/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/100517.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, May 17, 2010, Vol. 11, No. 095 Headlines I R E L A N D ALLIED IRISH: Irish Government's Stake Increases By 18.6% INTERNATIONAL SECURITIES: Breaks Ties with Collins Stewart IRISH LIFE: May Need to Raise EUR900 Mil. By Yearend MIZA PHARMA: High Court Upholds Restriction Order v. 2 Directors QUINN INSURANCE: Owner's Close Family Member Mulls Acquisition L U X E M B O U R G INTELSAT SA: BC Partners, Silver Lake Funds to Sell $1.4BB Notes INTELSAT SA: Reports US$102.6 Million Net Loss for Q1 2010 U N I T E D K I N G D O M ASCOT MINWORTH: Cashflow Problems Prompt Administration BRITISH AIRWAYS: Seeks Injunction to Halt Cabin Crew Strike COVERZONES: Bought Out of Administration By Management Team CREST NICHOLSON: Taps Morgan Stanley to Advise on Potential Sale EATONFIELD GROUP: Calls Meeting to Avert Administration EMI GROUP: Investors Agree to Inject Cash to Meet Debt Covenants INTELLEGO GROUP: Implements CVA; Owes Roughly GBP1 Mil. LUMINAR GROUP: Warns of Possible Covenant Breach OCTAVIAN INT'L: In Administration; KPMG Appointed PIGGOTT BLACK: Buyer of Assets Faces Liquidation PLYMOUTH ARGYLE: Says No Plans to Go Into Administration R&W CUSHWAY: Enters Into Administration RAYMARINE PLC: In Administration; Sold to FLIR Systems SEA AND LAND: Sold to Zefier UK; 17 Jobs Secured TPT CONSTRUCTION: Faces Two Winding-Up Petitions for Non-Payment * UK: Business Insolvencies Down 15% Year-On-Year in April X X X X X X X X * BOND PRICING: For the Week May 10 to May 14, 2010 ********* ============= I R E L A N D ============= ALLIED IRISH: Irish Government's Stake Increases By 18.6% --------------------------------------------------------- Simon Carswell at The Irish Times reports that the Irish government's shareholding in Allied Irish Banks increased to 18.6% as the bank was forced to give shares to the state instead of a EUR280 million dividend due under last year's EUR3.5 billion bailout of the bank. The report relates AIB had to give 198 million ordinary shares, or a stake of 18.3%, to the government after the European Commission placed a "dividend stopper" pending a review of the state aid support. The shares were issued to the National Pension Reserve Fund, which already held 0.3% of the bank, the report says. Warrants taken by the state under last year's bailout could increase the stake to about 40%, if exercised, the report states. The bank must raise EUR7.4 billion in capital this year to absorb mounting losses, which could lead to the state increasing its interest to a majority stake if AIB cannot raise enough cash on its own, the report notes. Allied Irish Banks, p.l.c., together with its subsidiaries -- http://www.aibgroup.com/-- conducts retail and commercial banking business in Ireland. It also provides corporate lending and capital markets activities from its head office at Bankcentre and from Dublin's International Financial Services Centre. The Group also has overseas branches in the United States, Germany, France and Australia, among other locations. The business of AIB Group is conducted through four operating divisions: AIB Bank Republic of Ireland division, Capital Markets division, AIB Bank UK division, and Central & Eastern Europe division. In February 2008, the Group acquired the AmCredit mortgage business in the Baltic states of Latvia, Lithuania and Estonia. In September 2008, the Group also acquired a 49.99% shareholding in BACB. * * * As reported by the Troubled Company Reporter-Europe on Dec. 10, 2009, Fitch Ratings affirmed Allied Irish Banks plc's individual Rating at 'D/E'. INTERNATIONAL SECURITIES: Breaks Ties with Collins Stewart ---------------------------------------------------------- Emmet Oliver at Irish Independent reports that International Securities Trading Corporation will no longer form part of Collins Stewart, the broker and wealth manager that bought the company two years ago for EUR5 million. According to Irish Independent, it is understood Collins no longer regards the company as core to its operations and ISTC founder Tiarnan O'Mahoney and a group of other staff now intend to re-establish the company as an independent entity. Collins, Irish Independent says, is not likely to recover all the EUR5 million invested in the company, but is hoping to recover a large portion of it. Irish Independent recalls ISTC was forced to seek court protection from its own creditors when the U.S. subprime crisis began to take its toll on financial markets. Irish Independent recounts it was forced to petition for examinership after a warning from Dresdner Bank, a German creditor, that the bank would seek to have the company wound up unless it paid back a EUR176,000 debt. The last set of accounts filed by the company, covering 2008, show a loss of EUR160 million, on interest income of EUR145.5 million, Irish Independent notes. AS reported by the Troubled Company Reporter-Europe on March 7, 2008, Irish Independent said unsecured creditors of ISTC approved the scheme of arrangement drafted by court-appointed examiner John McStay. Irish Independent disclosed under the scheme, unsecured creditors, which include banks, were expected to recover 12% of their EUR439 million investment, while subordinated creditors -- including 125 small investors who invested EUR43 million in bonds in ISTC -- and Asian investors, who bought EUR160 million, worth of preference share-like instruments, would see no return. Headquartered in Dublin, Ireland, International Securities Trading Corporation Plc -- http://www.istcorporation.com/-- provides investment grade Tier 1 and Tier II hybrid bank capital via private placement issues and primary market participation. Acting as principal in private placement transactions, ISTC is uniquely positioned to offer bespoke solutions and certainty of execution to issuers. IRISH LIFE: May Need to Raise EUR900 Mil. By Yearend ---------------------------------------------------- Dara Doyle and Louisa Fahy at Independent.ie report that Irish Life & Permanent may seek to raise money by the end of the year if it decides to split its banking and life insurance units. The report relates Irish Life Chief Executive Officer Kevin Murphy said Friday the company would need to raise EUR900 million. According to the report, the European Commission is reviewing plans submitted by Irish banks after the government bailed them out as the financial system came close to collapse amid surging bad debts and a credit freeze. Irish Life this year created a new holding company that would allow it to split, the report relates. Mr. Murphy, as cited in the report, said he's "confident" the Irish bank industry will be restructured. "We are ready to participate in that," the report quoted Mr. Murphy as saying. Headquartered in Dublin, Irish Life & Permanent plc -- http://www.irishlifepermanent.ie/-- is a provider of personal financial services to the Irish market. Its business segments include banking, which provides retail banking services; insurance and investment, which includes individual and