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        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, July 5, 2010, Vol. 11, No. 130

                            Headlines



B U L G A R I A

CIBANK AD: Fitch Affirms Individual Rating at 'D/E'


C Z E C H   R E P U B L I C

* CZECH REPUBLIC: Company Bankruptcies Rise to 161 in June
* CZECH REPUBLIC: New Insolvency Law Does Not Protect Creditors


F R A N C E

COMPAGNIE GENERALE: Maturity Extension Won't Move S&P's BB- Rating


G E R M A N Y

ARCANDOR AG: Berggruen Wants Deadline to Seal Rent Deal Extended
IKB DEUTSCHE: Net Loss Widens to EUR974MM in Year Ended March 31
TITAN EUROPE: Moody's Junks Ratings on Three Classes of Notes


H U N G A R Y

* HUNGARY: Corporate Bankruptcies Reach 8,877 in First Half


I R E L A N D

ALLIED IRISH: Seven Financial Firms Eye 70% Zachodni Stake
B3 SOLUTIONS: In Receivership; 106 Jobs at Risk
CAFE MAO: In Receivership; Owes Close to EUR2 Million
ELVA FUNDING: S&P Downgrades Ratings on Class B2 Notes to 'D'
MORRISON HOTEL: Provisional Liquidator Appointed

PAT MOORE: In Receivership; Owes More Than EUR16 Million

* IRELAND: Company Insolvencies Reach Almost 800 in First Half


K A Z A K H S T A N

NURBANK JSC: Moody's Downgrades Senior Debt Ratings to 'B3'
TSESNABANK AO: Moody's Cuts Bank Financial Strength Rating to 'E'


L I T H U A N I A

* LITHUANIA: Corporate Bankruptcies Up 92.6% to 1,843 in 2009


N E T H E R L A N D S

ABN AMRO: Fitch Downgrades Individual Rating to 'D'
CHEMTURA CORP: Seeks to Sell Two Additives Units to Sonneborn


R U S S I A

INDEPENDENT BUILDING: Moody's Assigns 'E+' Bank Strength Rating
ROSDORBANK JSC: Moody's Assigns 'B3' Short-Term Deposit Ratings


S P A I N

CAIXA D'ESTALVIS: Moody's Assigns B2 Rating on Preferred Shares


U N I T E D   K I N G D O M

BRITISH AIRWAYS: Has Deal to Offload GBP1.3 Billion Pension Risk
BUHRS MAILING: In Administration; Under Financial Restructuring
EUROSAIL 2006-1: S&P Lifts Ratings on Various Notes to 'CCC-'
FAWTHROP MCLANDERS: In Voluntary Liquidation; 11 Jobs Affected
REGENCY PARK: In Administration; Potential Buyers Sought

RMAC SECURITIES: S&P Puts BB-Rated Notes on CreditWatch Negative

* UK: Corporate Insolvencies Down in Second Quarter 2010


X X X X X X X X

* BOND PRICING: For the Week June 28 to July 2, 2010




                         *********



===============
B U L G A R I A
===============


CIBANK AD: Fitch Affirms Individual Rating at 'D/E'
---------------------------------------------------
Fitch Ratings has affirmed Bulgaria-based Cibank AD's Long-term
Issuer Default Rating 'BBB+' with Negative Outlook, Short-term IDR
'F2', Individual Rating 'D/E' and Support Rating '2'.  The ratings
have simultaneously been withdrawn.

The agency will no longer provide rating coverage of Cibank AD.


===========================
C Z E C H   R E P U B L I C
===========================


* CZECH REPUBLIC: Company Bankruptcies Rise to 161 in June
----------------------------------------------------------
CTK, citing statistics from the Cribis.cz database of Czech Credit
Bureau, reports that the number of bankruptcies declared against
companies in the Czech Republic rose to 161 in June this year
compared to 121 in May.

In year-on-year comparison, the number of company bankruptcies
increased by more than one third.


* CZECH REPUBLIC: New Insolvency Law Does Not Protect Creditors
---------------------------------------------------------------
CTK reports that the Constitutional Court on Thursday cancelled a
part of the insolvency law, which will come into effect as of
April next year, preventing creditors from challenging debts of
their rivals.

According to the report, the insolvency law now entitles only
debtors and insolvency administrators to dispute the amount and
order of submitted insolvency claims and does not provide enough
protection for creditors.


===========
F R A N C E
===========


COMPAGNIE GENERALE: Maturity Extension Won't Move S&P's BB- Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on
Compagnie Generale de Geophysique - Veritas (BB-/Stable/--) remain
unchanged following a proposal to extend the group's debt maturity
profile and amend the terms of covenants in its bond
documentation.  The recovery ratings of '2' and 'BB' issue ratings
on the group's senior secured bank debt also remain unchanged.

S&P takes a positive view of an announcement by CGGV that it
intends to extend the maturity of a US$300 million portion of a
US$518 term loan from January 2014 to January 2016, subject to
early refinancing of a high-yield bond currently due in May 2015.
Simultaneously, the company is seeking to increase its covenant
headroom as outlined below.  S&P believes that this is positive
and prudent in view of the currently difficult conditions in the
seismic industry, which are largely factored into the current
rating.  The group's debt maturity profile was already a
supportive credit factor with no maturities falling due in the
2010-2013 period.

CCGV is proposing to increase its total leverage ratio covenant
from 2.25x to 2.75x in 2010 and 2011, and then lower it to 2.5x in
2012 and further to 1.75x in 2015.  Similarly, the group plans to
lower its EBITDA to total interest covenant from 4x currently to
3.5x in the 2010-2012 period, and then increase it to 5x in 2015.


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


ARCANDOR AG: Berggruen Wants Deadline to Seal Rent Deal Extended
----------------------------------------------------------------
William Launder at Dow Jones Newswires reports that billionaire
investor Nicolas Berggruen has asked the insolvency administrator
of Karstadt, a unit of Arcandor AG, to extend the deadline for
completing negotiations with Karstadt property owner Highstreet
until July 30, as talks to seal a deal are behind schedule and
unlikely to finish before the current deadline.

According to Dow Jones, a spokesman for Klaus Hubert Goerg,
Karstadt's insolvency administrator, confirmed that Mr. Berggruen
had sent a letter requesting the extension, which it plans to
discuss with him this week.

Dow Jones notes Mr. Berggruen signed a tentative agreement to
acquire the iconic department store brand last month, but closing
the deal hinges on reaching an agreement with its property owners,
including the Highstreet real estate consortium led by Goldman
Sachs Group Inc.

Mr. Berggruen has already secured approval from the majority of
shareholders and lenders in the Highstreet consortium, but doubts
he can meet the deadline with all of its lenders by the current
July 15 deadline, Dow Jones states.  Dow Jones says failure to
reach an agreement would result in cancelling the deal and start a
break-up process for Karstadt, a giant department store chain that
employs more than 25,000 people around Germany.

Dow Jones notes one person familiar with the matter said although
Mr. Berggruen has requested the extension, he will only accept it
if Highstreet shows it is willing to reach a deal.

Under Berggruen's conditions, Highstreet must give notice by
July 6 that it will host an extraordinary meeting of shareholders
to discuss the outstanding deal terms, Dow Jones discloses.
According to Dow Jones, the person familiar with the matter said
Mr. Berggruen has further demanded that Highstreet obtains
internal approval by July 14 to the terms of the Karstadt
acquisition he has proposed.  In the event that Highstreet doesn't
announce plans for an EGM by the July 6 deadline, Mr. Berggruen
has called for other noteholders of Karstadt property debt to do
so in order to approve his terms, Dow Jones states.

Citing a copy of the term sheet, Dow Jones says Mr. Berggruen
requested that Karstadt pay an annual rent of EUR210 million until
September 2011.  Rents will then gradually rise to EUR240 million
by September 2018, Dow Jones notes.

Mr. Berggruen further wants to revise Karstadt's master lease
agreement so that the department store will consist of standard,
sports and premium units, and have an umbrella holding company,
Dow Jones discloses.  He also wants Highstreet to invest EUR30
million in Karstadt, with his company contributing EUR70 million,
Dow Jones notes.

