:

          Joel M. Walker, Esq.
          DUANE MORRIS LLP
          Suite 5010, 600 Grant Street
          Pittsburgh, PA 15219-2802
          E-mail: JMWalker@duanemorris.com

               - and -

          Wesley W. Yuan, Esq.
          DUANE MORRIS LLP
          1330 Post Oak Boulevard, Suite 800
          Houston, TX 77056
          Tel: (713) 402-3911
          Fax: (713) 513-5848
          E-mail: wwyuan@duanemorris.com

The Chapter 15 petition estimates Think3's assets and debts to be
between US$10 million to US$50 million.

Versata FZ-LLC, Versata Development Group, Inc., Versata
Software, Inc., ESW Capital, LLC, the parent of Think3, and
Gensym Cayman L.P., the DIP Lender, are represented by:

         Berry D. Spears, Esq.
         FULBRIGHT & JAWORSKI L.L.P.
         600 Congress Avenue, Suite 2400
         Austin, TX 78701-2878
         Telephone: (512) 536-5246
         Facsimile: (512) 536-4598
         E-mail: bspears@fulbright.com

              - and -

         Zack A. Clement, Esq.
         John D. Cornwell, Esq.
         Camisha L. Simmons, Esq.
         FULBRIGHT & JAWORSKI L.L.P.
         1301 McKinney Street, Suite 5100
         Houston, TX 77010-3095
         Telephone: (713) 651-5151
         Facsimile: (713) 651-5246
         E-mail: zclement@fulbright.com
                 jcornwell@fulbright.com

              - and -

         G. Larry Engel, Esq.
         Vincent J. Novak, Esq.
         Kristin Hiensch, Esq.
         MORRISON & FOERSTER LLP
         425 Market Street
         San Francisco, CA 94105-2482
         Telephone: (415) 268-7000
         Facsimile: (415) 268-7522
         E-mail: lengel@mofo.com
                 vnovak@mofo.com
                 khiensch@mofo.com


THINK3 INC: Files Schedules of Assets and Liabilities
-----------------------------------------------------
think3 Inc. filed with the U.S. Bankruptcy Court for the Western
District of Texas its schedules of assets and liabilities,
disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property                      US$0
  B. Personal Property                  US$0
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                                      US$0
  E. Creditors Holding
     Unsecured Priority
     Claims                                         US$18,335
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                     US$45,429,381
                                 -----------      -----------
        TOTAL                           US$0    US$45,447,716

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

            http://bankrupt.com/misc/THINK3INC_sal.pdf

                          About think3

Think3 Inc. develops computer-aided design software.  Think3 has
been a debtor in corporate reorganization proceedings under the
laws of Italy pending before the Court of Bologna since March 14,
2011.  Dr. Andrea Ferri was appointed to act as trustee in the
Italian Proceedings

Think3 sought Chapter 11 protection (Bankr. W.D. Tex. Case No.
11-11252) on May 18, 2011, in Austin, its hometown, three months
after creditors filed an involuntary bankruptcy petition against
the company in a court in Bologna, Italy.  The company didn't
oppose the involuntary bankruptcy.  Rebecca Roof was appointed as
Chief Restructuring Officer.

The Italian trustee filed a Chapter 15 petition (Bankr. W.D. Tex.
Case No. 11-11925) for Think3 in bankruptcy court in Austin on
Aug. 1, claiming she has the right to control the company's
restructuring through the Italian court.

Since the Italian bankruptcy was filed, there have been
continuing disputes over the right to control the company's
assets.  ESW Capital LLC acquired Think3 in September.  The
primary debt is a US$23 million tax liability in Italy.

The Italian Trustee is represented by Duane Morris LLP.

The Chapter 15 petition estimates Think3's assets and debts to be
between US$10 million to US$50 million.

Versata FZ-LLC, Versata Development Group, Inc., Versata
Software, Inc., ESW Capital, LLC, the parent of Think3, and
Gensym Cayman L.P., the DIP Lender, are represented by Fulbright
& Jaworski L.L.P., and Morrison & Foerster LLP.


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


PROLOGIS EUROPEAN: Moody's Raises Issuer Rating to Baa3 From Ba1
----------------------------------------------------------------
Moody's Investors Service has raised to Baa3 from Ba1 ProLogis
European Properties' long-term issuer rating and the backed
senior unsecured debt rating of debt issued by its wholly owned
and guaranteed subsidiary ProLogis International Funding S.A. At
the same time, Moody's has assigned a long-term issuer rating at
Baa3. Moody's will withdraw the corporate family rating and
probability of default rating. The outlook is stable.

Ratings Rationale

The rating upgrade to Baa3 was prompted by PEPR's announcement
that it is issuing EUR97.5 million of new ordinary units (equity)
and that its controlling unitholder, Prologis (PLD, Baa2 stable),
has irrevocably committed to buy up to 100% of the issue. As a
result, Moody's deems the execution risk as minimal for this
transaction. Management has publicly confirmed that the proceeds
of the issuance will be used directly to reduce debt and this
will immediately improve PEPR's effective leverage (total
debt/gross assets, as adjusted by Moody's) to below 50% and will
result in fixed charge cover (adjusted EBITDA/ gross interest
expense + capitalized interest + preferred dividends + ground
rents, as adjusted by Moody's) rising towards 2.4x on an
annualized basis over the course of 2012, according to the
company's business forecast. In moving the rating to investment
grade, Moody's expects that the company will continue to apply
prudent financial policies and proactively address all debt
maturities at least 12 months in advance and otherwise preserve a
solid liquidity profile at all times, including maintaining
comfortable headroom under its covenants.

The Baa3 rating is supported by PEPR's prime logistics property
portfolio, which is geographically diverse, well-located and
modern and by the franchise value bestowed from the Prologis
worldwide brand. The decline in global trade through 2009 and
still sluggish European economic activity has had a negative
impact on occupier demand and this has put downward pressure on
PEPR's rental income over the past couple of years. Mitigating
this is the absence of an over-supply of newly developed
properties, which Moody's believes is likely to support occupancy
rates. PEPR's management has demonstrated a proven ability to
retain good tenant occupancy rates throughout the downturn,
thereby underpinning rental income and cashflow. More recently,
the logistics property industry has shown signs of renewed
activity and the company has positioned itself to benefit from
the anticipated, albeit rather subdued recovery towards the end
of 2011 and 2012.

PEPR's credit profile was recently strengthened by Prologis'
increased equity stake to 92.3% because Prologis now controls the
management of the company. Under existing management regulations,
67% of unit holders' votes are required to sanction any
modifications of the regulations. It is therefore now possible
for PEPR, with Prologis' approval, to take the steps necessary to
be in a position to issue equity to shore up its capital
structure if needed in future. PEPR was unable to do this during
the global financial crisis due to its incorporation as an FCP
(fonds communs de placement) instead of a SICAF (societe
d'investissement a capital fixe). By changing to a SICAF
structure, PEPR's funding flexibility would improve because it
would be able to issue ordinary equity even if the issue price
were below IFRS NAV per unit.

PEPR's Baa3 rating incorporates an expectation of further gradual
strengthening in its financial profile. In the context of a more
uncertain European macroeconomic environment unfolding, there is
only modest headroom for deviation from the company's business
plan to remain within Moody's guidance for a stable outlook.
However, the rating benefits from Moody's understanding that
should additional financial flexibility be required, Prologis
would choose to convert its holding of preferred equity to
ordinary equity and/or PEPR would implement future equity
injections.

The stable outlook reflects Moody's view that the logistics
property market has reached the point of inflexion and that
PEPR's management will continue to successfully renew existing
leases in line with the historic average of 60%-65% and/or re-let
its properties, thereby maintaining a high level of occupancy.
The outlook also reflects Moody's expectation that PEPR will
preserve an adequate liquidity profile at all times and manage
debt maturities proactively, continue deleveraging by applying
retained earnings and capital raising to the reduction of debt
levels, maintain effective leverage below 50% and ensure an
improvement in last twelve months' fixed charge coverage over the
course of 2012 towards 2.4x, on a sustainable basis.

Upward pressure on the rating could arise if (i) occupancy rates
improve towards historic averages of 96% accompanied by rental
growth; (ii) leverage improves towards 45% and fixed charge
coverage improves to at least 2.5x, both on a sustainable basis;
and (iii) progress is made on the refinancing of secured debt
with unsecured debt such that the ratio of secured debt/gross
assets falls below 20%.

Negative rating pressure would arise should a deterioration in
earnings and/or property values occur, such that fixed charge
coverage trends towards 2.0x, or effective leverage rises to
above 50%, or any liquidity challenges develop.

The principal methodology used in rating ProLogis European
Properties was the Moody's Approach for REITs and Other
Commercial Property Firms published in July 2010.

Established in Luxembourg, PEPR is a Luxembourg-registered real
estate FCP. It owns and manages industrial properties across
Europe. At June 30, 2011, PEPR holds a portfolio of modern
distribution facilities with gross assets of EUR2.8 billion. At
the same date, the US-based industrial property REIT, Prologis,
had a stake of 92.3% in PEPR's capital.


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


JUBILEE CDO: Moody's Upgrades Rating on Class C Notes From 'Ba1'
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of these notes
issued by Jubilee CDO IX B.V.:

   -- EUR276M Class A Senior Secured Floating Rate Notes,
      Confirmed at Aa1 (sf); previously on Jun 22, 2011 Aa1 (sf)
      Placed Under Review for Possible Upgrade

   -- EUR32M Class B Senior Secured Deferrable Floating Rate
      Notes, Upgraded to A3 (sf); previously on Jun 22, 2011 Baa2
      (sf) Placed Under Review for Possible Upgrade

   -- EUR9M Class C Senior Secured Deferrable Floating Rate
      Notes, Upgraded to Baa2 (sf); previously on Jun 22, 2011
      Ba1 (sf) Placed Under Review for Possible Upgrade

Jubilee CDO IX B.V, issued in June 2008, is a single currency
Collateralised Loan Obligation backed by a portfolio of mostly
high yield European senior secured loans, as well as some 2nd
lien mezzanine loans. The portfolio is managed by Alcentra
Limited. This transaction will be in reinvestment period until
October 16, 2012.

According to Moody's, the rating actions taken on the notes are
primarily a result of applying Moody's revised CLO assumptions
described in "Moody's Approach to Rating Collateralized Loan
Obligations" published in June 2011.

The actions reflect key changes to the modeling assumptions,
which incorporate (1) a removal of the temporary 30% default
probability macro stress implemented in February 2009, (2)
increased BET liability stress factors as well as (3) change to a
fixed recovery rate modeling framework. Additional changes to the
modeling assumptions include (1) standardizing the modeling of
collateral amortization profile, and (2) changing certain credit
estimate stresses aimed at addressing the lack of forward looking
indicators as well as time lags in receiving information required
for credit estimate updates.

Trustee Reported WARF has increased from 2548 to 3076 between
July 2009 and August 2011. However, this reported WARF overstates
the actual deterioration in credit quality because of the
technical transition related to rating factors of European
corporate credit estimates, as announced in the press release
published by Moody's on September 1, 2010.

Due to the impact of revised and updated key assumptions
referenced in "Moody's Approach to Rating Collateralized Loan
Obligations" published in June 2011, key model inputs used by
Moody's in its analysis, such as the portfolio par amount, WARF,
diversity score, and weighted average recovery rate, may be
different from the trustee's reported numbers. In its base case,
Moody's analyzed the underlying collateral pool to have a
performing par and principal proceeds balance of EUR 393.9
million, defaulted par of zero, a weighted average default
probability of 23.9% (consistent with a WARF of 3103), a weighted
average recovery rate upon default of 46.2% for a Aaa liability
target rating, a diversity score of 30 and a weighted average
spread of 2.85%. The default probability is derived from the
credit quality of the collateral pool and Moody's expectation of
the remaining life of the collateral pool. The average recovery
rate to be realized on future defaults is based primarily on the
seniority of the assets in the collateral pool. For a Aaa
liability target rating, Moody's assumed that 91% of the
portfolio exposed to senior secured corporate assets would
recover 50% upon default, while the remainder non first-lien loan
corporate assets would recover 10%. In each case, historical and
market performance trends and collateral manager latitude for
trading the collateral are also relevant factors. These default
and recovery properties of the collateral pool are incorporated
in cash flow model analysis where they are subject to stresses as
a function of the target rating of each CLO liability being
reviewed.

The deal is allowed to reinvest and the manager has the ability
to deteriorate the collateral quality metrics' existing cushions
against the covenant levels. However, in this case given the
limited time remaining in the deal's reinvestment period, Moody's
analyzed the impact of assuming weighted average spread
consistent with the midpoint between reported and covenanted
values.

Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, as evidenced by 1) uncertainties of
credit conditions in the general economy and 2) the large
concentration of speculative-grade debt maturing between 2012 and
2015 which may create challenges for issuers to refinance. CLO
notes' performance may also be impacted by divergence in legal
interpretation of CDO documentation by different transactional
parties due to embedded ambiguities.

Sources of additional performance uncertainties are:

1) Moody's notes that around 56.1% of the collateral pool
   consists of debt obligations whose credit quality has been
   assessed through Moody's credit estimates. Large single
   exposures to obligors bearing a credit estimate have been
   subject to a stress applicable to concentrated pools as per
   the report titled "Updated Approach to the Usage of Credit
   Estimates in Rated Transactions" published in October 2009.

2) Weighted average life: The notes' ratings are sensitive to the
   weighted average life assumption of the portfolio, which may
   be extended due to the manager's decision to reinvest into new
   issue loans or other loans with longer maturities and/or
   participate in amend-to-extend offerings

The principal methodology used in this rating was "Moody's
Approach to Rating Collateralized Loan Obligations" published in
June 2011.

Moody's modeled the transaction using the Binomial Expansion
Technique, as described in Section 2.3.2.1 of the "Moody's
Approach to Rating Collateralized Loan Obligations" rating
methodology published in June 2011.

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

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


LEOPARD CLO II: Moody's Raises Rating on Class D Notes 'Caa2(sf)'
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of these notes
issued by Leopard CLO II B.V.:

Issuer: Leopard CLO II B.V.

   -- EUR45M Class A-2 Senior Secured Floating Rate Notes due
      2019, Upgraded to A2 (sf); previously on Jun 22, 2011 Baa1
      (sf) Placed Under Review for Possible Upgrade

   -- EUR22M Class B Senior Secured Deferrable Floating Rate
      Notes due 2019, Upgraded to Ba1 (sf); previously on Jun 22,
      2011 Ba3 (sf) Placed Under Review for Possible Upgrade

   -- EUR15M Class C Senior Secured Deferrable Floating Rate
      Notes due 2019, Upgraded to Ba3 (sf); previously on Jun 22,
      2011 B3 (sf) Placed Under Review for Possible Upgrade

   -- EUR8.25M Class D Senior Secured Deferrable Floating Rate
      Notes due 2019, Upgraded to Caa2 (sf); previously on
      Jun 22, 2011 Caa3 (sf) Placed Under Review for Possible
      Upgrade

Ratings Rationale

Leopard CLO II, issued in April 2004, is a single currency
Collateralised Loan Obligation ("CLO") backed by a portfolio of
mostly high yield European and US loans. The portfolio is managed
by M&G Investment Management Limited. The transaction has passed
the reinvestment period in April 2009. It is predominantly
composed of senior secured loans.

According to Moody's, the rating actions taken on the notes are
primarily a result of applying Moody's revised CLO assumptions
described in "Moody's Approach to Rating Collateralized Loan
Obligations" published in June 2011. The actions also reflect
consideration of deleveraging of the senior notes since the
rating action in November 2009.

Today's actions reflect key changes to the modeling assumptions,
which incorporate (1) a removal of the temporary 30% default
probability macro stress implemented in February 2009, (2)
increased BET liability stress factors as well as (3) change to a
fixed recovery rate modeling framework. Additional changes to the
modeling assumptions include changing certain credit estimate
stresses aimed at addressing the lack of forward looking
indicators as well as time lags in receiving information required
for credit estimate updates.

Moody's notes that the Class A-1 notes have been paid down by
approximately 55.3% or EUR 135.5 million since the rating action
in November 2009. As a result of the deleveraging, the
overcollateralization ratios have increased since the rating
action in November 2009. As of the latest trustee report dated
July 15, 2011, the Class A, Class B and Class C
overcollateralization ratios are reported at 135.56%, 117.77% and
108.10%, respectively, versus October 2009 levels of 122.30%,
113.43% and 108.08%, respectively. However, Class D
overcollateralization ratio has decreased to 103.42% from 105.35%
of October 2009 level.

Due to the impact of revised and updated key assumptions
referenced in "Moody's Approach to Rating Collateralized Loan
Obligations" published in June 2011, key model inputs used by
Moody's in its analysis, such as the portfolio par amount, WARF,
diversity score, and weighted average recovery rate, may be
different from the trustee's reported numbers. In its base case,
Moody's analyzed the underlying collateral pool to have a
performing par and principal proceeds balance of EUR204.52
million, defaulted par of EUR11.54 million, a weighted average
default probability of 40.66% (consistent with a WARF of 4066), a
weighted average recovery rate upon default of 40.92% for a Aaa
liability target rating, a diversity score of 26.83 and a
weighted average spread of 3.05%. The default probability is
derived from the credit quality of the collateral pool and
Moody's expectation of the remaining life of the collateral pool.
The average recovery rate to be realized on future defaults is
based primarily on the seniority of the assets in the collateral
pool. For a Aaa liability target rating, Moody's assumed that
77.3% of the portfolio exposed to senior secured corporate assets
would recover 50% upon default, while the remainder non first-
lien loan corporate assets would recover 10%. In each case,
historical and market performance trends and collateral manager
latitude for trading the collateral are also relevant factors.
These default and recovery properties of the collateral pool are
incorporated in cash flow model analysis where they are subject
to stresses as a function of the target rating of each CLO
liability being reviewed.

Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, as evidenced by the large
concentration of speculative-grade debt maturing between 2012 and
2015 which may create challenges for issuers to refinance.

Sources of additional performance uncertainties are:

1) Deleveraging: The main source of uncertainty in this
   transaction is whether delevering from unscheduled principal
   proceeds will continue and at what pace. Deleveraging may
   accelerate due to high prepayment levels in the loan market
   and/or collateral sales by the manager, which may have
   significant impact on the notes' ratings.

2) Moody's also notes that around 64% of the collateral pool
   consists of debt obligations whose credit quality has been
   assessed through Moody's credit estimates. Large single
   exposures to obligors bearing a credit estimate have been
   subject to a stress applicable to concentrated pools as per
   the report titled "Updated Approach to the Usage of Credit
   Estimates in Rated Transactions" published in October 2009.

3) Recovery of defaulted assets: Market value fluctuations in
   defaulted assets reported by the trustee and those assumed to
   be defaulted by Moody's may create volatility in the deal's
   overcollateralization levels. Further, the timing of
   recoveries and the manager's decision to work out versus sell
   defaulted assets create additional uncertainties. Moody's
   analyzed defaulted recoveries assuming the lower of the market
   price and the recovery rate in order to account for potential
   volatility in market prices.

The principal methodology used in the rating was "Moody's
Approach to Rating Collateralized Loan Obligations" published in
June 2011.

Moody's modeled the transaction using the Binomial Expansion
Technique, as described in Section 2.3.2.1 of the "Moody's
Approach to Rating Collateralized Loan Obligations" rating
methodology published in June 2011.

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

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


NORTH WESTERLY: Moody's Confirms 'Caa3' Ratings on 2 Note Classes
-----------------------------------------------------------------
Moody's Investors Service has confirmed the ratings of these
notes issued by North Westerly CLO I:

   -- EUR32M Class II Deferrable Interest Floating Rate Notes due
      2016, Confirmed at Baa1 (sf); previously on Jun 22, 2011
      Baa1 (sf) Placed Under Review for Possible Upgrade

   -- EUR7.5M Class III-A Deferrable Interest Fixed Rate Notes
      due 2016, Confirmed at Ba3 (sf); previously on Jun 22, 2011
      Ba3 (sf) Placed Under Review for Possible Upgrade

   -- EUR3M Class III-B Deferrable Interest Floating Rate Notes
      due 2016, Confirmed at Ba3 (sf); previously on Jun 22, 2011
      Ba3 (sf) Placed Under Review for Possible Upgrade

   -- US$5.27M Class III-C Deferrable Interest Floating Rate
      Notes due 2016, Confirmed at Ba3 (sf); previously on
      Jun 22, 2011 Ba3 (sf) Placed Under Review for Possible
      Upgrade

   -- EUR6M (current outstanding EUR5M) Class IV-A Deferrable
      Interest Fixed Rate Notes due 2016, Confirmed at Caa3 (sf);
      previously on Jun 22, 2011 Caa3 (sf) Placed Under Review
      for Possible Upgrade

   -- EUR12M (current outstanding EUR10M) Class IV-B Deferrable
      Interest Floating Rate Notes due 2016, Confirmed at Caa3
      (sf); previously on Jun 22, 2011 Caa3 (sf) Placed Under
      Review for Possible Upgrade

   -- EUR5M (current rated balance Approx. EUR1.67M) Class Q
      Combination Notes due 2016, Confirmed at Ba1 (sf);
      previously on Jun 22, 2011 Ba1 (sf) Placed Under Review for
      Possible Upgrade

The ratings of the Combination Notes address the repayment of the
Rated Balance on or before the legal final maturity, where the
'Rated Balance' is equal at any time to the principal amount of
the Combination Note on the Issue Date minus the aggregate of all
payments made from the Issue Date to such date, either through
interest or principal payments. The Rated Balance may not
necessarily correspond to the outstanding notional amount
reported by the trustee.

Ratings Rationale

North Westerly CLO I B.V., issued in June 2003, is a multi
currency Collateralised Loan Obligation ("CLO") backed by a
portfolio of mostly high yield European loans. The portfolio is
managed by NIBC Bank N.V. This transaction has passed the
reinvestment period in June 2008. It is predominantly composed of
senior secured loans.

According to Moody's, the confirmation of the ratings of the
notes reflect the application of Moody's revised CLO assumptions
described in "Moody's Approach to Rating Collateralized Loan
Obligations" published in June 2011.

Today's confirmations reflect key changes to the modelling
assumptions, which incorporate (1) a removal of the temporary 30%
default probability macro stress implemented in February 2009,
(2) increased BET liability stress factors as well as (3) change
to a fixed recovery rate modelling framework. Additional changes
to the modelling assumptions include (1) standardizing the
modelling of collateral amortization profile, (2) changing
certain credit estimate stresses aimed at addressing the lack of
forward looking indicators as well as time lags in receiving
information required for credit estimate updates, and (3)
adjustments to the equity cash-flows haircuts applicable to
combination notes.

Due to the impact of revised and updated key assumptions
referenced in "Moody's Approach to Rating Collateralized Loan
Obligations" published in June 2011, key model inputs used by
Moody's in its analysis, such as the portfolio par amount, WARF,
diversity score, and weighted average recovery rate, may be
different from the trustee's reported numbers. In its base case,
Moody's analyzed the underlying collateral pool to have a
performing par and principal proceeds balance of EUR158.49
million, defaulted par of EUR437,733 a weighted average recovery
rate upon default of 44.54% for a Aaa liability target rating, a
diversity score of 23 and a weighted average spread of 3.02%.
Moody's used a weighted average default probability of 25.45%
(consistent with a WARF of 4024), which represent a WARF level
very similar to that used upon last rating action on June 2011.
The default probability is derived from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The average recovery rate to be realized on
future defaults is based primarily on the seniority of the assets
in the collateral pool. For a Aaa liability target rating,
Moody's assumed that 86% of the portfolio exposed to senior
secured corporate assets would recover 50% upon default, while
the remainder non first-lien loan corporate assets would recover
10%. In each case, historical and market performance trends and
collateral manager latitude for trading the collateral are also
relevant factors. These default and recovery properties of the
collateral pool are incorporated in cash flow model analysis
where they are subject to stresses as a function of the target
rating of each CLO liability being reviewed.

Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, as evidenced by 1) uncertainties of
credit conditions in the general economy and 2) the large
concentration of speculative-grade debt maturing between 2012 and
2015 which may create challenges for issuers to refinance. CLO
notes' performance may also be impacted by 1) the manager's
investment strategy and behavior and 2) divergence in legal
interpretation of CDO documentation by different transactional
parties due to embedded ambiguities.

Sources of additional performance uncertainties are:

1) Deleveraging: The main source of uncertainty in this
   transaction is whether delevering from unscheduled principal
   proceeds will continue and at what pace. Deleveraging may
   accelerate due to high prepayment levels in the loan market
   and/or collateral sales by the manager, which may have
   significant impact on the notes' ratings.

2) Low diversity score: Due to the transaction being in the
   amortization phase, the portfolio is becoming more
   concentrated in smaller number of issuers and the trend will
   continue till the maturity of the transaction. This in turn
   may have significant impact on the note's ratings.