group life assurance and investment contracts, pensions and annuity business written in Irish Life Assurance plc and Irish Life International, and the investment management business written in Irish Life Investment Managers Limited; general insurance, which includes property and casualty insurance carried out through its associate, Allianz- Irish Life Holdings plc, and other, which includes a number of small business units. On June 30, 2008, it acquired the rest of the 50% interest in Joint Mortgage Holdings No. 1 Limited (the parent of Springboard Mortgages Limited), resulting in Springboard Mortgages becoming a wholly owned subsidiary. On December 23, 2008, it acquired an additional 23% of Cornmarket Group Financial Services Ltd, bringing its interest to 98%. * * * As reported by the Troubled Company Reporter-Europe on April 8, 2010, Fitch Ratings downgraded Irish Life & Permanent's Individual rating to 'D' from 'C'. Fitch said the downgrade reflects Fitch's concerns about ILP's profitability in the next two years, its ability to absorb increased provisioning charges in the banking business through operating profits, the standalone capital position of the bank and its large share of wholesale funding. According to Fitch, while the insurance business, Irish Life, continues to be profitable at an operating level, its profitability was not sufficient to compensate for losses in the banking business, permanent tsb, in 2009. MIZA PHARMA: High Court Upholds Restriction Order v. 2 Directors ---------------------------------------------------------------- Mary Carolan at The Irish Times reports that Mr. Justice Nial Fennelly at the Supreme Court upheld a restriction order on two directors who allowed EUR2.8 million (which should have been paid to creditors here) to be taken from insolvent Irish companies in the Miza pharmaceutical group and transferred to other group companies abroad. According to the report, the judge said directors must inform themselves about the business and affairs of companies, and their own duties, in order to discharge their responsibilities. The report relates he was delivering the three-judge court's unanimous judgment dismissing an appeal by Jack Kachkar and Robert McClellan Carrigan against a 2005 High Court order, under section 150 of the Companies Act, restricting them for a five-year period from acting as directors of companies, except under certain conditions. Dr. Kachkar was chief executive, president and majority shareholder of Miza Inc., a Canadian pharmaceutical company, and McClennan Carrigan was vice-president, the report discloses. The report recalls various arms of the Miza group in Britain, the US and Canada were placed in administration, sold or not active by mid-2003. The restriction orders were sought by Tom Grace, liquidator of five companies which were formerly part of the Irish Antigen group, which were sold out of examinership in 2001 in a joint venture between the Miza group and the UK group, Goldshield, the report relates. QUINN INSURANCE: Owner's Close Family Member Mulls Acquisition -------------------------------------------------------------- Belfast Telegraph reports that a close family member of Sean Quinn is planning to purchase Quinn Insurance. According to the report, it is understood the plan, if successful, is the only way to keep the troubled firm in the Quinn family. The report notes sources say serious negotiations have been under way for a "considerable time" about a deal involving members of Mr. Quinn's family and American investors. It is believed several potential investors in the United States have been approached by representatives acting on behalf of the Quinn family regarding a takeover bid, the report states. As reported by the Troubled Company Reporter-Europe on April 19, 2010, The Financial Times said Quinn Insurance was put into administration on April 15 after Sean Quinn abandoned attempts to keep control of the family-owned company. The FT disclosed the administrators were instructed by the High Court to run the company as a going concern "with a view to placing it on a sound commercial footing". Quinn Insurance is owned by Sean Quinn, Ireland's richest man, and his family. The company has just more than 20% of the motor and health insurance market in Ireland. It has more than one million customers in the country. Employing almost 2,800 people in Britain and Ireland, it was founded in 1996 and entered the UK market in 2004, according to The Times. =================== L U X E M B O U R G =================== INTELSAT SA: BC Partners, Silver Lake Funds to Sell $1.4BB Notes ---------------------------------------------------------------- Intelsat S.A. disclosed that funds advised by BC Partners and funds advised by Silver Lake intend to sell up to: US$281,810,000 aggregate principal amount of Intelsat (Luxembourg) S.A.'s 11-1/4% Senior Notes due 2017 and US$1,121,692,472 aggregate principal amount of Intelsat (Luxembourg) S.A.'s 11-1/2%/12-1/2% Senior PIK Election Notes due 2017. The 11-1/4% Senior Notes due 2017 and the 11-1/2%/12-1/2% Senior PIK Election Notes due 2017 were originally issued on June 27, 2008 pursuant to Rule 144A and Regulation S and the new notes were issued in exchange for the original notes on January 20, 2010. Intelsat said the selling securityholders are affiliates of the Company. Intelsat has filed with the U.S. Securities and Exchange Commission a prospectus to register the new notes held by the selling securityholders for resale. Intelsat will not receive any proceeds from the sale of the new notes in the offer. A full-text copy of the prospectus is available at no charge at http://ResearchArchives.com/t/s?6223 About Intelsat Based in Luxembourg, Intelsat S.A. provides fixed satellite services worldwide. As of March 31, 2010, the Company had US$17.266 billion in total assets against total current liabilities of US$669.358 million; long-term debt, net of current portion of US$15.367 billion; deferred satellite performance incentives, net of current portion of US$125.350 million; deferred revenue, net of current portion of US$296.110 million; deferred income taxes of US$540.775 million; accrued retirement benefits of US$239.026 million; other long-term liabilities of US$337.141 million; redeemable noncontrolling interest of US$16.604 million. The Company had non-controlling interest of US$1.917 million and total Intelsat S.A. shareholder's deficit of US$327.839 million. INTELSAT SA: Reports US$102.6 Million Net Loss for Q1 2010 ---------------------------------------------------------- Intelsat S.A. reported revenue of US$621.1 million and a net loss of US$102.6 million for the three months ended March 31, 2010. Intelsat S.A. reported revenue of US$631.8 million and a net loss of US$557.6 million for the three months ended March 31, 2009. The company also reported Intelsat S.A. EBITDAi, or earnings before net interest, loss on early extinguishment of debt, taxes and depreciation and amortization, of US$445.8 million, and Intelsat Luxembourg Adjusted EBITDAi of US$483.1 million, or 78% of revenue, for the three