TCREUR_Public/110905.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, September 5, 2011, Vol. 12, No. 175

                            Headlines



A U S T R I A

A-TEC INDUSTRIES: Decision on Penta Sale Expected This Week


B E L G I U M

* BELGIUM: Records 1,054 Corporate Bankruptcies in July-Aug 2011


G E R M A N Y

TELDAFAX HOLDING: Refunds for 700,000 Customers Unlikely


G R E E C E

DRYSHIPS INC: Ocean Rig to Exchange up to 28.5-Mil. Common Shares
DRYSHIPS INC: Incurs US$117.8 Million Second Quarter Net Loss


I C E L A N D

LANDSBANKI ISLANDS: Foreign Depositors to Get U$11.4-Bil. Payout


I R E L A N D

CELF LOAN: Moody's Upgrades Rating on Class E Notes to 'B3'
IRISH LIFE: First-Half Losses Blamed on Mortgage Arrears Hike
MAGI FUNDING: Moody's Lifts Rating on Subordinated Notes to 'Ba3'


N O R W A Y

SEVAN MARINE: May File for Bankruptcy Over Liquidity Problems


P O L A N D

POLSKI KONCERN: Fitch Affirms BB+ Long-Term IDRs; Outlook Stable


R U S S I A

MOSCOW MORTGAGE: Moody's Affirms 'E+' BFSR; Outlook Stable
SIBUR HOLDING: Fitch Affirms 'BB' Long-Term Foreign Currency IDR
TRANSCREDITBANK: Moody's Affirms 'D-' BFSR; Outlook Stable


S P A I N

CAIXA PENEDES: Fitch Affirms 'BBsf' Rating on Class C Notes


U K R A I N E

NAFTOGAZ NJSC: Faces Liquidation Over Moscow Gas Dispute


U N I T E D   K I N G D O M

ASSURED LOGISTICS: Goes Into Administration, Cuts 50 Jobs
CHORION: Goes Into Administration on Failure to Renegotiate Debt
CONSOLIDATED MINERALS: Moody's Rates US$405-Mil. Notes at 'B2'
HALLIWELLS: Ex-Partners to Enter Mediation with Administrators
VON ESSEN: Hotel Verta Up for Sale Following Administration

* UNITED KINGDOM: High Street Retailers Suffer in August


X X X X X X X X

* BOND PRICING: For the Week August 29 to September 2, 2011


                            *********



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


A-TEC INDUSTRIES: Decision on Penta Sale Expected This Week
-----------------------------------------------------------
Zoe Schneeweiss at Bloomberg News reports that Penta Investments
Ltd., a Czech and Slovak private equity firm, said it hasn't
received any information that talks are on hold about acquiring
the assets of A-Tec Industries AG.

According to Bloomberg, A-Tec CEO Mirko Kovats told Format
magazine on Thursday that it isn't comprehensible from where
Penta has got its funds.  Mr. Kovats, as cited by Bloomberg, said
that as long as the origin of the funds is unclear, negotiations
with Penta are on hold.

Separately, Bloomberg News' Ms. Schneeweiss, citing Format,
reports that Mr. Kovats said there will be a decision on the sale
of the company this week.

Mr. Kovats told the Vienna-based magazine in an interview that
A-Tec shareholders will be asked to sign off the sale at a
meeting at the end of September, Bloomberg relates.

Bloomberg notes that the CEO, as cited by the magazine, said that
he plans to leave the company once the sale is completed and that
he expects this to happen before the end of the year.

On Sept. 2, 2011, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that Penta will extend its offer for
buying the assets of A-Tec through the end of September.

As reported by TCR-Europe on Aug. 25, 2011, Bloomberg News
related that A-Tec, which filed for insolvency last year, asked
potential buyer Penta to narrow its offer to just one of the
company's units.  Other bidders for A-Tec include hedge fund
Springwater Capital and Pakistani billionaire Alshair Fiyaz,
Bloomberg said, citing Format magazine.

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.


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B E L G I U M
=============


* BELGIUM: Records 1,054 Corporate Bankruptcies in July-Aug 2011
----------------------------------------------------------------
SeeNews, citing research agency Graydon said, reports that the
number of Belgium's corporate bankruptcies came in at 1,054 in
July through August, almost flat on the same two months last
year.

According to SeeNews, in July, 605 Belgian companies went bust,
while in August the number stood at 449.

The number of the corporate bankruptcies between January and
August rose by 1.8% in annual terms to 6,451, SeeNews discloses.


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


TELDAFAX HOLDING: Refunds for 700,000 Customers Unlikely
--------------------------------------------------------
The Local.de reports that the official insolvency procedures of
TelDaFax Holding AG have begun in a Bonn court, but refunds
appear to be a pipe dream for most of the failed utility's
700,000 former customers.

"Consumers need to adjust to the fact that they will likely get
nothing or only a very small sum," The Local.de quotes lawyer Jan
Bornemann, who is playing an advisory role during the case, as
saying.

The Local.de relates that TelDaFax offered customers cut-rate
electricity if they pre-paid their bills before the company filed
for insolvency.  Mr. Bornemann said that in such proceedings, it
is often considered lucky if creditors get 5% of what they're
owed back, the report relates.

According to the report, some customers are owed thousands of
euros for energy supplies they paid the company for up to a year
in advance.  Other creditors include suppliers and employees, who
are trying to get their unpaid salaries.

TelDaFax declared it would enter insolvency proceedings in June
following a year of financial turmoil in which it was accused of
shoddy accounting practices and running a business that could
only stay afloat by rapidly attracting new prepaid customers, The
Local.de reports.

TelDaFax Holding AG is Germany's biggest independent electricity
retailer.


===========
G R E E C E
===========


DRYSHIPS INC: Ocean Rig to Exchange up to 28.5-Mil. Common Shares
-----------------------------------------------------------------
DryShips Inc. announced the commencement of an offer by its
majority owned subsidiary, Ocean Rig UDW, to exchange up to
28,571,428 new shares of Ocean Rig common stock that have been
registered under the U.S. Securities Act of 1933, as amended for
an equivalent number of common shares of Ocean Rig previously
sold in a private offering in December 2010.  The exchange offer
is being conducted upon the terms and subject to the conditions
set forth in the prospectus dated Aug. 26, 2011, and the related
letter of transmittal.  The Exchange Shares are identical to the
Original Shares, except that the Exchange Shares have been
registered under the Securities Act and, therefore, will not bear
legends restricting their transfer.

The exchange offer will expire at 5:00 p.m., New York City time,
11:00 p.m., Oslo time, on Sept. 27, 2011, unless extended by the
Company.  Tenders of the Original Shares must be properly made
before the exchange offer expires and may be withdrawn at any
time before the expiration of the exchange offer.

                         About DryShips Inc.

Based in Greece, DryShips Inc. -- http://www.dryships.com/--
-- owns and operates drybulk carriers and offshore oil
deep water drilling units that operate worldwide.  As of
Sept. 10, 2010, DryShips owns a fleet of 40 drybulk carriers
(including newbuildings), comprising 7 Capesize, 31 Panamax and 2
Supramax, ith a combined deadweight tonnage of over 3.6 million
tons and 6 offshore oil deep water drilling units, comprising of
2 ultra deep water semisubmersible drilling rigs and 4 ultra deep
water newbuilding drillships.

DryShips's common stock is listed on the NASDAQ Global Select
Market where it trades under the symbol "DRYS".

On Nov. 25, 2010, DryShips Inc. entered into a waiver letter
for its US$230.0 million credit facility dated Sept. 10, 2007,
as amended, extending the waiver of certain covenants through
Dec. 31, 2010.

In its audit report on the Company's financial statements for the
year ended Dec. 31, 2010, Deloitte, Hadjipavlou Sofianos &
Cambanis S.A., noted that the Company's inability to comply with
financial covenants under its original loan agreements as of
Dec. 31, 2009, its negative working capital position and other
matters raise substantial doubt about its ability to continue as
a going concern.

The Company's balance sheet at June 30, 2011, showed
US$7.86 billion in total assets, US$4.03 billion in total
liabilities, and US$3.83 billion in total equity.


DRYSHIPS INC: Incurs US$117.8 Million Second Quarter Net Loss
-------------------------------------------------------------
Dryships Inc. reported a net loss of US$117.81 million on
US$224.01 million of revenue for the three months ended June 30,
2011, compared with net income of US$19.46 million on
US$224.23 million of revenue for the same period a year ago.

The Company also reported a net loss of US$85.81 million on
US$431.43 million of revenue for the six months ended June 30,
2011, compared with net income of US$32.74 million on US$418.39
million of revenue for the same period during the prior year.

The Company's balance sheet at June 30, 2011, showed
US$7.86 billion in total assets, US$4.03 billion in total
liabilities and US$3.83 billion in total equity.

"We are pleased to report on the progress made on initiatives
that have been underway for several months.  One of the most
significant milestones was the commencement by Ocean Rig UDW on
August 26, 2011, of its offer to exchange shares that have been
registered with the US SEC for shares that were issued in a
private Norwegian offering in 2010.  On August 4, 2011, we also
announced the partial spin off of Ocean Rig UDW by way of a
dividend to our shareholders, this dividend is the first step in
delivering value to our shareholders from our investment in the
offshore deep water drilling sector.  By mid-September we expect
these shares will be tradable on a 'when issued' basis on the
Nasdaq Global Select Market and to begin 'regular-way' trading in
October under the symbol "ORIG."

A full-text copy of the press release announcing the financial
results is available for free at http://is.gd/8YfZBG

                         About DryShips Inc.

Based in Greece, DryShips Inc. -- http://www.dryships.com/--
-- owns and operates drybulk carriers and offshore oil
deep water drilling units that operate worldwide.  As of
Sept. 10, 2010, DryShips owns a fleet of 40 drybulk carriers
(including newbuildings), comprising 7 Capesize, 31 Panamax and 2
Supramax, with a combined deadweight tonnage of over 3.6 million
tons and 6 offshore oil deep water drilling units, comprising of
2 ultra deep water semisubmersible drilling rigs and 4 ultra deep
water newbuilding drillships.

DryShips's common stock is listed on the NASDAQ Global Select
Market where it trades under the symbol "DRYS".

On Nov. 25, 2010, DryShips Inc. entered into a waiver letter
for its US$230.0 million credit facility dated Sept. 10, 2007,
as amended, extending the waiver of certain covenants through
Dec. 31, 2010.

In its audit report on the Company's financial statements for the
year ended Dec. 31, 2010, Deloitte, Hadjipavlou Sofianos &
Cambanis S.A., noted that the Company's inability to comply with
financial covenants under its original loan agreements as of
Dec. 31, 2009, its negative working capital position and other
matters raise substantial doubt about its ability to continue as
a going concern.