3) Moody's also notes that around 87% of the collateral pool
   consists of debt obligations whose credit quality has been
   assessed through Moody's credit estimates. In addition
   approximately 49% of the current portfolio is comprised of
   obligor with an exposure bigger than 3% of the portfolio and
   whose credit quality is accessed through credit estimates.
   Large single exposures (bigger than 3%) to obligors bearing a
   credit estimate have been subject to a stress applicable to
   concentrated pools (up to 30% of the portfolio) as per the
   report titled "Updated Approach to the Usage of Credit
   Estimates in Rated Transactions" published in October 2009.
   Therefore, the WARF modelled by Moody's is significantly
   higher than the WARF reported by the Trustee.

The principal methodology used in the rating was "Moody's
Approach to Rating Collateralized Loan Obligations" published in
June 2011.

Moody's modelled the transaction using the Binomial Expansion
Technique, as described in Section 2.3.2.1 of the "Moody's
Approach to Rating Collateralized Loan Obligations" rating
methodology published in June 2011. The underlying collateral
pool in this transaction exhibits a low level of diversity. In
order to capture the potential impact resulting from asset
heterogeneity within the pool, Moody's supplemented its BET
analysis by using CDOROMTM in order to simulate default
scenarios. Those default scenarios have then been applied as an
input in a cash flow model.

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

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


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


FTA SANTANDER: DBRS Assigns 'C(sf)' Rating to Series C Bonds
------------------------------------------------------------
DBRS Ratings Limited has assigned a rating of C (sf) to the
Series C Bonds and confirmed the ratings of AAA (sf) for the
Series A and BBB (sf) for the Series B Bonds issued by FTA
Santander Financiacion 5.  The Bonds are backed by a portfolio of
consumer loans originated by Banco Santander, SA.

The rating of the Series C Bonds is based upon DBRS' review of
the following considerations:

    * The Series C Bonds are in the first loss position.

    * As such, the Series C Bonds are highly likely to default

The confirmation of the Series A and Series B Bonds is based upon
DBRS' review of the following considerations:

    * The replacement of the Subordinated Loan with the Series C
      Bonds has no impact on the rating of the Series A and
      Series B Bonds.

    * The transaction closed June 29, 2011 with no adverse
      portfolio performance reported since then.


TDA IBERCAJA: S&P Keeps 'D' Ratings on Two Classes of Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services removed from CreditWatch
negative its credit ratings on eight classes of notes in:

    TDA IberCaja 2 Fondo de Titulizacion de Activos,

    TDA IberCaja 4 Fondo de Titulizacion de Activos,

    TDA IberCaja 5 Fondo de Titulizacion de Activos, and

    TDA IberCaja ICO-FTVPO Fondo de Titulizacion de Activos.

All four are Spanish residential mortgage-backed securities
(RMBS) transactions with Caja de Ahorros y Monte de Piedad de
Zaragoza, Aragon y Rioja (IberCaja) acting as originator and
servicer.

The rating actions follow confirmation from Titulizacion de
Activos S.G.F.T. S.A., the trustee, that Banco Santander S.A.
(AA/Negative/A-1+) has replaced the transactions' previous
interest rate swap counterparty.

"We last took rating action in these transactions in July
following the application of our 2010 counterparty criteria
('Counterparty And Supporting Obligations Methodology And
Assumptions,' published Dec. 6, 2010)," S&P related.

"At the time, we did not consider that the swaps were in line
with our criteria and they had not been amended since our
criteria became effective on Jan. 18, 2011, when we first placed
the ratings on these notes on CreditWatch negative (see 'EMEA
Structured Finance CreditWatch Actions In Connection With Revised
Counterparty Criteria')," S&P said.

"We therefore stressed the transactions without the benefit of
these swaps and took rating actions on the basis of information
received from the trustee that Banco Santander would replace the
previous counterparty -- capping the ratings on the notes at
Banco Santander's long-term rating plus one notch (see 'Ratings
In Eight European RMBS Transactions Kept On CreditWatch Negative
Awaiting Execution Of Amended Documentation,' published July 18,
2011)," S&P related.

The affected classes remained on CreditWatch negative pending the
novation of the swap contracts, which has now taken place. "We
have therefore removed from CreditWatch negative our ratings on
all affected classes," S&P stated.

Ratings List

Class              Rating
           To                 From

TDA IberCaja 2 Fondo de Titulizacion de Activos
EUR904.5 Million Mortgage-Backed Floating-Rate Notes

Rating Removed From CreditWatch Negative

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

Ratings Unaffected

B          A (sf)
C          BBB (sf)
D          BB (sf)

TDA IberCaja 4 Fondo de Titulizacion de Activos
EUR1.411 Billion Mortgage-Backed Floating-Rate Notes

Ratings Removed From CreditWatch Negative

A1         AA+ (sf)           AA+ (sf)/Watch Neg
A2         AA+ (sf)           AA+ (sf)/Watch Neg
A3PAC      AA+ (sf)           AA+ (sf)/Watch Neg
B          AA (sf)            AA (sf)/Watch Neg

Ratings Unaffected

C          A (sf)
D          BBB (sf)
E          BB (sf)
F          D (sf)

TDA IberCaja 5 Fondo de Titulizacion de Activos
EUR1.207 Billion Secured Floating-Rate Notes

Ratings Removed From CreditWatch Negative

A1         AA+ (sf)           AA+ (sf)/Watch Neg
A2         AA+ (sf)           AA+ (sf)/Watch Neg

Ratings Unaffected

B          A (sf)
C          BBB- (sf)
D          BB (sf)
E          D (sf)

TDA IberCaja ICO-FTVPO Fondo de Titulizacion de Activos
EUR447.2 Million Floating-Rate Notes

Rating Removed From CreditWatch Negative

A(G)       AA+ (sf)           AA+ (sf)/Watch Neg

Rating Unaffected

B          CCC- (sf)


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


SAAB AUTOMOBILE: Delays Wage Payments to Workers for Third Time
---------------------------------------------------------------
Ola Kinnander at Bloomberg News reports that Saab Automobile
delayed paying wages for the third month in a row, prompting
labor leaders to start a process that may lead them to seek a
bankruptcy declaration against the carmaker in two weeks.

Saab was scheduled to pay factory workers on Aug. 25 and
administrative employees on Aug. 26, Bloomberg says.  The company
said on Aug. 23 that it may be forced to postpone the payments as
"committed" funds from investors may not arrive in time,
Bloomberg notes.  Saab paid salaries about a week late in June
and July, Bloomberg discloses.

The automaker, which General Motors Co. sold last year, suspended
production in late March amid a cash crunch, and the factory at
Saab's Trollhaettan, Sweden, headquarters has been quiet since
early June, Bloomberg recounts.  The Swedish government's Debt
Enforcement Agency started collection proceedings this month at
the request of component suppliers with unpaid bills, Bloomberg
recounts.

According to Bloomberg, Veli-Pekka Saikkala, head of wage
negotiations at IF Metall's headquarters in Stockholm, said in a
phone interview that the labor group started preparing salary-
payment requests for delivery to management on Aug. 26.
Mr. Saikkala, as cited by Bloomberg, said that if Saab doesn't
respond within seven days, the union would be able to ask a
district court to declare the carmaker bankrupt.

Mr. Saikkala said that a bankruptcy ruling against Saab would
prompt Sweden's government to cover the workers' pay, Bloomberg
notes.  He said that the union hasn't decided yet whether to take
the court action in the absence of payments from Saab, Bloomberg
relates.

Saab Automobile AB is a Swedish car manufacturer owned by Dutch
automobile manufacturer Swedish Automobile NV, formerly Spyker
Cars NV.


=============
U K R A I N E
=============


AVANGARDCO INVESTMENTS: Fitch Affirms 'B' Issuer Default Ratings
----------------------------------------------------------------
Fitch Ratings has affirmed Avangardco Investments Public
Limited's Long-term foreign and local currency Issuer Default
Ratings (IDRs) at 'B'.  Fitch has also affirmed Avangardco's
National Long-term Rating at 'A+(ukr)', foreign currency senior
unsecured rating at 'B' and Recovery Rating at 'RR4'.  The
Outlooks for the Long-term ratings are Stable.

Avangardco's Long-term IDRs reflect its average business risks
and concentration on one product line (primarily eggs and egg
products) mitigated by partial vertical integration (mainly into
fodder production).  However, the single business concentration
is mitigated by opportunities derived from increasing market
shares in the Ukrainian eggs market from household production,
despite the high penetration of egg consumption per capita, and
from export markets.

Avangardco's ratings continue to be limited by its narrow
product portfolio and exposure to potentially high feed costs as
Avangardco does not cultivate grain in any large amounts, unlike
MHP ('B'/Positive), as animal feed accounts for a significant
portion of the cost of production of eggs.

Fitch acknowledges the efforts made by management to unwind most
related-party transactions, in particular with the bank Finansova
Initiatyva LLC, controlled by the ultimate shareholder of
Avangardco, Mr. Oleg Bakhmatyuk, and the appointment of a new
independent director to the board.  However, the controlling
shareholder continues to exert significant power in the group's
main decisions.  Further progress in corporate governance and
transparency is envisaged by setting up an audit, nomination and
remuneration committee in the near term.  On August 29, 2011, the
board will also seek approval of shareholders on the appointment
of KPMG Limited, as new auditors of the company.

Fitch recognizes the increasing domestic market shares, the
development of the group's customer base towards retail clients
and exports of eggs and dry egg products to Middle East, North
Africa and Asia, among other destinations.  Furthermore, given
its competitive cost structure and focus on operational
efficiency, Avangardco's EBITDA and margin remain high compared
to peers (FY10: US$137.6 million or 31.3% margin -- excluding
non-cash revaluation income from changes in biological assets and
interest rate subsidies).

The ratings are constrained by expected negative free cash flow
generation in 2011 and 2012 driven by large capital investment
plans.  Capex could be adjusted depending on market conditions.
However, increased capacity will likely be directed to exports
that are considered more volatile than domestic consumption
despite Avangardco's defensive demand product characteristics. If
higher capex is not supported by expected sales uplifts, profits
and cash flows, this could put pressure on Avangardco's
creditworthiness driven by a downward price pressure in the
domestic market due to over capacity.  Therefore, the current
rating and Outlook provide some financial headroom despite the
expected moderate total adjusted debt to EBITDAR of around 2.0x
(FY10: 1.83x).

A negative rating action could follow in the event of sustained
deterioration of profit margins or total lease-adjusted debt to
EBITDAR consistently above 3.0x, especially if combined with
continuing negative free cash flow weakening the group's
liquidity profile.

A positive rating action depends on the combination of the
following factors: diversification of the company's revenue
streams to include additional sustainable export sales,
maintenance of conservative financial policies with total
adjusted debt to EBITDAR below 2.0x, positive free cash flow
along with operating EBITDAR to fixed charges above 5.0x and
further strengthening of corporate governance principles.

The 'B' senior unsecured rating reflects average recovery
prospects for noteholders in the event of default. Recoveries are
supported by the moderate level of indebtedness and the existence
of upstream unsecured guarantees (which are suretyships under
Ukrainian law) from several operating subsidiaries currently
representing around 75% of consolidated net sales, operating
profits and group assets.  However, the Recovery Rating is capped
at 'RR4', reflecting recoveries between 31% and 50%, due to the
Ukrainian jurisdiction of the guarantors.


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


BAROCCO'S ITALIAN: Closes Restaurant Due to Unpaid Water Bills
--------------------------------------------------------------
Jon Livesey at The Citizen reports that Barocco's Italian
Restaurant & Wine Bar, in Cuckstool Lane, Fence, has closed
unexpectedly after having its water supply cut off due to unpaid
bills.

Pendle Council's environmental health officers on August 19 told
the owners of the restaurant cease trading, The Citizen says.

Stuart Arnott, the borough's public health manager, confirmed the
restaurant had been issued with a Food Hygiene Emergency
Prohibition Notice, according to The Citizen.

"We issued the notice, which takes immediate effect, because the
restaurant's water supply has been cut off," The Citizen quotes
Mr. Arnott as saying.  "The owners have agreed with the closure
on a voluntary basis so court action will not be taken."

An extension of a restaurant of the same name in Egerton near
Bolton, the Fence establishment opened in the former Forest Inn
building more than four years ago, The Citizen recalls.

The original restaurant closed earlier this year, after it was
reported in The London Gazette that Campbell Crossley & Davis had
been appointed liquidators, The Citizen adds.


BEST WESTERN: Goes Into Administration, Seeks New Owners
--------------------------------------------------------
Emily Manson at caterersearch.com reports that the Best Western
Mount Sorrel hotel in south Wales has gone on the market after
going into administration.