months ended March 31, 2010. On April 21, 2010, Intelsat S.A. completed a consent solicitation to amend certain terms of Intelsat S.A.'s 7-5/8% Senior Notes due 2012 and 6-1/2% Senior Notes due 2013. The most significant amendments replaced the limitation on secured debt covenant, which limited secured debt of Intelsat S.A. and its restricted subsidiaries to 15% of their consolidated net tangible assets (subject to certain restrictions), with a new limitation on liens covenant, which generally limits such secured debt to two times the adjusted EBITDA of Intelsat S.A plus certain general baskets (subject to certain exceptions), and made certain corresponding changes to the sale and leaseback covenant as a result of the addition of the new limitation on liens covenant. "First quarter 2010 performance was as anticipated in light of the previously reported events that are restraining our growth in the first half of 2010," said Intelsat CEO, David McGlade. "Our confidence in our business is well-founded. Our attractive contract backlog, which increased to US$9.5 billion at the end of the first quarter, provides stability to our business and visibility into our future revenue streams." Mr. McGlade continued, "Our goal is to deliver sustainable growth over the long term. With new capacity entering service on our network and solid demand for the services we provide, we will continue to execute on our business plan. As we progress, we look forward to an improving growth profile in the second half of 2010." As of March 31, 2010, the Company had US$17.266 billion in total assets against total current liabilities of US$669.358 million; long-term debt, net of current portion of US$15.367 billion; deferred satellite performance incentives, net of current portion of US$125.350 million; deferred revenue, net of current portion of US$296.110 million; deferred income taxes of US$540.775 million; accrued retirement benefits of US$239.026 million; other long-term liabilities of US$337.141 million; redeemable noncontrolling interest of US$16.604 million. The Company had non-controlling interest of US$1.917 million and total Intelsat S.A. shareholder's deficit of US$327.839 million. A full-text copy of the Company's earnings release is available at no charge at http://ResearchArchives.com/t/s?6222 A full-text copy of the Company's quarterly report on Form 10-Q is available at no charge at http://ResearchArchives.com/t/s?6221 About Intelsat Based in Luxembourg, Intelsat S.A. provides fixed satellite services worldwide. =========================== U N I T E D K I N G D O M =========================== ASCOT MINWORTH: Cashflow Problems Prompt Administration ------------------------------------------------------- Birmingham Post.net reports that Ascot Minworth has gone into administration. According to the report, the company is now in the hands of administrators PKF after it encountered cashflow problems stemming from a drop in turnover. The report says administrators Edward Kerr of PKF in Nottingham and Ian Gould of the firm's Birmingham office are now keeping the business going while they seek a buyer for the firm. Ascot Minworth makes labels and emblems for Jaguar. The company's other clients include Ford, BMW and Nokia. It has an operation based at the Minworth Industrial Park in Sutton Coldfield and employs 41 members of staff, according to Birmingham Post.net. BRITISH AIRWAYS: Seeks Injunction to Halt Cabin Crew Strike ----------------------------------------------------------- Kenneth Wong and Steve Rothwell at Bloomberg News report that British Airways Plc is seeking an injunction to block 12,000 cabin crew members from a five-day strike starting May 18. According to Bloomberg, BA said in an e-mailed statement the airline has applied to the High Court for the injunction. A hearing is scheduled for May 17, Bloomberg says. Bloomberg relates the airline and Unite on Friday both said that they would take part in talks initiated by Advisory, Conciliation and Arbitration Service, the national mediator. "The Trade Union and Labour Relations (Consolidation) Act 1992 requires unions to send everyone eligible to vote details of the exact breakdown of the ballot result," Bloomberg quoted BA as saying in its statement. "We do not believe Unite properly complied with this requirement." Pilita Clark at The Financial Times reports lawyers for the airline, which is expected to report record losses next week, wrote to the Unite union representing its flight attendants on Thursday, May 13, about the validity of the February 22 ballot result on which the unusually long walkout is based. The FT notes the airline gave Unite a deadline of 1:00 p.m. on Friday, May 14, to respond to questions on whether the union obeyed legal requirements to advertise adequately the outcome of the ballot to all its members. Unions are legally bound to take all reasonable steps necessary to ensure anyone entitled to vote in a ballot is quickly informed of the full result, including the number of votes cast; the size of the yes and no votes; and the number of spoilt ballots, the FT states. "We will be vigorously defending our ballot and members against this move by BA, the FT quoted Unite as saying Friday night. "We have already responded to the company and notified them that we have fully complied with the law. The only way to settle this long-running dispute is through negotiation. A solution is not to be found in the courtroom." If BA's legal move is successful, it could lead to an injunction against the stoppage, even though it is over the validity of a ballot that Unite has already used for two walkouts over seven days in March, the FT says. Contingency Plan Separately, the FT's Bob Sherwood reports that BA is to mount a complex contingency plan to limit the effect of a five-day cabin crew strike but tens of thousands of passengers are still likely to be unable to fly each day. According to the FT, the airline plans to fly more than 60,000 passengers each day -- more than 70% of its customers -- but about 40% of its long-haul flights and 50% of short-haul flights from Heathrow airport will be cancelled. BA, the FT says, plans to lease up to eight aircraft with pilots and cabin crew from five different airlines in the UK and Europe to help cope with the first of four five-day strikes due to begin on Tuesday. The carrier has also struck deals with more than 50 rival airlines to fill any spare seats with passengers from cancelled BA flights, the FT notes. Strike Action As reported by the Troubled Company Reporter-Europe on May 12, 2010, the FT said British Airways cabin crew are to hold nearly three weeks of strikes after flight attendants rejected the airline's latest offer in a dispute over staffing levels. The FT disclosed the first action, the third wave of strikes by BA staff this year, will begin on May 18 and run until May 22. There will be further five-day stoppages starting on May 24, May 30 and June 5, broken by three 24-hour "breather" days, the FT said. According to Bloomberg News, the Unite union says the carrier must reinstate free travel and take back