TCREUR_Public/120227.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, February 27, 2012, Vol. 13, No. 41

                            Headlines



F R A N C E

PETROPLUS HOLDINGS: French Unit Inks Crude Oil Deal with Shell


G E R M A N Y

DECO 9-PAN: S&P Lowers Ratings on Three Note Classes to 'B-'
GATE SME CLO 2005-2: S&P Affirms 'CCC-' Rating on Class G Notes
LANTIQ BETEILIGUNGS: S&P Affirms 'CCC+' Corporate Credit Rating
MARSEILLE-KLINIKEN: S&P Affirms 'B' Corporate Credit Rating


I C E L A N D

KAUPTHING BANK: Former Chief Executive Indicted on Fraud Charges


I R E L A N D

CAIRN HIGH GRADE: S&P Lowers Ratings on Five Note Classes to 'D'
CELF LOAN: S&P Raises Rating on Class E Notes to 'B+'
ERC IRELAND: S&P Lowers Corporate Credit Ratings to 'SD'
TREASURY HOLDINGS: State May Take Over National Convention Centre


I T A L Y

PARMALAT SPA: 2nd Cir. Sends Securities Litigation to Illinois


L U X E M B O U R G

BOZEL S.A.: Plan of Liquidation Declared Effective


N E T H E R L A N D S

TELECONNECT INC: Incurs US$1.2-Mil. Net Loss in Dec. 31 Quarter


P O R T U G A L

SAGRES-SOCIEDADE: DBRS Cuts Rating on Class B Notes to 'BB'


R O M A N I A

INT'L BANK: Court Annuls Conviction of Dinel Staicu in Fraud Suit


S W I T Z E R L A N D

PETROPLUS HOLDINGS: Azeri Socar Confirms Interest in Refinery


U N I T E D   K I N G D O M

BATTERSEA POWER: Put Up for Sale Following Administration
DAB DEVELOPMENTS: In Administration, Owes GBP27 Million++
EUROSAIL 2006-4NP: S&P Lowers Rating on Class E1c Notes to 'B-'
EVERETT BROTHERS: In Administration Due to Downturn in Orders
MJN COLSTON: Goes Into Administration, to Cut 148 Jobs

PEACOCKS: Edinburgh Woollen Mills Buys Retail Chain
PEACOCKS: Administrator Closes Wembley Branch
POCKLINGTON STEEL: In Administration, Owes GBP3 Million


X X X X X X X X

* BOND PRICING: For the Week February 20 to February 24, 2012


                            *********


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F R A N C E
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PETROPLUS HOLDINGS: French Unit Inks Crude Oil Deal with Shell
--------------------------------------------------------------
Inti Landauro at Dow Jones Newswires reports that French
President Nicolas Sarkozy Friday said Royal Dutch Shell PLC
(RDSA) has signed a contract to hire Petroplus Holdings AG's
French refinery to process crude oil for six months.

"This contract isn't a definite answer," Dow Jones quotes
Mr. Sarkozy as saying.  "But without this contract, the refinery
was over."

Mr. Sarkozy, as cited by Dow Jones, said that resuming operations
at the refinery, which was gradually shut down in January,
requires a EUR50 million investment.

Shell will transfer EUR20 million to the refinery in advance of
future payments to the refinery, Dow Jones discloses.

Mr. Sarkozy said that the French government will finance the
remaining EUR30 million, Dow Jones notes.

Dow Jones relates that Petroplus said earlier Thursday French and
German courts have appointed administrators to handle their units
after the Swiss-based refiner filed for protection from creditors
after running out of cash.

A French prosecutor is investigating whether there was wrongdoing
in the insolvency process, Dow Jones says.

Based in Zug, Switzerland, Petroplus Holdings AG is Europe's
largest independent oil refiner.


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G E R M A N Y
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DECO 9-PAN: S&P Lowers Ratings on Three Note Classes to 'B-'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
DECO 9 - Pan Europe 3 PLC's class B, C, D, E, F, G, H, and J
notes. "At the same time, we affirmed our ratings on the class A1
and A2 notes," S&P said.

"The rating actions follow our review of the six loans backing
the transaction. We believe the creditworthiness of the loan pool
has deteriorated since our last review. The largest loan, which
comprises 38.3% of the pool, is in special servicing. The second-
largest loan (29.5% of the pool) has had approximately 20% of its
2011 income not renewed. Of the other four loans, which account
for 32.2% of the pool, three (14.9% of the pool) mature this
year, including one on which we anticipate principal losses," S&P
said.

"In view of these factors, we have lowered our ratings on the
class B to J notes and affirmed our ratings on the class A1 and
A2 notes. We provide an overview of the six loans," S&P said.

                         Treveria I Loan

The Treveria I loan (38.3% of the pool) is the largest loan in
the pool and is currently secured by 55 secondary retail
properties throughout Germany. The current whole-loan balance is
EUR536.1 million, which includes EUR26.3 million in B-notes. The
senior loan is a syndicated loan, with 50% securitized in this
transaction and 50% in the EuroProp (EMC) S.A. (Compartment 1)
transaction. The legal final maturity date of the EuroProp
transaction is April 2013; by contrast, the maturity date of DECO
9 - Pan Europe 3 is July 2017.

The loan was transferred to special servicing on July 6, 2010,
due to the borrower's insolvency, and it matured in January 2011.
In September 2011, the special servicer asked for bids for the
entire portfolio. Three binding bids were received but were not
accepted. Instead, the special servicer has decided to sell down
the assets over time, and six properties have been sold so far.
The special servicer has an exit target of 18 months from October
2011.

The portfolio was last valued in 2010. According to the October
2011 servicer report, the whole-loan loan-to-value (LTV) ratio is
106.3% and the senior loan LTV ratio is 101.2%. This is based on
the 2010 reported value of EUR515.6 million (for 59 properties,
including four properties that were recently sold) and is
approximately 27% less than the EUR703.1 million valuation at
issuance, after adjusting for the six properties sold to date.

The portfolio has a weak lease profile with a short weighted-
average remaining lease term of 3.3 years.

"The imminent maturity of the EuroProp (EMC) S.A. (Compartment 1)
notes will shorten the time the servicer has in this transaction
to sell the assets. We believe this may result in lower
recoveries than would be the case if the servicer had a longer
time in which to sell the assets," S&P said.

"In view of these factors, we anticipate losses on this loan,"
S&P said.

                           Dresdner Loan

The Dresdner loan (29.5% of the pool balance) is the second-
largest loan in the pool and matures in January 2013. The current
whole-loan balance is EUR392.1 million. It is a syndicated loan,
with 50% securitized in this transaction and 50% in the DECO 10-
Pan Europe 3 PLC transaction. The maturity date of DECO
10-Pan Europe 3 is October 2019.

The loan is currently secured by a portfolio of 191 (303 at
closing) mixed-use assets located across Germany. The properties
mainly consist of offices and bank branches, and according to the
October 2010 servicer report, 81% of the total portfolio rent is
derived from Commerzbank AG (A/Negative/A-1; the successor to
Dresdner Bank AG since its acquisition by Commerzbank).

Since closing, the loan has partially prepaid by approximately
50% from the proceeds of property sales. As of October 2011, the
reported whole-loan debt service coverage ratio (DSCR) is 2.47x,
and the whole-loan LTV ratio is 49.5%, based on 2010 and 2011
valuations.

"On Dec. 31, 2011, 19 Commerzbank leases expired, and with them
EUR11.1 million of rental income. Of these leases, only one was
renewed, which results in a projected DSCR of 2.35x. The
weighted-average remaining lease term for the portfolio is short
at 2.9 years; leases will expire soon after loan maturity in
January 2013. We believe it is likely that Commerzbank will not
renew more of its leases given that--following the acquisition of
Dresdner Bank--there are now some areas with two branches in
close proximity to each other. The short lease profile adversely
affects the value of the portfolio, in our view," S&P said.

"We do not anticipate a default of the Dresdner loan during the
loan term. However, we believe that the borrower may struggle to
refinance the loan in 2013, if current credit conditions persist.
However, as the legal final maturity date is 2017 for this
transaction (and 2019 for DECO 10-Pan Europe 3), the servicer has
the option to extend the loan, or to enforce the loan and sell
the assets if the borrower defaults at maturity. In our view,
even if Commerzbank were to vacate at lease maturity, we consider
the assets to be relettable in view of their quality. The
reported LTV ratio and projected DSCR are favorable indicators.
Accordingly, we do not anticipate losses on this loan," S&P said.

                 Other Loans (32.2% of the Pool)

"The other four loans in the portfolio account for 32.2% of the
total pool balance. Of these, three are set to mature this year,
including one that was previously extended. We believe the
borrowers of all four loans could struggle to refinance the loans
at their due dates, given that general market conditions remain
constrained," S&P said. The loans are:

* "The PGREI loan (17.3% of the pool) is currently secured by a
   portfolio of 55 retail properties in small regional towns
   throughout Germany. The loan matures in July 2014 and has
   shown stable performance. The portfolio is almost fully
   occupied (99.6%), with over 70% of the rent coming from the
   three largest supermarkets in Germany. Current net operating
   income (NOI) for the property is in line with that at closing.
   The weighted-average remaining lease term is 7.9 years. Based
   on these factors, even if the borrower does not refinance the
   loan at maturity in 2014, we currently believe a refinance or
   sale by note maturity can reasonably be expected at no losses
   to this loan," S&P said.

* "The Ascom Portfolio loan (6.5% of the pool) is currently
   secured by three separate buildings (office/light
   industrial/storage) located in Bern, Switzerland. The loan
   matures in July 2012. NOI for the property has been stable.
   The property is fully leased until June 30, 2014 to Ascom
  (Schweiz) AG (not rated), under a lease that is 100% indexed to
   the Swiss consumer price index (CPI). However, 76.5% of the
   space is sublet to third-party companies, and 4.3% of the net
   rentable area is unused space. This is an increase from
   closing, when approximately 56.0% of the space was being
   sublet. The increase in sublet space reflects an increased
   likelihood that the Ascom lease may not be renewed in 2.7
   years' time, which will likely make refinancing of the loan in
   July 2012 more difficult. Based on these factors, we currently
   anticipate losses on this loan," S&P said.

* "The Coop Fishman loan (4.7% of the pool) is currently secured
   by 25 retail properties throughout Switzerland. The loan
   matures in April 2012. Approximately 80% of rental income
   comes from Coop (not rated), a Swiss cooperative which
   operates the largest supermarket chain in Switzerland.
   Historical NOI for the property is stable, and we consider the
   income strong in view of the tenancy. Although there is
   refinance risk, we currently do not anticipate losses on this
   loan," S&P said.

* The Gottingen loan (3.7% of the pool) is currently secured by
   a 13,759 sq m shopping center located in a mixed-use area in
   the center of Gottingen, Germany--a major university town
   located in Lower Saxony. The loan matured in April 2011, but
   was extended until April 2012. The property is 92.4% occupied.
   Current NOI for the property has been stable, but the property
   has a short weighted-average remaining lease term of 3.4
   years.

   "The loan has been subject to a full cash sweep since April
   2011. It is reported that the borrower is pursuing various
   options, which include a notarized offer from a potential
   purchaser. We currently do not anticipate losses on this loan.

"The rating actions reflect our view that the creditworthiness of
the loan pool has deteriorated. More particularly, we believe
that losses on the Treveria I and Ascom loans could affect the
classes G to J, and the creditworthiness of the classes B to F
has deteriorated. We have also affirmed our ratings on the class
A1 and A2 notes, as we believe that their credit enhancement is
sufficient to maintain the current 'A (sf)' ratings," S&P said.

DECO 9 - Pan Europe 3 closed in July 2006 with a total issuance
of EUR1,154 million. The legal final maturity is in July 2017. Of
the 11 loans that originally backed the transaction, five have
repaid. The note balance has reduced to EUR667.94 million.

         Potential Effects of Proposed Criteria Changes

"Our ratings in this transaction are based on our criteria for
rating European CMBS. However, these criteria are under review,"
S&P said.

"As highlighted in the Nov. 8 Advance Notice of Proposed Criteria
Change, we expect to publish a request for comment (RFC)
outlining our proposed criteria changes for rating European CMBS
transactions. Subsequently, we will consider market feedback
before publishing our updated criteria. Our review may result
in changes to the methodology and assumptions we use when rating
European CMBS, and consequently, it may affect both new and
outstanding ratings on European CMBS transactions," S&P said.

"Until such time that we adopt new criteria for rating European
CMBS, we will continue to rate and surveil these transactions
using our existing criteria," S&P said.

              Standard & Poor's 17g-7 Disclosure Report

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

           http://standardandpoorsdisclosure-17g7.com

Ratings List

DECO 9 - Pan Europe 3 PLC
EUR1,154 Million Commercial Mortgage-Backed Floating-Rate Notes

Class              Rating
            To                From

Ratings Lowered

B           A- (sf)           A (sf)
C           BBB (sf)          A (sf)
D           BBB- (sf)         A- (sf)
E           BB (sf)           BBB (sf)
F           B (sf)            BB+ (sf)
G           B- (sf)           BB (sf)
H           B- (sf)           B (sf)
J           B- (sf)           B (sf)

Ratings Affirmed

A1          A (sf)
A2          A (sf)


GATE SME CLO 2005-2: S&P Affirms 'CCC-' Rating on Class G Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed all of its credit
ratings in GATE SME CLO 2005-1 Ltd. and GATE SME CLO 2005-2 Ltd.