                        About Arcandor AG

Germany-based Arcandor AG (FRA:ARO) -- http://www.arcandor.com/--
formerly KarstadtQuelle AG, is a tourism and retail group.  Its
three core business areas are tourism, mail order services and
department store retail.  The Company's business areas are covered
by its three operating segments: Thomas Cook, Primondo and
Karstadt.  Thomas Cook Group plc is a tour operator with
operations in Europe and North America, set up as a result of a
merger between MyTravel and Thomas Cook AG.  It also operates the
e-commerce platform, Thomas Cook, supporting travel services.
Primondo has a portfolio of European universal and specialty mail
order companies, including the core brand Quelle.  Karstadt
operates a range of department stores, such as cosmopolitan
stores, including KaDeWe (Kaufhaus des Westens), Karstadt
Oberpollinger and Alsterhaus; Karstadt brand department stores;
Karstadt sports department stores, offering sports goods in a
variety of retail outlets, and a portal, karstadt.de that offers
online shopping, among others.

As reported by the Troubled Company Reporter-Europe, a local court
in Essen formally opened insolvency proceedings for Arcandor on
September 1, 2009.  The proceedings started for the Arcandor
holding company and for 14 units, including the Karstadt
department-store chain and Primondo mail-order division.  Arcandor
filed for bankruptcy protection after the German government turned
down its request for loan guarantees.  On June 8, 2009, the
government rejected two applications for help by the company,
which employs 43,000 people.  The retailer sought loan guarantees
of EUR650 million (US$904 million) from Germany's Economy Fund
program.  It also sought a further EUR437 million from a state-
owned bank.


IKB DEUTSCHE: Net Loss Widens to EUR974MM in Year Ended March 31
----------------------------------------------------------------
Jann Bettinga at Bloomberg News reports that IKB Deutsche
Industriebank AG, the first German lender bailed out during the
subprime crisis, said its full-year loss widened as it revalued
liabilities and net interest income declined.

According to Bloomberg, the bank said in statement distributed by
the DGAP newswire Thursday that the net loss was EUR974 million
(US$1.2 billion) in the year ended March 31, compared with a loss
of EUR580 million a year earlier.

Bloomberg says net interest income slumped 41 percent to EUR179
million because of higher refinancing costs and a reduced asset
volume.  Bloomberg relates IKB said the company booked a loss of
EUR859 million related to the measurement of liabilities.

Bloomberg notes IKB said it has sufficient liquidity until the
first quarter of 2012 because of guarantees provided by the Soffin
rescue fund.  IKB, as cited by Bloomberg, said while the bank will
require "significantly less" funding in the coming years, some of
the funds guaranteed by Soffin must be replaced from 2012.
Bloomberg recalls the bank received guarantees of as much as EUR12
billion from Soffin after Lone Star Funds, a Dallas-based private-
equity firm, bought a majority stake in 2008.

                 About IKB Deutsche Industriebank

IKB Deutsche Industriebank AG -- http://www.ikb.de/-- is a
Germany-based banking company, which specializes in the field of
long-term financing.  It offers a range of financial products and
services directed at medium-sized domestic as well as
international companies and project partners.  The Company's
focuses on the two segments Corporate Customers, including
domestic corporate financing, especially lending, but also product
leasing and private equity; and Real Estate Customers, which
provides customized financing solutions as well as related
services for industrial real estate.  As of March 31, 2009, it
operated through direct and indirect subsidiaries, including the
wholly owned IKB Capital Corporation and IKB Equity Finance GmbH,
among others; its two majority owned subsidiaries; as well as two
affiliated companies.  The Company's subsidiaries are located in
Germany, the United States, the Netherlands, Luxembourg, Austria,
the Czech Republic, France, Hungary, Poland, Russia, Slovakia and
Romania.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Sept. 21,
2009, Moody's Investors Service confirmed the Baa3 long-term debt
and deposit ratings, Ba2 subordinated debt ratings and Prime-3
short-term rating of IKB Deutsche Industriebank, reflecting
Moody's assessment of a very high probability of ongoing external
support.  The outlook on the senior and junior debt ratings
remains negative.  IKB's E bank financial strength rating, mapping
to a stand-alone baseline credit assessment of Caa1, was affirmed,
with a stable outlook.  Moody's downgraded the upper Tier 2 junior
subordinated instruments issued by IKB and its vehicle ProPart
Funding Ltd to C from Ca, the lowest level on Moody's rating
scale, and the Tier 1 instruments issued by IKB Funding Trust I &
II and Capital Raising GmbH to Ca from Caa3.  Moody's said the
outlook on the instruments is stable.


TITAN EUROPE: Moody's Junks Ratings on Three Classes of Notes
-------------------------------------------------------------
Moody's Investors Service has downgraded these classes of notes
(amounts reflect initial outstandings) issued by Titan Europe
2006-1 plc:

  -- EUR433.76M A Commercial Mortgage Backed Floating Rate Notes
     due 2016, Downgraded to Aa1; previously on Mar 3, 2010 Aaa
     Placed On Review for Possible Downgrade

  -- EUR112.05M B Commercial Mortgage Backed Floating Rate Notes
     due 2016, Downgraded to B2; previously on Mar 3, 2010 Baa1
     Placed On Review for Possible Downgrade

  -- EUR39.76M C Commercial Mortgage Backed Floating Rate Notes
     due 2016, Downgraded to Caa2; previously on Mar 3, 2010 B1
     Placed On Review for Possible Downgrade

  -- EUR46.99M D Commercial Mortgage Backed Floating Rate Notes
     due 2016, Downgraded to Ca; previously on Mar 3, 2010 Caa2
     Placed On Review for Possible Downgrade

  -- EUR50.61M E Commercial Mortgage Backed Floating Rate Notes
     due 2016, Downgraded to C; previously on Mar 3, 2010 Ca
     Placed On Review for Possible Downgrade

At the same time, Moody's has affirmed the Aaa rating of the Class
X Notes issued by Titan Europe 2006-1 plc.  Moody' has not
assigned ratings to the Class F Notes, the Class G Notes and the
Class H Notes issued by Titan Europe 2006-1 plc.  The rating
action concludes the review for possible downgrade that was
initiated for the Class A, B, C, D, and E Notes on 3 March 2010.

1) Transaction and Portfolio Overview

Titan Europe 2006-1 plc closed in March 2006 and represents the
securitization of initially ten commercial mortgage loans
originated by Credit Suisse International.  The loans were secured
by first-ranking legal mortgages over 56 commercial properties
located in Germany.  The properties were predominantly mixed-use
(45% of the original portfolio by underwriter market value)
followed by office (28%), industrial warehouse (15%), hotel (8%)
and retail (4%).

Since closing of the transaction, five loans (47% of the initial
portfolio balance), prepaid in full.  In addition, there was one
property disposal from the portfolio securing the Mangusta Loan.
The prepayment proceeds were allocated 50% sequential and 50% pro-
rata to the Notes.  The five remaining loans are not equally
contributing to the portfolio: the largest loan (Mangusta Loan)
represents 34.3% of the current portfolio balance, while the
smallest loan (Nuremberg Retail Distribution Centre Loan,
"Nuremberg Loan") represents 5.8%.  The current loan Herfindahl
index is 4.1 compared to 7.5 at closing, indicating a higher loan
concentration after the prepayments.  Following the property
disposal and prepayments, the remaining five loans are secured by
26 properties.  The property type composition of the portfolio has
changed compared to closing with industrial warehouse now
contributing 32%, office 24%, mixed-use 21%, hotel 16% and retail
7%.

As of the last interest payment date in April 2010, the Mangusta
Loan and the KQ Warehouse Loan were subject to an event of
default.  Moreover, the Steigenberger Hotels Loan is on the
Servicer's watchlist due to its maturity date in October 2010.

Following the default of the Mangusta Loan in November 2009, the
sequential payment trigger in the transaction is breached;
therefore, further proceeds from loan prepayments and balloon
payments will be allocated sequentially to the Notes.  The
liquidity facility has been drawn to cover payment shortfalls
relating to the Mangusta Loan and the KQ Warehouse Loan in a total
amount of EUR 2.5 million.

2) Rating Rationale

The rating action concludes the review that was initiated for all
classes of Notes except the Class X Notes on March 3, 2010.
Moody's main focus was on the Mangusta and the KQ Warehouse Loan,
especially in terms of value assessment and likely workout
strategy.

As outlined in more detail below, the rating action is mainly
driven by:

  (i) A revised value assessment for the properties securing the
      Mangusta Loan, mainly due to neglected property and asset
      management as well as uncertainties about the net cash flow
      generated by the properties;

(ii) The significantly reduced market value of the Leipzig
      property securing the KQ Warehouse Loan; and

(iii) A higher likelihood of immediate property sales as work-out
      strategy for both the Mangusta and the KQ Warehouse Loan.

Given that the two largest loans representing 57.4% of the current
pool balance have already defaulted, Moody's overall expects a
very large portion of the pool to default.  As indicated by
Moody's weighted average A-loan LTV of 164.5%, Moody's expects a
very high amount of losses on the remaining securitized portfolio,
mainly driven by the Mangusta and the KQ Warehouse Loan.