fired workers to win consideration for a pay plan that's "an improvement" on previous offers. Bloomberg noted the strike may cost GBP150 million (US$223 million), including business lost on the single days between walkouts, based on the GBP45-million expense of seven days of stoppages in March. About British Airways Headquartered in Harmondsworth, England, British Airways Plc, along with its subsidiaries, (LON:BAY) -- http://www.ba.com/-- is engaged in the operation of international and domestic scheduled air services for the carriage of passengers, freight and mail and the provision of ancillary services. The Company's principal place of business is Heathrow. It also operates a worldwide air cargo business, in conjunction with its scheduled passenger services. The Company operates international scheduled airline route networks together with its codeshare and franchise partners, and flies to more than 300 destinations worldwide. During the fiscal year ended March 31, 2009 (fiscal 2009), the Company carried more than 33 million passengers. It carried 777,000 tons of cargo to destinations in Europe, the Americas and throughout the world. In July 2008, the Company's subsidiary, BA European Limited (trading as OpenSkies), acquired the French airline, L'Avion. * * * As reported in the Troubled Company Reporter-Europe on March 19, 2010, Moody's Investors Service lowered to B1 from Ba3 the Corporate Family and Probability of Default Ratings of British Airways plc; and the senior unsecured and subordinate ratings to B2 and B3, respectively. Moody's said the outlook is stable. This concludes the review that was initiated on November 10, 2009. The rating action reflects Moody's view that credit metrics will not be commensurate with the previous rating category in the medium term. Moody's expect furthermore that metrics will be burdened in the foreseeable future by the company's significant pension deficit, which was at GBP2.6 billion for the APS and NAPS schemes combined as of September 2009 (under IAS). Moody's nevertheless understand that under the current agreement with the trade unions, the cash contributions to these deficits will be frozen at GBP330 million per year for three years, subject to approval by the Pensions Regulator and the trustees. COVERZONES: Bought Out of Administration By Management Team ----------------------------------------------------------- Leigh Jackson at Post Online reports that the assets of Coverzones have been bought out of administration by its management team backed by a private investor. The report says Coverzones, which had been backed by French insurer MMA, the business will be relaunched with "universal support" from its existing panel. The report recalls the management team had been in discussions with a "global financial services brand" in January last year, but following the collapse of the takeover in February 2010 Coverzones was unable to secure the working capital needed to avoid going into administration. According to the report, discussions on fresh investment capital are already underway with a number of prospective investors from both the insurance industry and investment community. The report states in its last filed accounts for the year ending April 30, 2009, Coverzones reported a loss after tax of GBP3.2 million (2008: GBP780 881 loss). The report notes that while the directors said they were "satisfied" with the performance of the company, which had net assets of GBP1.02 million (2008: GBP755 000), Coverzones admitted it would need further finance. Coverzones is an online commercial aggregator. CREST NICHOLSON: Taps Morgan Stanley to Advise on Potential Sale ---------------------------------------------------------------- Ed Hammond at The Financial Times reports that the board of Crest Nicholson has appointed Morgan Stanley to advise it on the potential sale of the business. Crest, as cited by the FT, said the bank would assist it "in reviewing its options for the future with its stakeholders". The FT relates one person close to Crest said the move to appoint the bank was a "strong indication" that the company was keen to launch an auction in the coming months. "There are a significant number of stakeholders who will want the authority of a bank to ensure that they get the best possible return for whatever piece of debt or equity they hold," the FT quoted the source as saying. The FT notes that a person familiar with Horizon, which opened talks surrounding a possible GBP400 million takeover of the housebuilder weeks ago, said the Hugh Osmond-backed acquisition vehicle disputed the idea that an auction was in the offing and suggested the appointment was likely to speed up any discussions between the company and Crest. Horizon Bid As reported by the Troubled Company Reporter-Europe on April 27, 2010, the FT said Horizon made a bid approach for Crest Nicholson. The FT disclosed the approach with an offer for Crest of GBP350 million to GBP400 million, a small discount to estimates of the value of the company's land bank last year. Horizon would acquire the group via the debt, paying down a large chunk at par and asking lenders, including Lloyds and HSBC, to write down the remainder, the FT said. The FT noted one hurdle to the deal would be the losses that Crest's creditors would have to bear were it to go ahead. The FT recalled in February last year Crest completed a GBP630 million debt for equity swap that left its lenders holding 90% of the stock, with the remaining 10% going to management. The restructuring helped the housebuilder slash its borrowings from GBP1.09 billion to just GBP620 million, set to mature in 2012, according to the FT. Crest Nicholson -- http://www.crestnicholson.com/-- is a residential development company with property interests primarily in central and southern England. The firm focuses on developing sustainable master-planned communities and mixed-use developments, along with urban regeneration and commercial property developments. EATONFIELD GROUP: Calls Meeting to Avert Administration ------------------------------------------------------- James Chapelard at Crain's Manchester Business reports that Eatonfield Group Plc has called a meeting of its shareholders later this month to enable it to draw more of its equity facility and avoid going into administration. According to the report, directors of the Taporley-based company have been forced to take the step because they are unable to draw down the remaining GBP650,000 of the facility, which has been provided by a joint venture partner Jenard Properties. The report says the meeting is needed to secure authorization to issue more shares to Jenard. The report notes in a statement, Eatonfield admitted that if its latest attempts to improve its cash flow failed it may be forced into administration. The general meeting will be held at 10:00 a.m. on May 28 at Haycroft Farm, Peckforton Hall Lane, Spurstow, Tarporley, Cheshire CW6 9TF, the report discloses. Eatonfield Group Plc -- http://www.eatonfield.co.uk/-- is a United kingdom-based company. The Company is engaged in the development and sale