"The rating actions follow our surveillance review of both
transactions, including a credit review of the underlying
reference pools, as well as a review of the counterparty roles
involved. Both transactions represent partially funded synthetic
small and midsize enterprise (SME) collateralized loan
obligations (CLOs), referencing portfolios of corporate loans
granted to mainly German SME clients and some pan-European SME
clients of Deutsche Bank AG. GATE 2005-1 is still actively
replenishing, while GATE 2005-2 has already reached its scheduled
maturity and is now solely referencing loans that had triggered a
credit event on or before the scheduled maturity date," S&P said.

"The issuers in both transactions had invested the proceeds from
the issuance of credit-linked notes in cash deposits currently
held with Deutsche Bank and Bank of New York Mellon. Thus, the
entire principal portion of the rated notes is cash-
collateralized. Given, however, that GATE 2005-1 is approaching
its scheduled maturity date in June 2012, and that GATE 2005-2
has already reached its scheduled maturity stage, we classify the
underlying cash deposit agreements as direct limited support
according to our 2010 counterparty criteria," S&P said.

"In GATE 2005-1, the transaction portfolio is still actively
replenishing. The current portfolio amount as of the January 2012
replenishment date is nearly equal to the maximum portfolio
amount of EUR1.5 million. All of the replenishment conditions,
under the transactions' documentation, are satisfied. The average
portfolio credit quality is lower than at closing and currently
stands at 'B'. At the same time, however, the portfolio currently
displays a notably shorter weighted-average life (0.4 years) than
at closing. We further note that the portfolio is currently less
granular than at closing," S&P said.

"In terms of performance, GATE 2005-1 has displayed very robust
behavior. Cumulative defaults since closing make up 1.3% of the
maximum portfolio balance, while realized losses so far make up
EUR0.4 million. There are roughly EUR18 million of loans that
have currently triggered credit events, and we expect a few more
to do so before their scheduled maturity date. The losses
resulting from these loans are well covered by the current
outstanding balance of the unrated class H notes, which serve as
first loss protection," S&P said.

"GATE 2005-2 has already reached the scheduled maturity stage and
is referencing only nonperforming loans. The senior notes in the
capital structure have been fully repaid, and currently only the
class G and H notes are outstanding. The portfolio consists of
only 33 reference obligations, and we expect these to be worked
out during the remaining two years until the legal maturity date.
Based on our analysis of the reference loans, we expect an
average recovery rate of 50%, which would lead to the nearly full
depletion of the unrated class H notes," S&P said.

"In summary, we believe the credit enhancement levels available
to the various notes are commensurate with the current ratings on
the notes and the current risk profile of the underlying
reference pools. As a result, we have affirmed our ratings on all
classes in both transactions," S&P said.

        Potential Effects Of Proposed Criteria Changes

"We have taken 's rating actions based on our criteria for rating
European SME securitizations. However, these criteria are under
review," S&P said.

"As highlighted in the Jan. 17 Request For Comment, we are
soliciting feedback from market participants with regard to
proposed changes to our criteria for rating European SME
collateralized loan obligations (CLOs). We will evaluate the
market feedback, which may result in further changes to the
criteria. As a result of this review, our future criteria for
rating European SME CLOs may differ from our current criteria.
The criteria change may affect the ratings on all outstanding
notes in this transaction," S&P said.

"Until such time that we adopt new criteria for rating European
SME securitizations, we will continue to rate and surveil these
transactions using our existing criteria," S&P said.

              Standard & Poor's 17g-7 Disclosure Report

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

           http://standardandpoorsdisclosure-17g7.com

Ratings List

Class               Rating
            To                From

Ratings Affirmed

GATE SME CLO 2005-1 Ltd.
EUR151.5 Million Credit-Linked Notes

A            AAA (sf)
B            AAA (sf)
C            AA (sf)
D            A (sf)
E            A (sf)
F            BBB (sf)
G            B (sf)

GATE SME CLO 2005-2 Ltd.
EUR45 Million Floating-Rate Notes

F            B (sf)
G            CCC- (sf)


LANTIQ BETEILIGUNGS: S&P Affirms 'CCC+' Corporate Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Germany-based semiconductor company Lantiq Beteiligungs-GmbH &
Co. KG to positive from negative. The 'CCC+' long-term corporate
credit rating on Lantiq was affirmed.

"At the same time, we affirmed the 'B-' issue rating on Lantiq's
term loan," S&P said.

"The recovery rating on this debt remains at '2', indicating our
expectation of substantial (70%-90%) recovery in the event of a
payment default," S&P said.

"The rating actions primarily reflect the positive impact of the
amendment agreement and waiver on the group's liquidity profile.
Furthermore, to support negotiations with lenders and improve the
group's capital structure and liquidity, Lantiq's owner--private
equity company Golden Gate Capital (GGC)--has provided the
company with US$130 million of additional capital over the past
six months. The capital injection was used for general corporate
purposes and to reduce the group's outstanding loan to US$111
million from US$192 million on Feb. 8, 2012," S&P said.

"Following the renegotiation, Lantiq has a significantly less
onerous debt amortization and financial maintenance schedule than
previously. Under the amendment agreement, the group has no debt
repayments in fiscal year ending Sept. 30, 2012, and about US$13
million per year thereafter. In addition, the group has to comply
with only two financial covenants: maintenance of a minimum cash
amount and minimum EBITDA. The first test for the minimum EBITDA
covenant is on Sept. 30, 2012. The interest margin on the
outstanding term loan increases under the new agreement,
depending on the group's EBITDA generation. Nevertheless, we
anticipate lower interest payments in the future due to the
reduced outstanding amount," S&P said.

The ratings on Lantiq reflect our assessment of the group's
business risk profile as "vulnerable" and its financial risk
profile as "highly leveraged".

"The group's current business risk profile is primarily
constrained by what we see as Lantiq's relatively narrow product
focus, concentrated customer and supplier base, operation in a
highly competitive and volatile industry, and recently weak
revenue and operating margins trends. Partly offsetting these
factors are the company's strategy of not having inhouse
manufacturing facilities, which minimizes capital spending
requirements and moderates operating leverage. The group also
benefits from its solid niche market positions," S&P said.

The group's financial risk profile primarily reflects its
leveraged capital structure and currently weak free cash flow
generation, partly due to significant restructuring and carve-
out-related expenses in fiscal 2011 and 2012. This is only partly
offset by the demonstrated financial support of Lantiq's owner
GGC.

"The positive outlook reflects the likelihood that we could raise
the rating in 2012 if Lantiq is able to demonstrate sequential
revenue growth, from an expected low point in second half of
2011, and generate positive and sustainable free cash flow. In
addition, Lantiq would need to demonstrate the ability to ensure
adequate headroom of about 20% under its new covenant schedule,"
S&P said.

"Conversely, rating upside would be limited if we anticipate that
the group's currently weak revenue and margin trends would not
improve in 2012 as a result of a weaker economic environment,
subdued take up of new product launches, or strong competitive
pressure. Furthermore, continually negative free cash flow
generation or weak covenant headroom (less than 15%) could put
pressure on the rating," S&P said.


MARSEILLE-KLINIKEN: S&P Affirms 'B' Corporate Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Germany-based private nursing-care provider Marseille-Kliniken AG
(Marseille) to stable from negative. At the same time, the 'B'
long-term corporate credit rating on Marseille was affirmed.

The revision of the outlook to stable from negative reflects
Marseille's progress on deleveraging over the last 12 months, as
well as the improvement of its liquidity profile to "adequate",
following placement of its two-year bond in December 2011.

As of Dec. 31, 2011, Marseille's improved profitability --
generated both by its significant cost-reduction programs from
the past and satisfactory sales growth of 1.7% for the first six
months of fiscal 2012 -- boosted the fully adjusted leverage
ratio to 6.7x, on a last-12-months basis to Dec. 31, 2011,
compared with 7.0x in fiscal 2011.

"We continue to consider management's changed strategic focus on
consolidating its business positions, coupled with a stringent
cost-control program, to be supportive from a credit
perspective," S&P said.

"The rating continues to reflect Marseille's highly leveraged
financial profile, in our opinion, including high lease-adjusted
debt levels, and our view that Marseille's corporate governance
profile is still subpar, reflecting significant management
turnover in the last couple of years and related-party
transactions with the majority-owner family. The rating is
supported by Marseille's good competitive position in highly
fragmented markets, an ageing population, and the well
predictable growth in future nursing-care needs. The market is,
however, subject to regulation, public price setting, and
reimbursement negotiations with public insurance funds," S&P
said.

"The stable outlook reflects the company's 'adequate' liquidity
profile, as well as the improved operating conditions that make
future deleveraging more likely. We continue to view fully rents-
adjusted leverage of about 6.0x by the end of fiscal 2012 as
commensurate with the rating," S&P said.

"We think Marseille should be able to reach these targets, with
EBITDA approaching EUR20 million and sales growth of about 2%,"
S&P said.

"A negative rating action could follow if we considered that
there was insufficient progress in reaching this level within the
next six months," S&P said.

"A positive rating action, the chances for which we currently
view as remote, could be possible if leverage and our assessment
of the company's financial policy would result in adjusted
sustainable leverage of less than 6.0x, as well as in consistent
positive free cash flow generation," S&P said.


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KAUPTHING BANK: Former Chief Executive Indicted on Fraud Charges
----------------------------------------------------------------
Michael Stothard at The Financial Times reports that Hreidar Mar
Sigurdsson, the former chief executive of Kaupthing Bank, have
been formally indicted on charges of fraud and market
manipulation in the latest phase of the investigation into the
collapse of the Icelandic banking system in 2008.

Mr. Sigurdsson, the former chief executive of the failed lender,
and Sigurdur Einarsson, the former chairman, have both been sent
letters of indictment by the Icelandic Special Prosecutor and are
due to appear in court in March, the FT discloses.  They are both
expected to plead not guilty, the FT says.  The trial is not
expected to start for several months, the FT notes.

Magnus Gudmundsson, the former president of Kaupthing Luxembourg,
and Olafur Olafsson, who was the bank's second largest
shareholder, have also been accused of market abuse by the
special prosecutor and will face trial, the FT states.

Kaupthing was one of three Icelandic banks that failed at the
height of the credit crunch in October 2008, the FT recounts.  A
special prosecutor was set up shortly after "to investigate
suspected criminal conduct before, during and following the
events that led to the so-called 'collapse' in Iceland", the FT
notes.

The FT relates that the UK's Serious Fraud Office launched a
probe into Kaupthing in 2009, focused on "decision-making
processes which appear to have allowed substantial value to be
extracted from the bank in the weeks and days prior to its
collapse".

                       About Kaupthing Bank

Headquartered in Reykjavik, Kaupthing Bank --
http://www.kaupthing.com/-- is Iceland's largest bank and among
the Nordic region's 10 largest banking groups.  With operations
in more than a dozen countries, the bank offers a range of
services including retail banking, corporate finance, asset
management, brokerage, private banking, treasury, and private
wealth management.  Kaupthing was created by the 2003 merger of
Bunadarbanki and Kaupthing Bank.  In October 2008, the Icelandic
government assumed control of Kaupthing Bank after taking similar
measures with rivals Landsbanki and Glitnir.

As reported by the Troubled Company Reporter-Europe, on Nov. 30,
2008, Olafur Gardasson, assistant for Kaupthing Bank hf, filed a
petition under Chapter 15 of title 11 of the United States Code
in the United States Bankruptcy Court for the Southern District
of New York commencing the Debtor's Chapter 15 case ancillary to
the Icelandic Proceeding and seeking recognition for the
Icelandic Proceeding as a "foreign main proceeding" under the
Bankruptcy Code and relief in aid of the Icelandic Proceeding.


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CAIRN HIGH GRADE: S&P Lowers Ratings on Five Note Classes to 'D'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D (sf)' from 'CC
(sf)' its credit ratings on Cairn High Grade ABS CDO I PLC's
class A1, A2, B, and C notes, and lowered to 'Dp (sf)' from 'CCp
(sf)' its rating on the class E notes. "We have subsequenty
withdrawn our ratings on all these classes of notes, effective in
30 days' time," S&P said.

"The rating actions are based on our assessment that all
noteholders will ultimately experience principal losses. In our
view, this is evident from the Cairn High Grade ABS CDO I
transaction reports and the publicly available notice concerning
the transaction--originally published on March 4, 2011 in the
Companies Announcement Service of the Irish Stock Exchange," S&P
said.

Cairn High Grade ABS CDO I is a collateralized debt obligation
(CDO) of primarily U.S. structured finance securities that closed
in August 2005.

"Since 2007, we have observed widespread credit deterioration,
including defaults and losses, in Cairn High Grade ABS CDO I's
portfolio," S&P said.

"On Sept. 15, 2010, we lowered to the 'CC' level our ratings on
all classes of notes, reflecting our view that all noteholders
were vulnerable to nonpayment --confirmed by the Jan. 30, 2011
transaction report. At that time, the issuer held assets with a
par value of US$729.15 million compared with the US$813.93
million outstanding balance of class A1 notes, which rank ahead
of all other classes of notes for repayment," S&P said.