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I C E L A N D
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LANDSBANKI ISLANDS: Foreign Depositors to Get U$11.4-Bil. Payout
----------------------------------------------------------------
Omar R. Valdimarsson at Bloomberg News reports that Iceland
declared a three-year dispute with the U.K. and the Netherlands
to be history after it promised to pay out US$11.4 billion from
the estate of failed Landsbanki Islands hf to cover all foreign
depositor losses.

The most recent valuation of Landsbanki's assets shows the
lender, which failed in October 2008 together with the rest of
Iceland's financial system, will have enough funds to pay back
more than double the US$5.3 billion backed by depositor
guarantees, Bloomberg says, citing a report published by the
bank's resolution committee on Thursday.

The so-called Icesave dispute, named after the high-yielding
Internet accounts Landsbanki offered abroad, had soured Iceland's
relations with the U.K. and the Netherlands after the bank's
collapse left about 350,000 foreign depositors in the lurch,
Bloomberg notes.

According to Bloomberg, Economy Minister Arni Pall Arnason said,
Landsbanki can probably start paying claimants later this year.

"We're expecting the court to rule in the matter in the first
half of October.  Following that we'll commence payments.  The
payments will be quite significant," Bloomberg quotes the
chairman of Landsbanki's resolution committee, as saying said in
a phone interview on Thursday.

The European Free Trade Association's Surveillance
Authority "will have to consider all aspects of this matter
before proceeding with any case," Mr. Arnason, as cited by
Bloomberg, said.  "Now all depositors -- regardless of whether
they were covered by depositor guarantees -- will get their money
in full."

The island still needs to settle a domestic court battle
questioning the status of priority claims, which include amounts
owed the foreign depositors, Bloomberg discloses.

                    About Landsbanki Islands

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

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


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I R E L A N D
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CELF LOAN: Moody's Upgrades Rating on Class E Notes to 'B3'
-----------------------------------------------------------
Moody's Investors Service has upgraded the ratings of these notes
issued by CELF Loan Partners III plc.

Issuer: CELF Loan Partners III plc.

   -- EUR52M Class A-2 Senior Secured Floating Rate Notes due 1
      November 2023, Upgraded to Aa1 (sf); previously on Jun 22,
      2011 A1 (sf) Placed Under Review for Possible Upgrade

   -- EUR28M Class B-1 Senior Secured Deferrable Floating Rate
      Notes due 1 November 2023, Upgraded to A2 (sf); previously
      on Jun 22, 2011 Baa2 (sf) Placed Under Review for Possible
      Upgrade

   -- EUR8M Class B-2 Senior Secured Deferrable Fixed Rate Notes
      due 1 November 2023, Upgraded to A2 (sf); previously on Jun
      22, 2011 Baa2 (sf) Placed Under Review for Possible Upgrade

   -- EUR31.5M Class C Senior Secured Deferrable Floating Rate
      Notes due 1 November 2023, Upgraded to Baa3 (sf);
      previously on Jun 22, 2011 Ba3 (sf) Placed Under Review for
      Possible Upgrade

   -- EUR29M Class D Senior Secured Deferrable Floating Rate
      Notes due 1 November 2023, Upgraded to Ba3 (sf); previously
      on Jun 22, 2011 Caa2 (sf) Placed Under Review for Possible
      Upgrade

   -- EUR19.5M Class E Senior Secured Deferrable Floating Rate
      Notes due 1 November 2023, Upgraded to B3 (sf); previously
      on Jun 22, 2011 Ca (sf) Placed Under Review for Possible
      Upgrade

   -- EUR11M Class R Combination Notes due 1 November 2023,
      Confirmed at Baa3 (sf); previously on Jun 22, 2011 Baa3
     (sf) Placed Under Review for Possible Upgrade

   -- EUR6M Class S Combination Notes due 1 November 2023,
      Withdrawn (sf); previously on Jun 22, 2011 Baa3 (sf) Placed
      Under Review for Possible Upgrade

   -- EUR3M Class V Combination Notes due 1 November 2023,
      Withdrawn (sf); previously on Jun 22, 2011 Caa2 (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. For Class R,
the 'Rated Balance' is equal at any time to the principal amount
of the Combination Note on the Issue Date increased by the Rated
Coupon of 1.5% per annum respectively, accrued on the Rated
Balance on the preceding payment 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.

Class S and Class V Combination Notes have been split back into
their original components.

Ratings Rationale

CELF Loan Partners III plc., issued in October 2006, is a single
currency Collateralised Loan Obligation ("CLO") backed by a
portfolio of mostly high yield European loans. The portfolio is
managed by CELF Advisors LLP. This transaction will be in
reinvestment period until 1 November 2013. The transaction
portfolio 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 credit improvement of the underlying portfolio
and an increase in the transaction's overcollateralization ratios
since the rating action in July 2009.

The actions 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, 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, and (3) adjustments to the
equity cash-flows haircuts applicable to combination notes.

The overcollateralization ratios of the rated notes have improved
since the rating action in July 2009. The Class A, Class B, Class
C, Class D and Class E overcollateralization ratios are reported
at 138.79%, 125.02%, 115.045, 107.16% and 101.93%, respectively,
versus June 2009 reported levels (which the July 2009 rating
actions were based on) of 133.86%, 120.85%, 111.36%, 103.82% and
99.26%, respectively, and all related overcollateralization tests
except for Class E are currently in compliance.

Reported WARF has increased from 2844 to 2934 between June 2009
and July 2011 reporting period. However, the change in reported
WARF understates the actual credit quality improvement 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 1 September 2010. In addition, securities
rated Caa or lower make up approximately 9% of the underlying
portfolio versus 16% in June 2009. However, Moody's notes that
defaulted securities total about EUR19.95 million of the
underlying portfolio compared to EUR11.2 million in June 2009.

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 EUR453.1
million, defaulted par of EUR19.95million (with a weighted
average recovery rate of 14% based on the defaulted asset current
market value), a weighted average default probability of 20.7%
(consistent with a WARF of 2880), a weighted average recovery
rate upon default of 42.36% for a Aaa liability target rating, a
diversity score of 42 and a weighted average spread of 3.12%. 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 80% 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 and
weighted average rating factor levels 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 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) 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.

2) Moody's also notes that around 67% of the collateral pool
   consists of debt obligations whose credit quality has been
   assessed through Moody's credit estimates.

3) 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. Moody's tested for a
   possible extension of the actual weighted average life in its
   analysis.

The principal methodology used in this 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 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.


IRISH LIFE: First-Half Losses Blamed on Mortgage Arrears Hike
-------------------------------------------------------------
Simon Carswell at The Irish Times reports that an unexpected
surge in mortgage arrears led to losses at Irish Life and
Permanent of EUR349 million for the first half of the year -- a
ten-fold increase on last year.

According to The Irish Times, the company, which was effectively
nationalised last month with a EUR2.7 billion State injection,
said that 8.8% of mortgages were in arrears of 90 days or more at
the end of June, up from 6.8% six months earlier.

Kevin Murphy, chief executive of Irish Life and Permanent, blamed
falling house prices and higher arrears for the bank's loss, The
Irish Times discloses.

The Irish Times relates that Mr. Murphy said the company would
have to set aside heavier provisions for the full year to account
for the higher losses estimated in the Central Bank's stress
tests last March.

The company, along with other banks, is in talks with the Central
Bank, which wants the lenders to reflect the severe losses
estimated in the "PCar" tests that raised recapitalization
targets for the banks by a further EUR24 billion, The Irish Times
notes.

Mr. Murphy, as cited by the Irish Times, said that an increase in
provisions would be inevitable outcome of these talks.

Headquartered in Dublin, Irish Life & Permanent plc --
http://www.irishlifepermanent.ie/-- is a provider of personal
financial services to the Irish market.  Its business segments
include banking, which provides retail banking services;
insurance and investment, which includes individual and group
life assurance and investment contracts, pensions and annuity
business written in Irish Life Assurance plc and Irish Life
International, and the investment management business written in
Irish Life Investment Managers Limited; general insurance, which
includes property and casualty insurance carried out through its
associate, Allianz-Irish Life Holdings plc, and other, which
includes a number of small business units.


MAGI FUNDING: Moody's Lifts Rating on Subordinated Notes to 'Ba3'
-----------------------------------------------------------------
Moody's Investors Service upgraded the ratings of these notes
issued by Magi Funding I PLC:

   -- EUR212,600,000 Class A Floating Rate Notes due 2021,
      Upgraded to Aaa (sf); previously on Jun 22, 2011 Aa1 (sf)
      Placed Under Review for Possible Upgrade

   -- EUR33,800,000 Class B Deferrable Floating Rate Notes due
      2021, Upgraded to A3 (sf); previously on Jun 22, 2011 Baa3
      (sf) Placed Under Review for Possible Upgrade

   -- EUR7,500,000 Class C Deferrable Floating Rate Notes due
      2021, Upgraded to Baa3 (sf); previously on Jun 22, 2011 Ba3
      (sf) Placed Under Review for Possible Upgrade

   -- EUR11,760,000 Subordinated Notes II A due 2021, Upgraded to
      Ba3 (sf); previously on Jun 22, 2011 Caa1 (sf) Placed Under
      Review for Possible Upgrade

Ratings Rationale

Magi Funding I plc, issued in February 2006, is a single currency
Collateralised Loan Obligation ("CLO") backed by a portfolio of
mostly high yield European senior secured loans. The portfolio is
managed by Henderson Global Investors Ltd. This transaction will
be in reinvestment period until April 11, 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 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 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 and (3) adjustments to the
equity cash-flows haircuts applicable to combination notes.

Moody's also notes that this action also reflects improvements of
the transaction performance since the last rating action. In
Moody's view, positive developments coincide with reinvestment of
sale proceeds (including higher than previously anticipated
recoveries realized on defaulted securities) into substitute
assets with higher par amounts.

The overcollateralization ratios of the rated notes have improved
since the rating action in April 2011. The Class A, Class B and
Class C overcollateralization ratios are reported at 135%,
115.28% and 111.66%, respectively, versus March 2011 levels of
131.53%, 112.32% and 108.80%, respectively. Additionally, there
are currently no defaulted securities in the portfolio.

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 EUR274.3
million, a weighted average default probability of 21.26%
(consistent with a WARF of 3028), a weighted average recovery
rate upon default of 48.73% for a Aaa liability target rating, a
diversity score of 35 and a weighted average spread of 3.11%. 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 96.8% 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) Moody's also notes that around 57% 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. Moody's tested for a
   possible extension of the actual weighted average life in its
   analysis.