of commercial and investment properties and real estate. It focuses on the commercial and residential property development in Wales and the North of England. The Company's subsidiary, Eatonfield Developments Limited, is engaged in the property investment and development. EMI GROUP: Investors Agree to Inject Cash to Meet Debt Covenants ---------------------------------------------------------------- Kristen Schweizer at Bloomberg News reports that EMI Group's investors agreed to inject enough cash to maintain banking agreements. Bloomberg relates EMI said in a statement Friday Guy Hands' Terra Firma Capital Partners Ltd. will put more cash into the label. According to Bloomberg, the investment will take place by June 14 and Citigroup Inc., the principal lender, has been informed. Without Friday's funding, EMI could have ended up in the hands of Citigroup, Bloomberg states. Bloomberg notes a person familiar with the matter said money raised came from current investors in Terra Firma and no outside funds were involved. The cash will allow EMI to meet its debt agreements until March, Bloomberg says, citing an April 27 presentation to investors. According to Bloomberg, the document showed Mr. Hands is also trying to raise GBP255 million to help EMI meet its covenants until March 2015. EMI Group Ltd. -- http://www.emigroup.com/-- is the fourth largest record company in terms of market share (behind Universal Music Group, Sony Music Entertainment, and Warner Music Group). It houses recorded music segment EMI Music and EMI Music Publishing. EMI Music distributes CDs, videos, and other formats primarily through imprints and divisions such as Capitol Records and Virgin, and sports a roster of artists such as The Beastie Boys, Norah Jones, and Lenny Kravitz. EMI Music Publishing, the world's largest music publisher, handles the rights to more than a million songs. EMI Music operates through regional divisions (EMI Music North America, International, and UK & Ireland). Private equity firm Terra Firma owns EMI. INTELLEGO GROUP: Implements CVA; Owes Roughly GBP1 Mil. ------------------------------------------------------- Business Financial Newswire reports that Intellego Group's directors decided to implement a creditors voluntary arrangement for the company to be able to trade profitably for the future. According to the report, the company has accumulated liabilities, including loans, of roughly GBP1 million. The report says the effect of the company voluntary arrangement will be to formalize arrangements to satisfy those liabilities for roughly GBP400,000 payable over five years. Intellego Group is the main operating company of Intellego Holdings Plc -- http://www.intellego.co.uk/-- a United Kingdom- based holding company. The Company operates in three business segments: distribution, services and publishing. The distribution segment includes the resale of software developed by the third parties. The services segment includes consultancy, customization, including development of content, and integration of e-learning systems. The publishing segment includes the sale of internally generated documents. The Company's subsidiaries include Intellego Group Limited, Copia Limited and Professional Development Partnership Limited. The principal activities of the Company's subsidiaries are that of e-learning specialists, consultants and training. On May 9, 2008, the Company completed the acquisition of Zenosis Limited. LUMINAR GROUP: Warns of Possible Covenant Breach ------------------------------------------------ Pan Kwan Yuk at The Financial Times reports that Luminar Group Holdings plc warned it could breach borrowing covenants should trading deteriorate further. According to the FT, Luminar has suffered as rising youth unemployment kept more of its core customer market of 18- to 24- year-olds at home. The FT relates having issued three profit warnings in the past 12 months, the group on Thursday reported a pre-tax loss of GBP110.2 million for the year to February 25, compared with a GBP10.5 million profit the year before, following GBP114.6 million in asset writedowns. Trading has continued to worsen, with like-for-like sales down 19.4% in the first 10 weeks of the new financial year, the FT discloses. "Should the spending propensity of young people reduce further, there is a risk that the group's sales and profitability could worsen to the extent that it would no longer be able to meet the requirements placed upon it by its lenders," the FT quoted the company as saying. Based in Milton Keynes, United Kingdom, Luminar Group Holdings plc -- http://www.luminar.co.uk/-- is engaged in the ownership, development and operation of nightclubs and themed bars. Its main branded venues are Oceana, Liquid, and Lava & Ignite. The Company's product brands include Big Night Out, Vibe, Red Carpet Moments and UK Club Culture (UKCC). Oceana has five bars, two clubs, and one amazing night. The Liquid brand has a main room with lighting, sound and laser technology. Liquids also have a secondary room called envy. Envys provide clubbers with music varying from disco to rhythm and blues (RnB) and the like. Lava & Ignite has a classic twin-scene format. The main room includes sound and lighting technology, and can be transformed to a venue for corporate events, live music and televised sporting events. Life caters to local pub, local club and local people. Life is a bar and club concept. It is designed to fit into smaller towns. The Company's subsidiaries include Luminar Holdings Limited, Luminar Oceana Limited, and Luminar Lava Ignite Limited. OCTAVIAN INT'L: In Administration; KPMG Appointed ------------------------------------------------- Mark Orton and Allan Graham were appointed Joint Administrators of Octavian International Limited on May 7, 2010. The Company is the holding vehicle for a group that operates in the development and distribution of gaming software, systems and lottery solutions. The Company owns intellectual property and share capital in subsidiaries and partners that provide the group with a global presence, operating in more than 30 national gaming markets. Mr. Graham commented, "The global economic downturn combined with specific gaming industry factors, including delays in expected regulatory and legislative change, have adversely impacted on Octavian's trading conditions and working capital requirements. "The Company's products and systems are recognized and highly regarded within the global gaming market and the company will continue to trade in administration while we seek a purchaser. A number of parties have already expressed interest, and based on early stage discussions we believe there is a realistic prospect of finding a buyer. "Unfortunately a small number of redundancies have been made since appointment." The Company operates under the OctaGames, OctaSystems and OctaLotto brands and is well established in markets such as Italy, Argentina and Colombia, alongside research and development facilities in Russia. The group consists of 169 employees worldwide and last year had turnover of US$11.7 million. The company's