The subordination available to all classes of Moody's rated Notes
has increased considerably due to the modified pro-rata allocation
of the prepayment proceeds of five loans since closing.  The
credit enhancement through subordination is currently 62.4% for
Class A, 38.6% for Class B, 30.1% for Class C, 20.1% for Class D,
and 9.3% for Class E.  Nevertheless, the loss expected by Moody's
has increased significantly for this transaction, overcompensating
for the positive impact of increased subordination.  In addition,
the likelihood of higher than   * Expected Losses on the portfolio
has increased substantially, resulting in a downgrade of the most
senior class of Notes.

The Class X Notes are entitled to receive excess spread, i.e.  the
difference between (i) interest payable on the loans and (ii)
interest payable on the Notes and certain costs.  The liquidity
facility can be used to cover potential interest shortfalls on the
Class X Notes.  In relation to principal, the net proceeds from
the issue of the Class X Notes have been retained by the Issuer in
a separate account for the purpose of repaying the principal
amount of the Class X Notes.  Moody's believes that the Class X
Notes have a different risk profile in comparison to the other
classes in the transaction given their characteristics.  The
rating of the Class X Notes is therefore not to the same extent
affected by the credit risk of the loan portfolio.

3) Moody's Portfolio Analysis

                        The Mangusta Loan

The defaulted loan is secured by a mixed-use property portfolio
located in several locations in Germany.  The properties do not
produce enough cash flows to constantly service the debt.  Since
Moody's last rating action on the transaction, a couple of changes
have occurred that are discussed below.  In response to these
changes, Moody's has adjusted its value assumptions for the
properties securing the Mangusta Loan to EUR77.25 million and now
expects a more immediate sale of the assets rather than a mid-term
disposal strategy after stabilization of the portfolio.

After the former borrowing entities have ceased to exist, an
Austrian company is now borrower under the loan.  The loan has
been accelerated, and according to the Servicer a sale of the
assets in the portfolio is one of the likely next steps.  Since
the borrower is in administration, an insolvency administrator now
takes all decisions on the borrower level.

In Moody's view the asset and property management has been largely
neglected in the last couple of years, which has significantly
impacted the tenancy situation and value any potential investor
would be willing to pay for the properties in the current market
environment.  Moreover, Moody's has limited visibility of the true
net cash flows generated by the properties.  Moody's also took the
increasing costs associated with the borrower administration into
account, both in terms of fees but also in terms of CAPEX that is
being spent in order to stabilize certain assets in the portfolio.

                      The KQ Warehouse Loan

The defaulted loan is secured by a large logistics site in Leipzig
and a smaller logistics property in Kircheim.  Since Quelle AG as
the single tenant of the Leipzig property was liquidated, the
borrower only receives rental income from the subtenant of the
Kircheim property, which is insufficient to service the debt
service of the loan.  The liquidity facility is drawn to make
payments under the borrower level swap and the Notes.  In Moody's
view, the asset management of the Leipzig property has been
neglected, given that the asset manager that is connected with the
Sponsor has little incentive to provide further services.  Hence
there is little visibility on potential new tenants yet.

A new third party valuation resulted in a value assessment for the
two properties of EUR26.713 million compared to a value of
EUR122.99 million at closing.  The resulting LTV of the
securitized portion of the loan is 304%, while the Whole Loan LTV
is 348.7%.  Moody's believes that the updated valuation is
conservative and adjusted its value assumption to EUR28.5 million,
resulting in Moody's A-loan LTV of 285%.  The adjusted value also
reflects the expectation that the most likely work-out scenario
will be a sale of the properties sooner rather than later, even if
no new tenant was found.  Any new tenant that is not in the mail
order business would likely require significant changes to the
property site, especially if more than one tenant was to occupy
the properties.  Nevertheless, Moody's has decreased its cost
assumptions for this loan, since the new value assessment already
reflects large amounts of investments and loss of rent in order to
re-let the estate to a non-mail order tenant.

Portfolio Values.  After taking into account the recent
revaluations of the Mangusta portfolio and the KQ Warehouse
portfolio, the new WA U/W A-loan LTV for the loan pool is 148.0%.
On a Whole Loan basis the U/W LTV is 168.1% as per the April 2010
IPD.  These numbers do not yet reflect the updated valuation in
relation to the Steigenberger Hotels Loan, which was available
only after the April IPD.  Based on Moody's current market values,
the total A-loan LTV of the portfolio is 164.5%.  On a loan level
Moody's A-loan LTVs range from 90.7% for the Nuremberg Loan to
285% for the KQ Warehouse Loan.  The main value difference between
Moody's and U/W values are lower values for the Tiden Loan and the
Steigenberger Hotels Loan portfolios.  Moody's value on the Tiden
properties is significantly below the reported U/W value, mostly
due to the adverse lease profile and the current rental levels
being perceived above market rent.  If the net cash flows achieved
from the properties were to stabilize in the next 18 months on the
current level in contrast to Moody's expectations, this would
likely change Moody's value assumption for the properties.

ICR.  The interest coverage ratio for the securitized loan pool is
unknown, since no timely reporting is received for the Mangusta
and the KQ Warehouse Loan.

Refinancing Risk.  The Steigenberger Hotels Loan (15.4% of the
current pool balance) matures in October 2010.  The Tiden and the
Nuremberg Loan (combined 26.9% of the current pool balance) mature
in October 2012 and January 2013.  Moody's notes that the two
loans are ultimately linked to the same sponsor, which increases
their correlation of default risk.  All loans in the pool will
have high LTVs on their maturity date and will hence be subject to
increased refinancing risk.

Term Default risk.  Both the Steigenberger Hotels Loan and the
Nuremberg Loan are exposed to single unrated tenants, hence their
term default risk will be considerably linked to the tenants.  The
Tiden Loan faces substantial lease rollover risk until its
maturity in January 2013 and will therefore be exposed to the
weaker occupational market for office space in Germany.  However,
compared to Moody's last rating action on the transaction in
October 2009, the term default risk assessment of those loans has
not changed.

Work-Out Strategy.  Apart from the Mangusta and the KQ Warehouse
Loan as discussed above, in scenarios where a loan defaults,
Moody's current expectation is that the special servicer will most
likely not pursue an immediate fire sale of the property in the
market conditions, especially upon a default at maturity if the
property is still generating sufficient cash flows to service the
interest of the debt.  Therefore, Moody's has assumed for those
loans that, upon default, a sale of the mortgaged properties and
ultimate work-out of the loan will occur at a later point in time,
but taking into account the legal final maturity date of the Notes
in 2016.

Increased Portfolio Loss Exposure.  Taking into account the high
portion of already defaulted loans and the default risk of the
remaining three loans, the most recent performance of the
commercial property markets in Germany, Moody's opinion about
future property value performance and the most likely work-out
strategies for defaulted loans, Moody's anticipates a very high
amount of losses on the securitized portfolio.  In addition, the
likelihood of higher than Expected Losses on the portfolio has
increased substantially, resulting in a downgrade of the most
senior class of Notes.

                What could change the ratings -- Up

In Moody's view, there is event risk which can have a significant
impact on the rating of the Notes.  As an example, Moody's most
likely scenario for the KQ Warehouse Loan is a sale of the asset
rather than waiting to find a new tenant before a sale.  If a new
tenant was found before any property sale, and if such tenant was
a mail order company, it would significantly increase the recovery
proceeds of the loan.  This is because rental income would be
available and the refitting and tenant improvement cost that would
occur with any non-mail order tenant would not need to be spend.
Giving another example, the properties securing the Mangusta Loan
have experienced poor asset and property management, leading to a
depressed market price in case of a sale in the near term future.
In Moody's view, the assets would yield much more investor
interest if they were stabilized in due course.  It is however
unlikely that the transaction will benefit from this scenario
given Moody's view that a more immediate sale is the most likely
special servicing strategy.  Moreover, due to the transaction
being in sequential repayment mode, a successful repayment of the
Steigenberger Hotels Loan on its maturity date would increase
credit enhancement, which would be credit positive.  The examples
above would increase the credit strength of all classes of Notes.
Moody's however expects most rating volatility on the Class B and
C Notes.

               What could change the ratings -- Down

Even though Moody's has factored a high default risk at loan
maturity into its analysis, a default of the not yet defaulted
loans would potentially have a negative impact on the rating of
the Notes.  Moreover, since both the Steigenberger Hotels Loan and
the Nuremberg Loan are secured by single tenanted properties, a
default of the tenants would also be credit negative for the
Notes.