3) Other collateral quality metrics: The deal is allowed to
   reinvest and the manager has the ability to deteriorate the
   collateral quality metrics' existing cushions against the
   covenant levels. Moody's analyzed the impact of assuming lower
   of reported and covenanted values for weighted average rating
   factor, weighted average spread and diversity score. However,
   as part of the base case, Moody's considered spread levels
   higher than the covenant levels due to the large difference
   between the reported and covenant levels.

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


===========
N O R W A Y
===========


SEVAN MARINE: May File for Bankruptcy Over Liquidity Problems
-------------------------------------------------------------
According to Nordic Business Report, Sevan Marine said on
Wednesday in its second-quarter financial report that the company
will most likely file for bankruptcy if it does not find a
solution to its liquidity problems shortly.

Nordic Business Report says the financial situation remains
challenging and Sevan Marine continues its efforts to restructure
the debt by converting bonds into equity or by issuing new
capital.  If successful, the restructuring will result in
considerable dilution for existing shareholders, Nordic Business
Report states.  If the effort fails, the liquidation value of the
company's assets is estimated at between US$470 million and
US$585 million, Nordic Business Report notes.

One of the measures under consideration is a new share issue of
at least US$200 million, to be mainly financed by Sevan Marine's
bondholders but also with a right for existing shareholders to
participate, Nordic Business Report discloses.  In addition, the
company will seek to extend the maturity periods of its existing
bonds and to revise the interest rate and amortization schedules,
according to Nordic Business Report.

The company slipped into a net loss of US$639 million in
April-June 2011 from a year-earlier profit of US$500,000, Nordic
Business Report relates.

Sevan Marine ASA is a Norwegian oil service provider.


===========
P O L A N D
===========


POLSKI KONCERN: Fitch Affirms BB+ Long-Term IDRs; Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed Polish oil refining and marketing
company Polski Koncern Naftowy ORLEN S.A.'s (PKN) Long-term
foreign and local currency Issuer Default Ratings (IDRs) at
'BB+', its foreign and local currency senior unsecured ratings at
'BB+' and Short-term foreign and local currency IDRs at 'B'.  The
Outlooks on the Long Term IDRs are Stable.

The rating affirmation reflects the fact that PKN's improved
financial profile supports the company's creditworthiness in
light of the still difficult conditions for the European oil
refining sector.  This was achieved through the implementation of
a deleveraging plan and refinancing of the majority of the
company's debt in 2011.  As a result, PKN's leverage ratio (net
debt to EBITDA, excluding inventory holding gains/losses, but
including the Polkomtel dividend), improved to 1.6x at end-June
2011, down from 3.8x at end-December 2009.

Positive rating action would depend on the company's ability to
consistently maintain credit ratios at improved levels.  This
will partly depend on the updated capex plan and dividend policy
to be unveiled within the company's strategy update, planned for
the autumn of 2011, and the progress with non-core assets
disposals.

Negative rating action could result from a marked deterioration
in cash flows and credit metrics, for example, due to a slower
recovery in refining profits than currently envisaged by Fitch.

The refinancing of the majority of PKN's debt extended the debt
maturity profile and allows PKN to cover its funding needs for
the next few years.  The refinancing was completed about 18
months ahead of the maturity of the main credit facilities, which
confirms PKN's prudent approach to debt management.  The agency
views positively the changed definition of financial covenants in
the refinanced loans as it eliminates the risk of a covenant
breach due to inventory holding losses.  This was the case in
Q408 due to a large fall in oil prices and led to increased
refinancing risk.  PKN's banks agreed on a waiver and less
favorable lending terms for the company.

In June 2011, PKN agreed to sell its 24.39% stake in Polish
mobile operator Polkomtel S.A. for PLN3.7 billion as part of the
non-core assets disposal plan.  The Polkomtel disposal, pending
the antimonopoly office's approval, is likely to provide PKN with
additional financial flexibility in terms of debt and working
capital management.  In addition, the Q311 planned sale of a
tranche of compulsory inventory should reduce working capital
needs.

Fitch views PKN as a refining company with high business
diversification given its substantial petrochemical operations
and a strong position in fuel retail sales.  Diversification may
help mitigate cash flow cyclicality as seen in the H111 results,
where solid performance in the petrochemicals segment supported
PKN's cash flow at a time of weaker refining profits.

The ratings reflect PKN's solid liquidity.  At end-June 2011,
short-term debt of PLN1.3 billion was covered by unrestricted
cash of PLN1.9 billion, and unused committed bank facilities of
PLN8.4 billion, which are mostly due in 2016.

Fitch has also withdrawn the expected foreign currency senior
unsecured rating of 'BB+(exp)' assigned to ORLEN Capital AB
(publ), a finance subsidiary of PKN, as the eurobond issue is not
planned currently.


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


MOSCOW MORTGAGE: Moody's Affirms 'E+' BFSR; Outlook Stable
----------------------------------------------------------
Moody's Investors Service has affirmed the standalone E+ bank
financial strength rating (BFSR; mapping to B3 on a long-term
scale), the Ba2/Not Prime long-term and short-term local and
foreign-currency deposit ratings, as well as the Ba2 long-term
local-currency debt rating of Moscow Mortgage Agency (MMA). The
outlook on all these ratings is stable.

Moody's assessment is primarily based on MMA's audited financial
statements for 2010 prepared under IFRS, signed on June 24, 2011.

Ratings Rationale

According to Moody's, MMA's E+ BFSR is constrained by the
limitations of MMA's niche market, predominantly under the City
of Moscow's funding programs. This renders its business
potentially exposed to changes in the strategic priorities of the
City's government. These constraints also result in weak revenue
generation, compared with independent market players. MMA could
find it difficult to withstand competition outside of its core
segment due to its historically limited experience of operating
in a competitive environment, as illustrated by the weak
performance of its corporate loan book, where over 40% loans are
non-performing loans (NPLs). In addition, MMA's funding has
historically been significantly dependent on the shareholders'
desire to provide financing via capital and wholesale funding.

At the same time, MMA's ratings are supported by the ample
capitalisation (with a total Tier 1 ratio of 80% at end-2010) and
the substantial barriers to MMA's niche market which shields it
from competition. MMA's retail portfolio exposure benefits from
better-than-average asset quality (NPLs lower than 1%) due to
natural credit enhancements (e.g., low loan-to-value (LTV) and
debt-to-income (DTI) ratios) and operations in the Moscow region
that demonstrate better economic performance, compared with other
regions.

The Ba2 long-term ratings are supported by MMA's B3 standalone
credit strength and -- in accordance with Moody's Joint Default
Analysis (JDA) methodology -- factors in a high probability of
support from MMA's 100% owner, the City of Moscow. The likelihood
of support is underpinned by (i) the strategic fit, given the
policy role MMA fulfils for the City in terms of supporting the
City's program of providing mortgages to individuals in Moscow
who acquire residential properties at prices below market; (ii)
successive capital injections from the City government since
MMA's inception in 2000; and (iii) the presence of high-ranking
Moscow officials on its supervisory board.

MMA's BFSR of E+ has limited upward potential at its current
level. Credit-positive implications for the BFSR could stem from
a growing market share in residential mortgage lending outside of
the government's social programs. This would likely result in a
sustained improvement in earnings. MMA would also benefit from
diversifying its funding base. More evidence of the strategic fit
to the Moscow government or/and an increase of MMA's standalone
credit strength -- which currently maps to B3 on the long-term
scale -- could cause positive pressure for the E+ BFSR.

A material deterioration in asset quality and liquidity could
have negative implications for MMA's BFSR. Any evidence
indicating a lower probability of support from the City of Moscow
-- especially after the new City administration came into power -
- could result in a downgrade of MMA's long-term deposit rating.

PREVIOUS RATING ACTIONS AND PRINCIPAL METHODOLOGIES

The principal methodologies used in this rating were Bank
Financial Strength Ratings: Global Methodology, published in
February 2007, and Incorporation of Joint-Default Analysis into
Moody's Bank Ratings: A Refined Methodology, published in March
2007. Please see the Credit Policy page on www.moodys.com for a
copy of these methodologies.

Domiciled in Moscow, MMA reported, as at December 31, 2010, total
IFRS (audited) assets of approximately US$340 million and total
equity of approximately US$210 million. MMA's net income for 2010
amounted to approximately US$10 million.


SIBUR HOLDING: Fitch Affirms 'BB' Long-Term Foreign Currency IDR
----------------------------------------------------------------
Fitch Ratings has revised JSC SIBUR Holding's (Sibur) rating
Outlook to Stable from Positive and affirmed its Long-term
foreign currency Issuer Default Rating (IDR) at 'BB'.  Fitch has
also affirmed Sibur's Short-term foreign currency IDR at 'B'.

The revision of the Outlook to Stable reflects Fitch's view that
an upgrade is unlikely until full clarity is gained about the
potential impact and timing of possible shareholder-related
transactions on Sibur's financial profile.  The agency's
assessment particularly focused on the debt raised by the
shareholder to finance Mr. Mikhelson's acquisition of a 50% stake
in Sibur, as well as any additional funding that could be
required for the intended full takeover of the company by him.
Mr. Mikhelson is the minority shareholder and the Chairman of the
Management Board of OAO Novatek ('BBB-'/Negative), the largest
private gas producer in Russia.

The rating is supported by Sibur's position as the largest
vertically integrated petrochemicals producer in Russia and its
strong operational profile and cash flow generation capacity
through the cycle.  Sibur benefits from leading associated
petroleum gas (APG) processing capacities in Russia and from a
low cost positioning relative to most of its international peers.
As a result, the company has historically generated operating
margins well above peers' average and demonstrated resilience
during the downturn.

The ratings also reflect the group's solid financial profile,
moderate leverage and adequate liquidity position.  Sibur intends
to dispose of its non-core tyre and fertilizer operations and
Fitch's 2012 base case assumes that the proceeds from these
divestments will support the service of the shareholder's
acquisition debt.

Fitch forecasts mid-single digit revenue CAGR in 2011-2012 and
mid-teens growth in 2013 and 2014.  This assumes new polymer
production capacities, partially offset by the disposal of the
non-core businesses in 2012.  The divestment of the lower margin
tyre and fertilizer businesses, coupled with the group's
improving vertical integration should offset rising cost
inflation in Russia and support EBITDAR margins above 25% through
the cycle.  The large-scale Tobolsk-Polymer and RusVinyl capex
projects are progressing in line with the Sibur's expected
timeline.  Completion of the Tobolsk project is planned for late
2012.

Rating constraints include Sibur's exposure to the inherent
pricing volatility and demand cyclicality of the petrochemicals
sector, and the higher than average legal, business and
regulatory risks associated with Russia ('BBB'/Positive/'F3')
where Sibur's key operating assets are located.