"In February 2011, as reported in the March 4, 2011 notice (with
amounts in the February 2011 note valuation report), the
collateral manager--acting on behalf of the issuer--entered into
an agreement (the 'sale deed') with the single investor that
owned all the class A1 notes. Under the sale deed:

* The class A1 noteholders purchased from the issuer most of the
   transaction's portfolio of investments--the issuer retaining
   only eight highly rated U.S. residential mortgage-backed
   securities (RMBS) classes of notes in its collateral with a
   total par value of approximately US$13.20 million;

* The issuer paid the sale proceeds together with other
   principal collection amounts through the transaction's payment
   waterfall, resulting in a reduction of US$383.73 million in
   the outstanding balance of the class A1 notes;

* The class A1 noteholders returned to the issuer approximately
   US$7.57 million to help fund interest payments on the
   nondeferrable class A2 and B notes on the transaction's May
   2011 and subsequent payment dates; and

* The class A1 noteholders waived the right to receive remaining
   principal and interest on the class A1 notes, other than
   amounts relating to cash flows from the eight remaining U.S.
   RMBS investments.

"Based on our analysis of the Dec. 30, 2011 transaction report,
the issuer at that time held U.S. RMBS assets with a par value of
US$8.16 million, and had collected cash flows relating to those
assets in its accounts amounting to an additional US$1.01
million. Under the terms of the sale deed with the class A1
noteholders, we understand that an aggregate amount of US$9.17
million was therefore available to repay the class A1 notes,
compared with their reported outstanding balance of US$403.57
million," S&P said.

"Under the terms of the sale deed, we understand that the class
A1 noteholders, after each payment date, pay back to the issuer
amounts calculated in accordance with that deed. While the
transaction reports record a reduction of US$26.02 million in the
outstanding balance of class A1 notes between March 31, 2011 and
Dec. 30, 2011, our analysis indicates that net payments to class
A1 noteholders in that period were approximately US$4.06
million," S&P said.

"As for the class A2, B, C, D, and E notes (the class A2 and
junior notes), the issuer has available to it a portion of the
principal cash balance--the amount that does note derive from
principal payments made by the U.S. RMBS assets--to make payments
due on these classes of notes. The issuer is now using principal
cash to pay interest on the nondeferrable class A2 and B notes.
As a result, the cash balance will likely reduce over time and,
in our view, will ultimately not be sufficient to make principal
payments to the class A2 and junior noteholders. Even if the
issuer were able to distribute to these noteholders the total
principal cash amount of $8.21 million recorded in the Dec. 30,
2011 report, this would not be sufficient to fully repay the $20
million outstanding balance of the class A2 notes, which the
issuer must repay before making principal payments to the class B
and other junior noteholders," S&P said.

"In our opinion, it is evident that the issuer has insufficient
assets to fully repay any of Cairn High Grade ABS CDO I's classes
of notes, for which our ratings address ultimate payment of
principal. As such, we consider it appropriate to lower to the
'D' level all of our ratings in this transaction, and
subsequently withdraw them. This withdrawal will be effective
after 30 days," S&P said.

Ratings List

Class                   Rating
                To                   From

Cairn High Grade ABS CDO I PLC
$1 Billion Floating-Rate Notes

Ratings Lowered and Withdrawn[1]

A1              D (sf)               CC (sf)
                NR                   D (sf)

A2              D (sf)               CC (sf)
                NR                   D (sf)

B               D (sf)               CC (sf)
                NR                   D (sf)

C               D (sf)               CC (sf)
                NR                   D (sf)

E               Dp (sf)              CCp (sf)
                NR                   Dp (sf)

[1]"The withdrawals become effective in 30 days' time.

Note: We did not rate the class D notes," S&P said.


CELF LOAN: S&P Raises Rating on Class E Notes to 'B+'
-----------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
CELF Loan Partners IV PLC's class B, C, D, and E notes. "At the
same time, we have affirmed our ratings on the class A-1, A-2a,
and A-2b notes," S&P said.

CELF Loan Partners IV is a cash flow collateralized loan
obligation (CLO) transaction that securitizes loans to primarily
speculative-grade corporate firms. The transaction closed in May
2007 and its reinvestment period ends in May 2014. The
transaction is managed by CELF ADVISORS LLP.

"The rating actions follow our credit and cash flow analysis to
assess the transaction's performance, using data from the latest
available trustee report, dated December 2011. We have taken into
account recent developments in the transaction and reviewed it
under our counterparty criteria," S&P said.

"We note that the overcollateralization test results for all
classes of notes have improved since our previous review of this
transaction and are all passing their required levels. Since
then, the weighted-average spread earned on the collateral pool
has also increased," S&P said.

"Additionally, our analysis indicates that the weighted-average
maturity of the portfolio has decreased. We have also observed a
general improvement in the portfolio's credit quality. For
instance, assets rated in the 'CCC' category ('CCC+', 'CCC', and
'CCC-') have decreased to 8.32% of the portfolio balance, from
8.74% at our previous review. We have also seen a decrease in
assets that we consider to be defaulted (i.e., debt obligations
of obligors rated 'CC', 'SD' [selective default], or 'D') to
1.83% from 3.44% of the portfolio's balance. In our view, these
factors have resulted in lower scenario default rates (SDRs) for
all rating categories," S&P said.

"We subjected the capital structure to a cash flow analysis to
determine the break-even default rate for each rated class, which
we then compared with its SDR to determine the rating level for
each class of notes. In our analysis, we used the reported
portfolio balance that we considered to be performing, the
weighted-average spread, and the weighted-average recovery
rates that we considered appropriate. We incorporated various
cash flow stress scenarios using our standard default patterns,
levels, and timings for each rating category assumed for all
classes of notes, in conjunction with different interest-rate
stress scenarios," S&P said.

At closing, CELF Loan Partners IV entered into derivative
obligations to mitigate currency risks in the transaction.

"We consider that the documentation for these derivatives do not
fully reflect our counterparty criteria. We conducted our cash
flow analysis assuming that the transaction does not benefit from
support from the derivatives. After conducting these cash flow
analyses, we have concluded that the ratings on the class A-1, A-
2a, and A-2b notes can be maintained at their current rating
levels. We have therefore affirmed our ratings on these classes
of notes," S&P said.

"In our view, our cash flow analysis and the reduction in our
SDRs indicate that the credit enhancement available to the class
B, C, D, and E notes is commensurate with higher rating levels
than we previously assigned. We have therefore raised our ratings
on the class B, C, D, and E notes," S&P said.

"Although our cash flow analyses indicate a higher rating level
for the class E notes, we have raised our rating on the class E
notes to 'B+ (sf)' from 'CCC+ (sf)', as our analysis shows the
rating is constrained at that level by our largest obligor
default test. The largest obligor default test is a supplemental
stress test we introduced in our 2009 criteria update for
corporate collateralized debt obligations (CDOs)," S&P said.

              Standard & Poor's 17g-7 Disclosure Report

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

           http://standardandpoorsdisclosure-17g7.com

Ratings List

Class               Rating
            To                From

CELF Loan Partners IV PLC
EUR600 Million Secured Floating-Rate Notes

Ratings Raised

B           A+ (sf)           BBB+ (sf)
C           BBB+ (sf)         BB+ (sf)
D           BB+ (sf)          B+ (sf)
E           B+ (sf)           CCC+ (sf)

Ratings Affirmed

A-1         A+ (sf)
A-2a        AA+ (sf)
A-2b        A+ (sf)


ERC IRELAND: S&P Lowers Corporate Credit Ratings to 'SD'
--------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'SD' (Selective
Default) from 'CC' its long-term corporate credit ratings on ERC
Ireland Preferred Equity Ltd. (ERCIPE), ERC Ireland Finance Ltd.
(ERCIF), and ERC Ireland Holdings Ltd. (ERCIH); together, the
eircom group. These entities are the parent companies of leading
Ireland-based telecommunications provider eircom Group Ltd. (not
rated).

"At the same time, we lowered our issue rating on ERCIF's EUR350
million floating-rate notes to 'D' (Default) from 'C'. The
recovery rating on these notes is unchanged at '6', indicating
our expectation of negligible (0%-10%) recovery for creditors in
the event of a payment default," S&P said.

"In addition, we affirmed our 'CCC' issue rating on the senior
secured debt issued by ERCIH. The recovery rating on this debt
remains unchanged at '1', indicating our expectation of very high
(90%-100%) recovery in the event of a payment default. We also
affirmed our 'C' issue rating on the floating-rate subordinated
payment-in-kind notes issued by ERCIPE. The recovery rating on
this debt remains unchanged at '6', indicating our expectation of
negligible (0%-10%) recovery in the event of a payment default.
At the same time, we affirmed our 'C' issue rating on ERCIH's
second-lien term loan D. The recovery rating remains unchanged at
'5', indicating our expectation of modest (10%-30%) recovery in
the event of a payment default," S&P said.

"The downgrade follows ERCIF's delay in making the coupon payment
on its EUR350 million floating-rate notes for more than five
business days after the scheduled due date. The payment due date
fell on Feb. 15, 2012, and the delay follows ERCIH's senior
lenders exercising their rights to suspend payments by ERCIH and
its subsidiaries of amounts that fund coupon payments on the
floating-rate notes. The group is in the process of restructuring
its balance sheet," S&P said.

"Under our criteria 'Timeliness of Payments: Grace Periods,
Guarantees, And Use Of 'D' And 'SD' Ratings,' published Dec. 23,
2010, we consider the extension of a payment maturity as
tantamount to a default if the payment falls later than five
business days after the scheduled due date. This is irrespective
of any grace period stipulated in the indenture," S&P said.

"Although no updated information is available, we think that the
eircom group's liquidity could be sufficient to make upcoming
interest payments on the floating-rate notes. Nevertheless, we
take a strict view of any payment deferral in accordance with our
criteria outlined above. We consider an extension of a due
payment of interest as equivalent to a debt restructuring below
par by a distressed issuer, and therefore tantamount to a
default," S&P said.

"We could lower the ratings on the eircom group to 'D', if the
group fails to pay substantially all of its obligations under its
current debt structure when these obligations fall due," S&P
said.

"We will therefore examine the progress of the group's pending
restructuring over the coming months. The restructuring will aim
to remediate the group's balance sheet and ensure a sustainable
capital structure. If and when the eircom group emerges from any
form of reorganization, we will reassess the ratings, taking into
account the factors that precipitated the default, as well as any
gains from the reorganization process," S&P said.


TREASURY HOLDINGS: State May Take Over National Convention Centre
-----------------------------------------------------------------
Irish Independent reports that the high-profile National
Convention Centre in Dublin could be taken over by the State if
its owners go bust.

The Dail Public Accounts Committee (PAC) heard on Thursday that
there were contingency plans in case Treasury Holdings loses
ownership of the development, Irish Independent relates.

The center is a public-private partnership, with the State
providing EUR40 million in 2010, Irish Independent discloses.

Treasury is currently locked in a court battle with the National
Asset Management Agency, which wants to place it under
receivership, Irish Independent notes.

According to Irish Independent, NAMA has called Treasury --
controlled by developers Johnny Ronan and Richard Barrett --
"hopelessly insolvent" and TDs questioned whether the court
battle will have an effect on the State's contribution to the
center.

As reported by the Troubled Company Reporter-Europe, Irish
Examiner related hat Treasury Holdings was to be at the High
Court on Feb. 23 in an attempt to overturn NAMA's appointment of
receivers to take control of parts its property portfolio.  Irish
Examiner said that the company's lawyers would ask the High Court
for permission to challenge NAMA's decision and seek temporary
orders stopping the receivers from taking action.

Treasury Holdings own commercial, retail and event space property
in Ireland, the UK, Russia and China with a combined value of
EUR4.6 billion.


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


PARMALAT SPA: 2nd Cir. Sends Securities Litigation to Illinois
--------------------------------------------------------------
The U.S. Court of Appeals for the Second Circuit vacated
judgments of the U.S. District Court for the Southern District of
New York in the Parmalat Securities Litigation, and remanded the
cases to the District Court with instructions to transfer them to
the Northern District of Illinois so that they can be remanded to
Illinois state court.

Parmalat Capital Finance Limited and Dr. Enrico Bondi have taken
an appeal from the judgment of the United States District Court
for the Southern District of New York (Kaplan, J.) dismissing
their claims against Grant Thornton International, Inc., Grant
Thornton International Ltd, and Grant Thornton LLP.

The cases arise out of the collapse of Parmalat Finanziaria,
S.p.A. in 2003.  Dr. Bondi represents Old Parmalat's Italian
bankruptcy estate as its Extraordinary Commissioner under Italian
law.  Parmalat's plan of reorganization, the Concordato, was
approved after the commencement of the lawsuits, and is
proceeding in Italy.  PCFL is a Grand Caymans-based corporate
subsidiary of Parmalat.  PCFL is in liquidation in the Cayman
Islands.

In 2004, PCFL and Bondi commenced separate proceedings pursuant
to former 11 U.S.C. Sec. 304 in the Bankruptcy Court for the
Southern District of New York.  The proceedings permitted PCFL
and Dr. Bondi, as representatives of the foreign bankruptcy
estates, to commence bankruptcy cases in the United States in
order to enjoin litigation against PCFL and Parmalat in the
United States courts. The bankruptcy court entered a preliminary
injunction shielding Old Parmalat from American lawsuits.
Purchasers of Old Parmalat's debt and equity securities had filed
securities fraud class action lawsuits in the United States
against Old Parmalat and against various banks and auditing firms
that had allegedly participated in the fraud, including Appellees
Grant Thornton, who had been auditors for Old Parmalat and PCFL.
After the issuance of the preliminary injunction, the securities
fraud plaintiffs dropped Old Parmalat as a defendant.