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


* HUNGARY: Corporate Bankruptcies Reach 8,877 in First Half
-----------------------------------------------------------
Xinhua reports that business information company Opten said
Friday that a record-high 8,877 companies in Hungary went bankrupt
during the first half of this year.

According to Xinhua, in June, 1,672 liquidation proceedings were
initiated, only 14 fewer than in March, which marked an all-time
record for a single month.  Xinhua notes local newswire MTI,
citing Opten's report, said the figure was 40% more than last
June.


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


ALLIED IRISH: Seven Financial Firms Eye 70% Zachodni Stake
----------------------------------------------------------
Geoff Percival at Irish Examiner reports that a minimum of seven
international financial services companies have expressed an
interest in acquiring Allied Irish Bank's 70% stake in Bank
Zachodni.

According to the report, as well as Poland's two largest lenders,
the state-controlled PKO Bank Polski and Bank Pekao SA, it is
believed that the likes of Intesa Sanpaolo SpA of Italy, France's
BNP Paribas and the US-based private equity house, Apax Partners
are entering bids.

It is thought that the thinking behind the PKO bid is that the
Polish Government, which holds a near 41% stake in that bank,
wants to reduce foreign ownership levels in the country's banking
sector and sees the seizing of control of Zachodni as a major step
in that direction, the report notes.

The conclusion of the sale of AIB's Polish operations is likely to
be reached in the autumn, following detailed talks with leading
parties in September, the report says.

As reported by the Troubled Company Reporter-Europe on June 24,
2010, The Financial Times said the Polish government supported a
potential bid from state-owned PKO for Bank Zachodni WBK, which is
being put up for sale by AIB.  The FT disclosed Poland's treasury
ministry said it may defer a dividend payment to enable PKO, which
is 51% state owned to buy BZ WBK.  The FT said the 70% stake in BZ
WBK owned by AIB is thought to be worth about PLN11 billion
(US$3.4 billion).  AIB is being forced to sell off its Polish
affiliate in order to meet capital targets after receiving aid
from the Irish government, according to the FT.

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'.


B3 SOLUTIONS: In Receivership; 106 Jobs at Risk
-----------------------------------------------
Martin Wall and Steven Carroll at The Irish Times report that
B3 Solutions (Ireland) Ltd. has gone into receivership, putting
106 jobs at risk.

Alan Flanagan of Deloitte has been appointed receiver and manager
over the business and assets of the company, the report discloses.
According to the report, the receiver is seeking to sell the
business as a going concern.

The report relates a meeting took place in Longford Thursday to
try to draw up a rescue plan for the company.  The report notes
Mr. Flanagan said Thursday that he would "complete an immediate
review of the company's operations while seeking to engage with
interested parties".

B3 Solutions manufactures copper and optic fiber cables at its
plant at Aghafad, Co Longford.


CAFE MAO: In Receivership; Owes Close to EUR2 Million
-----------------------------------------------------
Laura Noonan at Irish Independent reports that the Cafe Mao chain
has gone into receivership after being hit by the recession.

According to the report, Allied Irish Banks appointed Ken Fennell
as receiver.  Mr. Fennell confirmed he plans to keep trading the
trio of Dublin restaurants, the report states.

The most recent Companies' Office filings for Cafe Mao show the
firm had bank borrowings of close to EUR2 million at the end of
2008, the report discloses.  AIB declined to comment on whether
the borrowings remained at that level, the report notes.

Cafe Mao, which began with one Chatham Street outlet almost 13
years ago, has branches in Dundrum and Dun Laoghaire.  It was
founded by Graham Campbell.


ELVA FUNDING: S&P Downgrades Ratings on Class B2 Notes to 'D'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D' from 'CCC-' and
subsequently withdrew its credit ratings on Elva Funding PLC's
series 2006-5 class B2 notes and Claris IV Ltd.'s series 6 notes.
S&P also withdrew the 'CCC-' ratings on Elva Funding's series
2006-5 class B1 and Midgard CDO PLC's series 2005-16 notes.

The downgrades to 'D' follow confirmation that losses from credit
events in the underlying portfolio exceeded the available credit
enhancement.  This means that on the early termination date the,
noteholders suffered a principal loss.  S&P subsequently withdrew
the rating assigned to these notes, having recently received
confirmation that the transactions redeemed early.

The other withdrawals follow S&P's recent receipt of confirmation
that the transactions redeemed early.

                           Ratings List

                  Ratings Lowered and Withdrawn

                         Elva Funding PLC
      EUR10 Million and US$2.5 Million Secured Floating-Rate
                Credit-Linked Notes Series 2006-5

                                  Rating
                                  ------
           Class       To                         From
           -----       --                         ----
           B2          D                          CCC-
                       NR                         D

                          Claris IV Ltd.
     EUR5 Million Carmel Valley 2006-3 Synthetic CDO Of RMBS
                   Variable-Rate Notes Series 6

                              Rating
                              ------
                  To                         From
                  --                         ----
                  D                          CCC-
                  NR                         D

                        Ratings Withdrawn

                        Elva Funding PLC
       EUR10 Million and US$2.5 Million Secured Floating-Rate
                 Credit-Linked Notes Series 2006-5

                                  Rating
                                  ------
           Class       To                         From
           -----       --                         ----
           B1          NR                         CCC-

                          Midgard CDO PLC
EUR4 Million Embla Tranche B3 Floating-Rate Credit-Linked Notes
                          Series 2005-16

                              Rating
                              ------
                  To                         From
                  --                         ----
                  NR                         CCC-

                         NR -- Not rated.


MORRISON HOTEL: Provisional Liquidator Appointed
------------------------------------------------
Irish Examiner reports that a provisional liquidator has been
appointed to the Morrison Hotel in Dublin.

According to Irish Examiner, judgment in the sum of nearly
EUR6 million was entered against MHL Ltd. in Commercial Court
proceedings taken by a receiver appointed by Anglo Irish Bank.

Colm Keena at The Irish Times reports developer and hotelier Hugh
O'Regan told the High Court he almost suffered a mental breakdown
last year when a receiver was appointed to Morrison Hotel.  The
Irish Times relates Mr. O'Regan said he was very concerned about
the future of the Morrison Hotel and it was a very emotional issue
for him.  He was giving evidence in a case where the receiver
appointed by the banks, Martin Ferris, is trying to get EUR5.4
million he says is owed in rent by MHL, the operator of the hotel.

Mr. O'Regan and MHL were defending the case against Mr. Ferris by
saying the company had arrangements with its landlord over rent
credits and a rent holiday, the Irish Times notes.  Mr. O'Regan
was the managing partner in the partnership that owned the hotel,
The Irish Times discloses.

The Irish Times recalls on July 24, 2009, Mr. Ferris was appointed
to Clubko Ltd., the Thomas Read group (owner of MHL), and the
owners of the Morrison Hotel building, by Anglo which was seeking
repayment of EUR85 million.


PAT MOORE: In Receivership; Owes More Than EUR16 Million
--------------------------------------------------------
Laura Noonan at Irish Independent reports that Pat Moore Builders
has gone into receivership.

The report relates Anglo Irish Bank Anglo appointed Simon Coyle of
Mazars as receiver on June 29 in a bid to recover loans believed
to total more than EUR16 million.  According to the report, the
company had loans of more than EUR16 million outstanding at the
end of its April 2009 year, as well as working capital loans from
ACC.

Pat Moore Builders is a building firm based in Portlaoise Co.
Laois, Ireland.


* IRELAND: Company Insolvencies Reach Almost 800 in First Half
--------------------------------------------------------------
RTE Business reports that new figures show that the number of
companies unable to honor their debts was 27% higher in the first
six months of this year compared to the same time last year.

According to the report, almost 800 companies went out of business
between January and June -- that represents four companies a day.
Citing Insolvency Journal.ie, the report says Dublin firms account
for 40% of the total.  The number of insolvencies among Irish
companies was higher in the first six months of this year than in
all of 2008, the report notes.

The report states one in three company failures this year has been
in construction.  According to the report, 75% of all insolvencies
are made up by building, services, hospitality and retail firms.

The number of companies going into receivership is also on the
increase and is already 174% higher than in the first six months
of last year, the report discloses.


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


NURBANK JSC: Moody's Downgrades Senior Debt Ratings to 'B3'
-----------------------------------------------------------
Moody's Investors Service has downgraded the long-term foreign and
local currency bank deposit ratings, and foreign and local
currency senior unsecured debt ratings of Nurbank to B3 from B2.
The outlook on the deposit and debt ratings was changed to stable
from negative.  At the same time, Nurbank's bank financial
strength rating of E+ and its Not-Prime short-term foreign and
local currency deposit ratings were affirmed.