A positive rating action could be driven by timely execution of
the capex program, neutral to positive expected free cash flow
generation across the cycle and FFO adjusted leverage below 1.5x
on average through the cycle.  However, it would also require
full clarity on the potential impact of the shareholder's
acquisition debt on Sibur's financial structure and credit
profile.

The pursuit of a more aggressive financial strategy with an
increased financial burden, resulting in FFO adjusted leverage
sustained above 2.5x would put pressure on the rating.  A
deterioration in the company's cost position or access to
low-cost APG could also lead to a negative rating action.


TRANSCREDITBANK: Moody's Affirms 'D-' BFSR; Outlook Stable
----------------------------------------------------------
Moody's Investors Service has affirmed the following ratings of
TransCreditBank (TCB): long-term foreign-currency debt and
deposit ratings of Ba1, long-term local currency debt rating of
Ba1, the local and foreign-currency subordinated debt ratings of
Ba2 as well as the D- standalone bank financial strength rating
(BFSR; mapping to Ba3 on a long-term scale). At the same time,
Moody's assigned Ba1/Not-Prime long and short term local currency
deposit ratings. All ratings carry a stable outlook.

Moody's assessment is primarily based on the official press
releases of the Bank VTB and TCB, on the bank's audited financial
statements for 2010 prepared under IFRS and the information
Moody's received from the top management of VTB.

Ratings Rationale

According to Moody's the ratings, affirmation follows Bank VTB's
(VTB -- rated Baa1/Prime-2/D-, negative outlook) announcement
that it had recently acquired an additional 29% stake in TCB,
thus increasing its shareholding to 74% in July 2011 from 44% at
year-end 2010. As a result, TCB's deposit ratings now benefit
from high probability of support from VTB (see Moody's Issuer
Comment, "Moody's comments on Bank VTB's planned acquisition of
Russia's TransCreditBank", published on 12 October 2010 and
available on www.moodys.com).

The high probability of support from VTB is based on the (i)
controlling ownership by VTB; (ii) increasing operational
integration (for example TCB's risk function is now controlled by
VTB, its board of directors is controlled by VTB's
representatives, and VTB's representatives are included in the
management board); and (iii) significant strategic fit as the
current core clients of TCB -- companies related to Russian
Railways -- are an important client segment for VTB.

Although the Russian Railways (the former controlling
shareholder) continues to control a 25% + 1 share in TCB, Moody's
believes that its willingness to provide support to TCB has
substantially diminished after it sold its majority stake in the
bank. As a result, Moody's does not incorporate any support from
the Russian Railways into the ratings of TCB.

The stable outlook on TCB's long-term ratings reflects Moody's
expectation that TCB will become increasingly integrated with VTB
in the medium term, as well as possible negative pressure on
TCB's standalone credit strength. The latter could result from
the planned migration of TCB's business to VTB, according to the
current integration plan.

Previous Rating Actions and Principal Methodologies

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

Headquartered in Moscow, TCB had total assets of approximately
RUB414 billion (approximately US$15 billion) and equity of RUB30
billion (approximately US$1 billion), according to the bank's
unaudited IFRS financial report at end-Q1 2011. TCB's main focus
is on servicing the needs of Russian Railways and its
subsidiaries, and the location of the bank's branch network
enables it to better provide services to its former parent's
regional entities and their employees.


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


CAIXA PENEDES: Fitch Affirms 'BBsf' Rating on Class C Notes
-----------------------------------------------------------
Fitch Ratings has affirmed CAIXA PENEDES FTGENCAT 1 TDA, FTA as
follows:

  -- EUR94,326,059 Class A1 notes (ISIN ES0318559004): affirmed
     at 'AAAsf', Outlook Stable

  -- EUR104,700,098 Class A2 (CA) notes (ISIN ES0318559012):
     affirmed at 'AAAsf', Outlook Stable

  -- EUR92,900,000 Class B notes (ISIN ES0318559020): affirmed at
     'A-sf', Outlook Stable

  -- EUR41,600,000 Class C (ISIN ES0318559038): affirmed at
     'BBsf', Outlook Stable

The affirmation reflects increasing credit enhancement (CE)
levels due to the notes' structural deleveraging.  In addition,
all the notes are able to withstand Fitch's stresses.

The transaction has experienced relatively low delinquencies
since closing. However, the balance of the reserve fund is
slightly below the required level as current defaults have
increased to 1.2% of the outstanding portfolio balance from 0.2%
a year ago.  Fitch believes the slight deterioration in the
transaction's performance is mitigated by the increase in CE
levels.  The senior notes' CE has built up to 53% from 44% last
year.  The Class B and C notes' CE has also increased to 25% and
13% from 21% and 11%, respectively.

The transaction has amortized down to 55% of the original balance
but the portfolio remains highly concentrated in real estate and
constructions sectors, at 25% and 15%, respectively.  However,
the loan-to-value ratio is low at 53%, and 93% of the assets are
secured by first-lien mortgages.  The portfolio is also granular,
with the top 20 obligors comprising approximately 11% of the
pool.

Fitch's analysis included assumptions on the probability of
default (PD) with regards to current delinquencies as well as the
performing portfolio.  Delinquent loans were analyzed with a
higher PD depending on the length of time the loans have been in
arrears.  Recoveries for loans secured by first-lien mortgages
were adjusted for market value stresses based on the agency's
criteria.

Fitch has revised the Issuer Report Grade (IRG) to "Poor", (one
star) for the investor reports. The agency notes that the reports
do not specify several key fields required for "Satisfactory" IRG
of three stars.  The transaction's IRG is consistent with the
grades of other transactions rated by Fitch from the same
trustee.


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


NAFTOGAZ NJSC: Faces Liquidation Over Moscow Gas Dispute
--------------------------------------------------------
RIA Novosti reports that Ukrainian Prime Minister Mykola Azarov
said on Friday that Kiev plans to liquidate its state-run energy
firm Naftogaz, and to scrap all current gas deals with Russia in
an escalation of a bitter row with Moscow over prices for gas.

"Naftogaz as a company will cease to exist.  There will be a
liquidation period.  Some time later, after all the necessary
formalities become valid, totally new companies will operate on
the market.  This is why all existing agreements will be
revised," RIA Novosti quotes Mr. Azarov as saying.

Ukraine has been trying to revise its 2009 agreement with Russian
gas giant Gazprom which tied the gas price to the price for oil
boosting Kiev's bill, RIA Novosti discloses.  Former prime
minister Yulia Tymoshenko is now on trial for exceeding her
authority in signing it, RIA Novosti notes.

RIA Novosti relates that Ukraine said on Tuesday that it would
slash purchases of Russian gas by a third to 27 billion cubic
meters in 2012, down from 40 bcm this year.  Gazprom maintained
that under the contract, based on a 'take-or-pay' principle, Kiev
would still have to pay for 33 bcm of gas regardless of actual
purchases, RIA Novosti states.

According to RIA Novosti, Mr. Azarov said that the 2009 deal
violated a 2004 agreement which says the two countries could
revise deliveries of gas.

                  About NJSC Naftogaz of Ukraine

Headquartered in Kiev, Ukraine, NJSC Naftogaz of Ukraine --
http://www.naftogaz.com/-- is a vertically integrated oil and
gas company engaged in full cycle of operations in gas and oil
field exploration and development, production and exploratory
drilling, gas and oil transport and storage, supply of natural
gas and LPG to consumers.


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


ASSURED LOGISTICS: Goes Into Administration, Cuts 50 Jobs
---------------------------------------------------------
Evening Telegraph reports that Assured Logistics Solutions has
gone into administration on Sept. 1, 2011, cutting 50 jobs in the
process.  The report relates that the company still owed its
staff their wages.

Staff from Bond Partners, a firm of chartered accountants and
insolvency practitioners of Southgate, London, are dealing with
the firm, according to Evening Telegraph.

The report notes that groups of workers gathered outside the
firm's premises because their monthly salary due to have been
paid into their bank accounts has not yet arrived.

Assured Logistics Solutions has three sites in Corby, at Max
Park, Curver Way and Davey Road. It also has a base in Kettering.
The company specializes in warehousing and distribution and
operates a three-shift system.


CHORION: Goes Into Administration on Failure to Renegotiate Debt
----------------------------------------------------------------
The Drum reports that Chorion has been forced into administration
after failing to renegotiate a GBP70 million debt mountain.

Lord Alli and William Astor, Chorion's chairman and deputy
chairman, have already tendered their resignations as a result of
this failure while DC Advisory Partners have been appointed to
oversee the sale of the business, according to The Drum.

The Drum notes that this is likely to see the firm's assets
broken up and sold off to the highest bidder as lenders -
principally Bank of Ireland, GE Capital and Lloyds -- seek to
recoup their investments.

The report discloses that a range of bidders are expected to vie
for the assets, which include the Agatha Christie franchise,
Paddington Bear, the Famous Five and Beatrix Potter.  The Drum
relates that these include Disney, Hasbro, Viacom and other
children's entertainment providers.

As reported in the Troubled Company Reporter-Europe on Aug. 31,
2011, The Independent said that Chorion is on the verge of
administration after it failed to find new funds.  Lenders to
Chorion, a private equity-owned business, have lined up the
accountant Deloitte as an administrator, according to The
Independent.  The report related that Chorion could collapse into
administration as soon as this week, which would be a blow to 3i,
the private equity investor that has pumped GBP86 million into
the company.  The Independent noted that Chorion has debts of
about GBP70 million, faced annual interest payments of
GBP35 million last year and breached the terms of its loans in
March.

Chorion is the media company that owns the rights to Paddington
Bear, Noddy and the Mr. Men.


CONSOLIDATED MINERALS: Moody's Rates US$405-Mil. Notes at 'B2'
--------------------------------------------------------------
Moody's Investors Service has assigned a definitive B2 rating to
US$405 million of senior secured notes issued by Consolidated
Minerals, a Jersey-based manganese ore producer. The rating
outlook is stable.

Ratings Rationale

The B2 corporate family rating is supported by Consolidated
Minerals' (i) access to high grade manganese reserves in
Australia, (ii) substantial life of mine in Ghana (over 15 years)
and track record of increasing the group's reserves life of its
Australian operations (average reserve life was increased to 5.5
years from 2.5 years a few years ago) albeit reserves life
remains very thin compared to peers across the mining sector,
(iii) relatively strong market positions in a consolidated
manganese industry, and (iv) conservative balance sheet structure
following the restructuring of the group's shareholder loan into
a highly subordinated instrument as part of the considered
transaction.