Administrators Smith & Williamson are looking for new owners to
take over the hotel as a going concern, according to
caterersearch.com.


"We have been appointed by the directors of Martin Willcock,
which trades as Best Western Mount Sorrel hotel, to try to sell
the hotel as a going concern after it hit severe cash pressures,"
the report quoted Gil Lemon, a turnaround and restructuring
specialist at Smith & Williamson, as saying.

caterersearch.com notes that The hotel has 31 employees and is
independently managed.  Smith & Williamson is handling the sale,
the report adds.

Best Western Mount Sorrel hotel is a AA three-star, 42-bedroom
hotel.  The property, which was recently refurbished, also has a
45-seater restaurant, large bar, three function rooms for up to
240 guests, an indoor pool and a gym.


BRIDGE BUSINESS: KMPG Administrators' Fee Top GBP285,000
--------------------------------------------------------
Accountancy Age reports that KPMG administrators have billed more
than GBP285,000 in fees for their work at collapsed insolvency
firm Bridge Business Recovery.

Accountancy Age, citing a creditors' report, discloses that
Bridge's billable hours total 1,005.21 hours, which amount to
GBP284,568.85, for the firm's two corporate entities, Bridge
Business Recovery and Bridge Business Recovery II.

According to Accountancy Age, administrators Colin Haig and
Samantha Bewick hope to realize between GBP200,000 and GBP420,000
from work in progress.

Preferred creditors' claims, including staff wages, amounted to
GBP8,272.83 with administrators saying this should be paid in
full, Accountancy Age says.

Accountancy Age relates that the creditors' report shows
unsecured creditors are owed GBP4,066,160.19, including an HM
Revenue & Customs bill of about GBP1.3 million.

To date, KPMG administrators have received GBP32,542.94 from book
debts, Accountancy Age notes.

A creditors meeting is due on September 6.

                         About Bridge Business

Bridge Business Recovery LLP specialized in business recovery and
restructuring.

Colin Haig and Samantha Bewick of KPMG were appointed
administrators to Bridge Business Recovery on July 1, 2011.  The
partners of the business sought the advice of KPMG on discovery
of significant irregularities, which subsequently led to the
court appointing KPMG as administrators.


BROOKLANDS GRANGE: Goes Into Administration, Seeks Buyer
--------------------------------------------------------
Martin Bagot at Coventry News reports that Brooklands Grange in
Holyhead Road, Coundon, has been put up for sale after going into
administration.

Brooklands Grange is looking for a buyer after the business was
declared insolvent earlier this month under a mountain of debt,
according to Coventry News.  The report relates that the hotel is
now on the market for GBP650,000.

Coventry News discloses that Colliers International, the estate
agents handling the sale, said the Brooklands Grange had been hit
hard during the recession and its profits were not enough to
service loans taken out by previous owner David Michael.

The report says that the sale comes after Mr. Michael was slapped
with an GBP8,000 fine by Coventry City Council for failing to
implement health and safety policies.  Coventry notes that Mr.
Michael pleaded guilty to neglecting required risk assessments
and not communicating health and safety policies to staff.

Brooklands Grange is a 31-bed hotel and restaurant located in
Holyhead Road, Coundon.


COVENTRY & RUGBY: S&P Puts 'BB+' Bond Rating on Watch Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch with
negative implications its 'BB+' long-term rating on the GBP407.2
million senior secured bonds due 2040 issued by U.K.-based
special-purpose vehicle The Coventry & Rugby Hospital Co. PLC
(CRH).

The bonds retain an unconditional and irrevocable guarantee of
payment of scheduled interest and principal provided by monoline
insurer MBIA U.K. Insurance Ltd. (MBIA U.K.; B/Negative/--).
Under Standard & Poor's criteria, a rating on monoline-insured
debt reflects the higher of the rating on the monoline and
Standard & Poor's underlying rating (SPUR). In this case, the
rating on the bonds reflects the SPUR.

The CreditWatch placement on the bonds primarily reflects the
uncertainties that CRH faces in the near term with respect to the
provision of hard facilities management (FM) services at the
hospital in Walsgrave, near Coventry in central England.

"We understand that there was a service failure involving a
pathology lab that failed its annual verification test early this
year. We believe that University Hospitals Coventry and
Warwickshire National Health Service Trust (UHCWT) views the
failure as serious and, together with CRH, is currently reviewing
the position of Skanska Facilities Services (SFS), the current
hard FM contractor. We understand that as part of this review,
UHCWT and CRH are considering the transfer of the contract with
SFS to a new contractor," S&P related.

"In our view, CRH faces uncertainty in ensuring adequate hard FM
service provision while it undertakes the review. It faces
further uncertainty as to its hard FM costs should a replacement
contractor be appointed, together with potential instability in
the service provided as a new contractor begins operations.
Positively, we understand that the service failure by SFS has not
affected CRH's relationship with UHCWT," S&P noted.

"We could lower the rating if hard FM service delivery weakens in
the near term; or if the project's financial profile is weakened
by actual or forecast cost escalations resulting, for example,
from the replacement of SFS," S&P related.

"We could affirm the ratings once we know the conclusions of the
review and if we believe that no significant impact on CRH,
contractually, operationally, or financially, is likely," S&P
said.

Given the current uncertainties, positive rating actions are
unlikely until CRH delivers a period of stable operations or
unless the project's financial profile improves materially.


EATONFIELD DEVELOPMENTS: Talks on Workington Site Sale Underway
---------------------------------------------------------------
Times & Star reports that talks are under way to sell Eatonfield
Developments' former steelworks site in Workington to a new
buyer.

According to Times & Star, Eatonfield folded after amassing about
GBP27 million of debt, and liquidators Zolfo Cooper took over the
running of four of its sites, including Workington.

A spokesman for Zolfo last week confirmed that there was new
interest in the site but declined to give details of the
interested party, the report relays.

"We are hopeful of concluding a sale shortly on the Workington
site," Times & Star quotes Mr. Cooper as saying.

Times & Star recalls that Eatonfield wanted to transform the 87-
acre site into a seaside community.  Plans were drawn up four
years ago to create hundreds of houses, shops, a hotel, leisure
facilities, a day care nursery, a care village for the elderly, a
health centre, a pub and a promenade.

As reported in the Troubled Company Reporter-Europe on July 13,
2011, the board of Eatonfield Group plc disclosed Zolfo Cooper
LLP was appointed as liquidator to Eatonfield Developments
Limited at a creditors' meeting held on July 8, 2011.

Majority of the Group's property assets are owned by EDL and are
subject to bank loans from various senior lenders.  Under the
loan arrangements in place, these properties are each subject to
separate legal charges in favor of the relevant lenders and, in
respect of some of these properties, Law of Property Act
receivers have now been appointed.  The board is in discussions
to establish whether Eatonfield can assist certain of the lenders
in realizing the value of their security.

Eatonfield Developments Limited, a subsidiary of AIM-listed
company Eatonfield Group plc.  Eatonfield Group plc is a
commercial and residential property developer, engages in the
development and sale of commercial and investment properties, and
real estate in the United Kingdom.


ESTATE UK: Moody's Affirms 'Ca(sf)' Rating on Class C,D,E Notes
---------------------------------------------------------------
Moody's Investors Service has taken these rating actions with
respect to Deutsche Pfandbriefbank AG (Estate UK-3) (amounts
reflect initial outstandings):

  GBP482.45M Class A1+ (CDS) Notes, Downgraded to A3 (sf);
  previously on Sep 1, 2010 Downgraded to Aa3 (sf)

  GBP0.4M Class A1+ Notes, Downgraded to A3 (sf); previously on
  Sep 1, 2010 Downgraded to Aa3 (sf)

  GBP29.8M Class A2 Notes, Downgraded to Caa1 (sf); previously on
  Sep 1, 2010 Downgraded to Ba3 (sf)

  GBP35.76M Class B Notes, Downgraded to Caa3 (sf); previously on
  Sep 1, 2010 Downgraded to Caa1 (sf)

At the same time, Moody's affirmed the Ca (sf) rating of the
Class C, D and E Notes. Today's rating action takes into account
Moody's updated central scenarios as described in Moody's Special
Report "EMEA CMBS: 2011 Central Scenarios".

Ratings Rationale

The key parameters in Moody's analysis are the default
probability of the securitized loans (both during the term and at
maturity) as well as Moody's value assessment for the properties
securing these loans. Moody's derives from those parameters a
loss expectation for the securitized pool. Based on Moody's
revised assessment of the parameters, the loss expectation for
the pool has increased since the last review in September 2010.

The rating downgrade of the four classes of Notes is due to
Moody's increased refinancing default risk and loss assessment
for the largest loan, Loan 3 which contributes 40.5% of the pool
(as of May 2011). In Moody's view the re-assessment is justified
by (i) the declining net operating income (NOI) generated by the
properties; (ii) the continuing upward yield pressure for
secondary properties in the UK market, (iii) the dormant
refinancing market, especially for such properties, and (iv)
existing significant uncertainty with respect to the path and
timing for a recovery of the lending market.

Moody's analysis reflects a forward-looking view of the likely
range of collateral performance over the medium term. From time
to time, Moody's may, if warranted, change these expectations.
Performance that falls outside an acceptable range of the key
parameters may indicate that the collateral's credit quality is
stronger or weaker than Moody's had anticipated during the
current review. Even so, deviation from the expected range will
not necessarily result in a rating action. There may be
mitigating or offsetting factors to an improvement or decline in
collateral performance, such as increased subordination levels
due to amortization and loan re- prepayments or a decline in
subordination due to realized losses.

Primary sources of assumption uncertainty are the current
stressed macro-economic environment and continued weakness in the
occupational and lending markets. Moody's anticipates (i) delayed
recovery in the lending market persisting through 2012, while
remaining subject to strict underwriting criteria and heavily
dependent on the underlying property quality, (ii) values will
overall stabilize but with a strong differentiation between prime
and secondary properties, and (iii) occupational markets will
remain under pressure in the short term and will only slowly
recover in the medium term in line with the anticipated economic
recovery. Overall, Moody's central global scenario remains
'hooked-shaped' for 2011; Moody's expects sluggish recovery in
most of the world's largest economies, returning to trend growth
rate with elevated fiscal deficits and persistent unemployment
levels.

Moody's notes that the depth of information at property and
tenant level and on sponsors of the loans provided in the
investor reports is below average compared to other EMEA CMBS
transactions due to confidentiality reasons. Accordingly, there
is additional uncertainty regarding the underlying assumptions
used in the rating process.

Moody's Portfolio Analysis

This synthetic transaction closed in February 2007 and represents
the securitization of initially 13 commercial mortgage loans
("reference claims") originated by Hypo Real Estate Bank
International AG, now Deutsche Pfandbriefbank AG (A3, P-1). The
loans were secured by first ranking legal mortgages on 110
commercial properties located in the United Kingdom. The
portfolio comprised 43.9% retail, 28.3% office, 16.6% mixed-use
and 11.2% other properties based on securitized loan balance. As
of May 2011, nine loans secured by 106 properties remained in the
pool.

Loan 3 is comprised of a GBP245.82 million whole loan, out of
which GBP175.67 million is securitized, GBP6.4 million is
subordinated and the remaining portion is pari passu with the
securitized loan in terms of ranking. The loan is secured by
three secondary shopping centers and is scheduled to mature in
April 2013 with no extension option available. The loan is in
default due to a LTV covenant breach and is in special servicing
with a loan restructuring discussions ongoing since the end of
last year. The U/W whole loan LTV ratio is 157.2% and the ICR is
1.12x. Since Moody's last review of the transaction, the NOI from
the properties has decreased by 10% while the current vacancy
rate is 12.9% vs 11.8%. Moody's value for property portfolio is
GBP137 million which results in a 179% whole loan LTV ratio.
Moody's does not expect the loan to repay at its maturity and
expects significant amount of losses from the work-out of this
loan.

Three small loans had their maturity in 2010 and 2011, none of
which repaid at their maturity date. Loan 7 (contributing 1.74%
to the pool) matured in July 2010; according to the servicer this
loan has repaid since the last IPD. Loan 10 (2.38% of the pool)
and Loan 11 (2.05%) matured in June and July 2011 respectively.

All the loans other than the largest loan have moderate-to-low
Moody's senior loan LTV ratios which range between 42% and 66%.
On a whole loan basis, Loan 1 has a 100% Moody's LTV ratio which
results in a negative impact on Moody's refinancing risk
assessment for the loan. Moody's whole loan LTV ratio for the
defaulted Loan 11 is 104%. A positive feature of the transaction,
is the long time until legal final maturity of the Notes in 2022
which will allow the servicer a longer time to work out defaulted
and potentially defaulting loans.