The downgrade of Nurbank's deposit and debt ratings is driven by
the bank's weak asset quality -- which is not adequately
counterbalanced by its capital (with a total capital adequacy
ratio of 18.3% as at Q1 2010) and by loan loss reserves (7.3% of
total loans as at Q1 2010).  Moreover, Moody's regards the bank's
asset quality as weak, and a significant portion of the
restructured loans may deteriorate going forward.  The downgrade
also takes account of (i) the modest level of liquid assets which
comprised around 14% of total assets at year-end 2009; and (ii)
the relatively high share of loans to the distressed construction
and real estate industries (exceeding 200% of Tier 1 capital as of
Q1 2010).  Moody's does not expect to witness any material
improvement in this sector in the medium term, which will
complicate the asset recovery for the bank.

"In the medium term, Nurbank is likely to continue facing
significant pressure from still tough credit conditions in
Kazakhstan, and it will be difficult for the bank to withstand the
consequences of the global financial crisis without external
support," said Maxim Bogdashkin, a Moody's Analyst and the lead
analyst for the bank.  "At the same time, the new shareholders'
plan to increase the bank's capital by end of 2010 would support
the stable outlook on its ratings," added Mr. Bogdashkin.

Moody's previous rating action on Nurbank was implemented on
February 9, 2010, when the rating agency assigned a B2 long-term
local currency debt rating to the bank's local currency-
denominated bond issue.

Headquartered in Almaty, Kazakhstan, Nurbank reported total
consolidated audited assets of KZT297 billion (US$2.0 billion) at
December 31, 2009, while IFRS-compliant net income for 2009
amounted to KZT314 million (US$2.1 million).


TSESNABANK AO: Moody's Cuts Bank Financial Strength Rating to 'E'
-----------------------------------------------------------------
Moody's Investors Service has downgraded Tsesnabank's bank
financial strength rating to E from E+ and the long-term foreign
currency bank deposit rating to Caa1 from B3.  The outlook on the
deposit rating was changed to stable from negative; the outlook on
BFSR is stable.  At the same time, Tsesnabank's Not-Prime short-
term foreign currency deposit rating was affirmed.

The downgrade of Tsesnabank's deposit and debt ratings reflects
Moody's concerns that the bank is operating with very low economic
capital due to its weak asset quality and significantly
underprovisioned problem loans -- the total capital adequacy ratio
was 14.2% as at end-April 2010, while the 90 days overdue loans,
if combined with the restructured loans, exceeded the bank's loan
loss reserves of 7.8% of total loan book several times.  The
downgrade also takes into account the rating agency's concerns
that the bank's core profitability -- which excludes income from
non-recurring sources, like trading and FX income -- is not
sufficient to cover the possible new problem loans.

At the same time, Tsesnabank has accumulated a sufficient cushion
of liquid assets which accounted for 33% of total assets as at
end-April 2010.  It has also successfully repaid its
US$125 million Eurobond issue earlier this year, and it no longer
has any material forthcoming payments apart from usual client
operations.

Moody's previous rating action on Tsesnabank was implemented on 24
February 2009, when the rating agency concluded the ratings review
for possible downgrade and consequently downgraded the bank's
local and foreign currency deposit ratings to B3 from B1 and left
BFSR of E+ unchanged.  At that time, a negative outlook was
assigned to all ratings.

Headquartered in Astana, Kazakhstan, Tsesnabank reported total
consolidated audited assets of KZT175 billion (US$1.2 billion) at
December 31, 2009, while IFRS-compliant net income for 2009
amounted to KZT506 million (US$3.4 million).


=================
L I T H U A N I A
=================


* LITHUANIA: Corporate Bankruptcies Up 92.6% to 1,843 in 2009
-------------------------------------------------------------
Milda Seputyte at Bloomberg News reports that Lithuanian
bankruptcies almost doubled last year compared with 2008 during
the second-deepest recession in the European Union.

According to Bloomberg, the Vilnius-based statistics office said
in a statement on its Web site Friday that filings for protection
from creditors rose 92.6% to 1,843 companies.  Bloomberg notes the
statistics office said bankruptcies were led by the construction
and retail sectors.


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


ABN AMRO: Fitch Downgrades Individual Rating to 'D'
---------------------------------------------------
Fitch Ratings has affirmed ABN AMRO Bank N.V.'s Long-term and
Short-term Issuer Default Ratings, its Support and Support Rating
Floor on its successful merger with Fortis Bank (Nederland).  The
Individual Rating of ABN AMRO has been downgraded to 'D' from
'C/D'.  All of FBN's ratings are affirmed and withdrawn as this
legal entity has ceased to exist.

The Long-term IDR of ABN AMRO continues to be at its Support
Rating Floor, reflecting the agency's opinion that in case of
need, the bank will continue to receive required support from the
Dutch State ('AAA'/Stable/'F1+').  The Dutch state continues to
own 100% of the ordinary share capital of the merged entity.

The rating action on ABN AMRO is in line with the announcement
made by Fitch on 23 June 2010.

ABN AMRO has become the third-largest bank in the Netherlands by
total assets after Rabobank and ING Bank, with a franchise in the
Netherlands ranging between the largest, in terms of corporates
and private banking, and the third-largest, in terms of mass
retail banking, depending on product and client type.

The rating actions taken by Fitch are:

ABN AMRO

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

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

  -- Support Rating: affirmed at'1'

  -- Support Rating Floor: affirmed at 'A+'

  -- Individual Rating: downgraded to 'D'; from 'C/D'

  -- Senior unsecured notes: affirmed at 'A+' / 'F1+'

  -- Subordinated debt: affirmed at 'A'

  -- Commercial paper: affirmed at 'F1+'

  -- Non-innovative hybrid debt (XS0246487457): 'B', remains on
     Rating Watch Negative (RWN)

  -- Upper tier 2 debt (XS0244754254): 'B+', remains on RWN

FBN

  -- Long-term IDR: affirmed at 'A+'; Outlook Stable and withdrawn
  -- Short-term IDR: affirmed at 'F1+' and withdrawn
  -- Individual rating: affirmed at 'D' and withdrawn
  -- Support Rating: affirmed at '1' and withdrawn
  -- Support Rating Floor: affirmed at 'A+' and withdrawn

All rated FBN debt has become rated debt of ABN AMRO.


CHEMTURA CORP: Seeks to Sell Two Additives Units to Sonneborn
-------------------------------------------------------------
Chemtura Corporation and its affiliate, Chemtura Netherlands B.V.,
have asked the U.S. Bankruptcy Court for the Southern District of
New York for authority to sell their natural sodium sulfonates and
oxidized petrolatums businesses to Sonneborn Refined Products B.V.
and Sonneborn, Inc., netDockets Blog reports.

According to the report, sodium sulfonates and oxidized
petrolatums are both used as additive components in transport and
industrial lubricant applications and "provide detergency and
corrosion protection and emulsification in metalworking fluids and
antioxidants, which are widely used by customers in engine oils,
gear oils and greases."  The report relates that the businesses,
which accounted for less than 1% of Chemtura's 2009 EBITDA, are
operated out of three facilities in the Netherlands and one
facility in Petrolia, Pennsylvania.

In 2005, the netDockets report recalls, the Chemtura entities and
the Sonneborn entities entered into a series of complex agreements
which, among other things, immediately transferred certain
operations related to the businesses to Sonneborn and created a
purchase option in favor of Sonneborn which would divest Chemtura
of its interests in the businesses completely in 2013.

The report says that the currently proposed transaction
essentially accelerates that divestiture plan and resolves a
US$14.25 million claim asserted by Sonneborn related to
remediation and pension benefit obligations owing under the 2005
agreements.

Pursuant to the proposed sale agreement, Sonneborn will pay
US$5 million cash, subject to adjustments, for Chemtura's interest
in the businesses, the report notes.  Sonneborn, the report
discloses, will also waive its claims.

Chemtura is seeking approval of the transaction as a private sale
(i.e., not subject to a court-supervised competitive bidding
process), the report adds.

                      About Chemtura Corp.

Based in Middlebury, Connecticut, Chemtura Corporation (CEM) --
http://www.chemtura.com/-- with 2008 sales of $3.5 billion, is a
global manufacturer and marketer of specialty chemicals, crop
protection products, and pool, spa and home care products.