In August 2004, Dr. Bondi filed suit in Illinois state court
against Grant Thornton, alleging claims arising under Illinois
law including professional malpractice, fraud, negligent
misrepresentation, and unlawful civil conspiracy.  Dr. Bondi
filed a similar suit in New Jersey state court against Citigroup.
In September 2004, Grant Thornton removed the Illinois case to
the United States District Court for the Northern District of
Illinois on the basis of 28 U.S.C. Sections 1334(b) and 1452,
arguing that removal was proper because the case was "related to"
Dr. Bondi's Sec. 304 proceeding in the Southern District of New
York.  Dr. Bondi filed a motion to remand, arguing that the court
was required to abstain from hearing the case pursuant to 28
U.S.C. Sec. 1334(c)(2).  The Judicial Panel on Multidistrict
Litigation transferred Dr. Bondi's action against Grant Thornton
to Judge Kaplan in the Southern District of New York.  On Feb.
25, 2005, Judge Kaplan denied Dr. Bondi's motion to remand to
state court. The District Court found that it had jurisdiction
pursuant to Sec. 1334(b) and that abstention was not mandatory.
The District Court denied Dr. Bondi's motion for an interlocutory
appeal pursuant to 28 U.S.C. Sec. 1252(b).

In December 2005, PCFL filed suit against Grant Thornton in the
same Illinois state court, alleging similar claims to those
asserted by Dr. Bondi.  PCFL also filed a complaint in North
Carolina state court against Bank of America alleging some
similar claims.  Grant Thornton removed the Illinois case to the
United States District Court for the Northern District of
Illinois, again arguing that removal was proper because the state
law claims were related to PCFL's Sec. 304 proceeding.  PCFL,
like Dr. Bondi, filed a motion to abstain and remand, arguing
that abstention was mandatory pursuant to 28 U.S.C. Sec.
1334(c)(2).  The Northern District of Illinois denied PCFL's
motion.  That court then transferred the case to Judge Kaplan in
the Southern District of New York for consolidation with Bondi's
case.  In a separate proceeding, the North Carolina case against
Bank of America was also transferred to the Southern District of
New York.

In October 2005, the Italian bankruptcy court approved the
Concordato. Under the Concordato, a newly formed entity,
Parmalat, S.p.A. -- New Parmalat -- assumed all of the legal
liabilities, as well as the assets, of its predecessor companies.
New Parmalat acts as a claims administrator for creditors of Old
Parmalat under the Concordato.  In June 2007, the District Court
denied Dr. Bondi's motion to bar the securities fraud plaintiffs
from bringing direct claims against New Parmalat.  The District
Court also granted a motion to permit Grant Thornton to file
third party contribution claims against Parmalat in the
securities class action.  The securities class actions eventually
settled.

Meanwhile, the Illinois and North Carolina actions continued in
the Southern District of New York.  Following discovery, the
District Court issued a detailed and thoughtful opinion granting
summary judgment to the defendants.  With regard to the North
Carolina action, the Second Circuit affirmed the District Court's
grant of summary judgment to Bank of America.

In a separate Opinion regarding the Illinois actions against
Grant Thornton, the Second Circuit vacated the decisions not to
abstain from deciding these cases pursuant to the mandatory
abstention provision in 28 U.S.C. Sec. 1334(c)(2).  The Second
Circuit remanded the Illinois cases to the District Court for a
determination of whether the cases could be "timely adjudicated"
in Illinois state court within the meaning of Sec. 1334(c)(2), in
accordance with the factors set forth in that Opinion.  On
remand, the District Court again concluded that mandatory
abstention did not apply.

PCFL and Dr. Bondi renewed their appeals to the Second Court
arguing for mandatory abstention.

The appellate case is In re Parmalat Sec. Litig., Nos. 09-4302-cv
(L), 09-4306-cv (con), 09-4373-cv (con) (2nd Cir.).  The
appellate panel is composed of Circuit Judges Jose A. Cabranes
and Richard C. Wesley and the Honorable John G. Koeltl, of the
United States District Court for the Southern District of New
York, sitting by designation.  A copy of the Second Circuit's
Feb. 21, 2012 per curiam decision is available at
http://is.gd/sH7NGTfrom Leagle.com.

                      About Parmalat S.p.A.

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that
can be stored at room temperature for months.  It also has about
40 brand product lines, which include yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.  Dr.
Enrico Bondi was appointed Extraordinary Commissioner in each of
the cases.  The Parma Court declared the units insolvent.

On June 22, 2004, Dr. Bondi, on behalf of the Italian entities,
sought protection from U.S. creditors by filing a petition under
Sec. 304 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No.
04-14268).

Parmalat's U.S. operations filed for Chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary Holtzer,
Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal & Manges
LLP, represented the U.S. Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than US$200 million
in assets and debts.  The U.S. Debtors emerged from bankruptcy on
April 13, 2005.

Three special-purpose vehicles established by Parmalat S.p.A. --
Dairy Holdings Ltd., Parmalat Capital Finance Ltd., and Food
Holdings Ltd. -- commenced separate winding up proceedings before
the Grand Court of the Cayman Islands.  Gordon I. MacRae and
James Cleaver of Kroll (Cayman) Ltd. were appointed liquidators
in the cases.  On Jan. 20, 2004, the Liquidators filed a Sec. 304
petition (Bankr. S.D.N.Y. Case No. 04-10362).  Gregory M.
Petrick, Esq., at Cadwalader, Wickersham & Taft LLP, and Richard
I. Janvey, Esq., at Janvey, Gordon, Herlands Randolph,
represented the Finance Companies in the Sec. 304 case.

The Honorable Robert D. Drain presided over the Parmalat Debtors'
U.S. cases and Sec. 304 cases.  In 2007, Parmalat obtained a
permanent injunction in the Sec. 304 cases.


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


BOZEL S.A.: Plan of Liquidation Declared Effective
--------------------------------------------------
BOZEL, S.A., et al., notified the U.S. Bankruptcy Court for the
Southern District of New York, creditors and parties-in-interest
that the Effective Date of the Amended Joint Plan of Liquidation
proposed by Official Committee of Unsecured Creditors occurred on
Feb. 10, 2012.

The Court confirmed the Plan on Feb. 9.

The Debtor filed an Amended Disclosure Statement for the Amended
Joint Chapter 11 Plan of Liquidation dated Dec. 27, 2011, which
is the product of the effort by the Debtors, after negotiation
with the Committee, to develop a plan that will enable creditors
to receive the maximum recovery possible in this case with the
consent of the impaired classes.

The Plan reflects a series of compromises and agreements made
between the Debtors and the Committee on behalf of the unsecured
creditors of the Debtors.

Under the Plan, administrative claims, priority tax claims and
fee claims will have full recovery of their claims.  Bozel S.A.'s
General Unsecured Creditors will recover up to 1.65% of their
claims, while Bozel LLC's general unsecured creditors will
recover up to 0.82% of their claims.  Holders of Prepetition Date
Intercompany Claims an, Equity Interests in Bosel SA and Bozel
LLC will have no recovery.

The Plan will be funded from the assets of Bozel S.A. and Bozel
LLC.

A full-text copy of the Amended Disclosure Statement is available
for free at http://bankrupt.com/misc/BOZEL_SA_ds_amended.pdf

                        About Bozel S.A.

Bozel S.A. is a company limited by shares (a 'societe anonyme' or
"S.A.") organized under the Grand Duchy of Luxembourg, and
registered with the Luxembourg Trade and Companies Register under
the number B107769.  Bozel is a holding company which, at the
time of its Chapter 11 filing, owned substantially all of the
stock in Bozel Mineracao, S.A. (organized in Brazil) ("Bozel
Brazil") and Bozel Europe S.A.S. (organized in France) ("Bozel
Europe"), and continues to own Bozel, LLC (organized in the state
of Florida).

Prior to the sale of Bozel Brazil and Bozel Europe to Japan
Metals & Chemicals, Co., Ltd. ("JMC"), Bozel S.A., through its
three operating subsidiaries on three continents, was a worldwide
leader in the sale of calcium silicon ("CaSi").  Immediately
preceding its filing for bankruptcy protection, Bozel S.A. sold
over 40% of the world's CaSi powder output.  Bozel Brazil
produces primarily CaSi and cored wire, which is an industry-
preferred ingredient in the production of high quality steel and
steel alloys.  Bozel Europe produces primarily cored wire.
Bozel, LLC, formerly marketed and distributed in the United
States the products produced by Bozel Brazil.

Bozel S.A. is the sole member and manager of Bozel, LLC.

Bozel sought Chapter 11 protection (Bankr. S.D.N.Y. Case No.
10-11802) on April 6, 2010.  In its amended schedules, Bozel
disclosed US$41,134,010 in assets and US$47,365,036 in
liabilities.

Bozel, LLC, filed a separate petition for Chapter 11 (Bankr.
S.D.N.Y. Case No. 11-10033) on Jan. 10, 2011.

Allen G. Kadish, Esq., and Kaitlin R. Walsh, Esq., at Greenberg
Traurig, LLP, in New York, and Mark D. Bloom Esq., at Greenberg
Traurig, LLP, in Miami, represent the Debtors as counsel.

The two cases are jointly administered under Case No. 10-11802.


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


TELECONNECT INC: Incurs US$1.2-Mil. Net Loss in Dec. 31 Quarter
---------------------------------------------------------------
Teleconnect Inc. filed with the U.S. Securities and Exchange
Commission a Form 10-Q reporting a net loss of US$1.23 million on
US$19,385 of sales for the three months ended Dec. 31, 2011,
compared with net income of US$505,100 on US$11,971 of sales for
the same period a year ago.

The Company reported a net loss of US$3.26 million on US$112,722
of sales for the year ended Sept. 30, 2011, compared with net
income of US$1.97 million on US$254,446 of sales during the prior
year.

The Company's balance sheet at Dec. 31, 2011, showed US$7.28
million in total assets, US$10.47 million in total liabilities,
all current, and a US$3.19 million total stockholders' deficit.

Coulter & Justus, P.C., in Knoxville, Tenn., expressed
substantial doubt about the Company's ability to continue as a
going concern following the fiscal 2011 financial results.  The
independent auditors noted that the Company has suffered
recurring losses from operations and has a net capital deficiency
in addition to a working capital deficiency.

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

                        http://is.gd/kbPtCB

                       About Teleconnect Inc.

Based in Breda, in The Netherlands, Teleconnect Inc. (OTC BB:
TLCO) Teleconnect Inc. (initially named Technology Systems
International Inc.) was incorporated under the laws of the State
of Florida on November 23, 1998.

Serving as a telecommunications service provider in Spain for
almost 9 years, the Company never fully reached expectations and
decided late in 2008 to change its course of business.  In
November 2009, 90% of the Company's telecommunication business
was sold to a Spanish group of investors, and on October 15,
2010, the Company completed the acquisition of Hollandsche
Exploitatie Maatschappij BV (HEM), a Dutch entity established in
2007.  HEM's core business involves the age validation of
consumers when purchasing products which cannot be sold to
minors, such as alcohol or tobacco.  The Company regards this age
validation business as its new strategic direction.  The Dutch
companies acquired in 2007 (Giga Matrix, The Netherlands, 49% and
Photowizz, The Netherlands, 100%) are considered to function
complementary to this new service offering.

Through the purchase of HEM and its ownership in Photowizz and
Giga Matrix the Company now controls all four pillars under its
business model: the manufacturing and leasing of electronic age
validation equipment, the performance of age validation
transactions remotely, the performance of market surveys and the
broadcasting of in-store commercial messages using the age
validation equipment in between age checks.


===============
P O R T U G A L
===============


SAGRES-SOCIEDADE: DBRS Cuts Rating on Class B Notes to 'BB'
-----------------------------------------------------------
DBRS Ratings Limited has downgraded the Class A and the Class B
Notes issued by SAGRES  SOCIEDADE DE TITULARIZACAO DE CREDITOS,
S.A.  The Class A Notes have been downgraded from AA (sf) to A
(sf), and the Class B Notes have been downgraded from BBB (sf) to
BB (low)(sf).

The rating action reflects the following analytical
considerations:

   * Incorporation of a sovereign related stress component in our
     stress scenario due to the January 30, 2012, downgrade by
     DBRS of the Republic of Portugal's sovereign from BBB to BBB
     (low) Negative Trend.

   * Increased uncertainty surrounding the impact of
     macroeconomic variables on collateral performance due to
     austerity measures taken by the Republic of Portugal.

   * Heightened concern with respect to the stress certain
     transaction parties may come under to perform transaction
     obligations (servicers and collection account banks
     domiciled in Portugal).

The rating has also been removed from Under Review Negative (see
"DBRS Places Class A and Class B Notes of SAGRES - STC, SA
(Lusitano SME No.2) Under Review Negative," published February 1,
2012).

For a more detailed discussion of sovereign risk impact on
Structured Finance ratings, please refer to DBRS commentary "The
Effect of Sovereign Risk on Securitisations in the Euro Area",
located at http://dbrs.com/research/239786.

The transaction is a cashflow securitization collateralized
primarily by a portfolio of commercial paper and term loans
originated by Banco Espirito Santo, S.A. to Portuguese corporates
and small-and medium-sized enterprises.  The portfolio is
serviced by BES.

The principal methodology is the Master European Granular
Corporate Securitisations (SME CLOs), which can be found on DBRS'
website under Methodologies.

DBRS determined key inputs used in its analysis based on
historical performance data provided for the originator and
servicer as well as analysis of the current economic environment.
Further information on DBRS's analysis of this transaction will
be available in a rating report on http://www.dbrs.comor by
contacting us at info@dbrs.com

The sources of information used for these ratings include parties
involved in the rating, including but not limited to SAGRES -
SOCIEDADE DE TITULARIZACAO DE CREDITOS, S.A. and Banco Espirito
Santo, S.A. DBRS considers the information available to it for
the purposes of providing this rating was of satisfactory
quality.