On a more negative note, the rating is constrained by the group's
(i) exposure to a single commodity which has proven volatile over
the recent past, (ii) limited geographical and assets
diversification with all manganese ore being mined in Australia
and Ghana, (iii) relatively low grade manganese reserves in Ghana
partially outweighed by the high prices attracted from its EMM
customer base in China for this ore, (iv) average cash cost
structure due to high logistical and employee costs in Australia
and low grade reserves in Ghana as well as high stripping costs
in both countries, and (v) the group's concentrated ownership
structure with the company being ultimately controlled by an
individual and the high share of related party transactions in
overall group revenues.

While positive rating pressure is unlikely in the short term,
Consolidated Minerals' ability to (i) further extend its reserve
life in Australia, (ii) to improve its cost structure, (iii) to
diversify its metals offering, (iv) to demonstrate a prolonged
track record of operating performance with reported Gross debt /
EBITDA below 2.5x and (v) to keep a conservative financial and
dividend policy with (CFO-dividends)/Debt ratio sustainably above
10% could lead to positive rating pressure over time.

Failure to maintain at least 5 years of reserve life at
Consolidated Minerals' Australian operations during the lifetime
of the senior secured notes could lead to negative pressure on
the ratings. A sharp deterioration in the operating cash flow
generation of the group leading to sustained negative free cash
flows and a (CFO-dividends)/Debt ratio significantly below 10%
could put negative pressure on the ratings.

The principal methodology used in rating Consolidated Minerals
was the Global Mining Industry Methodology published in May 2009.

Consolidated Minerals, headquartered in Jersey is a leading
producer of manganese ore. Mining operations are carried out from
Australia (Woodie Woodie mine) and from Ghana (Nsuta mine). The
group also mines chromite ore at its Coobina mine in Australia.

Consolidated Minerals was formed through the acquisition of CMPL
in 2007/08 for a total consideration of US$1.1 billion and
subsequently combined with Ghana International Manganese
Corporation. Consolidated Minerals is wholly owned by Gennady
Bogolyubov, a Ukrainian citizen.

In 2010, Consolidated Minerals reported sales of US$640 million
and an EBITDA excluding special items of US$248 million.


HALLIWELLS: Ex-Partners to Enter Mediation with Administrators
--------------------------------------------------------------
Simon Petersen, writing for Legalweek, reports that the
Halliwells partners facing a GBP21 million High Court claim by
the firm's administrators are set to enter mediation in an effort
to avoid a lengthy court battle.

BDO launched the claim in July against a group of 32 ex-partners
-- including former chairman Ian Austin -- in a bid to reclaim
more than GBP21 million gained through a controversial 'reverse
premium' property payout, Legalweek recounts.

The partners have agreed to enter mediation with the intention of
settling the claim out of court, although the first meeting is
unlikely to happen before the new year, Legalweek notes.

Addleshaw Goddard is advising BDO, while litigation firm Peters &
Peters acting for 30 of the 32 defendants, Legalweek discloses.

As reported in the Troubled Company Reporter-Europe on Feb. 18,
2011, Legalweek said that the latest report from administrators
BDO revealed that Halliwells owed unsecured creditors more than
GBP190 million.  Legalweek related that to date, BDO has received
claims worth GBP191.5 million from unsecured creditors.  Landlord
and lease creditors account for GBP182.2 million of claims
received to date, with Her Majesty's Revenue & Customs the next
largest creditor with some GBP4.3 million in taxes and
GBP1.1 million in VAT, according to Legalweek disclosed.
Legalweek noted that the debt figure is significantly higher than
the GBP14.1 million originally thought to be owed to unsecured
creditors.  At that point, HMRC was identified as the largest of
the non-preferential creditors, Legalweek said.

Halliwells is a law firm based in Manchester.


VON ESSEN: Hotel Verta Up for Sale Following Administration
-----------------------------------------------------------
Rob Moore at Business Sale reports that Hotel Verta, which was
one of the major assets of collapsed hotel chain Von Essen, has
been put up for sale for around GBP20 million.

Numerous assets belonging to Von Essen, which went into
administration in April, owing GBP250 million, are now on the
market, with Verta being marketed through Christie & Co.,
according to Business Sale.

As reported in the Troubled Company Reporter-Europe on Aug. 2,
2011, Caterersearch.com said that Hotel Verta, the new-build
London property launched by Von Essen in September 2010, has been
placed into administration.  Ernst & Young have been appointed to
run the 70-bedroom hotel, which will continue to trade as normal,
according to Caterersearch.com.  The report related that new
owners are now being sought for the business, which was developed
at a cost of GBP50 million, alongside the London Heliport in
Battersea.  Andrew Thomason remains in position as the hotel's
general manager.

von Essen hotel chain owns 28 luxury hotels in the UK and France.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on April 25,
2011, BBC News said the holding company of the von Essen hotel
chain has appointed accountants Ernst & Young as administrators.
SoGlos.com related that von Essen is reported to have debts of
more than GBP25 million.  SoGlos.com noted that while
administrators have been appointed and the portfolio of hotels
are expected to be sold off either as a group or as individual
properties, the hotels are all expected to continue to trade as
usual.  "It is business as normal for the hotels and customers of
von Essen Hotels can continue to enjoy their stay," The Northern
Echo quoted Angela Swarbrick, joint administrator, as saying.


* UNITED KINGDOM: High Street Retailers Suffer in August
--------------------------------------------------------
Graeme Wearden at guardian.co.uk reports that United Kingdom high
street sales have suffered their sharpest fall in a year as
Britain's retail sector continued to be buffered by weak consumer
confidence.

The CBI reported that August has been a disappointing month for
many retailers, according to guardian.co.uk.   The report relates
that the news came as flooring firm Floors 2 Go fell into
administration, Topps Tiles posted a profits warning and the Co-
operative Group said that trading conditions were the toughest in
four decades.

guardian.co.uk notes that the latest CBI Distributive Trades
Survey found that 46% of retailers suffered a fall in sales in
the first half of August, while just 31% saw turnover rise.

The resulting balance of -14 is the worst monthly performance
since May 2010, guardian.co.uk relates.   The report discloses
that the CBI also reported that many retailers are now cutting
back on investment spending, with the threat of a double-dip
recession looming.

"August was a tough month on the high street . . . .  Consumers
have continued to see their real incomes squeezed by a
combination of inflation and weak wage growth," guardian.co.uk
quoted Judith McKenna, chair of the CBI distributive trades
panel, as saying.

Analysts predicted that the riots that hit several UK cities this
month would also have hurt retailers, guardian.co.uk relays.

The report discloses that the CBI also found that a balance of
-11% of retailers said they felt more negative about the business
situation over the next three months than they did three months
ago -- the most negative results for 18 months.  The report
relates that the data chimes with research published this morning
by the Nationwide Building Society, which showed that shoppers
are holding back from making "big ticket" payments.

Tax increases, weak wage growth and higher energy bills have
combined to dent consumer confidence, guardian.co.uk says.

The report relates that the Co-operative Group added to the gloom
on Thursday by reporting a 10% drop in underlying operating
profits, with its food arm suffering a 21% slump in
profitability.

Peter Marks, its group chief executive, said the challenging
business climate was "the worst I have seen in over 40 years of
retailing," guardian.co.uk notes.

The report relates that thousands of jobs have been lost across
the retail sector in recent weeks, with several firms going bust.


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


* BOND PRICING: For the Week August 29 to September 2, 2011
-----------------------------------------------------------

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

AUSTRIA
-------
BA CREDITANSTALT         5.470    8/28/2013      EUR      68.63
ERSTE BANK               3.680    8/10/2020      EUR      77.23
ERSTE GROUP              5.000    9/30/2019      EUR      78.13
HAA-BANK INTL AG         5.270     4/7/2028      EUR      72.32
HAA-BANK INTL AG         5.250   10/27/2015      EUR      69.75
IMMOFINANZ               4.250     3/8/2018      EUR       3.59
OESTER VOLKSBK           4.170    7/29/2015      EUR      68.00
OESTER VOLKSBK           4.810    7/29/2025      EUR      63.00
OESTER VOLKSBK           5.270     2/8/2027      EUR      67.55
RAIFF ZENTRALBK          5.470    2/28/2028      EUR      73.39
RAIFF ZENTRALBK          4.500    9/28/2035      EUR      59.08

BELGIUM
-------
ECONOCOM GROUP           4.000     6/1/2016      EUR      20.56

CYPRUS
------
CYPRUS GOVT BOND         4.500     6/2/2016      EUR      61.66
CYPRUS GOVT BOND         5.000     6/9/2016      EUR      62.72
CYPRUS GOVT BOND         4.500    7/11/2016      EUR      61.60
CYPRUS GOVT BOND         4.500    10/9/2016      EUR      61.00
CYPRUS GOVT BOND         6.000     6/9/2021      EUR      65.20
CYPRUS GOVT BOND         6.600   10/26/2016      EUR      67.50
CYPRUS GOVT BOND         4.500     1/4/2017      EUR      60.75
CYPRUS GOVT BOND         4.500    2/15/2017      EUR      60.64
CYPRUS GOVT BOND         4.500     4/2/2017      EUR      60.55
CYPRUS GOVT BOND         5.600    4/15/2017      EUR      62.29
CYPRUS GOVT BOND         4.500    9/28/2017      EUR      60.11
CYPRUS GOVT BOND         5.100    1/29/2018      EUR      62.32
CYPRUS GOVT BOND         6.000   11/18/2014      EUR      71.45
CYPRUS GOVT BOND         4.500    2/26/2014      EUR      72.30
CYPRUS GOVT BOND         6.500    8/25/2021      EUR      66.41
CYPRUS GOVT BOND         3.750    11/1/2015      EUR      57.48
CYPRUS GOVT BOND         4.750    12/2/2015      EUR      63.95
CYPRUS GOVT BOND         4.500     1/2/2016      EUR      63.11
CYPRUS GOVT BOND         6.100    6/24/2019      EUR      68.09
CYPRUS GOVT BOND         4.600    2/26/2019      EUR      60.96
CYPRUS GOVT BOND         5.250     6/9/2015      EUR      67.21
CYPRUS GOVT BOND         4.500    3/30/2016      EUR      62.36
CYPRUS GOVT BOND         6.000    4/20/2015      EUR      69.67
CYPRUS GOVT BOND         4.600   10/23/2018      EUR      60.57
CYPRUS GOVT BOND         6.000    2/28/2015      EUR      70.25
CYPRUS GOVT BOND         6.000    1/20/2015      EUR      70.67
CYPRUS GOVT BOND         4.600    4/23/2018      EUR      60.35
CYPRUS GOVT BOND         6.000     1/3/2015      EUR      70.82
CYPRUS GOVT BOND         4.750    9/30/2015      EUR      64.70
CYPRUS GOVT BOND         6.100    4/20/2020      EUR      68.45
CYPRUS GOVT BOND         5.350     6/9/2020      EUR      64.70
CYPRUS GOVT BOND         5.000    1/20/2014      EUR      72.47
CYPRUS GOVT BOND         4.500   10/23/2013      EUR      74.84
CYPRUS GOVT BOND         3.750     6/3/2013      EUR      77.02
CYPRUS GOVT BOND         4.625     2/3/2020      EUR      58.84
CYPRUS GOVT BOND         5.000     1/9/2014      EUR      72.36
MARFIN POPULAR           4.350   11/20/2014      EUR      55.00
REP OF CYPRUS            4.375    7/15/2014      EUR      68.13
REP OF CYPRUS            4.750    2/25/2016      EUR      61.02