Chemtura Corporation and 26 of its U.S. affiliates filed voluntary
petitions for relief under Chapter 11 on March 18, 2009 (Bankr.
S.D.N.Y. Case No. 09-11233).  M. Natasha Labovitz, Esq., at
Kirkland & Ellis LLP, in New York, serves as bankruptcy counsel.
Wolfblock LLP serves as the Debtors' special counsel.  The
Debtors' auditors and accountant are KPMG LLP; their investment
bankers are Lazard Freres & Co.; their strategic communications
advisors are Joele Frank, Wilkinson Brimmer Katcher; their
business advisors are Alvarez & Marsal LLC and Ray Dombrowski
serves as their chief restructuring officer; and their claims and
noticing agent is Kurtzman Carson Consultants LLC.

As of December 31, 2008, the Debtors had total assets of
US$3.06 billion and total debts of US$1.02 billion.

Bankruptcy Creditors' Service, Inc., publishes Chemtura
Bankruptcy News.  The newsletter tracks the Chapter 11
proceedings undertaken by Chemtura Corp. and its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


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


INDEPENDENT BUILDING: Moody's Assigns 'E+' Bank Strength Rating
---------------------------------------------------------------
Moody's Investors Service has assigned these global scale ratings
to Independent Building Bank: an E+ bank financial strength
rating, and B3 long-term and Not-Prime short-term local and
foreign currency deposit ratings.  Concurrently, Moody's Interfax
Rating Agency, which is majority-owned by Moody's Investors
Service, has assigned a Baa3.ru long-term National Scale Rating to
the bank.  The B3/NP/E+ global scale ratings reflect IBB's global
default and loss expectation, while the Baa3.ru NSR reflects the
ranking of the bank's credit quality in relation to its domestic
peers only.  The outlook on the long-term global scale ratings is
stable, while the NSR carries no specific outlook.

According to Moody's, IBB's E+ BFSR, which translates into a
Baseline Credit Assessment of B3, is underpinned by: (i) the
bank's satisfactory liquidity position as evidenced by a high
share of liquid assets, which account for over 40% of the bank's
total assets; (ii) its established relationships with a number of
large companies in construction sector; and (iii) the bank's
acceptable profitability.

However, Moody's notes that IBB's ratings are constrained by (i) a
very high single-name concentration in the loan book and the
customer deposit base given that the top 20 loan exposures exceed
400% of the bank's shareholders' equity and the top 10 largest
depositors contribute around 45% of the bank's non-equity funding;
(ii) the bank's very high industry concentration, with loans to
the construction sector accounting for 47% of the bank's gross
loans; (iii) the high level of related-party exposure; and (iv)
the vulnerability of the bank's franchise which is, at times,
based on personal rather than an institutional relationships.

The rating agency observes that IBB's ratings might be adversely
affected (i) in the event of any impairment of the bank's loan
book beyond the level currently indicated by Moody's base-case
stress-testing results, or (ii) if relationships with its major
clients were to weaken, leading to a notable outflow of the bank's
deposit base which is currently characterized by high single-name
concentration.

However, the diversification of the bank's business away from the
construction industry and a material reduction of borrower
concentration may have positive rating implications in the medium
term.

Moody's notes that IBB's local and foreign currency deposit
ratings do not factor in any probability of systemic support in
the event of a stress situation, given the bank's very low market
shares and relatively low importance to the country's banking
system.

Headquartered in Moscow, IBB reported total assets of
US$650 million, shareholders' equity of US$52 million and net
income of US$6.7 million, according to its IFRS financial
statements at year-end 2009.


ROSDORBANK JSC: Moody's Assigns 'B3' Short-Term Deposit Ratings
---------------------------------------------------------------
Moody's Interfax Rating Agency has upgraded Rosdorbank's national
scale rating to Baa2.ru from Baa3.ru.  Simultaneously, Moody's
Investors Service assigned B3/Not Prime long-term and short-term
local currency deposit ratings to Rosdorbank, which are at the
same level as the bank's long-term and short-term foreign currency
deposit ratings.  Rosdorbank's B3/Not Prime foreign currency
deposit ratings were affirmed.  The outlook on all of Rosdorbank's
global scale ratings is stable, while the NSR carries no specific
outlook.

According to Moody's, this rating action reflects Rosdorbank's
good capitalization -- at 1 June 2010 the bank's statutory capital
adequacy ratio stood at 23.34% well exceeding the minimum
regulatory requirement of 10%.  The rating action also takes into
account a consistent decline of the volume of the bank's related-
party business in recent years, with exposure to related parties
standing at 33% of the bank's total equity at YE2009 -- a lower
level compared to most of the bank's peers.

Factors constraining Rosdorbank's ratings at their current level
include the bank's narrow franchise and high concentration of
Rosdorbank's loan portfolio and customer funding base: at 1 April
2010 the bank's top 20 credit exposures together accounted for
213% of its total equity (albeit having decreased from 340% level
demonstrated a year earlier), while the top 20 depositors in
aggregate formed approximately two thirds of the bank's total
customer funding base as at the same date.  Moody's notes that the
high concentration of the loan portfolio exposes Rosdorbank's loan
book and capitalization to the financial standing of its several
major borrowers, whilst the bank's liquidity position may depend
on the stickiness of its major depositors.

Moody's previous rating action on Rosdorbank was on 5 July 2005
when the rating agency assigned E+ BFSR and B3/Not Prime foreign
currency deposit ratings to the bank, with stable outlook on all
of the ratings.

Headquartered in the city of Moscow, the Russian Federation,
Rosdorbank reported -- as at December 31, 2009 -- total assets of
US$223 million, total equity of US$41 million and net profit in
the amount of US$4.7 million.


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


CAIXA D'ESTALVIS: Moody's Assigns B2 Rating on Preferred Shares
---------------------------------------------------------------
Moody's Investors Service has assigned A3/Prime-2/D ratings with a
negative outlook to the new entity Caixa d'Estalvis de Catalunya,
Tarragona i Manresa and concluded the rating review for Caixa
d'Estalvis de Catalunya and Caixa d'Estalvis de Manresa which was
triggered by the announced merger of these entities together with
the unrated Caixa d'Estalvis de Tarragona.

This new entity is the result of the merger of Caixa d'Estalvis de
Catalunya (previously rated A3/Prime-2/D-, under review for
possible upgrade), Caixa d'Estalvis de Manresa (rated Baa1/Prime-
2/D+, under review for possible downgrade) and Caixa d'Estalvis de
Tarragona.  The dated subordinated debt of the new entity has been
rated at Baa1 and the preferred shares at B2, both with a negative
outlook.

As a result of the completion of the merger transaction, the
deposit and debt obligations of the three savings banks have been
assumed by the new entity, Caixa d'Estalvis de Catalunya,
Tarragona i Manresa.  As the three savings banks will cease to
exist upon completion of the merger transaction, all other ratings
of these individual entities have been withdrawn subsequently.
The merger will be effective on July 1, 2010.

This rating action concludes the review initiated on Caixa
Cataluny and Caixa Manresa on May 18, 2010.

As mentioned by Moody's in the press release published on 18 May,
the rating agency regards this merger as a credit positive: The
significant increase in loan loss reserves and other provisions
against its real estate portfolio should help to stabilize the
asset quality of the combined new entity.  At the same time, cost
cutting and expected efficiency gains should improve the earnings
power of Caixa d'Estalvis de Catalunya, Tarragona i Manresa,
whereas the EUR1.250 billion in preferred shares received from
Spain's Fund for Orderly Bank Restructuring (Fondo de
Reestructuracion Ordenada Bancaria or FROB), equivalent to 2.37%
of its risk-weighted assets, underpin the new entity's
capitalization.

Notwithstanding the clear benefits of the above-mentioned actions,
Moody's believes that the new group faces challenges that will
have to be borne with a modest core capital ratio of around 6.4%.
Although the EUR1.250 billion funds from the FROB are estimated to
cover the bulk of loan loss provisioning requirements for the
coming years, the rating agency notes that internal capital
generation from recurrent sources will be limited by a very
challenging domestic operating environment of subdued growth,
downward pressure on margins -- on the back of low interest rates
and relatively high level of non-earning assets and the coupon-
payment on the FROB's preferred shares -- as well as by the
ongoing restructuring of the real estate sector.  In addition, the
more stringent capital requirements associated with Basel III
could exert additional pressure on the solvency of Caixa
d'Estalvis de Catalunya, Tarragona i Manresa.

The debt ratings of Caixa d'Estalvis de Catalunya, Tarragona i
Manresa incorporate ongoing exceptional systemic support.  In this
respect, Moody's believes that the Spanish government is both
willing and able to support its banking system, if and when
required, and that the banking system's potential capital
requirements should not put undue pressure on the government's
financial flexibility.