For additional information on DBRS European SME CLO(s), please
see European Disclosure Requirements, located at
http://www.dbrs.com/research/235269

Ratings assigned by DBRS Ratings Limited are subject to EU
regulations only.

Lead Analyst: Simon Ross
Rating Committee Chair: Jerry van Koolbergen
Initial Rating Date: 3 January 2011
Most Recent Rating Update: 25 October 2011


=============
R O M A N I A
=============


INT'L BANK: Court Annuls Conviction of Dinel Staicu in Fraud Suit
-----------------------------------------------------------------
Mediafax reports that the Bucharest Court of Appeals has annulled
the conviction of businessman Dinel Nutu, formerly known as
Staicu, in the case of the fraud at the International Bank of
Religions (BIR).

According to Mediafax, the Bucharest Court found that the Craiova
Court of Appeals had earlier ruled that Dinel Staicu was innocent
of the charges for which he was tried and sentenced in the BIR
case.

On April 4, 2011, Dinel Staicu was sentenced to seven years in
prison for accessory to abuse of office for his role in the
bankruptcy of the International Bank of Religions (BIR), Mediafax
recounts.  According to police, he had left the country the
previous day, Mediafax discloses.  Earlier, Mr. Staicu had
legally taken his wife's last name, Nutu, Mediafax notes.

International Bank of Religions was based in Romania.


=====================
S W I T Z E R L A N D
=====================


PETROPLUS HOLDINGS: Azeri Socar Confirms Interest in Refinery
-------------------------------------------------------------
Dow Jones' Daily Bankruptcy Review reports that the president and
chief executive of the Geneva-based trading arm of Azerbaijan's
state oil company SOCAR Tuesday confirmed his company's interest
in Petroplus Holdings AG's Cressier refinery in Switzerland.

As reported in the Troubled Company Reporter-Europe on Jan. 25,
2012, Petroplus Holdings AG disclosed that the company and its
subsidiaries received notices of acceleration on Jan. 23 from the
lenders under its Revolving Credit Facility after negotiations
with lenders to reopen credit lines needed to maintain operations
and meet financial obligations failed.  The lenders served
notices of acceleration, commenced enforcement actions and
appointed a receiver in respect of Petroplus Marketing AG's
assets in the UK.  Such acceleration constitutes an event of
default under the U$1.75 billion aggregate principal amount of
outstanding senior notes and convertible bonds of Petroplus
Finance Limited.

Based in Zug, Switzerland, Petroplus Holdings AG is Europe's
largest independent oil refiner.


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


BATTERSEA POWER: Put Up for Sale Following Administration
---------------------------------------------------------
Jesse Riseborough at Bloomberg News reports that Knight Frank LLP
said Battersea Power Station, the London landmark slated for a
GBP5 billion (US$7.9 billion) redevelopment, will be offered for
sale on the open market for the first time.

"As one of the U.K.'s most recognizable landmarks, Knight Frank
anticipates considerable interest" in the site, Bloomberg quotes
Stephan Miles-Brown, head of residential development, as saying
in a statement on Friday in the property broker's Web site.

Knight Frank said that the sale of the Grade II-listed building
on the south bank of the River Thames will be advertised globally
starting this week.

Developer and controlling shareholder Real Estate Opportunities
Plc said on Oct. 26 that the 39-acre (16-hectare) site was valued
at GBP500 million.

As reported by the Troubled Company Reporter-Europe on Dec. 14,
2011, Chris Spillane and Neil Callanan at Bloomberg News related
that the owner of Battersea Power Station, the London landmark
idled for the past 28 years, was put into administration by U.K.
Judge Geoffrey Charles Vos after its owners failed to repay
senior lenders owed more than GBP500 million (US$781 million).
Judge Vos granted a request by creditors led by Lloyds Banking
Group Plc and Ireland's National Asset Management Agency to
appoint an administrator to sell the site, Bloomberg disclosed.
Ernst & Young was appointed as the administrator for investment
companies of Real Estate Opportunities Plc including REO Power
Station Ltd. and REO Site Assembly Ltd., Bloomberg noted.

Battersea Power Station, with four 350-foot-high smokestacks, is
Europe's largest brick building.


DAB DEVELOPMENTS: In Administration, Owes GBP27 Million++
---------------------------------------------------------
BBC News reports that DAB Developments, formerly called Brookview
Developments, has been placed into administration.  DAB
Developments was controlled by Garvagh-based developer Denis
Heaney.

The firm's last filed accounts, for the year ending March 2010,
showed it owed creditors more than GBP27 million, according to
BBC News.  The report relates that the company outweighed its
assets by almost GBP9 million at that time.

BBC News notes that the company's main banker was understood to
be Ulster Bank.

DAB Developments is a County Londonderry property development
firm, which once planned to build hundreds of houses in the
Drumahoe area.


EUROSAIL 2006-4NP: S&P Lowers Rating on Class E1c Notes to 'B-'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
all classes of Eurosail 2006-4NP PLC's notes. "At the same time,
we have kept on CreditWatch negative our ratings on the class
A3a, A3c, M1a, and M1c notes, and removed from CreditWatch
negative our ratings on all other classes of notes," S&P said.

"The rating actions follow our credit and cash flow analysis of
the most recent transaction information that we have received
(dated December 2011)," S&P said.

"Our analysis reflects our recently published U.K. residential
mortgage-backed securities (RMBS) criteria. In addition, we have
applied our 2010 counterparty criteria, given the recent
downgrades of the transaction counterparties," S&P said.

"On Dec. 12, 2011, we placed our ratings on all classes of notes
in this transaction on CreditWatch negative due to our recently
updated U.K. RMBS criteria," S&P said.

"In our opinion, the collateral pool has exhibited relatively
stable performance over the past year. However, as we have seen
an increase in 90-120 day arrears to 2.75% from 2.56%, we have
projected arrears in our analysis," S&P said.

"We have seen an increase in unemployment rates since the
previous year and, in our opinion, 2012 is going to be a
challenging year for U.K. borrowers," S&P said.

Credit enhancement continues to increase due to the deleveraging
of the transaction. In addition, the reserve fund is fully funded
and has not amortized. The transaction is currently paying pro
rata as the 90+ day arrears bucket is below the trigger threshold
for the transaction and the liquidity facility has been drawn to
cash.

"After applying our updated U.K. RMBS criteria, our credit
analysis results show an increase in the weighted-average
foreclosure frequency (WAFF) for all rating levels except for
'AAA', and an increase in the weighted-average loss severity
(WALS) for each rating level due to the application of our market
value decline assumptions. The combined result is an increase in
the required credit coverage for each rating level," S&P said.

"Following our application of our recently updated U.K. RMBS
criteria, we have lowered and removed from CreditWatch negative
our ratings on the class B1a, C1a, C1c, D1a, D1c, and E1c notes,"
S&P said.

"We have also lowered to 'AA- (sf)' our ratings on the class A3a,
A3c, M1a, and M1c notes and placed them on CreditWatch negative
for counterparty reasons. These rating actions follow our Nov.
29, 2011 lowering of our long-term counterparty rating on the
currency swap provider, Barclays Bank PLC, to 'A+' from 'AA-'.
When we apply our 2010 counterparty criteria, they cap the
highest rating in this transaction to the issuer credit rating on
the swap counterparty ('A+') plus one notch, as the swap
documents only reflect our previous counterparty criteria. We
have therefore placed these ratings on CreditWatch negative for
counterparty reasons, as we have not yet received confirmation
that the counterparty is posting collateral. These ratings are no
longer on CreditWatch negative for U.K. RMBS criteria-related
reasons," S&P said.

"We also consider credit stability in our analysis, to determine
whether or not an issuer or security has a high likelihood of
experiencing adverse changes in the credit quality of its pool
when moderate stresses are applied," S&P said.

"For this transaction, we adjusted our WAFF by projecting an
arrears level for two scenarios based on the transaction's
historical performance. Based on this, our results show that the
maximum projected deterioration under moderate stress conditions
that we associate with each rating level for time horizons of one
year and three years are in compliance with our credit stability
criteria," S&P said.

Eurosail 2006-4NP is backed by nonconforming U.K. residential
mortgages originated by GMAC Residential Funding Co. LLC,
Preferred Mortgages Ltd., and Southern Pacific Mortgage Ltd.

              Standard & Poor's 17g-7 Disclosure Report

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

           http://standardandpoorsdisclosure-17g7.com

Ratings List

Class                 Rating
            To                    From

Eurosail 2006-4NP PLC
EUR327.5 Million, GBP496.45 Million, and US$64 Million Mortgage-
Backed

Floating-Rate Notes

Ratings Lowered and Kept on CreditWatch Negative[1]

A3a         AA- (sf)/Watch Neg    AA (sf)/Watch Neg
A3c         AA- (sf)/Watch Neg    AA (sf)/Watch Neg
M1a         AA- (sf)/Watch Neg    AA (sf)/Watch Neg
M1c         AA- (sf)/Watch Neg    AA (sf)/Watch Neg

Ratings Lowered and Removed From CreditWatch Negative

B1a         BBB (sf)              AA (sf)/Watch Neg
C1a         BB (sf)               BBB+ (sf)/Watch Neg
C1c         BB (sf)               BBB+ (sf)/Watch Neg
D1a         B (sf)                BB+ (sf)/Watch Neg
D1c         B (sf)                BB+ (sf)/Watch Neg
E1c         B- (sf)               B (sf)/Watch Neg

[1] "Our ratings on these classes of notes are on CreditWatch
negative for counterparty reasons, but are no longer on
CreditWatch for U.K. RMBS criteria-related reasons," S&P said.


EVERETT BROTHERS: In Administration Due to Downturn in Orders
-------------------------------------------------------------
Shaun Lowthorpe at EDP24 the business reports that Everett
Brothers Engineering has gone into administration due to a
downturn in orders.

The company was put up for sale with administrators appointed on
February 12, according to EDP24 the business.

The report notes that administrators McTear Williams & Wood are
working with the ex-directors to sell the company's business and
assets while trading continues on a limited basis.

EDP24 the business discloses that joint administrator Chris McKay
said interested parties or investors should contact the joint
administrators immediately.  "The company has historically had
turnover of approximately GBP2-3 million, but recently its orders
have simply dried up resulting in cash flow problems," the report
quoted Mr. McKay as saying.

Assets include a purpose built 21,584 sq. ft. factory, which also
has a computer-assisted design drawing office, EDP24 the business
adds.

Everett Brothers Engineering specializes in the design,
manufacture and sales of machines linked to vegetable production
and processing. It has been trading for 38 years.


MJN COLSTON: Goes Into Administration, to Cut 148 Jobs
------------------------------------------------------
Bdaily Business Network reports that MJN Colston Limited has gone
into administration.

Despite plans to continue trading in the short term, 148
employees are to be made redundant, according to Bdaily Business
Network.

Partners at Deloitte Daniel Butters and Matt Cowlishaw have been
appointed joint administrators to the firm.

"Our appointment follows a strategic review of MJN Colston
Limited's financial position . . . .  We intend to trade the
business in the short-term with a view to selling and novating
the contracts to other providers . . . .  We will continue to
work with the company's suppliers and customers and will seek to
find a buyer for the business and assets to minimize disruption,"
the report quoted Mr. Butters as saying.

Headquartered in Stockton on Tees, MJN Colston Limited is a
National building services form company.  The firm has offices in
Gateshead, Blackburn, Coventry, Bury St Edmunds, Croydon,
Bristol, Bridgend and Exeter.


PEACOCKS: Edinburgh Woollen Mills Buys Retail Chain
---------------------------------------------------
Dow Jones' Daily Bankruptcy Review reports that Edinburgh Woollen
Mill, a privately held U.K. clothing retailer, has acquired
around two-thirds of the stores and the brand of the troubled
clothing store Peacocks for an undisclosed price, Peacocks'
administrator, KPMG, said.

Peacocks has over 70 franchise stores overseas, including in
Russia and Romania.  It also owns the Bonmarche discount chain.
Goldman Sachs and a group of six hedge funds bought the chain for
about GBP400 million, according to the FT.


PEACOCKS: Administrator Closes Wembley Branch
---------------------------------------------
Harrow Times reports that Peacocks has closed the Wembley branch
of its chain after the company went into administration.

Peacocks, which had a branch in High Road, closed along with 224
other branches, according to Wembley branch.  The report relates
that the closure came after Edinburgh Woolen Mill, one of the
UK's largest high street chains acquired the Peacocks brand.

Nineteen people were made redundant after the Wembley store
closed, Harrow Times notes.

"The deal ensures that continued trading of a well-known name on
the high street.  While it's been unfortunate that redundancies
have been necessary, we are pleased that we have been able to
preserve the majority of business and jobs. . . . Like many other
retailers, Peacocks suffered from a decline in consumer spending
due to the tough economic conditions and this, combined with a
surplus of stores and unsustainable capital structure, led to the
business becoming financially unviable," the report quoted Chris
Laverty, joint administrator and restructuring partner at KPMG,
who sold the company the Edinburgh Woolen Mill, as saying.

Peacocks has over 70 franchise stores overseas, including in
Russia and Romania.  It also owns the Bonmarche discount chain.
Goldman Sachs and a group of six hedge funds bought the chain for
about GBP400 million, according to the FT.