Rating Methodology

The principal methodology used in the rating was "Moody's
Approach to Real Estate Analysis for CMBS in EMEA: Portfolio
Analysis (MORE Portfolio)" published April 2006.

Other Factors used in this rating are described in "Update on
Moody's Real Estate Analysis for CMBS Transaction in EMEA"
published June 2005.

The updated assessment is a result of Moody's on-going
surveillance of commercial mortgage backed securities (CMBS)
transactions. The last Performance Overviews for the transaction
was published on 18 April 2011.


FLOORS-2-GO: Nixon & Hope Acquires 35 Stores, Saves 162 Jobs
------------------------------------------------------------
The Telegraph reports administrators at Senate Recovery sold 35
Floors-2-Go Ltd. stores to Nixon & Hope, a vehicle led by former
Floors-2-Go managers David Vizor and Parjinder Sangha.  The
report relates that some 162 jobs have been saved as they will be
transferred to Nixon & Hope.

As reported in the Troubled Company Reporter-Europe on July 24,
2008, Floors-2-Go called in administrators from Kroll, blaming
deteriorating housing market and slump in do-it-yourself home
improvements.  The administrators closed 41 of the company's 132
stores.

The Telegraph notes that Ian Pankhurst, an administrator at
Senate Recovery, said the remaining 192 staff had been made
redundant.  It is expected customer orders placed at stores which
have closed will be honored by Nixon & Hope through the remaining
outlets, the report says.

The Telegraph discloses Mr Pankhurst said that it is not clear,
however, whether creditors, such as Cable Finance and Her Majesty
Revenue & Customs, will be repaid in full.

Headquartered in Birmingham, Floors-2-Go Ltd. --
http://www.floors2go.co.uk/-- sells wood and laminates
flooring.  The company employs a total of 450 retail and head
office staff.


ITV PLC: Moody's Changes Outlook on 'Ba2' CFR to Positive
---------------------------------------------------------
Moody's Investors Service has changed the rating outlook on ITV
Plc's Ba2 corporate family rating (CFR), probability-of-default
rating (PDR) and senior unsecured ratings to positive from
stable.

The change in rating outlook to positive is based on: (i) ITV's
continued solid operating performance in H12011 and (ii) its
Gross Debt/EBITDA (as adjusted by Moody's) trending below 3x as
of June 30, 2011, calculated on a last twelve months ('LTM')
basis.

In H12011, ITV's revenues grew by 4% year-on-year to just over
GBP1 billion and its reported EBITA (before exceptional items)
increased by 45% to GBP240 million. While ITV Family net
advertising revenue ('NAR') in Q2 2011 was down by 6%, it grew by
2% in H12011 versus the market which was up 3%. ITV's family
share of viewing was up 2% year-on-year (at 23.2%) while ITV1's
share of viewing remained flat in H12011. ITV1's share of
commercial impacts ('SOCI') also remained largely stable at
around 27%. In line with ITV's anticipation, Moody's also expects
the company to outperform the UK TV advertising market across
2011, helped by the company's good on-screen performance.

In June 2011, ITV repurchased GBP74 million nominal of its
GBP383 million 2015 bonds and all of its GBP110 million 2013
bonds. This helped the company in meaningfully improving its
Gross Debt/ EBITDA (as calculated by Moody's) to around 2.7x on a
LTM basis as of June 30, 2011 (from 3.5x as of December 31,
2010). Supported by its considerable cash on balance sheet, the
company was able to significantly reduce its net debt, to GBP52
million at the end of June 2011 (from GBP188 million as of
December 31, 2010). ITV IAS 19 pension deficit, stood stable at
GBP312 million. The company's ratio for net adjusted debt/
EBITDAR (as calculated by Moody's) came out just below 1x as on a
LTM basis as of June 30, 2011.

While Moody's positive outlook acknowledges the strong credit
metrics of ITV, the company's Ba2 CFR continues to cautiously
factor in: (i) ITV's considerable exposure to the cyclical nature
of TV advertising spending; (ii) the company's high operating
leverage; (iii) the significant execution risks associated with
the implementation of its five-year transformational plan; and
(iv) it's still inefficient balance sheet at the end of H12011,
despite the June 2011 bond buybacks.

ITV expects its Family NAR to be down 2% in July 2011 and 4% in
August with September expected to be flat. This implies that ITV
Family NAR in Q3 2011 is expected to decline slightly although
Moody's would expect the company to outperform the market. Given
the highly cyclical nature of ITV's business, the uncertain
economic environment and the company's medium-term strategic
objectives, Moody's positively notes that the company has adopted
a relatively conservative stance towards dividend payments. The
Board of ITV has declared only a small interim dividend of 0.4p
which is expected to be paid in December 2011 and the company
plans to keep a 'progressive' dividend policy. In June 2011, ITV
confirmed the network programming budget for ITV1 at GBP800
million for 2011 as well as the GBP25 million operating
investment and GBP80 million of capital expenditure expected for
the year. The company also remains on track to deliver GBP15
million of incremental cost savings identified for 2011.

Going forward, Moody's would continue to expect ITV to dedicate a
meaningful portion of its cash balance towards (i) future
investments (including add-on acquisitions), (ii) debt reduction
and (iii) retaining some flexibility on its balance sheet to cope
with any downward swing in TV advertising revenues as well as for
its working capital requirements.

ITV has made good progress over the past months towards
delivering its strategic plan. However, given that the
implementation of the strategic plan is still in its initial
phase, the rating agency believes that significant execution
risks remain. Over time, ITV aspires to generate approximately
50% of its revenues from non-television advertising. While in the
short term the company will remain focused on internally
streamlining its operations, Moody's is of the opinion that the
company may need to make add-on acquisitions over the medium term
to increase its exposure to non-television advertising.

Moody's considers ITV's liquidity profile to be solid. As of
June 30, 2011, the company had cash and cash equivalents of
GBP814 million (including certain restricted and unavailable cash
amounts totaling GBP140 million). In addition, as of the same
date, the company had access to a GBP125 million receivables
facility (available to September 2015), which currently remains
fully undrawn and is covenant-free. The company has no material
debt maturities until 2014. In Moody's view, ITV's cash on hand
and internally generated cash flows should be sufficient to cover
the company's operational needs over the next 12-18 months, while
giving it reasonable flexibility to make acquisitions. Given the
still significant cash amount on ITV's balance sheet, Moody's
would view as a credit positive if the company continues to use
some of its financial flexibility in the short term to reduce its
debt.

In Moody's opinion, upward rating pressure could result from: (i)
a continued stable trend in ITV's NAR development in 2011 and
beyond; (ii) ITV (at least) maintaining its family share of
viewing and ITV1's SOCI broadly stabilizing around the current
levels; (iii) ongoing evidence of the company's successful
implementation of its medium-term strategic plan particularly
towards gradually increasing its exposure to non-advertising
revenues; and (iv) the company's ratio of Gross Debt/ EBITDA (as
calculated by Moody's) remaining solidly below 3x on a sustained
basis, together with positive free cash flow generation (as
defined by Moody's -- post capex and dividends).

Moody's considers that renewed downward pressure on ITV's ratings
could result from a (i) material deterioration in UK net
advertising spending; (ii) ITV Family of channels (in particular
ITV1) losing significant share of viewing and experiencing a
material decline in its SOCI; (iii) and/or any material
acquisition(s) in support of ITV's strategic objectives, which
would lead to the company's Gross Debt/EBITDA (as calculated by
Moody's) materially weakening to above 4.0x on a sustained basis.

The principal methodology used in rating ITV plc was the Global
Broadcast Industry Methodology published in June 2008. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.

Headquartered in London, United Kingdom, ITV plc is the leading
commercial free-to-air broadcaster and producer of television
programming. and The company generated a turnover of GBP2.06
billion in the fiscal year ended December 31, 2010.


LUMINAR GROUP: Gets Three-Month Debt Reprieve From Lenders
----------------------------------------------------------
Rose Jacobs at The Financial Times reports that the banking
consortium lending to Luminar Group has granted the troubled
nightclub operator another three-month reprieve on debt
covenants.

According to the FT, Luminar said on Thursday that the agreement
with Lloyds Banking Group, Barclays and Royal Bank of Scotland
gives the company "flexibility in managing its liquidity levels"
and extends a waiver granted in May that was due to end next
week.

As reported by the Troubled Company Reporter-Europe on Aug. 25,
2011, the Financial Times related that Luminar dropped its
auditor a week before its debt-covenant tests.  The FT disclosed
that the company told shareholders that PricewaterhouseCoopers
resigned after the board decided "a fresh audit relationship
would benefit the Luminar group moving forward".  Luminar will
hire KPMG instead, the FT said.  Luminar has seen double-digit
sales declines in quarter after quarter in recent years, the FT
disclosed.  It went from pre-tax profits of GBP5.5 million last
year to a loss of GBP1.1 million in 2010/11, the FT noted.  Its
net debt stood at GBP82.2 million in May, a slight improvement on
the GBP92.7 million it owed the year before, the FT stated.

Based in Milton Keynes, United Kingdom, Luminar Group Holdings
plc -- http://www.luminar.co.uk/-- is engaged in the ownership,
development and operation of nightclubs and themed bars.  Its
main branded venues are Oceana, Liquid, and Lava & Ignite.  The
company's product brands include Big Night Out, Vibe, Red Carpet
Moments and UK Club Culture (UKCC).


PARKRIDGE HOLDINGS: Goes Into Administration, 26 Jobs at Risk
-------------------------------------------------------------
Insider Media Limited reports that Parkridge Holdings, the
developer of Regent Place in Loughborough and Ashfield Gateway in
Sutton-in-Ashfield, has gone into administration.  The report
relates that PricewaterhouseCoopers (PwC) in the Midlands has
been appointed to handle the administration, which has left 26
jobs at risk.

PwC has not been appointed administrator over any other companies
in the group, according to Insider Media Limited.  The report
notes that some of the subsidiaries are in liquidation while
others still operate under the control of the directors.

Matthew Hammond and Rob Hunt of PwC were appointed joint
administrators on Aug. 24, 2011.

"Over the last two years the group had reduced its cost base and
sought to sell assets to repay debt. This strategy, with the aim
of trying to secure new equity and a refinancing, was supported
by shareholders. . . . However, cash flow pressure intensified
earlier this year and long-running discussions around a
refinancing broke down earlier this week.  Following our
appointment, we are reviewing the financial position and working
closely with employees, lenders and subsidiaries during this
difficult time," the report quoted Mr. Hammond, partner and joint
administrator, PwC, as saying.

Parkridge Holdings comprises several property development
companies with interests in the UK and overseas.  The holding
company, which has UK offices in Solihull and London, also has
operations in Poland, Portugal and France.  Parkridge Holdings is
predominantly a holding company and Parkridge Gate Developments
is a service company providing administration services to the
group.


SCARISBRICK HOTEL: Taxman Threatened to Close Hotel, BDO Says
-------------------------------------------------------------
Tom Bristow at Southport Visiter reports that the Scarisbrick
Hotel would have fallen prey to the taxman unless it had been
sold.

Southport Visiter notes that a letter from the hotel's
administrators, BDO, sent to the Scarisbrick's creditors,
revealed that the company fought a desperate situation in the
last months before its sale.

As reported in the Troubled Company Reporter-Europe on Aug. 5,
2011, Liverpool Echo said that Manchester-based Britannia has
acquired Scarisbrick Hotel in Southport out of administration,
saving about 100 jobs in the process.  But suppliers fear they
could be left thousands of pounds out of pocket, according to
Liverpool Echo.  Liverpool Echo notes that Scarisbrick Hotel,
which was on the market for GBP3.25 million, is understood to
have fetched its asking price in a deal known as a pre-pack.  The
report related that under a pre-pack, firms go into
administration as part of an arrangement to be bought.  Staff was
told administration was the best option for the hotel which would
otherwise have gone into liquidation, according to letter
obtained by the news agency.  Liverpool Echo said that the
hotel's debts, which stood at close to GBP3 million in January
last year, will now be dealt with by administrators BDO.
Liverpool Echo added that local firms fear that they may lose out
as a result of the deal.


WHITE TOWER: S&P Withdraws 'B-' Rating on Class D Notes
-------------------------------------------------------
Standard & Poor's Ratings Services withdrew its credit ratings on
White Tower 2006-3 PLC's class B, C, and D notes, due to the
redemption of these notes. The class E notes are unaffected.