The negative outlook -- which is consistent with the outlook that
Moody's has assigned to most Spanish banks and saving banks at
this time -- is based on the challenging operating environment in
Spain that will continue to exert pressure on the credit
fundamentals of Caixa d'Estalvis de Catalunya, Tarragona i
Manresa, combined with the expectation that the exceptional
systemic support may be weakening in the medium-to-long term.
Moody's will closely monitor the accomplishment of the financial
plan that has been presented following the merger announcement.
Any deviation from this plan could exert downward pressure on the
bank financial strength rating and thus on its debt ratings.

The previous rating action on Caixa Catalunya was implemented on
May 18, 2010, when Moody's placed on review for possible upgrade
the D- BFSR and the B3 preference shares rating, and affirmed the
long and short-term ratings at A3/Prime-2 and the subordinated
debt rating at Baa1, maintaining the existing negative outlook.

The previous rating action on Caixa Manresa was implemented on
May 18, 2010, when Moody's placed under review for possible
downgrade the D+ BFSR and the Baa1 long-term rating and Baa2
subordinated debt rating.  Its short-term rating was affirmed at
P-2.

The previous rating action on Caixa Tarragona was implemented on
May 29, 2009, when Moody's withdrew for business reasons the
Baa1/Prime-2 deposit ratings and the C- BFSR, which had previously
been on review for possible downgrade.

Headquartered in Barcelona, Spain, Caixa Catalunya reported total
consolidated assets of EUR64 billion as at December 31, 2009.

Headquartered in Tarragona, Spain, Caixa Tarragona reported total
assets of EUR11 billion as at December 31, 2009.

Headquartered in Manresa, Spain, Caixa Manresa reported it had
total assets of EUR7 billion as at December 31, 2009.


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


BRITISH AIRWAYS: Has Deal to Offload GBP1.3 Billion Pension Risk
----------------------------------------------------------------
Paul J. Davies and Pilita Clark at The Financial Times report that
British Airways has offloaded GBP1.3 billion of pension risk in a
deal with Rothesay Life, the specialist insurance business of
Goldman Sachs, as the airline cuts its exposure to the Airways
Pension Scheme ahead of its merger with Iberia.

According to the FT, the deal, which will see the investment bank
take on 20% of the liabilities to retirees in the defined benefit
scheme and their spouses, comes a week after BA said it would
accelerate payments to its two most mature defined benefit pension
schemes to help plug their GBP3.7 billion deficit.

The merger agreement between the two airlines hinges on Iberia's
approval of the deficit reduction plan, the FT notes.

The deal with Rothesay has no affect on BA's pension deficit, but
it will cut the risks and volatility the scheme poses to BA, the
FT says.

                      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.


BUHRS MAILING: In Administration; Under Financial Restructuring
---------------------------------------------------------------
Buhrs Mailing Solutions has gone into administration, Adam Hooker
at PrintWeek reports, citing a statement on the company's Web
site.

According to the report, Michel Moeijes of Lawyers Tanger has been
appointed to work with Buhrs Mailing Solutions and its subsidiary
businesses Buhrs-ITM and Betron.

The report relates a joint statement from Moeijes and Buhrs chief
executive Joost van der Klooster said the move is part of a
technical financial restructuring process, which is expected to
take "a couple of weeks".

The report notes the statement said: "Buhrs Mailing Solutions is
working closely together with the administrator in order to keep
the process as efficient as possible on behalf of all
stakeholders."

The company recorded "substantial" losses in 2008 and 2009, the
report discloses.

Buhrs Mailing Solutions is a finishing equipment manufacturer
based in the Netherlands.


EUROSAIL 2006-1: S&P Lifts Ratings on Various Notes to 'CCC-'
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Eurosail 2006-1 PLC's class D1a, D1c, and E notes and Eurosail
2006-2BL PLC's class F1c notes.  At the same time, S&P affirmed
all other classes of notes in Eurosail 2006-1 and 2006-2BL.  S&P
also affirmed all classes of notes in Eurosail 2006-3NC PLC and
Eurosail 2006-4NP PLC.

The upgrades of the subordinate classes of notes in 2006-1 and
2006-2BL are due to S&P's expectation that missing an interest
payment is less likely in the short term.  S&P believes that, as
the repossessions have fallen, losses on a periodic basis are
likely to be lower, placing less short-term cash flow stress on
the transactions.  The reserve fund for Eurosail 2006-1 has topped
up in the past two quarters and the reserve fund for Eurosail
2006-2BL is back to its required amount.  Therefore, S&P has
raised these ratings to a 'B' level.  However, in the longer term,
S&P still believe the likelihood of default is high, so the
ratings remain below their initial ratings.

Over the past two years, S&P believes severe delinquencies have
increased significantly for the loans backing these transactions,
although they have stabilized in recent quarters (these increases
have been partly due to the technical reporting effect of low
interest rates and lower monthly payments for borrowers).  This
has led to increases in S&P's weighted-average foreclosure
frequency, while house price declines since mid-2007 have
increased its weighted-average loss severities.  These increases
have been offset by an increase in credit enhancement as the
transactions have deleveraged and S&P has therefore affirmed its
ratings at the current levels for all other classes of notes in
these transactions.

Eurosail 2006-1 closed in May 2006, securitizing loans originated
by Southern Pacific Mortgage Ltd. and Southern Pacific Personal
Loans Ltd.

Eurosail 2006-2BL closed in October 2006, securitizing loans
originated by Preferred Mortgages.

Eurosail 2006-3NC closed in November 2006, securitizing loans
originated by Southern Pacific Mortgage and Southern Pacific
Personal Loans.

Eurosail 2006-4NP closed in November 2006, securitizing loans
originated by Southern Pacific Mortgage, Preferred Mortgages, and
GMAC-RFC Ltd.

                           Ratings List

                       Eurosail 2006-1 PLC
               EUR60.7 Million, GBP474.003 Million,
      US$437.5 Million Mortgage-Backed Floating-Rate Notes

                          Ratings Raised

                                  Rating
                                  ------
                 Class       To            From
                 -----       --            ----
                 D1a         B             CCC
                 D1c         B             CCC
                 E           B-            CCC

                        Ratings Affirmed

                        Class       Rating
                        -----       ------
                        A2c         AA
                        B1a         BBB
                        B1c         BBB
                        C1a         BB
                        C1c         BB

                      Eurosail 2006-2BL PLC
               EUR60.8 Million, GBP406.278 Million,
        US$318 Million Mortgage-Backed Floating-Rate Notes

                          Rating Raised

                                   Rating
                                   ------
                  Class       To            From
                  -----       --            ----
                  F1c         B-            CCC-

                         Ratings Affirmed

                        Class       Rating
                        -----       ------
                        A2c         AAA
                        B1a         AA+
                        B1b         AA+
                        C1a         A
                        C1c         A
                        D1a         BB-
                        D1c         BB-
                        E1c         B-

                      Eurosail 2006-3NC PLC
              EUR227.85 Million, GBP269.913 Million,
        US$205 Million Mortgage-Backed Floating-Rate Notes,
      an Overissuance Mortgage-Backed Floating-Rate Notes
          And Mortgage-Backed Deferrable-Interest Notes

                         Ratings Affirmed

                        Class       Rating
                        -----       ------
                        A3a         AAA
                        A3c         AAA
                        B1a         BBB
                        C1a         BB
                        C1c         BB
                        D1a         CCC-
                        D1c         CCC-
                        E1c         CCC-
                        ETc         CCC-
                        FTc         CCC-

                      Eurosail 2006-4NP PLC
               EUR327.5 Million, GBP496.45 Million,
        US$64 Million Mortgage-Backed Floating-Rate Notes,
             Excess-Spread-Backed Floating-Rate Notes

                         Ratings Affirmed

                        Class       Rating
                        -----       ------
                        A2c         AAA
                        A3a         AAA
                        A3c         AAA
                        M1a         AAA
                        M1c         AAA
                        B1a         AA
                        C1a         BBB+
                        C1c         BBB+
                        D1a         BB+
                        D1c         BB+
                        E1c         B


FAWTHROP MCLANDERS: In Voluntary Liquidation; 11 Jobs Affected
--------------------------------------------------------------
John Hill at The Journal reports that Fawthrop McLanders is to
hold a creditors meeting later this month after going into
voluntary liquidation.

"I think the current economic climate has contributed
significantly to the situation we find ourselves in," the report
quoted managing director Angus McLanders as saying.  "It's a very
sad situation that a company that's been in business in the region
for 21 years can no longer continue, and that 11 people have lost
their jobs as a result."