CZECH REPUBLIC
--------------
SAZKA                    9.000    7/12/2021      EUR      60.00
KOMMUNEKREDIT            0.500   12/14/2020      ZAR      48.58

FINLAND
-------
MUNI FINANCE PLC         0.500    4/27/2018      ZAR      59.40
MUNI FINANCE PLC         0.250    6/28/2040      CAD      24.40
MUNI FINANCE PLC         0.500    3/17/2025      CAD      59.82
MUNI FINANCE PLC         0.500   11/25/2020      ZAR      48.65
MUNI FINANCE PLC         0.500    9/24/2020      CAD      74.58
MUNI FINANCE PLC         1.000    6/30/2017      ZAR      66.34
MUNI FINANCE PLC         0.500    4/26/2016      ZAR      72.41
MUNI FINANCE PLC         0.500     2/9/2016      ZAR      73.38

FRANCE
------
AIR FRANCE-KLM           4.970     4/1/2015      EUR      11.97
ALCATEL-LUCENT           5.000     1/1/2015      EUR       3.45
ALTRAN TECHNOLOG         6.720     1/1/2015      EUR       5.33
ASSYSTEM                 4.000     1/1/2017      EUR      20.50
ATOS ORIGIN SA           2.500     1/1/2016      EUR      50.34
BPCE                     3.455    9/16/2025      EUR      74.43
CALYON                   6.000    6/18/2047      EUR      12.43
CAP GEMINI SOGET         1.000     1/1/2012      EUR      41.79
CAP GEMINI SOGET         3.500     1/1/2014      EUR      38.70
CGG VERITAS              1.750     1/1/2016      EUR      26.27
CLUB MEDITERRANE         6.110    11/1/2015      EUR      18.54
CLUB MEDITERRANE         5.000     6/8/2012      EUR      14.08
CMA CGM                  8.500    4/15/2017      USD      48.83
CMA CGM                  8.500    4/15/2017      USD      80.35
CMA CGM                  8.875    4/15/2019      EUR      49.00
CMA CGM                  8.875    4/15/2019      EUR      50.25
CREDIT AGRI CIB          5.300    10/7/2030      USD      68.26
CREDIT AGRI CIB          5.850    6/30/2031      USD      72.61
CREDIT AGRI CIB          5.830    6/30/2031      USD      72.41
CREDIT AGRI CIB          5.610    6/15/2031      USD      70.26
CREDIT AGRI CIB          5.650    6/10/2031      USD      70.68
CREDIT AGRI CIB          5.850    5/27/2031      USD      72.65
CREDIT AGRI CIB          6.000   12/23/2030      USD      72.11
CREDIT AGRI CIB          5.400    12/9/2030      USD      68.96
CREDIT AGRI CIB          5.690   11/26/2030      USD      71.92
CREDIT AGRI CIB          5.080   11/23/2030      USD      65.97
CREDIT AGRI CIB          5.450    11/9/2030      USD      69.59
CREDIT AGRI CIB          4.910    11/3/2030      USD      65.41
CREDIT AGRI CIB          5.350   10/29/2030      USD      68.67
CREDIT AGRI CIB          5.300   10/22/2030      USD      68.37
CREDIT AGRI CIB          5.250   10/18/2030      USD      67.83
CREDIT AGRI CIB          5.300   10/12/2030      USD      65.96
CREDIT AGRI CIB          4.850    9/17/2030      USD      63.86
CREDIT AGRI CIB          5.270     8/5/2030      USD      68.31
CREDIT LOCAL FRA         3.750    5/26/2020      EUR      75.08
DEXIA MUNI AGNCY         1.000   12/23/2024      EUR      64.36
EURAZEO                  6.250    6/10/2014      EUR      56.86
FAURECIA                 4.500     1/1/2015      EUR      23.38
GROUPAMA SA              7.875   10/27/2039      EUR      69.13
INGENICO                 2.750     1/1/2017      EUR      42.69
MAUREL ET PROM           7.125    7/31/2015      EUR      17.13
MAUREL ET PROM           7.125    7/31/2014      EUR      18.06
NEXANS SA                4.000     1/1/2016      EUR      62.35
ORPEA                    3.875     1/1/2016      EUR      45.59
PAGESJAUNES FINA         8.875     6/1/2018      EUR      75.88
PEUGEOT SA               4.450     1/1/2016      EUR      27.91
PUBLICIS GROUPE          3.125    7/30/2014      EUR      34.78
PUBLICIS GROUPE          1.000    1/18/2018      EUR      48.40
RHODIA SA                0.500     1/1/2014      EUR      52.00
SOC AIR FRANCE           2.750     4/1/2020      EUR      20.34
SOCIETE GENERALE         5.900    3/10/2031      USD      72.85
SOCIETE GENERALE         5.860    3/11/2031      USD      72.41
SOCIETE GENERALE         5.920    3/17/2031      USD      73.01
SOCIETE GENERALE         5.860    4/26/2031      USD      72.70
SOCIETE GENERALE         5.940    3/14/2031      USD      73.23
SOCIETE GENERALE         5.910    3/16/2031      USD      72.92
SOITEC                   6.250     9/9/2014      EUR       8.66
TEM                      4.250     1/1/2015      EUR      54.45
THEOLIA                  2.700     1/1/2041      EUR      10.94

GERMANY
-------
BAYERISCHE HYPO          5.000   12/21/2029      EUR      65.91
COMMERZBANK AG           4.000   11/30/2017      EUR      48.79
COMMERZBANK AG           5.000    3/30/2018      EUR      49.79
COMMERZBANK AG           5.000    4/20/2018      EUR      49.75
DRESDNER BANK AG         6.210    6/20/2022      EUR      76.63
DRESDNER BANK AG         5.290    5/31/2021      EUR      73.01
DRESDNER BANK AG         5.700    7/31/2023      EUR      70.87
DRESDNER BANK AG         6.180    2/28/2023      EUR      73.59
DRESDNER BANK AG         7.350    6/13/2028      EUR      75.72
EUROHYPO AG              5.560    8/18/2023      EUR      62.63
EUROHYPO AG              3.830    9/21/2020      EUR      60.00
EUROHYPO AG              6.490    7/17/2017      EUR       5.25
HEIDELBERG DRUCK         9.250    4/15/2018      EUR      70.00
HEIDELBERG DRUCK         9.250    4/15/2018      EUR      69.48
HSH NORDBANK AG          4.375    2/14/2017      EUR      57.00
L-BANK FOERDERBK         0.500    5/10/2027      CAD      53.45
LB BADEN-WUERTT          5.250   10/20/2015      EUR      28.54
LB BADEN-WUERTT          2.500    1/30/2034      EUR      83.33
LB BADEN-WUERTT          2.800    2/23/2037      JPY      67.01
PRAKTIKER BAU-UN         5.875    2/10/2016      EUR      72.01
Q-CELLS                  6.750   10/21/2015      EUR       1.64
QIMONDA FINANCE          6.750    3/22/2013      USD       2.38
RHEINISCHE HYPBK         6.600    5/29/2022      EUR      72.25
SOLON AG SOLAR           1.375    12/6/2012      EUR      20.11
TAG IMMO AG              6.500   12/10/2015      EUR       7.74
TUI AG                   5.500   11/17/2014      EUR      57.97
TUI AG                   2.750    3/24/2016      EUR      38.67

GREECE
------
ATHENS URBAN TRN         4.057    3/26/2013      EUR      64.62
ATHENS URBAN TRN         4.301    8/12/2014      EUR      52.35
ATHENS URBAN TRN         5.008    7/18/2017      EUR      48.93
ATHENS URBAN TRN         4.851    9/19/2016      EUR      48.79
HELLENIC REP I/L         2.900    7/25/2025      EUR      36.69
HELLENIC REP I/L         2.300    7/25/2030      EUR      35.73
HELLENIC REPUB           5.200    7/17/2034      EUR      42.75
HELLENIC REPUB           6.140    4/14/2028      EUR      58.50
HELLENIC REPUB           3.187     7/7/2024      EUR      42.14
HELLENIC REPUB           5.000    3/11/2019      EUR      51.25
HELLENIC REPUB           4.590     4/8/2016      EUR      48.75
HELLENIC REPUB           2.125     7/5/2013      CHF      73.07
HELLENIC REPUBLI         4.500    5/20/2014      EUR      50.33
HELLENIC REPUBLI         6.500    1/11/2014      EUR      51.43
HELLENIC REPUBLI         4.520    9/30/2013      EUR      58.13
HELLENIC REPUBLI         4.000    8/20/2013      EUR      52.83
HELLENIC REPUBLI         3.600    7/20/2016      EUR      47.75
HELLENIC REPUBLI         4.020    9/13/2016      EUR      49.08
HELLENIC REPUBLI         4.225     3/1/2017      EUR      49.90
HELLENIC REPUBLI         5.900    4/20/2017      EUR      49.11
HELLENIC REPUBLI         4.300    7/20/2017      EUR      49.15
HELLENIC REPUBLI         4.427    7/31/2013      EUR      58.82
HELLENIC REPUBLI         3.900     7/3/2013      EUR      59.50
HELLENIC REPUBLI         7.500    5/20/2013      EUR      59.94
HELLENIC REPUBLI         4.600    5/20/2013      EUR      56.70
HELLENIC REPUBLI         4.506    3/31/2013      EUR      65.50
HELLENIC REPUBLI         4.100    8/20/2012      EUR      64.59
HELLENIC REPUBLI         5.250    5/18/2012      EUR      68.73
HELLENIC REPUBLI         4.700    3/20/2024      EUR      42.28
HELLENIC REPUBLI         5.900   10/22/2022      EUR      46.49
HELLENIC REPUBLI         6.250    6/19/2020      EUR      49.33
HELLENIC REPUBLI         6.500   10/22/2019      EUR      48.79
HELLENIC REPUBLI         5.161    9/17/2019      EUR      46.23
HELLENIC REPUBLI         4.500     7/1/2014      EUR      54.00
HELLENIC REPUBLI         6.000    7/19/2019      EUR      48.74
HELLENIC REPUBLI         4.600    7/20/2018      EUR      48.09
HELLENIC REPUBLI         4.600    9/20/2040      EUR      39.08
HELLENIC REPUBLI         4.500    9/20/2037      EUR      39.15
HELLENIC REPUBLI         4.300    3/20/2012      EUR      71.17
HELLENIC REPUBLI         5.300    3/20/2026      EUR      40.47
HELLENIC REPUBLI         3.700   11/10/2015      EUR      46.75
HELLENIC REPUBLI         3.985    7/25/2014      EUR      48.43
HELLENIC REPUBLI         5.500    8/20/2014      EUR      48.81
HELLENIC REPUBLI         4.113    9/30/2014      EUR      48.45
HELLENIC REPUBLI         3.700    7/20/2015      EUR      48.22
HELLENIC REPUBLI         6.100    8/20/2015      EUR      49.06
HELLENIC REPUBLI         3.702    9/30/2015      EUR      48.12
NATL BK GREECE           3.875    10/7/2016      EUR      60.31
CREDIT AGRICOLE          5.600    2/25/2030      USD      72.47