"The issuer has informed us that the class B, C, and D notes
fully redeemed on July 25, 2011. The other rated notes in this
transaction remain unaffected by the rating action," S&P related.

At closing at the end of 2006, White Tower 2006-3 acquired the
senior-ranking portion of a whole loan secured against nine
office properties in Greater London, eight of which are in or
close to the City of London.

Ratings List

Class            Rating
          To               From

White Tower 2006-3 PLC
GBP1.15 Billion Commercial Mortgage-Backed Floating-Rate Notes

Ratings Withdrawn

B         NR               AAA (sf)
C         NR               A (sf)
D         NR               B- (sf)

Rating Unaffected

E         CCC- (sf)

NR--Not rated.


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


* BOND PRICING: For the Week August 22 to August 26, 2011
---------------------------------------------------------

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

AUSTRIA
-------
BA CREDITANSTALT         5.470   8/28/2013     EUR     67.38
HAA-BANK INTL AG         5.270    4/7/2028     EUR     71.12
HAA-BANK INTL AG         5.250  10/27/2015     EUR     70.13
IMMOFINANZ               4.250    3/8/2018     EUR      3.55
OESTER VOLKSBK           4.170   7/29/2015     EUR     68.38
OESTER VOLKSBK           5.270    2/8/2027     EUR     66.72
OESTER VOLKSBK           4.810   7/29/2025     EUR     62.88
RAIFF ZENTRALBK          5.470   2/28/2028     EUR     72.98
RAIFF ZENTRALBK          4.500   9/28/2035     EUR     58.48

BELGIUM
-------
ECONOCOM GROUP           4.000    6/1/2016     EUR     20.11

CYPRUS
------
CYPRUS GOVT BOND         4.500    6/2/2016     EUR     60.47
CYPRUS GOVT BOND         3.750    6/3/2013     EUR     74.03
CYPRUS GOVT BOND         5.000    6/9/2016     EUR     61.35
CYPRUS GOVT BOND         4.500   7/11/2016     EUR     60.34
CYPRUS GOVT BOND         4.500   10/9/2016     EUR     59.59
CYPRUS GOVT BOND         4.500    1/2/2016     EUR     62.14
CYPRUS GOVT BOND         4.750   12/2/2015     EUR     63.06
CYPRUS GOVT BOND         3.750   11/1/2015     EUR     53.98
CYPRUS GOVT BOND         4.750   9/30/2015     EUR     63.87
CYPRUS GOVT BOND         4.500   3/30/2016     EUR     61.26
CYPRUS GOVT BOND         4.500   9/28/2017     EUR     58.45
CYPRUS GOVT BOND         5.250    6/9/2015     EUR     66.70
CYPRUS GOVT BOND         6.000   4/20/2015     EUR     69.37
CYPRUS GOVT BOND         6.600  10/26/2016     EUR     66.26
CYPRUS GOVT BOND         6.000    6/9/2021     EUR     62.95
CYPRUS GOVT BOND         5.350    6/9/2020     EUR     62.59
CYPRUS GOVT BOND         6.000   2/28/2015     EUR     70.10
CYPRUS GOVT BOND         6.100   4/20/2020     EUR     66.34
CYPRUS GOVT BOND         6.000   1/20/2015     EUR     70.60
CYPRUS GOVT BOND         4.500    1/4/2017     EUR     59.29
CYPRUS GOVT BOND         4.625    2/3/2020     EUR     61.63
CYPRUS GOVT BOND         6.100   6/24/2019     EUR     66.06
CYPRUS GOVT BOND         4.600   2/26/2019     EUR     59.03
CYPRUS GOVT BOND         4.600  10/23/2018     EUR     58.80
CYPRUS GOVT BOND         4.600   4/23/2018     EUR     58.68
CYPRUS GOVT BOND         5.100   1/29/2018     EUR     60.72
CYPRUS GOVT BOND         4.500   2/15/2017     EUR     59.15
CYPRUS GOVT BOND         4.500    4/2/2017     EUR     59.01
CYPRUS GOVT BOND         5.600   4/15/2017     EUR     60.76
CYPRUS GOVT BOND         6.000    1/3/2015     EUR     70.79
CYPRUS GOVT BOND         6.000  11/18/2014     EUR     71.53
MARFIN POPULAR           4.350  11/20/2014     EUR     52.50
REP OF CYPRUS            4.750   2/25/2016     EUR     62.28
REP OF CYPRUS            4.375   7/15/2014     EUR     70.61

CZECH REPUBLIC
--------------
SAZKA                    9.000   7/12/2021     EUR     60.00

DENMARK
-------
FIN-DANISH IND           4.910    7/6/2021     EUR     75.00

FINLAND
-------
KOMMUNEKREDIT            0.500  12/14/2020     ZAR     47.35
MUNI FINANCE PLC         0.500   3/17/2025     CAD     60.57
MUNI FINANCE PLC         0.250   6/28/2040     CAD     24.39
MUNI FINANCE PLC         0.500    2/9/2016     ZAR     71.84
MUNI FINANCE PLC         0.500   4/26/2016     ZAR     70.86
MUNI FINANCE PLC         0.500   4/27/2018     ZAR     58.09
MUNI FINANCE PLC         0.500   9/24/2020     CAD     75.17
MUNI FINANCE PLC         0.500  11/25/2020     ZAR     48.16
MUNI FINANCE PLC         1.000   6/30/2017     ZAR     65.21

FRANCE
------
AIR FRANCE-KLM           4.970    4/1/2015     EUR     11.77
ALCATEL-LUCENT           5.000    1/1/2015     EUR      3.27
ALTRAN TECHNOLOG         6.720    1/1/2015     EUR      5.18
ASSYSTEM                 4.000    1/1/2017     EUR     20.14
ATOS ORIGIN SA           2.500    1/1/2016     EUR     49.49
BPCE                     3.455   9/16/2025     EUR     74.31
CALYON                   6.000   6/18/2047     EUR     16.50
CAP GEMINI SOGET         1.000    1/1/2012     EUR     41.76
CAP GEMINI SOGET         3.500    1/1/2014     EUR     38.77
CGG VERITAS              1.750    1/1/2016     EUR     25.65
CLUB MEDITERRANE         6.110   11/1/2015     EUR     18.46
CLUB MEDITERRANE         5.000    6/8/2012     EUR     13.81
CMA CGM                  8.875   4/15/2019     EUR     50.88
CMA CGM                  8.500   4/15/2017     USD     50.17
CMA CGM                  8.500   4/15/2017     USD     80.35
CMA CGM                  8.875   4/15/2019     EUR     50.09
CREDIT AGRI CIB          5.400   12/9/2030     USD     70.32
CREDIT AGRI CIB          5.270    8/5/2030     USD     69.62
CREDIT AGRI CIB          4.850   9/17/2030     USD     65.18
CREDIT AGRI CIB          5.300   10/7/2030     USD     69.59
CREDIT AGRI CIB          5.300  10/12/2030     USD     67.33
CREDIT AGRI CIB          5.250  10/18/2030     USD     69.19
CREDIT AGRI CIB          5.300  10/22/2030     USD     69.73
CREDIT AGRI CIB          5.350  10/29/2030     USD     70.03
CREDIT AGRI CIB          4.910   11/3/2030     USD     66.72
CREDIT AGRI CIB          5.450   11/9/2030     USD     70.95
CREDIT AGRI CIB          5.080  11/23/2030     USD     67.31
CREDIT AGRI CIB          5.690  11/26/2030     USD     73.30
CREDIT AGRI CIB          6.000  12/23/2030     USD     73.47
CREDIT AGRI CIB          5.850   5/27/2031     USD     74.07
CREDIT AGRI CIB          5.650   6/10/2031     USD     72.08
CREDIT AGRI CIB          5.610   6/15/2031     USD     71.65
CREDIT AGRI CIB          5.830   6/30/2031     USD     73.81
CREDIT AGRI CIB          5.850   6/30/2031     USD     74.01
CREDIT LOCAL FRA         3.750   5/26/2020     EUR     74.90
DEXIA MUNI AGNCY         1.000  12/23/2024     EUR     64.93
EURAZEO                  6.250   6/10/2014     EUR     54.53
FAURECIA                 4.500    1/1/2015     EUR     22.08
GROUPAMA SA              7.875  10/27/2039     EUR     68.86
INGENICO                 2.750    1/1/2017     EUR     41.21
MAUREL ET PROM           7.125   7/31/2015     EUR     16.34
MAUREL ET PROM           7.125   7/31/2014     EUR     17.49
NEXANS SA                4.000    1/1/2016     EUR     60.44
ORPEA                    3.875    1/1/2016     EUR     45.18
PAGESJAUNES FINA         8.875    6/1/2018     EUR     72.80
PEUGEOT SA               4.450    1/1/2016     EUR     27.18
PUBLICIS GROUPE          3.125   7/30/2014     EUR     34.25
PUBLICIS GROUPE          1.000   1/18/2018     EUR     46.98
RHODIA SA                0.500    1/1/2014     EUR     51.99
SOC AIR FRANCE           2.750    4/1/2020     EUR     20.35
SOCIETE GENERALE         5.860   3/11/2031     USD     70.58
SOCIETE GENERALE         5.940   3/14/2031     USD     71.39
SOCIETE GENERALE         6.010   3/15/2031     USD     72.07
SOCIETE GENERALE         5.920   3/17/2031     USD     71.18
SOCIETE GENERALE         5.860   4/26/2031     USD     70.88
SOCIETE GENERALE         5.900   3/10/2031     USD     71.02
SOCIETE GENERALE         5.910   3/16/2031     USD     71.09
SOITEC                   6.250    9/9/2014     EUR      8.63
TEM                      4.250    1/1/2015     EUR     53.95
THEOLIA                  2.700    1/1/2041     EUR     10.12

GERMANY
-------
ATU AUTO-TEILE          11.000   5/15/2014     EUR     74.33
ATU AUTO-TEILE          11.000   5/15/2014     EUR     74.63
BAYERISCHE HYPO          5.000  12/21/2029     EUR     62.77
BHW BAUSPARKASSE         5.640   1/30/2024     EUR     74.75
COMMERZBANK AG           6.300   3/15/2022     EUR     74.59
COMMERZBANK AG           6.360   3/15/2022     EUR     74.74
COMMERZBANK AG           6.460   6/24/2022     EUR     75.03
COMMERZBANK AG           5.000   3/30/2018     EUR     50.91
COMMERZBANK AG           4.000  11/30/2017     EUR     49.83
COMMERZBANK AG           5.000   4/20/2018     EUR     50.88
DRESDNER BANK AG         5.290   5/31/2021     EUR     70.27
DRESDNER BANK AG         6.210   6/20/2022     EUR     73.64
DRESDNER BANK AG         7.350   6/13/2028     EUR     71.76
DRESDNER BANK AG         7.160   8/14/2024     EUR     74.48
DRESDNER BANK AG         5.700   7/31/2023     EUR     67.85
DRESDNER BANK AG         6.180   2/28/2023     EUR     70.58
EUROHYPO AG              6.490   7/17/2017     EUR      5.38
EUROHYPO AG              3.830   9/21/2020     EUR     59.25
EUROHYPO AG              5.560   8/18/2023     EUR     62.88
EUROHYPO AG              5.110    8/6/2018     EUR     73.63
GOTHAER ALLG VER         5.527   9/29/2026     EUR     78.01
HEIDELBERG DRUCK         9.250   4/15/2018     EUR     65.90
HEIDELBERG DRUCK         9.250   4/15/2018     EUR     66.00
HSH NORDBANK AG          4.375   2/14/2017     EUR     55.00
IKB DEUT INDUSTR         6.550   3/31/2012     EUR     18.17
L-BANK FOERDERBK         0.500   5/10/2027     CAD     54.36
LB BADEN-WUERTT          5.250  10/20/2015     EUR     28.56
LB BADEN-WUERTT          2.800   2/23/2037     JPY     67.14
PRAKTIKER BAU-UN         5.875   2/10/2016     EUR     64.56
Q-CELLS                  6.750  10/21/2015     EUR      1.69
QIMONDA FINANCE          6.750   3/22/2013     USD      2.38
RHEINISCHE HYPBK         6.600   5/29/2022     EUR     71.75
SOLON AG SOLAR           1.375   12/6/2012     EUR     20.26
TAG IMMO AG              6.500  12/10/2015     EUR      7.49
TUI AG                   5.500  11/17/2014     EUR     55.25
TUI AG                   2.750   3/24/2016     EUR     38.60