European headquarters are based in Guildford, Surrey. PIGGOTT BLACK: Buyer of Assets Faces Liquidation ------------------------------------------------ Helen Morris at PrintWeek reports that creditors of Piggott Black Bear (Cambridge) are facing more uncertainty as Celinco, the company that bought PBB's assets, is set to be liquidated. The report relates that a notice in the London Gazette said a meeting of Celinco's creditors will be held at the Southgate, north London, office of insolvency practitioner Bond Partners on May 25. A spokesman for Bond Partners confirmed that Celinco was set to be liquidated, but could not comment further, the report notes. The report recalls PBB originally called in administrators in September last year. However, print consortium Celinco bought the business and assets two weeks later and continued to trade the company under its PBB name, the report recounts. Celinco had not paid either the GBP95,000 purchase price for the company's assets or money owed to suppliers as part of the deal, the report says, citing the administrator's March 29 report. Piggott Black Bear (Cambridge) is a B1 magazine printer. PLYMOUTH ARGYLE: Says No Plans to Go Into Administration -------------------------------------------------------- BBC News reports that Plymouth Argyle's executive director Keith Todd said there are no plans to take the club into administration. The report relates Mr. Todd told BBC Spotlight, "Any business theoretically could [go into administration], but there's no plans to do such a thing at all. "We need to take this business forward, we know what actions need to be taken and those steps are being taken. "Throughout last season the shareholder group provided access to further funding and that situation will need to happen over a period of time." According to BBC News, the relegated Championship club are set to lose GBP3 million as a result of dropping into League One. Plymouth's financial troubles have been reflected in a wide range of areas in recent months, BBC News notes. BBC News relates unpaid debts to Her Majesty's Revenue and Customs saw the Football League place Argyle under a transfer embargo at the end of 2009. Meanwhile, a GBP2.8 million loss for the financial year 2008-09 was countered by plans for Argyle to sell their Home Park ground to a holding company, BBC News states. The club attributed the loss to an unsustainable wage bill, coupled with a drop in attendances, BBC News says. Plymouth Argyle Football Club, commonly known as Argyle, or by its nickname, The Pilgrims, is an English professional football club based in Central Park, Plymouth. R&W CUSHWAY: Enters Into Administration --------------------------------------- R&W Cushway & Co. Limited, specialists in resistance welding components, was placed into administration on May 6, 2010. Jason Baker and Geoff Rowley, Client Partners at Vantis Business Recovery Services, a division of Vantis, the UK accounting, tax and business advisory group, have been appointed as Joint Administrators. R&W Cushway & Co is a family-run business dating over three generations. Based in Waltham Abbey, Essex, the company has been supplying specialist resistance welding consumables to the automotive industry for over 70 years. Commenting on the administration, Jason Baker said, "The continued decline of the automotive industry has badly affected R&W Cushway & Co Limited and, consequently, the Directors had no alternative other than to place the company into administration. We are working closely with the management team and continuing to trade the business with a view to achieving a sale of the business as a going concern". Steve Herrington, a Director at R&W Cushway & Co., said, "The recent economic downturn and subsequent tough business environment has made it extremely difficult for the business to trade sustainably. The volume of work required in keeping the business viable has not been available." R&W Cushway & Co. continues to trade in order to complete work in progress, while the Joint Administrators concentrate on marketing the business with a view to a sale. Twelve redundancies were made shortly following the appointment of the Joint Administrators who are continuing to keep the situation under review. Interested parties should contact Chris Pearce (07908 411758) and/or Alastair Massey (07894 093 760) at Vantis BRS for further details. RAYMARINE PLC: In Administration; Sold to FLIR Systems ------------------------------------------------------ ShareCast reports that Raymarine plc has been placed into administration with FTI Consulting. The report relates FTI sold the business to thermal imaging company FLIR Systems Inc. for an undisclosed price. According to the report, Raymarine's lenders demanded their money back so administration was inevitable. Shares in the marine electronics company were suspended at 4:05 p.m. on Friday May 14, at 17.5p each and the listing will be cancelled, the report discloses. The report notes FTI says that the transaction should enable a return to shareholders of 20p a share before administration costs and any creditor claims. FTI has to advertise for creditor claims before it can confirm the precise amount, the report states. Raymarine plc -- http://www.raymarine.co.uk/-- is engaged in the manufacture and marketing of navigation equipment within the marine market. Raymarine designs, manufactures and distributes worldwide electronic goods and related software for use in the leisure boating market. The Company also develops and manufactures the comprehensive range of electronic equipment for the recreational boating and light commercial marine markets. In February 2008, the Company acquired Deck Marine S.p.A., which is the distributor of Raymarome products in Italy. The Company's main United Kingdom subsidiary, Raymarine UK Limited, has a branch in Italy (Raymarine UKLimited Italian branch). SEA AND LAND: Sold to Zefier UK; 17 Jobs Secured ------------------------------------------------ Stephen Oldfield, Chris Pillar and Mark Shires, partners at PricewaterhouseCoopers LLP and joint administrators of SLP Engineering Limited, have sold the business and assets of Sea and Land Power and Energy Limited, a subsidiary of SLP Engineering Limited based in Lowestoft to Zefier UK II Limited, a subsidiary of the Smulders Group. The buyer is a subsidiary of the Smulders Group which is active in the renewables industry. The sale secures 17 jobs and Smulders has confirmed it will continue to operate this business from Lowestoft. The deal also includes agreeing an exclusivity period for Smulders to complete due diligence on SLP Engineering with a view to purchasing that business as well. Mr. Oldfield, joint administrator and Advisory partner at PricewaterhouseCoopers LLP in East Anglia, said: "The administration of SLP has been very challenging. Our first priority was to secure the continuance of 'business as usual' on the yard which was achieved before Christmas. We then focused on finding a buyer in order to ensure the future of the business which is a longstanding and significant employer in East