IRELAND
-------
AIB MORTGAGE BNK         5.580    4/28/2028      EUR      49.11
AIB MORTGAGE BNK         5.000     3/1/2030      EUR      43.66
AIB MORTGAGE BNK         5.000    2/12/2030      EUR      43.70
AIB MORTGAGE BNK         4.875    6/29/2017      EUR      72.66
ALLIED IRISH BKS         4.000    3/19/2015      EUR      73.23
ALLIED IRISH BKS         5.625   11/12/2014      EUR      66.58
ALLIED IRISH BKS        12.500    6/25/2035      GBP      26.38
ANGLO IRISH BANK         4.000    4/15/2015      EUR      72.16
BANK OF IRELAND          3.585    4/21/2015      EUR      62.13
BANK OF IRELAND          5.600    9/18/2023      EUR      34.63
BANK OF IRELAND         10.000    2/12/2020      EUR      30.13
BANK OF IRELAND          4.473   11/30/2016      EUR      51.75
BANK OF IRELAND          3.780     4/1/2015      EUR      74.05
BANK OF IRELAND         10.000    2/12/2020      GBP      43.63
BK IRELAND MTGE          3.250    6/22/2015      EUR      74.05
BK IRELAND MTGE          5.450     3/1/2030      EUR      43.78
BK IRELAND MTGE          5.400    11/6/2029      EUR      44.15
BK IRELAND MTGE          5.760     9/7/2029      EUR      46.68
BK IRELAND MTGE          5.360   10/12/2029      EUR      43.95
DEPFA ACS BANK           5.125    3/16/2037      USD      75.29
DEPFA ACS BANK           4.900    8/24/2035      CAD      65.25
DEPFA ACS BANK           0.500     3/3/2025      CAD      38.32
EBS BLDG SOCIETY         4.000    2/25/2015      EUR      72.11
IRISH LIFE & PER         3.600    1/14/2013      USD      81.65
IRISH LIFE PERM          4.000    3/10/2015      EUR      71.89
IRISH NATIONWIDE         6.250    6/26/2012      GBP      75.13

ITALY
-----
BANCA POP LODI           5.250     4/3/2029      EUR      73.55
BANCA POP VICENT         4.970    4/20/2027      EUR      76.62
BTPS                     4.000     2/1/2037      EUR      73.07
BTPS I/L                 2.550    9/15/2041      EUR      70.30
BTPS I/L                 2.350    9/15/2035      EUR      72.27
COMUNE DI MILANO         4.019    6/29/2035      EUR      70.35
DEXIA CREDIOP            4.790   12/17/2043      EUR      73.80
REP OF ITALY             2.870    5/19/2036      JPY      61.21
REP OF ITALY             2.200    9/15/2058      EUR      58.91
REP OF ITALY             2.000    9/15/2062      EUR      53.23
REP OF ITALY             1.850    9/15/2057      EUR      52.52
ROMULUS FINANCE          5.441    2/20/2023      GBP      75.65
TELECOM ITALIA           5.250    3/17/2055      EUR      69.42

LUXEMBOURG
----------
ARCELORMITTAL            7.250     4/1/2014      EUR      24.13
CONTROLINVESTE           3.000    1/28/2015      EUR      73.70
ESPIRITO SANTO F         6.875   10/21/2019      EUR      55.80
LIGHTHOUSE INTL          8.000    4/30/2014      EUR      17.00
LIGHTHOUSE INTL          8.000    4/30/2014      EUR      16.61
UBI BANCA INT            8.750   10/29/2012      EUR      67.83

NETHERLANDS
-----------
APP INTL FINANCE        11.750    10/1/2005      USD       0.01
BK NED GEMEENTEN         0.500    2/24/2025      CAD      59.82
BK NED GEMEENTEN         0.500    6/22/2021      ZAR      46.66
BK NED GEMEENTEN         0.500    3/29/2021      NZD      63.83
BK NED GEMEENTEN         0.500     3/3/2021      NZD      64.18
BK NED GEMEENTEN         0.500    5/12/2021      ZAR      46.62
BK NED GEMEENTEN         0.500    6/22/2016      TRY      74.98
BLT FINANCE BV           7.500    5/15/2014      USD      55.25
BLT FINANCE BV           7.500    5/15/2014      USD      58.50
BRIT INSURANCE           6.625    12/9/2030      GBP      58.55
EDP FINANCE BV           4.125    6/29/2020      EUR      73.82
ELEC DE CAR FIN          8.500    4/10/2018      USD      56.25
FRIESLAND BANK           4.210   12/29/2025      EUR      70.85
INDAH KIAT INTL         12.500    6/15/2006      USD       0.01
IVG FINANCE BV           1.750    3/29/2017      EUR      74.97
NATL INVESTER BK        25.983     5/7/2029      EUR      19.80
NED WATERSCHAPBK         0.500    3/11/2025      CAD      61.12
NIB CAPITAL BANK         4.510   12/16/2035      EUR      65.16
PORTUGAL TEL FIN         4.500    6/16/2025      EUR      70.57
Q-CELLS INTERNAT         5.750    5/26/2014      EUR      37.25
Q-CELLS INTERNAT         1.375    2/28/2012      EUR      55.95
RABOBANK                 5.276    2/28/2035      EUR      81.45
RBS NV EX-ABN NV         2.910    6/21/2036      JPY      71.78
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      46.32
KOMMUNALBANKEN           0.500    7/26/2016      ZAR      73.14
KOMMUNALBANKEN           0.500    7/29/2016      TRY      75.17
KOMMUNALBANKEN           0.500    7/29/2016      ZAR      71.62
KOMMUNALBANKEN           0.500    5/25/2018      ZAR      60.56
KOMMUNALBANKEN           0.500    5/25/2016      ZAR      73.18
KOMMUNALBANKEN           0.500    3/24/2016      ZAR      74.22
KOMMUNALBANKEN           0.500     3/1/2016      ZAR      74.64
NORSKE SKOGIND           7.125   10/15/2033      USD      43.25
NORSKE SKOGIND           7.000    6/26/2017      EUR      50.28
NORSKE SKOGIND           6.125   10/15/2015      USD      56.88
NORSKE SKOGIND           6.125   10/15/2015      USD      56.88
NORSKE SKOGIND          11.750    6/15/2016      EUR      61.00
NORSKE SKOGIND          11.750    6/15/2016      EUR      60.35
NORSKE SKOGIND           7.125   10/15/2033      USD      43.25

PORTUGAL
--------
BANCO COM PORTUG         4.750    6/22/2017      EUR      69.78
BANCO COM PORTUG         3.750    10/8/2016      EUR      68.72
BANCO COM PORTUG         5.625    4/23/2014      EUR      71.55
BANCO ESPIRITO           4.600    9/15/2016      EUR      71.56
BANCO ESPIRITO           4.600    1/26/2017      EUR      69.74
BANCO ESPIRITO           3.875    1/21/2015      EUR      71.00
BANCO ESPIRITO           6.160    7/23/2015      EUR      73.75
BANCO ESPIRITO           6.875    7/15/2016      EUR      69.75
CAIXA GERAL DEPO         4.500    1/19/2016      EUR      73.24
CAIXA GERAL DEPO         4.750    2/14/2016      EUR      64.77
CAIXA GERAL DEPO         4.750    3/14/2016      EUR      74.50
CAIXA GERAL DEPO         5.050    4/26/2016      EUR      74.31
CAIXA GERAL DEPO         5.090     6/8/2016      EUR      71.97
CAIXA GERAL DEPO         5.165     7/8/2016      EUR      75.00
CAIXA GERAL DEPO         3.875    12/6/2016      EUR      69.75
CAIXA GERAL DEPO         4.455    8/20/2017      EUR      70.13
CAIXA GERAL DEPO         5.500   11/13/2017      EUR      74.13
CAIXA GERAL DEPO         4.400    10/8/2019      EUR      55.58
CAIXA GERAL DEPO         4.250    1/27/2020      EUR      66.57
CAIXA GERAL DEPO         5.980     3/3/2028      EUR      55.13
CAIXA GERAL DEPO         5.380    10/1/2038      EUR      51.69
COMBOIOS DE PORT         4.170   10/16/2019      EUR      62.48
METRO DE LISBOA          4.061    12/4/2026      EUR      47.16
METRO DE LISBOA          4.799    12/7/2027      EUR      46.59
METRO DE LISBOA          5.750     2/4/2019      EUR      60.45
METRO DE LISBOA          7.300   12/23/2025      EUR      60.54
MONTEPIO GERAL           5.000     2/8/2017      EUR      61.00
PARPUBLICA               4.200   11/16/2026      EUR      47.13
PARPUBLICA               4.191   10/15/2014      EUR      69.63
PARPUBLICA               3.567    9/22/2020      EUR      48.38
PORTUGAL (REP)           3.500    3/25/2015      USD      73.59
PORTUGAL (REP)           3.500    3/25/2015      USD      72.05
PORTUGUESE OT'S          3.850    4/15/2021      EUR      61.77
PORTUGUESE OT'S          4.100    4/15/2037      EUR      52.32
PORTUGUESE OT'S          4.200   10/15/2016      EUR      73.99
PORTUGUESE OT'S          4.800    6/15/2020      EUR      65.30
PORTUGUESE OT'S          4.750    6/14/2019      EUR      66.83
PORTUGUESE OT'S          4.450    6/15/2018      EUR      68.86
PORTUGUESE OT'S          4.350   10/16/2017      EUR      69.70
PORTUGUESE OT'S          4.950   10/25/2023      EUR      60.21
REFER                    4.675   10/16/2024      EUR      52.13
REFER                    4.000    3/16/2015      EUR      50.38
REFER                    5.875    2/18/2019      EUR      62.25
REFER                    4.250   12/13/2021      EUR      46.75