GREECE
------
ATHENS URBAN TRN         5.008   7/18/2017     EUR     47.81
ATHENS URBAN TRN         4.301   8/12/2014     EUR     50.85
ATHENS URBAN TRN         4.057   3/26/2013     EUR     62.18
ATHENS URBAN TRN         4.851   9/19/2016     EUR     47.59
HELLENIC REP I/L         2.900   7/25/2025     EUR     36.81
HELLENIC REP I/L         2.300   7/25/2030     EUR     34.13
HELLENIC REPUB           5.200   7/17/2034     EUR     43.38
HELLENIC REPUB           6.140   4/14/2028     EUR     47.13
HELLENIC REPUB           4.590    4/8/2016     EUR     46.75
HELLENIC REPUB           2.125    7/5/2013     CHF     72.63
HELLENIC REPUB           4.625   6/25/2013     USD     78.56
HELLENIC REPUB           5.000   3/11/2019     EUR     47.50
HELLENIC REPUBLI         6.500   1/11/2014     EUR     52.64
HELLENIC REPUBLI         4.300   3/20/2012     EUR     73.56
HELLENIC REPUBLI         5.250   5/18/2012     EUR     70.71
HELLENIC REPUBLI         4.100   8/20/2012     EUR     66.00
HELLENIC REPUBLI         4.506   3/31/2013     EUR     65.37
HELLENIC REPUBLI         4.600   5/20/2013     EUR     57.78
HELLENIC REPUBLI         7.500   5/20/2013     EUR     62.54
HELLENIC REPUBLI         3.900    7/3/2013     EUR     64.50
HELLENIC REPUBLI         4.427   7/31/2013     EUR     58.71
HELLENIC REPUBLI         4.000   8/20/2013     EUR     54.34
HELLENIC REPUBLI         4.520   9/30/2013     EUR     57.25
HELLENIC REPUBLI         4.500   5/20/2014     EUR     51.08
HELLENIC REPUBLI         4.500    7/1/2014     EUR     53.00
HELLENIC REPUBLI         3.985   7/25/2014     EUR     48.61
HELLENIC REPUBLI         5.500   8/20/2014     EUR     49.75
HELLENIC REPUBLI         4.113   9/30/2014     EUR     48.60
HELLENIC REPUBLI         3.700   7/20/2015     EUR     48.24
HELLENIC REPUBLI         6.100   8/20/2015     EUR     50.46
HELLENIC REPUBLI         3.702   9/30/2015     EUR     47.58
HELLENIC REPUBLI         3.700  11/10/2015     EUR     45.25
HELLENIC REPUBLI         3.600   7/20/2016     EUR     48.54
HELLENIC REPUBLI         4.020   9/13/2016     EUR     48.13
HELLENIC REPUBLI         4.225    3/1/2017     EUR     49.48
HELLENIC REPUBLI         5.900   4/20/2017     EUR     49.90
HELLENIC REPUBLI         4.300   7/20/2017     EUR     50.04
HELLENIC REPUBLI         4.600   7/20/2018     EUR     49.17
HELLENIC REPUBLI         6.000   7/19/2019     EUR     50.22
HELLENIC REPUBLI         5.161   9/17/2019     EUR     44.70
HELLENIC REPUBLI         6.500  10/22/2019     EUR     50.50
HELLENIC REPUBLI         6.250   6/19/2020     EUR     50.29
HELLENIC REPUBLI         5.900  10/22/2022     EUR     47.58
HELLENIC REPUBLI         4.700   3/20/2024     EUR     44.50
HELLENIC REPUBLI         5.300   3/20/2026     EUR     43.68
HELLENIC REPUBLI         4.500   9/20/2037     EUR     40.02
HELLENIC REPUBLI         4.600   9/20/2040     EUR     40.08
NATL BK GREECE           3.875   10/7/2016     EUR     61.61
CREDIT AGRICOLE          5.600   2/25/2030     USD     73.71

IRELAND
-------
AIB MORTGAGE BNK         5.000   2/12/2030     EUR     43.03
AIB MORTGAGE BNK         4.875   6/29/2017     EUR     72.19
AIB MORTGAGE BNK         5.000    3/1/2030     EUR     42.21
AIB MORTGAGE BNK         5.580   4/28/2028     EUR     48.47
ALLIED IRISH BKS        12.500   6/25/2035     GBP     24.50
ALLIED IRISH BKS         4.000   3/19/2015     EUR     72.41
ALLIED IRISH BKS         5.625  11/12/2014     EUR     62.96
ANGLO IRISH BANK         4.000   4/15/2015     EUR     71.25
BANK OF IRELAND         10.000   2/12/2020     GBP     35.00
BANK OF IRELAND          4.473  11/30/2016     EUR     50.75
BANK OF IRELAND         10.000   2/12/2020     EUR     30.00
BANK OF IRELAND          4.000   1/28/2015     EUR     75.20
BANK OF IRELAND          3.585   4/21/2015     EUR     61.00
BANK OF IRELAND          5.600   9/18/2023     EUR     33.75
BANK OF IRELAND          3.780    4/1/2015     EUR     72.99
BK IRELAND MTGE          5.450    3/1/2030     EUR     42.33
BK IRELAND MTGE          5.400   11/6/2029     EUR     44.40
BK IRELAND MTGE          5.360  10/12/2029     EUR     44.21
BK IRELAND MTGE          5.760    9/7/2029     EUR     45.26
BK IRELAND MTGE          3.250   6/22/2015     EUR     73.96
DEPFA ACS BANK           0.500    3/3/2025     CAD     38.75
DEPFA ACS BANK           4.900   8/24/2035     CAD     65.72
EBS BLDG SOCIETY         4.000   2/25/2015     EUR     70.72
IRISH GOVT               5.400   3/13/2025     EUR     75.14
IRISH GOVT               4.500   4/18/2020     EUR     76.45
IRISH LIFE PERM          4.000   3/10/2015     EUR     70.48
IRISH NATIONWIDE         6.250   6/26/2012     GBP     69.38

ITALY
-----
BANCA MARCHE             5.500   9/16/2030     EUR     74.33
BANCA POP LODI           5.250    4/3/2029     EUR     66.19
BANCO POPOLARE           6.375   5/31/2021     EUR     74.96
COMUNE DI MILANO         4.019   6/29/2035     EUR     70.03
DEXIA CREDIOP            4.790  12/17/2043     EUR     73.33
REP OF ITALY             2.000   9/15/2062     EUR     57.72
REP OF ITALY             1.850   9/15/2057     EUR     56.95
REP OF ITALY             2.870   5/19/2036     JPY     60.61
REP OF ITALY             2.200   9/15/2058     EUR     63.69
ROMULUS FINANCE          5.441   2/20/2023     GBP     76.50
TELECOM ITALIA           5.250   3/17/2055     EUR     70.06

LUXEMBOURG
----------
ARCELORMITTAL            7.250    4/1/2014     EUR     23.58
CONTROLINVESTE           3.000   1/28/2015     EUR     71.86
ESPIRITO SANTO F         6.875  10/21/2019     EUR     55.86
LIGHTHOUSE INTL          8.000   4/30/2014     EUR     22.04
LIGHTHOUSE INTL          8.000   4/30/2014     EUR     23.13
UBI BANCA INT            8.750  10/29/2012     EUR     64.54

NETHERLANDS
-----------
APP INTL FINANCE        11.750   10/1/2005     USD      0.01
BK NED GEMEENTEN         0.500   5/12/2021     ZAR     45.25
BK NED GEMEENTEN         0.500   5/25/2016     TRY     74.79
BK NED GEMEENTEN         0.500   6/22/2016     TRY     74.48
BK NED GEMEENTEN         0.500    3/3/2021     NZD     64.35
BK NED GEMEENTEN         0.500   3/29/2021     NZD     64.00
BK NED GEMEENTEN         0.500   2/24/2025     CAD     60.28
BK NED GEMEENTEN         0.500   6/22/2021     ZAR     45.37
BLT FINANCE BV           7.500   5/15/2014     USD     55.25
BLT FINANCE BV           7.500   5/15/2014     USD     55.60
BRIT INSURANCE           6.625   12/9/2030     GBP     58.05
EDP FINANCE BV           4.125   6/29/2020     EUR     73.19
ELEC DE CAR FIN          8.500   4/10/2018     USD     56.63
FINANCE & CREDIT        10.500   1/25/2014     USD     70.34
FRIESLAND BANK           4.210  12/29/2025     EUR     67.88
INDAH KIAT INTL         12.500   6/15/2006     USD      0.01
IVG FINANCE BV           1.750   3/29/2017     EUR     74.98
NATL INVESTER BK        25.983    5/7/2029     EUR     19.54
NED WATERSCHAPBK         0.500   3/11/2025     CAD     61.26
NIB CAPITAL BANK         4.510  12/16/2035     EUR     64.40
PORTUGAL TEL FIN         4.500   6/16/2025     EUR     70.21
Q-CELLS INTERNAT         5.750   5/26/2014     EUR     36.14
Q-CELLS INTERNAT         1.375   2/28/2012     EUR     55.75
RABOBANK                 5.276   2/28/2035     EUR     81.31
RBS NV EX-ABN NV         2.910   6/21/2036     JPY     71.53
SIDETUR FINANCE         10.000   4/20/2016     USD     69.25
TJIWI KIMIA FIN         13.250    8/1/2001     USD      0.00

NORWAY
------
EKSPORTFINANS            0.500    5/9/2030     CAD     46.73
KOMMUNALBANKEN           0.500   5/25/2016     ZAR     72.38
KOMMUNALBANKEN           0.500   5/25/2018     ZAR     59.99
KOMMUNALBANKEN           0.500  12/18/2015     ZAR     75.09
KOMMUNALBANKEN           0.500   1/27/2016     ZAR     74.41
KOMMUNALBANKEN           0.500    3/1/2016     ZAR     73.84
KOMMUNALBANKEN           0.500   7/29/2016     ZAR     70.84
KOMMUNALBANKEN           0.500   7/26/2016     ZAR     72.57
KOMMUNALBANKEN           0.500   3/24/2016     ZAR     73.42
NORSKE SKOGIND           7.000   6/26/2017     EUR     46.48
NORSKE SKOGIND           7.125  10/15/2033     USD     42.75
NORSKE SKOGIND           7.125  10/15/2033     USD     42.75
NORSKE SKOGIND          11.750   6/15/2016     EUR     56.50
NORSKE SKOGIND          11.750   6/15/2016     EUR     56.26
NORSKE SKOGIND           6.125  10/15/2015     USD     56.13
NORSKE SKOGIND           6.125  10/15/2015     USD     56.00

PORTUGAL
--------
BANCO COM PORTUG         4.750   6/22/2017     EUR     70.02
BANCO COM PORTUG         5.625   4/23/2014     EUR     69.97
BANCO COM PORTUG         3.750   10/8/2016     EUR     68.33
BANCO ESPIRITO           4.600   1/26/2017     EUR     70.42
BANCO ESPIRITO           4.600   9/15/2016     EUR     72.26
BANCO ESPIRITO           3.875   1/21/2015     EUR     70.21
BANCO ESPIRITO           6.160   7/23/2015     EUR     72.63
BANCO ESPIRITO           6.875   7/15/2016     EUR     69.25
CAIXA GERAL DEPO         3.875   12/6/2016     EUR     69.00
CAIXA GERAL DEPO         5.980    3/3/2028     EUR     54.50
CAIXA GERAL DEPO         4.250   1/27/2020     EUR     66.19
CAIXA GERAL DEPO         4.400   10/8/2019     EUR     53.34
CAIXA GERAL DEPO         5.090    6/8/2016     EUR     70.34
CAIXA GERAL DEPO         5.050   4/26/2016     EUR     72.64
CAIXA GERAL DEPO         5.165    7/8/2016     EUR     74.63
CAIXA GERAL DEPO         4.500   1/19/2016     EUR     71.85
CAIXA GERAL DEPO         5.500  11/13/2017     EUR     73.13
CAIXA GERAL DEPO         4.750   2/14/2016     EUR     63.70
CAIXA GERAL DEPO         4.750   3/14/2016     EUR     74.25
CAIXA GERAL DEPO         5.380   10/1/2038     EUR     49.79
CAIXA GERAL DEPO         4.455   8/20/2017     EUR     69.63
COMBOIOS DE PORT         4.170  10/16/2019     EUR     58.02
METRO DE LISBOA          7.300  12/23/2025     EUR     60.62
METRO DE LISBOA          4.061   12/4/2026     EUR     48.17
METRO DE LISBOA          4.799   12/7/2027     EUR     46.64
METRO DE LISBOA          5.750    2/4/2019     EUR     60.11
MONTEPIO GERAL           5.000    2/8/2017     EUR     61.13
PARPUBLICA               3.567   9/22/2020     EUR     49.38
PARPUBLICA               4.191  10/15/2014     EUR     69.00
PARPUBLICA               4.200  11/16/2026     EUR     47.50
PORTUGAL (REP)           3.500   3/25/2015     USD     71.69
PORTUGAL (REP)           3.500   3/25/2015     USD     72.61
PORTUGUESE OT'S          3.350  10/15/2015     EUR     71.96
PORTUGUESE OT'S          4.100   4/15/2037     EUR     51.48
PORTUGUESE OT'S          4.950  10/25/2023     EUR     57.63
PORTUGUESE OT'S          4.350  10/16/2017     EUR     65.21
PORTUGUESE OT'S          4.200  10/15/2016     EUR     70.08
PORTUGUESE OT'S          4.750   6/14/2019     EUR     62.83
PORTUGUESE OT'S          4.450   6/15/2018     EUR     64.54
PORTUGUESE OT'S          3.850   4/15/2021     EUR     58.21
PORTUGUESE OT'S          4.800   6/15/2020     EUR     61.31
REFER                    4.000   3/16/2015     EUR     50.25
REFER                    5.875   2/18/2019     EUR     61.63
REFER                    4.675  10/16/2024     EUR     52.00
REFER                    4.250  12/13/2021     EUR     46.25