POCKLINGTON STEEL: In Administration, Owes GBP3 Million
-------------------------------------------------------
Hull Daily Mail News publishes that a KPMG report revealed that
Pocklington Steel Structures owed its suppliers almost
GBP3 million when it went into administration after the loss of a
major contract.

The company's failure is also set to leave HSBC Holdings plc
facing a "significant shortfall," according to Hull Daily Mail
News.

Howard Smith and Mark Firmin, of KPMG's restructuring practice,
were appointed joint administrators of the business on Dec. 15.

KPMG said the business was struggling with limited working
capital when it lost out on a vital tender, Hull Daily Mail New
notes.

Hull Daily Mail News says that Pocklington had been hit by bad
debts due to disputes, contract breaches, snagging issues and
counter claims.  Efforts to raise more funding failed and the
firm went into administration with the loss of 54 jobs, Hull
Daily Mail News relates.

Hull Daily Mail News adds that the administrators have appointed
an agent to sell the company's assets.

However, Hull Daily Mail News notes that KPMG said it is unlikely
unsecured suppliers will receive any money from the business,
with debts of GBP2.9 million outstanding when the report was
published.

Bridlington-based Pocklington Steel Structures is a structural
steelwork maker.


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


* BOND PRICING: For the Week February 20 to February 24, 2012
-------------------------------------------------------------


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

AUSTRIA
-------
BA CREDITANSTALT          5.470   8/28/2013      EUR     69.75
BAWAG                     5.310   2/12/2023      EUR     73.67
BAWAG                     5.430   2/26/2024      EUR     71.40
BAWAG                     5.400   2/12/2023      EUR     74.19
ERSTE BANK                6.000   7/31/2014      EUR     68.13
ERSTE BANK                6.000    2/1/2014      EUR     73.13
HAA-BANK INTL AG          5.270    4/7/2028      EUR     68.09
IMMOFINANZ                4.250    3/8/2018      EUR      3.78
KOMMUNALKREDIT            4.900   6/23/2031      EUR     65.25
KOMMUNALKREDIT            4.440  12/20/2030      EUR     61.38
OESTER VOLKSBK            4.750   4/30/2021      EUR     70.76
OESTER VOLKSBK            4.160   5/20/2025      EUR     70.82
OESTER VOLKSBK            4.810   7/29/2025      EUR     64.50
OESTER VOLKSBK            4.170   7/29/2015      EUR     65.38
OESTER VOLKSBK            5.270    2/8/2027      EUR     64.59
RAIFF ZENTRALBK           5.470   2/28/2028      EUR     70.48
RAIFF ZENTRALBK           4.500   9/28/2035      EUR     56.23

BELGIUM
-------
ECONOCOM GROUP            4.000    6/1/2016      EUR     20.00
IDEAL STANDARD I         11.750    5/1/2018      EUR     57.25
IDEAL STANDARD I         11.750    5/1/2018      EUR     64.03
ONTEX IV                  9.000   4/15/2019      EUR     76.47

CYPRUS
------
AVANGARDCO INVES         10.000  10/29/2015      USD     74.50
CYPRUS GOVT BOND          4.500    6/2/2016      EUR     67.38
CYPRUS GOVT BOND          4.500   3/30/2016      EUR     68.38
CYPRUS GOVT BOND          4.500    1/2/2016      EUR     69.75
CYPRUS GOVT BOND          5.000    6/9/2016      EUR     69.80
CYPRUS GOVT BOND          4.500   7/11/2016      EUR     66.75
CYPRUS GOVT BOND          4.500   10/9/2016      EUR     65.38
CYPRUS GOVT BOND          6.600  10/26/2016      EUR     72.00
CYPRUS GOVT BOND          4.500    1/4/2017      EUR     64.25
CYPRUS GOVT BOND          4.750   12/2/2015      EUR     73.15
CYPRUS GOVT BOND          4.500   2/15/2017      EUR     63.63
CYPRUS GOVT BOND          4.500    4/2/2017      EUR     63.13
CYPRUS GOVT BOND          3.750   11/1/2015      EUR     69.09
CYPRUS GOVT BOND          4.750   9/30/2015      EUR     74.11
CYPRUS GOVT BOND          4.500   9/28/2017      EUR     61.00
CYPRUS GOVT BOND          5.600   4/15/2017      EUR     69.10
CYPRUS GOVT BOND          5.100   1/29/2018      EUR     61.88
CYPRUS GOVT BOND          6.500   8/25/2021      EUR     61.80
CYPRUS GOVT BOND          6.000    6/9/2021      EUR     60.64
CYPRUS GOVT BOND          4.600   4/23/2018      EUR     59.13
CYPRUS GOVT BOND          5.350    6/9/2020      EUR     59.63
CYPRUS GOVT BOND          4.600  10/23/2018      EUR     57.75
CYPRUS GOVT BOND          6.100   4/20/2020      EUR     63.48
CYPRUS GOVT BOND          4.625    2/3/2020      EUR     56.87
CYPRUS GOVT BOND          6.100   6/24/2019      EUR     62.75
CYPRUS GOVT BOND          4.600   2/26/2019      EUR     56.88
MARFIN POPULAR            4.350  11/20/2014      EUR     66.75
REP OF CYPRUS             4.750   2/25/2016      EUR     66.16

DENMARK
-------
FIN-DANISH IND            4.910    7/6/2021      EUR     65.25
KOMMUNEKREDIT             0.500   2/23/2017      ZAR     69.40
KOMMUNEKREDIT             0.500  12/14/2020      ZAR     49.30
KOMMUNEKREDIT             0.500   1/25/2017      ZAR     69.85

FINLAND
-------
MUNI FINANCE PLC          0.250   6/28/2040      CAD     20.77
MUNI FINANCE PLC          0.500   3/17/2025      CAD     53.21
MUNI FINANCE PLC          0.500  12/21/2021      NZD     63.36
MUNI FINANCE PLC          0.500  11/10/2021      NZD     62.93
MUNI FINANCE PLC          0.500  11/25/2020      ZAR     50.13
MUNI FINANCE PLC          0.500   9/24/2020      CAD     70.29
MUNI FINANCE PLC          0.500  12/20/2018      ZAR     58.53
MUNI FINANCE PLC          0.500  12/14/2018      TRY     66.02
MUNI FINANCE PLC          0.500  11/21/2018      TRY     66.25
MUNI FINANCE PLC          0.500  11/21/2018      ZAR     58.03
MUNI FINANCE PLC          0.500   4/27/2018      ZAR     60.78
MUNI FINANCE PLC          0.500  11/16/2017      TRY     64.85
MUNI FINANCE PLC          1.000   6/30/2017      ZAR     67.73
MUNI FINANCE PLC          0.500  12/21/2016      TRY     73.85
MUNI FINANCE PLC          0.500   12/6/2016      TRY     74.66
MUNI FINANCE PLC          0.500  11/17/2016      ZAR     70.17
MUNI FINANCE PLC          0.500  10/27/2016      TRY     74.39
MUNI FINANCE PLC          0.500  10/27/2016      ZAR     70.27
MUNI FINANCE PLC          0.500   4/26/2016      ZAR     72.95
MUNI FINANCE PLC          0.500    2/9/2016      ZAR     74.65

FRANCE
------
AIR FRANCE-KLM            4.970    4/1/2015      EUR     11.31
ALCATEL-LUCENT            5.000    1/1/2015      EUR      3.12
ALTRAN TECHNOLOG          6.720    1/1/2015      EUR      4.99
ASSYSTEM                  4.000    1/1/2017      EUR     21.11
ATOS ORIGIN SA            2.500    1/1/2016      EUR     53.69
BNP PARIBAS               2.890   5/16/2036      JPY     59.97
CALYON                    6.000   6/18/2047      EUR     18.84
CAP GEMINI SOGET          3.500    1/1/2014      EUR     39.54
CGG VERITAS               1.750    1/1/2016      EUR     30.34
CLUB MEDITERRANE          6.110   11/1/2015      EUR     19.30
CLUB MEDITERRANE          5.000    6/8/2012      EUR     15.99
CMA CGM                   8.500   4/15/2017      USD     58.00
CMA CGM                   8.875   4/15/2019      EUR     58.00
CMA CGM                   8.875   4/15/2019      EUR     58.00
CMA CGM                   8.500   4/15/2017      USD     59.52
CREDIT LOCAL FRA          3.750   5/26/2020      EUR     64.29
DEXIA CRED LOCAL          4.110   9/18/2018      EUR     72.94
DEXIA CRED LOCAL          4.550    4/2/2020      EUR     69.14
DEXIA CRED LOCAL          4.500   2/25/2020      EUR     68.78
DEXIA CRED LOCAL          5.037    8/4/2020      EUR     70.53
DEXIA MUNI AGNCY          2.875   4/23/2030      CHF     68.07
DEXIA MUNI AGNCY          1.000  12/23/2024      EUR     64.65
DEXIA MUNI AGNCY          4.680    3/9/2029      CAD     71.69
EURAZEO                   6.250   6/10/2014      EUR     57.58
EUROPCAR GROUPE           9.375   4/15/2018      EUR     64.08
EUROPCAR GROUPE           9.375   4/15/2018      EUR     63.25
FAURECIA                  4.500    1/1/2015      EUR     23.98
GROUPAMA SA               7.875  10/27/2039      EUR     59.62
GROUPE VIAL               2.500    1/1/2014      EUR      2.67
INGENICO                  2.750    1/1/2017      EUR     47.17
MAUREL ET PROM            7.125   7/31/2014      EUR     19.17
MAUREL ET PROM            7.125   7/31/2015      EUR     18.19
NEXANS SA                 4.000    1/1/2016      EUR     62.49
NEXANS SA                 2.500    1/1/2019      EUR     73.16
ORPEA                     3.875    1/1/2016      EUR     44.07
PAGESJAUNES FINA          8.875    6/1/2018      EUR     72.13
PAGESJAUNES FINA          8.875    6/1/2018      EUR     72.00
PEUGEOT SA                4.450    1/1/2016      EUR     25.82
PIERRE VACANCES           4.000   10/1/2015      EUR     70.75
PUBLICIS GROUPE           1.000   1/18/2018      EUR     51.47
PUBLICIS GROUPE           3.125   7/30/2014      EUR     40.55
SOC AIR FRANCE            2.750    4/1/2020      EUR     20.95
SOITEC                    6.250    9/9/2014      EUR      8.79
TEM                       4.250    1/1/2015      EUR     54.48
THEOLIA                   2.700    1/1/2041      EUR      9.33

GERMANY
-------
BAYERISCHE HYPO           5.000  12/21/2029      EUR     72.17
BAYERISCHE LNDBK          4.500    2/7/2019      EUR     73.02
BHW BAUSPARKASSE          4.270   1/15/2019      EUR     72.75
DRESDNER BANK AG          5.290   5/31/2021      EUR     71.91
DRESDNER BANK AG          6.180   2/28/2023      EUR     69.63
DRESDNER BANK AG          5.700   7/31/2023      EUR     69.08
DRESDNER BANK AG          7.350   6/13/2028      EUR     70.88
DRESDNER BANK AG          7.160   8/14/2024      EUR     73.13
EUROHYPO AG               5.110    8/6/2018      EUR     70.25
EUROHYPO AG               5.560   8/18/2023      EUR     71.25
EUROHYPO AG               3.830   9/21/2020      EUR     63.25
GOTHAER ALLG VER          5.527   9/29/2026      EUR     75.18
HAPAG-LLOYD               9.750  10/15/2017      USD     92.63
HECKLER & KOCH            9.500   5/15/2018      EUR     66.52
HECKLER & KOCH            9.500   5/15/2018      EUR     66.25
HEIDELBERG DRUCK          9.250   4/15/2018      EUR     69.00
HEIDELBERG DRUCK          9.250   4/15/2018      EUR     69.28
L-BANK FOERDERBK          0.500   5/10/2027      CAD     50.57
LB BADEN-WUERTT           2.800   2/23/2037      JPY     47.52
LB BADEN-WUERTT           5.250  10/20/2015      EUR     26.39
LB BADEN-WUERTT           2.500   1/30/2034      EUR     63.46
Q-CELLS                   6.750  10/21/2015      EUR      0.84
QIMONDA FINANCE           6.750   3/22/2013      USD      1.00
RHEINISCHE HYPBK          6.600   5/29/2022      EUR     74.63
SOLARWORLD AG             6.125   1/21/2017      EUR     57.03
SOLARWORLD AG             6.375   7/13/2016      EUR     56.08
SOLON AG SOLAR            1.375   12/6/2012      EUR      3.14
TUI AG                    2.750   3/24/2016      EUR     50.33
TUI AG                    5.500  11/17/2014      EUR     70.36
VOLKSWAGEN BANK           5.500    6/7/2024      EUR     74.10