Anglia. It was always going to be difficult given the lack of a future order book at SLP Engineering and we have consistently stated that any buyer would need to grasp the significant opportunities that the Round 3 wind farms off the East coast will offer "Smulder's purchase of the Energy business and indicating its intention to buy SLP Engineering it keeps the synergy of the two businesses co-existing in Lowestoft intact. Our priority now is seeing the proposed SLP Engineering deal with Smulders through to completion." Albert Smulders, Chief Executive of Smulders said: "The acquisition of the business and assets of Sea and Land Power and Energy Limited is a first but important step into the United Kingdom by the Smulders Group. We are a committed supplier to the wind energy business in Europe and aim to expand our activities in the United Kingdom as well." The Administrators continue to consult fully with the employees of SLP Engineering through the Employee and Union Consultative Committee. Mr. Oldfield continued: "The news of the Energy deal and the entry into exclusive discussions with Smulders on SLP Engineering has been greeted positively by the committee although it is recognized that as the current order book for the yard is completed, redundancies will occur. We have stressed that nothing is certain until a deal is done and until that time, business will continue as normal on the Lowestoft yard. "The key is to get a new owner to start the process of refilling the order book to rebuild the business back to historic levels as soon as possible. The Smulders exclusivity agreement is a positive step towards that." TPT CONSTRUCTION: Faces Two Winding-Up Petitions for Non-Payment ---------------------------------------------------------------- Michael Glackin at Building magazine reports that TPT Construction is facing two winding-up petitions. The report relates the petitions, which could lead to the firm being placed in administration, come amid a number of complaints about its payment record since Darbyshire bought the company out of administration for GBP7 million last year. According to the report, the first petition was brought by Tyco Fire & Integrated Solutions and will be heard on Thursday, June 20, at Bristol county court. The second was brought by Leeds lender Industrial & Corporate Finance and is due to be heard on June 15 at Leeds county court, the report discloses. Both amounts are undisclosed, the report notes. TPT Construction is a Pembrokeshire-based contractor owned by Gareth Darbyshire. It has a turnover of GBP20 million. * UK: Business Insolvencies Down 15% Year-On-Year in April ---------------------------------------------------------- The latest Insolvency Index from Experian(R), the global information services company, has revealed a year-on-year fall in business insolvencies in the U.K. during April. The total number of insolvencies fell by 15.1% during April compared to the same month last year (from 2,274 in April 2009 to 1,818 in April 2010). As a result, this brought the year-on-year insolvency rate down from 0.11% to 0.10 %in April. The overall financial strength score of UK businesses also improved, from 80.02 in April 2009 to 80.76 in April this year. Mid-sized businesses suffered the most in April. Companies with 26-50, 51-100 and 101-500 employees experienced the highest rate of insolvencies in April 2010 at 0.22%, 0.26% and 0.24% respectively. Rolf Hickmann, Managing Director of pH, an Experian company, said: "Our analysis shows that it continues to be vital for businesses to understand the circumstances of those they are doing business with and the risks they could expose their company to." "It is easier for the smallest businesses, with just one or two employees, to make adjustments to their operations and pull in the reins when times are challenging. For the largest business, there is the flexibility that comes with economies of scale, so insolvency rates among these businesses are also low. Mid-sized businesses do not typically have the luxury of either of these benefits and can face the most pressure." Other key highlights include: * The North East region saw the highest rate of insolvencies for the third consecutive month and was joined in April by Yorkshire and the West Midlands, all with a rate of 0.13% * The East Midlands was the region to see the highest improvement, from an insolvency rate of 0.11% in April 2010 compared to 0.15% in April 2009. * Scotland remained the region with the lowest rate of insolvency, although did see a slight increase on last year's figure up to 0.07% from 0.05% in April 2009 * The Greater London region continued to be the region where businesses had the lowest financial strength score compared to other regions. However, it was also, along with Yorkshire, one of the regions that saw the biggest year-on-year improvement from 78.45 in April 2009 to 79.59 in April 2010. * Although they are among the companies with the highest insolvency rate, companies with 11-25 employees saw the greatest improvement year-on-year in the insolvency rate (from 0.32% in April 2009 to 0.22%). * The smallest businesses (with 1 to 2 employees) saw the most improvement in their financial strength scores -- from 80.33 in April 2009 to 81.95 in April 2010. * The financial strength of businesses in the IT industry rose from 81.46 in April 2009 to 83.25 -- the biggest improvement compared to other sectors. * Businesses in the oil industry held the highest financial strength score during April -- 85.61. =============== X X X X X X X X =============== * BOND PRICING: For the Week May 10 to May 14, 2010 --------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRIA ------- HTM SPORT FREIZE 8.500 2/1/2014 EUR 65.38 HTM SPORT FREIZE 8.500 2/1/2014 EUR 65.38 KOMMUNALKREDIT 4.440 12/20/2030 EUR 50.38 KOMMUNALKREDIT 5.430 2/13/2024 EUR 62.63 KOMMUNALKREDIT 4.900 6/23/2031 EUR 51.88 KOMMUNALKREDIT 6.080 12/13/2018 EUR 70.38 KOMMUNALKREDIT 6.460 3/27/2022 EUR 70.38 OESTER VOLKSBK 5.270 2/8/2027 EUR 97.23 BELGIUM ------- FORTIS BANK 8.750 12/7/2010 EUR 15.53 BULGARIA -------- PETROL AD-SOFIA 8.375 10/26/2011 EUR 51.75 CYPRUS ------ INTERPIPE LTD 8.750 8/2/2010 USD 77.49 DENMARK ------- TRYG FORSIKRING 4.500 12/19/2025 EUR 76.08 FINLAND ------- MUNI FINANCE PLC 0.500 9/24/2020 CAD 64.91 MUNI FINANCE PLC 0.250 6/28/2040 CAD 23.04 MUNI FINANCE PLC 1.000 11/21/2016 NZD 65.77 MUNI FINANCE PLC 1.000 10/30/2017 AUD 66.07 MUNI FINANCE PLC 0.500 3/17/2025 CAD 51.03 MUNI FINANCE PLC 1.000 2/27/2018 AUD 64.81 FRANCE ------ AIR FRANCE-KLM 4.970 4/1/2015 EUR 13.99 ALCATEL SA 4.750 1/1/2011 EUR 16.26 ALCATEL-LUCENT 5.000 1/1/2015 EUR 3.17 ALTRAN TECHNOLOG 6.720 1/1/2015 EUR 4.93 ATOS ORIGIN SA 2.500 1/1/2016 EUR 53.09 CALYON 6.000 6/18/2047 EUR 48.52 CAP GEMINI SOGET 3.500 1/1/2014 EUR 43.62 CAP GEMINI SOGET 1.000 1/1/2012 EUR 44.93 CLUB MEDITERRANE 4.375 11/1/2010 EUR 49.25 DEXIA MUNI AGNCY 1.000 12/23/2024 EUR 63.13 EURAZEO 6.250 6/10/2014 EUR 57.99 FAURECIA 4.500 1/1/2015 EUR 19.63 GROUPE VIAL 2.500 1/1/2014 EUR 18.78 MAUREL ET PROM 7.125 7/31/2014 EUR 17.60 NEXANS SA 4.000 1/1/2016 EUR 