RUSSIA
------
APK ARKADA              17.500   5/23/2012     RUB      0.38
ARIZK                    3.000  12/20/2030     RUB     50.35
BELON-FINANS             0.010   2/23/2012     RUB     91.01
DVTG-FINANS              7.750   7/18/2013     RUB     20.29
DVTG-FINANS             17.000   8/29/2013     RUB     55.55
IART                     8.500    8/4/2013     RUB      1.00
M-INDUSTRIYA            12.250   8/16/2011     RUB     17.25
MIG-FINANS               0.100    9/6/2011     RUB      1.00
MIRAX                   17.000   9/17/2012     RUB     24.01
MOSMART FINANS           0.010   4/12/2012     RUB      1.81
NOK                     12.500   8/26/2014     RUB      5.00
NOK                     10.000   9/22/2011     RUB     49.90
PROMPEREOSNASTKA         1.000  12/17/2012     RUB      0.01
PROMTRACTOR-FINA         0.010  10/18/2011     RUB      1.10
PROTON-FINANCE           9.000   6/12/2012     RUB     65.00
RAZGULYAY-FINANS        17.000   9/27/2011     RUB    100.00
RBC OJSC                 7.000   4/23/2015     RUB     67.00
RBC OJSC                 3.270   4/19/2018     RUB     42.71
RBC OJSC                 7.000   4/23/2015     RUB     68.50
SAHO                    10.000   5/21/2012     RUB     51.00
SATURN                   8.500    6/6/2014     RUB      1.00
SEVKABEL-FINANS         10.500   3/27/2012     RUB      3.40
TERNA-FINANS             1.000   11/4/2011     RUB      0.01

SPAIN
-----
AYT CEDULAS CAJA         4.750   5/25/2027     EUR     67.90
AYT CEDULAS CAJA         4.250  10/25/2023     EUR     70.20
AYT CEDULAS CAJA         3.750  12/14/2022     EUR     67.82
AYT CEDULAS CAJA         4.000   3/24/2021     EUR     74.85
AYT CEDULAS CAJA         3.750   6/30/2025     EUR     60.95
BANCAJA                  1.500   5/22/2018     EUR     67.65
BANCO PASTOR             4.550   7/31/2020     EUR     73.48
BBVA SUB CAP UNI         2.750  10/22/2035     JPY     72.54
CAJA CASTIL-MAN          1.500   6/23/2021     EUR     59.27
CAJA MADRID              5.020   2/26/2038     EUR     73.88
CAJA MADRID              4.000    2/3/2025     EUR     74.30
CAJA MADRID              4.125   3/24/2036     EUR     66.29
CEDULAS TDA 6 FO         3.875   5/23/2025     EUR     63.35
CEDULAS TDA 6 FO         4.250   4/10/2031     EUR     58.96
CEDULAS TDA A-5          4.250   3/28/2027     EUR     63.57
CEMEX ESPANA LUX         8.875   5/12/2017     EUR     73.50
CEMEX ESPANA LUX         8.875   5/12/2017     EUR     73.50
COMUN AUTO CANAR         4.200  10/25/2036     EUR     63.61
COMUN AUTO CANAR         3.900  11/30/2035     EUR     60.59
COMUNIDAD ARAGON         4.646   7/11/2036     EUR     74.46
COMUNIDAD BALEAR         4.063  11/23/2035     EUR     62.23
COMUNIDAD MADRID         4.300   9/15/2026     EUR     72.18
GEN DE CATALUNYA         2.315   9/10/2015     CHF     73.88
GEN DE CATALUNYA         4.690  10/28/2034     EUR     67.89
GEN DE CATALUNYA         4.220   4/26/2035     EUR     62.54
GEN DE CATALUNYA         2.355  11/10/2015     CHF     72.98
GEN DE CATALUNYA         2.750   3/24/2016     CHF     71.42
GENERAL DE ALQUI         2.750   8/20/2012     EUR     71.76
IM CEDULAS 5             3.500   6/15/2020     EUR     74.26
INSTIT CRDT OFCL         2.570  10/22/2021     CHF     73.19
INSTIT CRDT OFCL         3.250   6/28/2024     CHF     75.32
INSTITUT CATALA          4.250   6/15/2024     EUR     73.01
JUNTA ANDALUCIA          5.150   5/24/2034     EUR     73.00
JUNTA ANDALUCIA          4.250  10/31/2036     EUR     62.10
JUNTA LA MANCHA          3.875   1/31/2036     EUR     52.79
MAPFRE SA                5.921   7/24/2037     EUR     66.06
XUNTA DE GALICIA         4.025  11/28/2035     EUR     70.57

SWEDEN
------
STENA AB                 5.875    2/1/2019     EUR     73.88
STENA AB                 5.875    2/1/2019     EUR     73.42
SWEDISH EXP CRED         8.000   1/27/2012     USD      6.87
SWEDISH EXP CRED         0.500   1/25/2028     USD     57.42
SWEDISH EXP CRED         0.500  12/17/2027     USD     57.91
SWEDISH EXP CRED         0.500   8/26/2021     AUD     61.33
SWEDISH EXP CRED         0.500   8/25/2021     ZAR     48.85
SWEDISH EXP CRED         0.500    3/5/2018     AUD     73.92
SWEDISH EXP CRED         6.500   1/27/2012     USD      7.62
SWEDISH EXP CRED         2.000   12/7/2011     USD      9.85
SWEDISH EXP CRED         2.130   1/10/2012     USD      9.07
SWEDISH EXP CRED         8.000  10/21/2011     USD      8.92
SWEDISH EXP CRED         0.500   8/26/2016     ZAR     72.37
SWEDISH EXP CRED         0.500   8/25/2016     ZAR     70.38
SWEDISH EXP CRED         0.500   6/29/2016     TRY     72.06
SWEDISH EXP CRED         0.500   6/14/2016     ZAR     71.83
SWEDISH EXP CRED         0.500    3/3/2016     ZAR     73.57
SWEDISH EXP CRED         8.000   11/4/2011     USD      6.45
SWEDISH EXP CRED         7.500   6/12/2012     USD      8.86
SWEDISH EXP CRED         9.250   4/27/2012     USD      7.25
SWEDISH EXP CRED         9.750   3/23/2012     USD      7.67
SWEDISH EXP CRED         7.000    3/9/2012     USD      9.89
SWEDISH EXP CRED         7.000    3/9/2012     USD      8.60
SWEDISH EXP CRED         7.500   2/28/2012     USD      8.77
SWEDISH EXP CRED         0.500  12/21/2015     ZAR     74.86

SWITZERLAND
-----------
CRED SUIS NY             8.000    8/3/2012     USD     56.60
CYTOS BIOTECH            2.875   2/20/2012     CHF     63.89
UBS AG                  12.660   9/26/2011     EUR     70.28
UBS AG JERSEY           11.150   8/31/2011     USD     36.97
UBS AG JERSEY            9.450   9/21/2011     USD     49.91

UNITED KINGDOM
--------------
LVIV CITY                9.950  12/19/2012     UAH     95.42

UNITED KINGDOM
--------------
ABBEY NATL TREAS         5.000   8/26/2030     USD     64.41
ALPHA CREDIT GRP         6.000   6/20/2014     EUR     72.88
BAKKAVOR FIN 2           8.250   2/15/2018     GBP     69.43
BARCLAYS BK PLC         10.650   1/31/2012     USD     34.34
BARCLAYS BK PLC          5.000    6/3/2041     USD     66.13
BARCLAYS BK PLC          8.800   9/22/2011     USD     15.57
BARCLAYS BK PLC          8.950   4/20/2012     USD     16.29
BARCLAYS BK PLC          9.500   8/31/2012     USD     29.73
BARCLAYS BK PLC          9.250   8/31/2012     USD     32.40
BARCLAYS BK PLC         10.800   7/31/2012     USD     25.08
BARCLAYS BK PLC          9.400   7/31/2012     USD     10.21
BARCLAYS BK PLC         11.000   7/27/2012     USD      7.22
BARCLAYS BK PLC          7.000   7/27/2012     USD      9.49
BARCLAYS BK PLC         10.000   7/20/2012     USD      7.01
BARCLAYS BK PLC          8.000   6/29/2012     USD      8.41
BARCLAYS BK PLC          9.250   1/31/2012     USD      9.42
BARCLAYS BK PLC         10.350   1/23/2012     USD     26.47
BARCLAYS BK PLC          8.550   1/23/2012     USD     10.67
BARCLAYS BK PLC          8.750   9/22/2011     USD     71.61
BARCLAYS BK PLC          7.500   9/22/2011     USD     17.07
BARCLAYS BK PLC         12.950   4/20/2012     USD     23.99
CEVA GROUP PLC           8.500   6/30/2018     EUR     73.25
CO-OPERATIVE BNK         5.875   3/28/2033     GBP     67.94
EFG HELLAS PLC           4.375   2/11/2013     EUR     68.08
EFG HELLAS PLC           6.010    1/9/2036     EUR     32.75
EFG HELLAS PLC           5.400   11/2/2047     EUR     18.38
EMPORIKI GRP FIN         4.350   7/22/2014     EUR     54.38
EMPORIKI GRP FIN         4.000   2/28/2013     EUR     68.75
EMPORIKI GRP FIN         4.000   2/28/2013     EUR     68.75
ENTERPRISE INNS          6.875    5/9/2025     GBP     68.24
ENTERPRISE INNS          6.375   9/26/2031     GBP     65.20
ESSAR ENERGY             4.250    2/1/2016     USD     69.91
F&C ASSET MNGMT          6.750  12/20/2026     GBP     68.01
GALA ELECTRIC CA        11.500    6/1/2019     GBP     69.80
GALA ELECTRIC CA        11.500    6/1/2019     GBP     69.50
HBOS PLC                 4.500   3/18/2030     EUR     69.83
HEALTHCARE SUPP          2.067   2/19/2043     GBP     73.26
LBG CAPITAL NO.1         7.975   9/15/2024     GBP     73.48
LBG CAPITAL NO.1         6.439   5/23/2020     EUR     69.69
LBG CAPITAL NO.2         8.500    6/7/2032     GBP     77.66
LBG CAPITAL NO.2         6.385   5/12/2020     EUR     69.79
MATALAN                  9.625   3/31/2017     GBP     65.75
MATALAN                  9.625   3/31/2017     GBP     65.42
NOMURA BANK INTL         0.800  12/21/2020     EUR     63.16
NORTHERN ROCK            5.750   2/28/2017     GBP     70.58
NORTHERN ROCK            4.574   1/13/2015     GBP     78.38
PHONES4U FINANCE         9.500    4/1/2018     GBP     73.52
PIRAEUS GRP FIN          4.000   9/17/2012     EUR     73.01
ROYAL BK SCOTLND         5.168   6/29/2030     EUR     63.73
ROYAL BK SCOTLND         2.300  11/26/2024     JPY     76.97
ROYAL BK SCOTLND         4.692    6/9/2025     EUR     67.81
ROYAL BK SCOTLND         5.250  11/14/2033     EUR     73.46
SKIPTON BUILDING         5.625   1/18/2018     GBP     68.02
UNIQUE PUB FIN           6.464   3/30/2032     GBP     49.00


                            *********

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 * * *