GREECE
------
HELLENIC REP I/L          2.300   7/25/2030      EUR     16.00
HELLENIC REP I/L          2.900   7/25/2025      EUR     16.00
HELLENIC REPUB            6.140   4/14/2028      EUR     30.63
HELLENIC REPUB            5.000   3/11/2019      EUR     33.50
HELLENIC REPUB            4.625   6/25/2013      USD     38.63
HELLENIC REPUB            5.200   7/17/2034      EUR     22.00
HELLENIC REPUB            2.125    7/5/2013      CHF     41.25
HELLENIC REPUB            4.590    4/8/2016      EUR     14.88
HELLENIC REPUBLI          4.600   9/20/2040      EUR     19.48
HELLENIC REPUBLI          4.000   8/20/2013      EUR     18.00
HELLENIC REPUBLI          4.520   9/30/2013      EUR     25.38
HELLENIC REPUBLI          6.500   1/11/2014      EUR     20.29
HELLENIC REPUBLI          4.500   5/20/2014      EUR     18.81
HELLENIC REPUBLI          4.500    7/1/2014      EUR     19.13
HELLENIC REPUBLI          5.500   8/20/2014      EUR     18.07
HELLENIC REPUBLI          4.113   9/30/2014      EUR     20.96
HELLENIC REPUBLI          3.700   7/20/2015      EUR     18.87
HELLENIC REPUBLI          6.100   8/20/2015      EUR     18.18
HELLENIC REPUBLI          3.702   9/30/2015      EUR     18.91
HELLENIC REPUBLI          3.700  11/10/2015      EUR     20.88
HELLENIC REPUBLI          3.600   7/20/2016      EUR     19.93
HELLENIC REPUBLI          4.600   5/20/2013      EUR     19.40
HELLENIC REPUBLI          4.506   3/31/2013      EUR     37.86
HELLENIC REPUBLI          4.100   8/20/2012      EUR     20.84
HELLENIC REPUBLI          7.500   5/20/2013      EUR     21.00
HELLENIC REPUBLI          3.900    7/3/2013      EUR     20.00
HELLENIC REPUBLI          4.020   9/13/2016      EUR     18.53
HELLENIC REPUBLI          4.225    3/1/2017      EUR     18.50
HELLENIC REPUBLI          4.427   7/31/2013      EUR     31.01
HELLENIC REPUBLI          5.250   5/18/2012      EUR     21.48
HELLENIC REPUBLI          4.300   3/20/2012      EUR     27.18
HELLENIC REPUBLI          5.900   4/20/2017      EUR     18.70
HELLENIC REPUBLI          4.300   7/20/2017      EUR     18.13
HELLENIC REPUBLI          4.675   10/9/2017      EUR     19.31
HELLENIC REPUBLI          4.590    4/3/2018      EUR     19.02
HELLENIC REPUBLI          4.600   7/20/2018      EUR     20.39
HELLENIC REPUBLI          5.014   2/27/2019      EUR     19.96
HELLENIC REPUBLI          5.959    3/4/2019      EUR     20.69
HELLENIC REPUBLI          6.000   7/19/2019      EUR     19.29
HELLENIC REPUBLI          1.000   6/30/2012      EUR     66.63
HELLENIC REPUBLI          6.500  10/22/2019      EUR     19.21
HELLENIC REPUBLI          6.250   6/19/2020      EUR     20.57
HELLENIC REPUBLI          5.900  10/22/2022      EUR     20.64
HELLENIC REPUBLI          4.700   3/20/2024      EUR     19.73
HELLENIC REPUBLI          5.250   6/20/2012      EUR     68.63
HELLENIC REPUBLI          5.300   3/20/2026      EUR     19.45
HELLENIC REPUBLI          4.500   9/20/2037      EUR     19.66
NATL BK GREECE            3.875   10/7/2016      EUR     68.88
YIOULA GLASSWORK          9.000   12/1/2015      EUR     48.88
YIOULA GLASSWORK          9.000   12/1/2015      EUR     48.88

GUERNSEY
--------
FHB MORTGAGE BAN          4.500   3/22/2022      EUR     52.25

IRELAND
-------
AIB MORTGAGE BNK          5.000    3/1/2030      EUR     50.74
AIB MORTGAGE BNK          5.000   2/12/2030      EUR     50.75
AIB MORTGAGE BNK          5.580   4/28/2028      EUR     56.38
BANK OF IRELAND          10.000   2/12/2020      EUR     60.75
BANK OF IRELAND           5.600   9/18/2023      EUR     47.88
BANK OF IRELAND           4.473  11/30/2016      EUR     69.75
BK IRELAND MTGE           5.760    9/7/2029      EUR     56.83
BK IRELAND MTGE           5.400   11/6/2029      EUR     53.98
BK IRELAND MTGE           5.450    3/1/2030      EUR     54.04
BK IRELAND MTGE           5.360  10/12/2029      EUR     53.72
DEPFA ACS BANK            5.125   3/16/2037      USD     70.53
DEPFA ACS BANK            5.125   3/16/2037      USD     70.00
DEPFA ACS BANK            4.900   8/24/2035      CAD     69.73
DEPFA ACS BANK            0.500    3/3/2025      CAD     37.63

ITALY
-----
BANCA MARCHE              5.500   9/16/2030      EUR     73.92
BANCA POP VICENT          4.970   4/20/2027      EUR     74.19
CITY OF ROME              5.345   1/27/2048      EUR     73.89
CITY OF VENICE            4.265   3/26/2026      EUR     72.20
CITY OF VENICE            4.265   3/26/2026      EUR     72.64
CO BRAONE                 4.567   6/30/2037      EUR     70.53
CO CASTELMASSA            3.960   3/31/2026      EUR     69.90
COMUNE DI MILANO          4.019   6/29/2035      EUR     62.07
ICCREA BANCAIMPR          5.220   4/11/2017      EUR     58.63
REGION OF CAMPAN          4.849   6/29/2026      EUR     74.24
REGION OF LIGURI          4.795  11/22/2034      EUR     70.58
REGION OF LOMBAR          5.804  10/25/2032      USD     76.62
REGION OF UMBRIA          5.087   6/15/2037      EUR     73.77
REP OF ITALY              4.850   6/11/2060      EUR     69.48
REP OF ITALY              2.870   5/19/2036      JPY     51.36
REP OF ITALY              5.250   12/7/2034      GBP     74.01
REP OF ITALY              1.850   9/15/2057      EUR     56.18
REP OF ITALY              2.200   9/15/2058      EUR     63.30
REP OF ITALY              2.000   9/15/2062      EUR     57.88
SANPAOLO IMI              5.625   3/18/2024      GBP     78.13
SEAT PAGINE              10.500   1/31/2017      EUR     62.49
SEAT PAGINE              10.500   1/31/2017      EUR     60.10
TELECOM ITALIA            5.250   3/17/2055      EUR     73.65
UBI BANCA SPCA            6.250  11/18/2018      EUR     49.10
UNIPOL ASSICURAZ          5.660   7/28/2023      EUR     67.25

LUXEMBOURG
----------
ARCELORMITTAL             7.250    4/1/2014      EUR     24.48
CONTROLINVESTE            3.000   1/28/2015      EUR     71.68
ESFG INTERNATION          6.875  10/21/2019      EUR     60.00
ESPIRITO SANTO F          9.750  12/19/2025      EUR     65.79
INTRALOT LUX SA           2.250  12/20/2013      EUR     68.57
UBI BANCA INT             8.750  10/29/2012      EUR     73.71

NETHERLANDS
-----------
APP INTL FINANCE         11.750   10/1/2005      USD      0.00
BK NED GEMEENTEN          0.500   6/22/2021      ZAR     45.48
BK NED GEMEENTEN          0.500   2/24/2025      CAD     64.17
BK NED GEMEENTEN          0.500   5/12/2021      ZAR     45.99
BK NED GEMEENTEN          0.500   3/29/2021      NZD     69.08
BK NED GEMEENTEN          0.500    3/3/2021      NZD     69.33
BK NED GEMEENTEN          0.500   9/15/2016      TRY     71.91
BK NED GEMEENTEN          0.500   6/22/2016      TRY     72.88
BK NED GEMEENTEN          0.500   5/25/2016      TRY     73.21
BK NED GEMEENTEN          0.500   4/27/2016      TRY     73.55
BK NED GEMEENTEN          0.500   3/17/2016      TRY     74.04
BLT FINANCE BV            7.500   5/15/2014      USD     27.00
BLT FINANCE BV            7.500   5/15/2014      USD     27.25
BRIT INSURANCE            6.625   12/9/2030      GBP     57.00
FRIESLAND BANK            4.210  12/29/2025      EUR     68.90
INDAH KIAT INTL          11.875   6/15/2002      USD      0.01
INDAH KIAT INTL          12.500   6/15/2006      USD      0.01
ING BANK NV               4.200  12/19/2035      EUR     57.64
LEHMAN BROS TSY           4.870   10/8/2013      USD     34.50
NATL INVESTER BK         25.983    5/7/2029      EUR     17.47
NED WATERSCHAPBK          0.500   3/11/2025      CAD     60.57
NIB CAPITAL BANK          4.510  12/16/2035      EUR     60.70
PORTUGAL TEL FIN          4.500   6/16/2025      EUR     66.73
Q-CELLS INTERNAT          5.750   5/26/2014      EUR     19.46
Q-CELLS INTERNAT          1.375   2/28/2012      EUR     25.71
RABOBANK                  0.500  10/27/2016      ZAR     72.08
RABOBANK                  0.500  11/26/2021      ZAR     46.38
RBS NV EX-ABN NV          6.500   5/17/2018      AUD     72.58
RBS NV EX-ABN NV          2.910   6/21/2036      JPY     63.75
SNS BANK                  4.580   3/20/2026      EUR     59.16
SNS BANK                  5.300   1/27/2023      EUR     71.39
SNS BANK                  5.215   12/3/2027      EUR     62.22
SNS BANK                  4.650  10/19/2021      EUR     70.78
SNS BANK                  6.625   5/14/2018      EUR     70.67
SNS BANK                  5.250   4/11/2023      EUR     70.30

NORWAY
------
KOMMUNALBANKEN            0.500   5/25/2018      ZAR     60.96
KOMMUNALBANKEN            0.500   3/24/2016      ZAR     74.19
KOMMUNALBANKEN            0.500    3/1/2016      ZAR     74.59
KOMMUNALBANKEN            0.500   5/25/2016      ZAR     73.11
KOMMUNALBANKEN            0.500   7/26/2016      ZAR     72.05
KOMMUNALBANKEN            0.500   7/29/2016      ZAR     71.98
NORSKE SKOGIND            6.125  10/15/2015      USD     70.38
NORSKE SKOGIND            7.000   6/26/2017      EUR     64.02
NORSKE SKOGIND            7.125  10/15/2033      USD     55.88
NORSKE SKOGIND            7.125  10/15/2033      USD     55.88
NORSKE SKOGIND            6.125  10/15/2015      USD     70.38
RENEWABLE CORP            6.500    6/4/2014      EUR     64.21

POLAND
------
POLAND-REGD-RSTA          2.810  11/16/2037      JPY     74.93
REP OF POLAND             2.648   3/29/2034      JPY     73.82

PORTUGAL
--------
BANCO COM PORTUG          3.750   10/8/2016      EUR     72.67
BANCO COM PORTUG          4.750   6/22/2017      EUR     73.13
BANCO ESPIRITO            4.600   1/26/2017      EUR     73.48
BRISA                     4.500   12/5/2016      EUR     69.87
CAIXA GERAL DEPO          4.400   10/8/2019      EUR     63.63
CAIXA GERAL DEPO          4.250   1/27/2020      EUR     71.69
CAIXA GERAL DEPO          4.455   8/20/2017      EUR     71.88
CAIXA GERAL DEPO          5.380   10/1/2038      EUR     54.55
CAIXA GERAL DEPO          5.320    8/5/2021      EUR     63.75
COMBOIOS DE PORT          4.170  10/16/2019      EUR     50.90
METRO DE LISBOA           4.799   12/7/2027      EUR     44.00
METRO DE LISBOA           7.300  12/23/2025      EUR     48.25
METRO DE LISBOA           5.750    2/4/2019      EUR     55.13
METRO DE LISBOA           4.061   12/4/2026      EUR     46.50
MONTEPIO GERAL            5.000    2/8/2017      EUR     61.63
PARPUBLICA                3.567   9/22/2020      EUR     47.13
PARPUBLICA                4.200  11/16/2026      EUR     44.00
PARPUBLICA                4.191  10/15/2014      EUR     72.71
PORTUGAL (REP)            3.500   3/25/2015      USD     71.85
PORTUGAL (REP)            3.500   3/25/2015      USD     71.85
PORTUGUESE OT'S           4.750   6/14/2019      EUR     55.86
PORTUGUESE OT'S           4.800   6/15/2020      EUR     54.65
PORTUGUESE OT'S           3.850   4/15/2021      EUR     53.45
PORTUGUESE OT'S           4.950  10/25/2023      EUR     51.40
PORTUGUESE OT'S           4.100   4/15/2037      EUR     43.95
PORTUGUESE OT'S           3.350  10/15/2015      EUR     69.75
PORTUGUESE OT'S           6.400   2/15/2016      EUR     72.98
PORTUGUESE OT'S           4.200  10/15/2016      EUR     64.80
PORTUGUESE OT'S           4.350  10/16/2017      EUR     59.33
PORTUGUESE OT'S           4.450   6/15/2018      EUR     57.33
REFER                     5.875   2/18/2019      EUR     48.50
REFER                     4.250  12/13/2021      EUR     37.25
REFER                     4.000   3/16/2015      EUR     47.38
REFER                     4.675  10/16/2024      EUR     40.63
REFER                     4.047  11/16/2026      EUR     42.13

RUSSIA
------
ARIZK                     3.000  12/20/2030      RUB     49.25
DVTG-FINANS               7.750   7/18/2013      RUB     20.29
DVTG-FINANS              17.000   8/29/2013      RUB     55.55
MIRAX                    17.000   9/17/2012      RUB     20.41
MOSMART FINANS            0.010   4/12/2012      RUB      1.81
NOK                      12.500   8/26/2014      RUB      5.00
PROMPEREOSNASTKA          1.000  12/17/2012      RUB      0.01
PROTON-FINANCE            9.000   6/12/2012      RUB     65.00
RBC OJSC                  3.270   4/19/2018      RUB     42.50
RBC OJSC                  7.000   4/23/2015      RUB     70.01
RBC OJSC                  7.000   4/23/2015      RUB     72.15
SATURN                    8.000    6/6/2014      RUB      2.02