RUSSIA
------
APK ARKADA              17.500    5/23/2012      RUB       0.38
ARIZK                    3.000   12/20/2030      RUB      50.87
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
MIRAX                   17.000    9/17/2012      RUB      11.01
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
PENOPLEX-FINANS         14.000   11/21/2014      RUB      76.00
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       1.00
RBC OJSC                 7.000    4/23/2015      RUB      70.00
RBC OJSC                 7.000    4/23/2015      RUB      68.00
RBC OJSC                 3.270    4/19/2018      RUB      42.00
SAHO                    10.000    5/21/2012      RUB      31.00
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         4.000    3/24/2021      EUR      75.07
AYT CEDULAS CAJA         3.750   12/14/2022      EUR      68.02
AYT CEDULAS CAJA         3.750    6/30/2025      EUR      61.32
AYT CEDULAS CAJA         4.250   10/25/2023      EUR      70.64
AYT CEDULAS CAJA         4.750    5/25/2027      EUR      68.27
BANCAJA                  1.500    5/22/2018      EUR      68.67
BANCO PASTOR             4.550    7/31/2020      EUR      74.53
BBVA SUB CAP UNI         2.750   10/22/2035      JPY      72.44
CAJA CASTIL-MAN          1.500    6/23/2021      EUR      60.31
CAJA MADRID              4.125    3/24/2036      EUR      66.44
CAJA MADRID              5.020    2/26/2038      EUR      74.74
CAJA MADRID              4.000     2/3/2025      EUR      74.60
CEDULAS TDA 6 FO         4.250    4/10/2031      EUR      59.02
CEDULAS TDA 6 FO         3.875    5/23/2025      EUR      63.48
CEDULAS TDA A-5          4.250    3/28/2027      EUR      63.68
COMUN AUTO CANAR         3.900   11/30/2035      EUR      60.78
COMUN AUTO CANAR         4.200   10/25/2036      EUR      63.82
COMUNIDAD ARAGON         4.646    7/11/2036      EUR      74.62
COMUNIDAD BALEAR         4.063   11/23/2035      EUR      62.52
COMUNIDAD MADRID         4.300    9/15/2026      EUR      72.05
GEN DE CATALUNYA         2.355   11/10/2015      CHF      75.27
GEN DE CATALUNYA         4.690   10/28/2034      EUR      68.17
GEN DE CATALUNYA         4.220    4/26/2035      EUR      62.76
GEN DE CATALUNYA         2.750    3/24/2016      CHF      73.91
GENERAL DE ALQUI         2.750    8/20/2012      EUR      71.35
IM CEDULAS 5             3.500    6/15/2020      EUR      73.87
INSTIT CRDT OFCL         3.250    6/28/2024      CHF      74.54
INSTIT CRDT OFCL         2.570   10/22/2021      CHF      73.52
INSTITUT CATALA          4.250    6/15/2024      EUR      73.10
JUNTA ANDALUCIA          4.250   10/31/2036      EUR      61.80
JUNTA ANDALUCIA          5.150    5/24/2034      EUR      72.69
JUNTA LA MANCHA          3.875    1/31/2036      EUR      52.86
MAPFRE SA                5.921    7/24/2037      EUR      66.99
XUNTA DE GALICIA         4.025   11/28/2035      EUR      70.71

SWEDEN
------
STENA AB                 5.875     2/1/2019      EUR      74.00
STENA AB                 5.875     2/1/2019      EUR      73.75
SWEDISH EXP CRED         8.000    1/27/2012      USD       7.63
SWEDISH EXP CRED         0.500    1/25/2028      USD      57.70
SWEDISH EXP CRED         9.250    4/27/2012      USD       8.03
SWEDISH EXP CRED         8.000   10/21/2011      USD       9.39
SWEDISH EXP CRED         9.750    3/23/2012      USD       8.11
SWEDISH EXP CRED         0.500    8/26/2021      AUD      61.71
SWEDISH EXP CRED         0.500     3/5/2018      AUD      74.12
SWEDISH EXP CRED         0.500    6/14/2016      ZAR      72.72
SWEDISH EXP CRED         0.500    6/29/2016      TRY      72.44
SWEDISH EXP CRED         0.500    8/25/2021      ZAR      44.81
SWEDISH EXP CRED         6.500    1/27/2012      USD       7.99
SWEDISH EXP CRED         2.130    1/10/2012      USD       9.58
SWEDISH EXP CRED         7.000     3/9/2012      USD       9.42
SWEDISH EXP CRED         0.500    8/25/2016      ZAR      71.38
SWEDISH EXP CRED         0.500    8/26/2016      ZAR      72.26
SWEDISH EXP CRED         8.000    11/4/2011      USD       6.86
SWEDISH EXP CRED         7.500    6/12/2012      USD       8.37
SWEDISH EXP CRED         7.000     3/9/2012      USD      10.24
SWEDISH EXP CRED         0.500     3/3/2016      ZAR      74.43
SWEDISH EXP CRED         7.500    2/28/2012      USD       7.71
SWEDISH EXP CRED         0.500   12/17/2027      USD      58.27
SWEDISH EXP CRED         2.000    12/7/2011      USD      10.23

SWITZERLAND
-----------
CRED SUIS NY             8.000     8/3/2012      USD      56.60
CYTOS BIOTECH            2.875    2/20/2012      CHF      52.94
UBS AG                   8.380    3/20/2012      USD      32.03
UBS AG                   9.250    3/20/2012      USD      10.83
UBS AG                  10.070    3/23/2012      USD      35.34
UBS AG                  13.300    5/23/2012      USD       3.23
UBS AG                  13.700    5/23/2012      USD       8.80
UBS AG                  14.000    5/23/2012      USD       6.69
UBS AG                  10.960    7/20/2012      USD      23.63
UBS AG                  11.760    7/31/2012      USD      25.02
UBS AG                  12.040    7/31/2012      USD      34.60
UBS AG                  11.960    8/14/2012      USD      35.49
UBS AG                   7.470    10/1/2012      EUR      70.87
UBS AG                  10.000    8/23/2013      USD      14.14
UBS AG                   9.640   11/14/2011      USD      12.06
UBS AG                  10.530    1/23/2012      USD      39.04
UBS AG JERSEY            3.220    7/31/2012      EUR      38.50
UBS AG JERSEY           10.140   12/30/2011      USD      14.65
UBS AG JERSEY            9.450    9/21/2011      USD      49.91
UBS AG JERSEY           11.150    8/31/2011      USD      36.97

UKRAINE
-------
LVIV CITY                9.950   12/19/2012      UAH      95.50

UNITED KINGDOM
--------------
ABBEY NATL TREAS         5.000    8/26/2030      USD      64.85
BAKKAVOR FIN 2           8.250    2/15/2018      GBP      71.22
BARCLAYS BK PLC         10.650    1/31/2012      USD      34.34
BARCLAYS BK PLC          9.250    1/31/2012      USD       9.42
BARCLAYS BK PLC         10.350    1/23/2012      USD      26.71
BARCLAYS BK PLC          8.550    1/23/2012      USD      10.67
BARCLAYS BK PLC          7.500    9/22/2011      USD      17.07
BARCLAYS BK PLC          8.750    9/22/2011      USD      71.36
BARCLAYS BK PLC          8.800    9/22/2011      USD      15.57
BARCLAYS BK PLC          5.000     6/3/2041      USD      66.32
BARCLAYS BK PLC          9.500    8/31/2012      USD      29.73
BARCLAYS BK PLC          9.250    8/31/2012      USD      33.11
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       7.94
BARCLAYS BK PLC          7.000    7/27/2012      USD       8.32
BARCLAYS BK PLC         10.000    7/20/2012      USD       7.54
BARCLAYS BK PLC          8.000    6/29/2012      USD       8.41
BARCLAYS BK PLC          8.950    4/20/2012      USD      16.29
BARCLAYS BK PLC         12.950    4/20/2012      USD      23.53
BRADFORD&BIN BLD         4.910     2/1/2047      EUR      76.09
CEVA GROUP PLC           8.500    6/30/2018      EUR      74.38
CO-OPERATIVE BNK         5.875    3/28/2033      GBP      68.43
DISCOVERY EDUCAT         1.948    3/31/2037      GBP      69.76
EFG HELLAS PLC           5.400    11/2/2047      EUR      24.00
EFG HELLAS PLC           6.010     1/9/2036      EUR      32.75
EMPORIKI GRP FIN         4.350    7/22/2014      EUR      59.00
EMPORIKI GRP FIN         4.000    2/28/2013      EUR      72.63
EMPORIKI GRP FIN         4.000    2/28/2013      EUR      72.63
ENTERPRISE INNS          6.500    12/6/2018      GBP      75.54
ENTERPRISE INNS          6.875    2/15/2021      GBP      72.36
ENTERPRISE INNS          6.375    9/26/2031      GBP      64.81
ENTERPRISE INNS          6.875     5/9/2025      GBP      68.63
ESSAR ENERGY             4.250     2/1/2016      USD      68.68
F&C ASSET MNGMT          6.750   12/20/2026      GBP      67.81
GALA ELECTRIC CA        11.500     6/1/2019      GBP      73.25
GALA ELECTRIC CA        11.500     6/1/2019      GBP      73.59
HBOS PLC                 4.500    3/18/2030      EUR      68.97
HBOS PLC                 6.000    11/1/2033      USD      58.70
HBOS PLC                 6.000    11/1/2033      USD      58.70
HEALTHCARE SUPP          2.067    2/19/2043      GBP      72.12
LBG CAPITAL NO.1         6.439    5/23/2020      EUR      73.40
LBG CAPITAL NO.1         7.975    9/15/2024      GBP      74.43
LBG CAPITAL NO.2         6.385    5/12/2020      EUR      72.88
LBG CAPITAL NO.2         8.500     6/7/2032      GBP      71.90
MATALAN                  9.625    3/31/2017      GBP      68.50
MATALAN                  9.625    3/31/2017      GBP      68.72
NEW HOSPITALS ST         1.777    2/26/2047      GBP      55.44
NOMURA BANK INTL         0.800   12/21/2020      EUR      63.29
NORTHERN ROCK            5.750    2/28/2017      GBP      70.27
NORTHERN ROCK            4.574    1/13/2015      GBP      78.05
PIRAEUS GRP FIN          4.000    9/17/2012      EUR      72.78
ROYAL BK SCOTLND         4.692     6/9/2025      EUR      68.04
ROYAL BK SCOTLND         5.250   11/14/2033      EUR      75.79
ROYAL BK SCOTLND         5.168    6/29/2030      EUR      63.15
SKIPTON BUILDING         5.625    1/18/2018      GBP      67.33


                            *********

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, 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.


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