63.62 PEUGEOT SA 4.450 1/1/2016 EUR 28.99 PUBLICIS GROUPE 1.000 1/18/2018 EUR 46.19 PUBLICIS GROUPE 3.125 7/30/2014 EUR 37.07 RHODIA SA 0.500 1/1/2014 EUR 46.12 SOC AIR FRANCE 2.750 4/1/2020 EUR 20.51 SOITEC 6.250 9/9/2014 EUR 11.19 TEM 4.250 1/1/2015 EUR 54.92 THEOLIA 2.000 1/1/2014 EUR 13.39 VALEO 2.375 1/1/2011 EUR 46.55 ZLOMREX INT FIN 8.500 2/1/2014 EUR 47.50 ZLOMREX INT FIN 8.500 2/1/2014 EUR 47.50 GERMANY ------- L-BANK FOERDERBK 0.500 5/10/2027 CAD 46.11 LB BADEN-WUERTT 2.500 1/30/2034 EUR 71.63 LB BADEN-WUERTT 5.250 10/20/2015 EUR 33.90 QIMONDA FINANCE 6.750 3/22/2013 USD 3.50 RENTENBANK 1.000 3/29/2017 NZD 70.78 SOLON AG SOLAR 1.375 12/6/2012 EUR 43.10 GREECE ------ HELLENIC REP I/L 2.300 7/25/2030 EUR 56.88 HELLENIC REP I/L 2.900 7/25/2025 EUR 57.77 HELLENIC REPUB 4.500 11/8/2016 JPY 72.93 HELLENIC REPUB 4.500 7/3/2017 JPY 70.11 HELLENIC REPUB 3.800 8/8/2017 JPY 66.63 HELLENIC REPUB 3.000 4/30/2019 JPY 55.74 HELLENIC REPUB 5.000 8/22/2016 JPY 72.74 HELLENIC REPUBLI 5.300 3/20/2026 EUR 72.72 HELLENIC REPUBLI 4.500 9/20/2037 EUR 62.49 HELLENIC REPUBLI 4.600 9/20/2040 EUR 62.74 HELLENIC REPUBLI 4.700 3/20/2024 EUR 72.05 YIOULA GLASSWORK 9.000 12/1/2015 EUR 54.88 YIOULA GLASSWORK 9.000 12/1/2015 EUR 56.11 IRELAND ------- ALLIED IRISH BKS 5.625 11/29/2030 GBP 67.50 ALLIED IRISH BKS 5.250 3/10/2025 GBP 63.66 DEPFA ACS BANK 1.920 5/9/2020 JPY 73.38 DEPFA ACS BANK 4.900 8/24/2035 CAD 71.24 DEPFA ACS BANK 0.500 3/3/2025 CAD 31.84 DEPFA ACS BANK 5.250 3/31/2025 CAD 74.53 DEPFA ACS BANK 5.125 3/16/2037 USD 71.48 DEPFA ACS BANK 5.125 3/16/2037 USD 71.48 IRISH NATIONWIDE 6.250 6/26/2012 GBP 105.28 IRISH NATIONWIDE 5.500 1/10/2018 GBP 59.87 ITALY ----- BANCA INTESA SPA 6.984 2/7/2035 EUR 57.88 BEATRICE FOODS 1.000 11/19/2026 USD 43.00 LUXEMBOURG ---------- ARCELORMITTAL 7.250 4/1/2014 EUR 30.99 BREEZE FINANCE 4.524 4/19/2027 EUR 68.75 GALLERY CAPITAL 10.125 5/15/2013 USD 19.95 GLOBAL YATIRIM H 9.250 7/31/2012 USD 71.63 HELLAS III 8.500 10/15/2013 EUR 26.58 LIGHTHOUSE INTL 8.000 4/30/2014 EUR 64.27 LIGHTHOUSE INTL 8.000 4/30/2014 EUR 64.54 NETHERLANDS ----------- APP INTL FINANCE 11.750 10/1/2005 USD 0.08 BK NED GEMEENTEN 0.500 6/27/2018 CAD 72.94 BK NED GEMEENTEN 0.500 2/24/2025 CAD 50.44 BLT FINANCE BV 7.500 5/15/2014 USD 73.25 BLT FINANCE BV 7.500 5/15/2014 USD 73.25 BRIT INSURANCE 6.625 12/9/2030 GBP 73.79 DGS INTL FIN BV 10.000 6/1/2007 USD 0.01 ELEC DE CAR FIN 8.500 4/10/2018 USD 54.00 ENERGY GROUP O/S 7.550 10/15/2027 USD 18.38 ENERGY GROUP O/S 7.425 10/15/2017 USD 18.38 INDAH KIAT INTL 11.875 6/15/2002 USD 0.01 INDAH KIAT INTL 12.500 6/15/2006 USD 0.01 IVG FINANCE BV 1.750 3/29/2017 EUR 73.53 NATL INVESTER BK 25.983 5/7/2029 EUR 43.66 NED WATERSCHAPBK 0.500 3/11/2025 CAD 49.51 NIB CAPITAL BANK 4.790 12/17/2043 EUR 73.91 Q-CELLS INTERNAT 5.750 5/26/2014 EUR 64.73 Q-CELLS INTERNAT 1.375 2/28/2012 EUR 66.21 RBS NV EX-ABN NV 2.910 6/21/2036 JPY 73.58 TEMIR CAPITAL 9.000 11/24/2011 USD 30.50 TEMIR CAPITAL 9.500 5/21/2014 USD 33.00 TURANALEM FIN BV 8.250 1/22/2037 USD 49.13 TURANALEM FIN BV 8.500 2/10/2015 USD 50.86 TURANALEM FIN BV 7.750 4/25/2013 USD 47.53 TURANALEM FIN BV 6.250 9/27/2011 EUR 49.45 TURANALEM FIN BV 7.125 12/21/2009 GBP 46.29 TURANALEM FIN BV 8.000 3/24/2014 USD 47.00 NORWAY ------ EKSPORTFINANS 0.500 5/9/2030 CAD 39.74 NORSKE SKOGIND 6.125 10/15/2015 USD 65.75 NORSKE SKOGIND 7.000 6/26/2017 EUR 65.43 NORSKE SKOGIND 7.125 10/15/2033 USD 56.63 NORSKE SKOGIND 7.125 10/15/2033 USD 56.63 NORSKE SKOGIND 6.125 10/15/2015 USD 65.75 POLAND ------ POLAND-REGD-RSTA 2.810 11/16/2037 JPY 62.37 REP OF POLAND 3.300 6/16/2038 JPY 70.90 REP OF POLAND 2.648 3/29/2034 JPY 63.58 REP OF POLAND 2.620 11/13/2026 JPY 73.42 REP OF POLAND 3.220 8/4/2034 JPY 72.48 RUSSIA ------ FORTUM OJSC 7.600 6/17/2010 RUB 60.00 MOESK OAO 8.050 9/6/2011 RUB 69.92 SPAIN ----- BANCAJA EMI SA 2.755 5/11/2037 JPY 44.90 BBVA SUB CAP UNI 2.750 10/22/2035 JPY 74.46 MINICENTRALES 4.810 11/29/2034 EUR 67.04 SWEDEN ------ SWEDISH EXP CRED 0.500 12/17/2027 USD 51.16 SWITZERLAND ----------- UBS AG JERSEY 11.400 3/18/2011 USD 25.67 UBS AG JERSEY 3.220 7/31/2012 EUR 50.55 UBS AG JERSEY 10.140 12/30/2011 USD 14.90 UBS AG JERSEY 9.230 12/30/2011 USD 13.36 UBS AG JERSEY 11.150 8/31/2011 USD 39.45 UBS AG JERSEY 10.360 8/19/2011 USD 54.38 UBS AG JERSEY 13.000 6/16/2011 USD 50.87 UBS AG JERSEY 10.650 4/29/2011 USD 16.25 UBS AG JERSEY 11.030 4/21/2011 USD 21.12 UBS AG JERSEY 10.820 4/21/2011 USD 21.95 UBS AG JERSEY 16.160 3/31/2011 USD 44.96 UBS AG JERSEY 10.990 3/31/2011 USD 30.99 UBS AG JERSEY 11.330 3/18/2011 USD 18.08 UBS AG JERSEY 12.800 2/28/2011 USD 35.14 UBS AG JERSEY 8.250 2/28/2011 USD 70.78 UBS AG JERSEY 15.250 2/11/2011 USD 11.98 UBS AG JERSEY 10.000 2/11/2011 USD 61.78 UBS AG JERSEY 16.170 1/31/2011 USD 13.66 UBS AG JERSEY 14.640 1/31/2011 USD 38.31 UBS AG JERSEY 13.900 1/31/2011 USD 35.92 UBS AG JERSEY 10.000 10/25/2010 USD 60.15 UBS AG JERSEY 9.500 8/31/2010 USD 60.70 UBS AG JERSEY 9.000 6/11/2010 USD 55.12 UBS AG JERSEY 9.000 7/2/2010 USD 55.30 UBS AG JERSEY 9.000 7/19/2010 USD 54.85 UBS AG JERSEY 9.350 7/27/2010 USD 55.45 UBS AG JERSEY 9.000 8/13/2010 USD 59.50 UBS AG LONDON 17.550 6/28/2010 EUR 73.80 UBS AG LONDON 17.350 6/28/2010 EUR 73.85 UBS AG LONDON 17.000 6/28/2010 EUR 73.75 UBS AG LONDON 16.430 6/28/2010 EUR 73.70 UNITED KINGDOM -------------- BANK OF SCOTLAND 6.984 2/7/2035 EUR 75.38 BARCLAYS BK PLC 8.550 1/23/2012 USD 11.55 BARCLAYS BK PLC 7.610 6/30/2011 USD 53.06 BARCLAYS BK PLC 10.600 7/21/2011 USD 41.27 BARCLAYS BK PLC 9.000 6/30/2011 USD 44.71 BARCLAYS BK PLC 10.650 1/31/2012 USD 44.80 BARCLAYS BK PLC 11.650 5/20/2010 USD 43.15 BRADFORD&BIN BLD 5.500 1/15/2018 GBP 34.86 BRADFORD&BIN BLD 2.875 10/16/2031 CHF 74.05 BRADFORD&BIN BLD 4.910 2/1/2047 EUR 64.75 BRADFORD&BIN BLD 5.750 12/12/2022 GBP 33.68 BRADFORD&BIN PLC 7.625 2/16/2049 GBP 35.03 BRADFORD&BIN PLC 6.625 6/16/2023 GBP 34.79 BROADGATE FINANC 5.098 4/5/2033 GBP 74.87 EFG HELLAS PLC 6.010 1/9/2036 EUR 43.00 EFG HELLAS PLC 4.375 2/11/2013 EUR 77.82 ENTERPRISE INNS 6.375 9/26/2031 GBP 75.60 F&C ASSET MNGMT 6.750 12/20/2026 GBP 72.36 HBOS PLC 4.500 3/18/2030 EUR 74.48 NATL GRID GAS 1.754 10/17/2036 GBP 47.93 NATL GRID GAS 1.771 3/30/2037 GBP 46.48 NBG FINANCE PLC 2.755 6/28/2035 JPY 46.21 NOMURA BANK INTL 0.800 12/21/2020 EUR 60.83 NORTHERN ROCK 5.750 2/28/2017 GBP 62.25 NORTHERN ROCK 4.574 1/13/2015 GBP 74.11 OJSC BANK NADRA 9.250 6/28/2010 USD 34.50 PUNCH TAVERNS 6.468 4/15/2033 GBP 72.76 ROYAL BK SCOTLND 7.540 6/29/2030 EUR 70.72 ROYAL BK SCOTLND 4.243 1/12/2046 EUR 66.31 RSL COMM PLC 9.875 11/15/2009 USD 3.90 RSL COMM PLC 10.500 11/15/2008 USD 3.90 SPIRIT ISSUER 5.472 12/28/2028 GBP 74.84 TXU EASTERN FNDG 6.750 5/15/2009 USD 2.38 TXU EASTERN FNDG 6.450 5/15/2005 USD 2.38 UNIQUE PUB FIN 6.464 3/30/2032 GBP 68.92 WESSEX WATER FIN 1.369 7/31/2057 GBP 23.17 ********* 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. Joy A. Agravante, Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez, Frauline S. Abangan and Peter A. Chapman, Editors. Copyright 2010. 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. 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