SPAIN
-----
AYT CEDULAS CAJA          3.750  12/14/2022      EUR     64.50
AYT CEDULAS CAJA          4.750   5/25/2027      EUR     63.36
AYT CEDULAS CAJA          3.750   6/30/2025      EUR     57.21
AYT CEDULAS CAJA          4.250  10/25/2023      EUR     66.67
AYT CEDULAS CAJA          4.000   3/24/2021      EUR     74.91
AYUNTAM DE MADRD          4.550   6/16/2036      EUR     64.29
BANCAJA                   1.500   5/22/2018      EUR     66.13
BANCAJA EMI SA            2.755   5/11/2037      JPY     72.23
BANCO BILBAO VIZ          4.500   2/16/2022      EUR     71.95
BANCO BILBAO VIZ          6.025    3/3/2033      EUR     57.27
BANCO CASTILLA            1.500   6/23/2021      EUR     66.68
BASQUE GOV'T              4.600    1/7/2025      EUR     66.19
BBVA SUB CAP UNI          2.750  10/22/2035      JPY     50.72
CAIXA TERRASSA            4.700    8/9/2021      EUR     52.03
CAJA MADRID               4.125   3/24/2036      EUR     68.73
CEDULAS TDA 6 FO          3.875   5/23/2025      EUR     60.36
CEDULAS TDA 6 FO          4.250   4/10/2031      EUR     55.81
CEDULAS TDA A-4           4.125   4/10/2021      EUR     73.86
CEDULAS TDA A-5           4.250   3/28/2027      EUR     59.18
COMUN AUTO CANAR          3.900  11/30/2035      EUR     49.30
COMUN AUTO CANAR          4.200  10/25/2036      EUR     49.94
COMUN AUTO CANAR          5.750  10/15/2029      EUR     70.11
COMUN NAVARRA             4.000  11/23/2021      EUR     71.08
COMUNIDAD ARAGON          4.646   7/11/2036      EUR     54.59
COMUNIDAD ARAGON          4.815  10/10/2022      EUR     72.29
COMUNIDAD ARAGON          4.470   7/12/2021      EUR     72.48
COMUNIDAD BALEAR          3.869  11/23/2020      EUR     68.19
COMUNIDAD BALEAR          4.063  11/23/2035      EUR     47.16
COMUNIDAD BALEAR          4.796    3/4/2020      EUR     73.30
COMUNIDAD MADRID          4.300   9/15/2026      EUR     73.42
DIPUTACION FOR            4.323  12/29/2023      EUR     65.75
GEN DE CATALUNYA          5.250   10/5/2023      EUR     69.64
GEN DE CATALUNYA          4.900   9/15/2021      EUR     73.42
GEN DE CATALUNYA          4.801   7/31/2020      EUR     73.50
GEN DE CATALUNYA          5.219   9/10/2029      EUR     61.55
GEN DE CATALUNYA          5.900   5/28/2030      EUR     67.11
GEN DE CATALUNYA          5.325   10/5/2028      EUR     63.96
GEN DE CATALUNYA          5.950   10/1/2030      EUR     66.49
GEN DE CATALUNYA          4.690  10/28/2034      EUR     53.90
GEN DE CATALUNYA          4.220   4/26/2035      EUR     49.62
GEN DE CATALUNYA          2.965    9/8/2039      JPY     49.15
GEN DE CATALUNYA          6.350  11/30/2041      EUR     66.89
GEN DE CATALUNYA          5.900   5/20/2024      EUR     73.31
GEN DE CATALUNYA          5.400   5/13/2030      EUR     62.48
GENERAL DE ALQUI          2.750   8/20/2012      EUR     71.63
GENERAL VALENCIA          4.000   11/2/2016      EUR     79.22
GENERAL VALENCIA          4.900   3/17/2020      EUR     71.25
GENERAL VALENCIA          3.250    7/6/2015      EUR     79.52
GENERAL VALENCIA          5.900  11/30/2032      EUR     55.50
IM CEDULAS 5              3.500   6/15/2020      EUR     73.40
INSTIT CRDT OFCL          2.100   2/23/2021      JPY     73.45
INSTITUT CATALA           4.250   6/15/2024      EUR     63.22
JUNTA ANDALUCIA           5.150   5/24/2034      EUR     58.47
JUNTA ANDALUCIA           5.000   7/13/2022      EUR     73.73
JUNTA ANDALUCIA           5.700   7/20/2028      EUR     67.37
JUNTA ANDALUCIA           6.600  11/29/2030      EUR     72.54
JUNTA ANDALUCIA           4.125   1/20/2020      EUR     72.09
JUNTA ANDALUCIA           4.250  10/31/2036      EUR     49.23
JUNTA ANDALUCIA           3.065   7/29/2039      JPY     51.42
JUNTA ANDALUCIA           3.170   7/29/2039      JPY     52.74
JUNTA ANDALUCIA           4.850   3/17/2020      EUR     72.77
JUNTA CASTILLA            4.650   11/8/2022      EUR     66.17
JUNTA LA MANCHA           7.705   2/15/2033      EUR     65.75
JUNTA LA MANCHA           2.810  10/14/2022      JPY     67.13
JUNTA LA MANCHA           3.875   1/31/2036      EUR     33.00
JUNTA LA MANCHA           4.875   3/18/2020      EUR     70.13
JUNTA LA MANCHA           5.950    9/9/2030      EUR     55.74
JUNTA LA MANCHA           4.625  11/30/2022      EUR     63.88
MAPFRE SA                 5.921   7/24/2037      EUR     69.90
SACYR VALLEHERM           6.500    5/1/2016      EUR     66.55
SANTANDER ISSUAN          5.750   1/31/2018      GBP     73.98
XUNTA DE GALICIA          4.025  11/28/2035      EUR     47.10
XUNTA DE GALICIA          5.350  11/22/2028      EUR     64.20

SWEDEN
------
SWEDISH EXP CRED          9.250   4/27/2012      USD      8.27
SWEDISH EXP CRED          7.000    3/9/2012      USD     10.71
SWEDISH EXP CRED          9.750   3/23/2012      USD      8.62
SWEDISH EXP CRED          7.500   2/28/2012      USD      9.51
SWEDISH EXP CRED          7.000    3/9/2012      USD     10.89
SWEDISH EXP CRED          0.500   9/20/2016      ZAR     71.70
SWEDISH EXP CRED          0.500   9/30/2016      ZAR     71.57
SWEDISH EXP CRED          0.500   8/25/2021      ZAR     48.15
SWEDISH EXP CRED          0.500   8/26/2021      AUD     63.80
SWEDISH EXP CRED          0.500   1/31/2022      ZAR     48.27
SWEDISH EXP CRED          0.500   8/26/2016      ZAR     72.17
SWEDISH EXP CRED          0.500   2/22/2022      ZAR     46.35
SWEDISH EXP CRED          0.500   1/25/2028      USD     53.18
SWEDISH EXP CRED          0.500   8/25/2016      ZAR     72.14
SWEDISH EXP CRED          0.500   6/29/2016      TRY     72.18
SWEDISH EXP CRED          0.500   6/14/2016      ZAR     73.37
SWEDISH EXP CRED          7.500   6/12/2012      USD      8.14
SWEDISH EXP CRED          0.500  12/17/2027      USD     53.65
CRED SUIS NY              8.000   1/25/2013      USD     48.69

SWITZERLAND
-----------
UBS AG                   13.830  12/17/2013      USD     20.11
UBS AG                    9.650   8/23/2013      USD     33.90
UBS AG                   10.080   2/28/2013      USD     16.50
UBS AG                    9.590   2/28/2013      USD     35.76
UBS AG                    9.580   2/28/2013      USD     35.76
UBS AG                   13.340  10/24/2012      USD     46.27
UBS AG                    9.430   8/31/2012      USD     33.68
UBS AG                    8.650   8/29/2012      USD     33.17
UBS AG                    9.500   8/10/2012      USD     28.25
UBS AG                   12.040   7/31/2012      USD     22.37
UBS AG                   11.760   7/31/2012      USD     27.51
UBS AG                   13.700   5/23/2012      USD     13.57
UBS AG                   13.300   5/23/2012      USD      3.68
UBS AG                   10.070   3/23/2012      USD     35.55
UBS AG                    9.250   3/20/2012      USD     14.04
UBS AG                    8.720   3/20/2012      USD     32.08
UBS AG JERSEY             3.220   7/31/2012      EUR     41.37

UNITED KINGDOM
--------------
ABBEY NATL PLC            6.500  10/21/2030      GBP     73.81
ALLIANC&LEIC BLD          5.875   8/14/2031      GBP     74.47
BAKKAVOR FIN 2            8.250   2/15/2018      GBP     77.51
BANK OF SCOTLAND          2.595    5/8/2037      JPY     52.51
BANK OF SCOTLAND          2.550   4/23/2037      JPY     52.47
BANK OF SCOTLAND          2.408    2/9/2027      JPY     64.39
BANK OF SCOTLAND          2.340  12/28/2026      JPY     65.17
BANK OF SCOTLAND          2.650   6/21/2026      JPY     68.73
BANK OF SCOTLAND          2.650   8/10/2026      JPY     68.41
BANK OF SCOTLAND          2.359   3/27/2029      JPY     59.38
BARCLAYS BK PLC          14.000   10/1/2012      USD     10.27
BARCLAYS BK PLC           8.500  10/16/2012      USD     11.07
BARCLAYS BK PLC          12.950   4/20/2012      USD     23.40
BARCLAYS BK PLC           8.000   6/29/2012      USD      9.69
BARCLAYS BK PLC           9.000   10/1/2012      USD     10.10
BARCLAYS BK PLC           8.000   9/28/2012      USD     10.50
BARCLAYS BK PLC           8.000   9/11/2012      USD     10.61
BARCLAYS BK PLC           8.000   9/11/2012      USD     10.91
BARCLAYS BK PLC           9.000   8/28/2012      USD     10.41
BARCLAYS BK PLC          10.800   7/31/2012      USD     26.64
BARCLAYS BK PLC          11.500   7/27/2012      USD      9.28
BARCLAYS BK PLC           7.000   7/27/2012      USD      9.80
BARCLAYS BK PLC          10.000   7/20/2012      USD      8.09
BARCLAYS BK PLC           9.000  10/16/2012      USD     10.60
BRADFORD&BIN BLD          4.910    2/1/2047      EUR     70.39
CO-OPERATIVE BNK          5.625  11/16/2021      GBP     71.57
CO-OPERATIVE BNK          5.750   12/2/2024      GBP     70.35
CO-OPERATIVE BNK          5.875   3/28/2033      GBP     70.48
EFG HELLAS PLC            6.010    1/9/2036      EUR     30.13
EFG HELLAS PLC            5.400   11/2/2047      EUR     23.50
EMPORIKI GRP FIN          4.350   7/22/2014      EUR     61.75
EMPORIKI GRP FIN          5.100   12/9/2021      EUR     37.75
EMPORIKI GRP FIN          5.000   12/2/2021      EUR     37.38
ENTERPRISE INNS           6.375   9/26/2031      GBP     65.75
ENTERPRISE INNS           6.875    5/9/2025      GBP     67.50
ENTERPRISE INNS           6.875   2/15/2021      GBP     70.62
ESSAR ENERGY              4.250    2/1/2016      USD     55.17
GALA ELECTRIC CA         11.500    6/1/2019      GBP     71.38
GALA ELECTRIC CA         11.500    6/1/2019      GBP     71.94
HBOS PLC                  4.375  10/30/2019      EUR     75.14
HBOS PLC                  5.374   6/30/2021      EUR     69.63
HBOS PLC                  4.500   3/18/2030      EUR     65.44
HBOS PLC                  6.000   11/1/2033      USD     73.02
HBOS PLC                  6.000   11/1/2033      USD     73.02
LBG CAPITAL NO.2          8.500    6/7/2032      GBP     76.28
MATALAN                   9.625   3/31/2017      GBP     62.00
MATALAN                   9.625   3/31/2017      GBP     62.50
MAX PETROLEUM             6.750    9/8/2013      USD     62.11
NOMURA BANK INTL          0.800  12/21/2020      EUR     66.56
OTE PLC                   7.250    4/8/2014      EUR     73.29
OTE PLC                   4.625   5/20/2016      EUR     66.79
PRIVATBANK                5.799    2/9/2016      USD     72.00
ROYAL BK SCOTLND          5.168   6/29/2030      EUR     57.60
ROYAL BK SCOTLND          2.300  11/26/2024      JPY     74.44
THOMAS COOK GR            7.750   6/22/2017      GBP     47.00
THOMAS COOK GR            6.750   6/22/2015      EUR     50.01
UNIQUE PUB FIN            7.395   3/28/2024      GBP     55.05
UNIQUE PUB FIN            5.659   6/30/2027      GBP     74.09
UNIQUE PUB FIN            6.464   3/30/2032      GBP     40.05
WESSEX WATER FIN          1.369   7/31/2057      GBP     67.98
WESSEX WATER FIN          1.499  11/29/2058      GBP     68.25


                            *********

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, Ivy B. Magdadaro, Frauline S.
Abangan and Peter A. Chapman, Editors.

Copyright 2012.  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 Peter Chapman at 240/629-3300.


                 * * * End of Transmission * * *