According to the report, Fawthrop McLanders has tasked RSM Tenon
with conducting the liquidation, and a creditors meeting is to
take place in mid-July.

Fawthrop McLanders is a design firm based in Newcastle.  The
company has worked with organizations such as the NHS, Northern
Way and Deloitte in the past, and handled tasks such as event
management, advertising and Web site design, according to The
Journal.


REGENCY PARK: In Administration; Potential Buyers Sought
--------------------------------------------------------
Mark Taylor at newburynews.co.uk reports that the Regency Park
Hotel in Thatcham has gone into administration.  According to the
report, the hotel in Tull Way is now in the hands of its
administrator Grant Thornton.

"While each hotel continues to be cash positive, the aggregate
operational revenues have been insufficient to cover the group
overhead and borrowing costs," the report quoted David Dunckley, a
spokesman for the company, as saying.  "Our strategy is to
continue to trade them while looking for potential buyers either
individually or as a group.  CB Richard Ellis Hotels will be
assisting the administrators in the disposal process."

The report notes Stephen Woodrow, general manager of the hotel,
said that Grant Thornton is currently keeping them going.

The Regency Park Hotel is a four-star hotel owned by Pedersen
Caterers Ltd.


RMAC SECURITIES: S&P Puts BB-Rated Notes on CreditWatch Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services placed some of its credit
ratings on CreditWatch negative in RMAC Securities No. 1 PLC's
series 2006-NS2, 2006-NS4, and 2007-NS1.  At the same time, S&P
affirmed the ratings in series 2006-NS3.

The CreditWatch placements on RMAC 2006-NS2 (classes M2, B1, and
B2), RMAC 2006-NS4 (classes M1, M2, and B1), and RMAC 2007-NS1
(classes M1 and M2) follow S&P's initial credit review of the most
recent pool information that S&P has received from the servicer.
It showed low prepayments, and high arrears and losses.

Delinquencies of 90+ days remain high for these transactions:
23.8% for RMAC 2006-NS2, 22.43% for RMAC 2006-NS4, and 24.57% for
RMAC 2007-NS1.  S&P view this as an indicator of future
repossessions, and in S&P's rating analysis S&P assume that a high
percentage of these loans are likely to ultimately default.

Despite RMAC 2006-NS3 having several draws on its reserve fund,
the balance been has topped up in the last quarter due to lower
principal losses in the last few quarters.  S&P anticipate this to
continue in the short term as performance continues to show signs
of improvement with a fall in repossessions, loss severities, and
arrears.  This combination of factors provides us with enough
comfort at the current credit enhancement levels to affirm all
classes in this transaction.  S&P's last rating action on this
series was in August 2009, when S&P downgraded the class M1a, M1c,
M2c, and B1c notes.

On a positive note, S&P calculates that collection rates have
remained consistently high for these transactions, while interest
rates are at historic lows.  Despite recent reserve fund draws in
all four transactions, there have been replenishments in recent
quarters where the reserve was not at its required amount.

S&P will carry out a detailed analysis using the most recent loan-
level data for S&P's credit and cash flow analysis.  S&P will pay
particular attention to current repossessions, losses, and
collection rates.  S&P will release the results of its analysis,
together with any effects on the ratings on these transactions, in
due course.

Pools of nonconforming floating-rate residential mortgage loans
originated in the U.K. by GMAC-RFC, back these RMAC series.

                           Ratings List

              Ratings Placed On CreditWatch Negative

                    RMAC Securities No. 1 PLC
                EUR365.9 Million, GBP317.2 Million,
       and US$243 Million Mortgage-Backed Floating-Rate Notes
                         Series 2006-NS2

                                   Rating
                                   ------
               Class       To                 From
               -----       --                 ----
               M2c         A+/Watch Neg       A+
               B1a         BBB+/Watch Neg     BBB+
               B1c         BBB+/Watch Neg     BBB+
               B2a         BBB-/Watch Neg     BBB-

                     RMAC Securities No. 1 PLC
                 EUR263.8 Million, GBP830 Million,
       and US$477 Million Mortgage-Backed Floating-Rate Notes
                         Series 2006-NS4

                                   Rating
                                   ------
               Class       To                 From
               -----       --                 ----
               M1a         AA+/Watch Neg      AA+
               M1c         AA+/Watch Neg      AA+
               M2a         A+/Watch Neg       A+
               M2c         A+/Watch Neg       A+
               B1a         BB/Watch Neg       BB
               B1c         BB/Watch Neg       BB

                     RMAC Securities No. 1 PLC
                 EUR214 Million, GBP296.8 Million,
      and US$168 Million Mortgage-Backed Floating-Rate Notes
                         Series 2007-NS1

                                   Rating
                                   ------
               Class       To                 From
               -----       --                 ----
               M1a         A/Watch Neg        A
               M1c         A/Watch Neg        A
               M2c         BBB/Watch Neg      BBB

                         Ratings Affirmed

                    RMAC Securities No. 1 PLC
                 EUR200 Million, GBP389.5 Million,
      and US$421.6 Million Mortgage-Backed Floating-Rate Notes
                          Series 2006-NS3

                        Class       Rating
                        -----       ------
                        A2a         AAA
                        M1a         A+
                        M1c         A+
                        M2c         BBB
                        B1c         B-


* UK: Corporate Insolvencies Down in Second Quarter 2010
--------------------------------------------------------
The latest PwC analysis into corporate insolvency numbers
demonstrates that the effect of the downturn on UK business is
showing more signs of easing.  A total of 3,467 companies became
insolvent in the second quarter of 2010.  This represents a big
21% decrease on the previous quarter and a promising 28% decrease
in comparison to the same quarter of 2009.  Even on a rolling
twelve month basis, the numbers show an 11% decrease in
insolvencies.

Mike Jervis, partner in the business recovery services practice at
PricewaterhouseCoopers LLP, commented:" The reduction in
insolvencies reflects the expectation and hope that more favorable
conditions will return and a viewpoint that alternative options to
insolvency need to be considered.  At PwC, we are seeing a fall in
the number of administrations as businesses are starting to look
at other options before insolvency is used as a last resort.
Financial restructuring, company voluntary arrangements and
schemes of arrangement are now being used as businesses are now
starting to realize that the sooner problems are identified, the
quicker a solution can be found."

The worst affected sectors continue to include Construction (555
companies), Manufacturing (421), Retail (342) and Real Estate
(150).  There has been a marked improvement across all these
sectors, apart from real estate where there was a 3% increase in
insolvencies since the last quarter.  However, all these sectors
show a marked improvement when compared to the same quarter of
2009.  Construction has seen a decrease in insolvencies of 24%,
36% in Manufacturing, a big decrease of 37% in retail and a 34%
decrease in Real Estate.

Commenting on the real estate figures, Barry Gilbertson,
specialist real estate partner leading the business recovery
property team at PricewaterhouseCoopers LLP, said: "Against the
positive news of improving statistics, there remains the specter
of tenant failure which will continue to haunt landlord property
companies (and their lending bankers) for many months to come yet.
Every time a tenant fails, the landlord is hit with the triple
whammy of having no rent, whilst at the same time having to pay
the service charges and insurance on the vacant space, together
with paying the commercial rates on the empty property.  If
tenants continue to fail, the amount of vacant property will
increase, and inevitably rents will continue to fall, even though
capital values for the very best investment properties are
bouncing back.

"Private sector tenants who are in the public sector supply chain
will also be affected by the national and local government
spending cuts.  In order to better protect themselves from tenant
failure, landlords must understand more about their tenants'
business and have a good grasp of what they do, who their clients
are, who they supply to and, crucially, what their balance sheet
and profit and loss account presently looks like.

"The often overlooked risk, at this point in the economic cycle,
is companies enthusiastically over-trading as they try to emerge
from the recession.  Over-trading can result in a cashflow crisis
as working capital gets soaked up with new orders.  If the buyers
of those new orders do not pay their bills on time, or even become
a bad debt, then the squeeze on cashflow gets tighter and it
becomes harder to pay the interest to their lender, to pay their
tax bills, and to pay the rent.  Suddenly, the landlord's cashflow
is also under pressure, and the downward spiral can escalate, just
when those elusive green shoots were beginning to take root, and
everyone hoped that they would bear fruit in the summertime."

PwC's analysis shows that London continues to have the highest
number of insolvencies with 869 but compared to the same quarter
in 2009, shows a marked improvement with a 21% decrease.  All
regions have seen drops in the number of insolvencies, with the
most improvement being seen in the North East and Cumbria where
the number of insolvencies have dropped by 30% since the last
quarter.

Mike Jervis, partner, summarized: "The actual insolvency
statistics show only part of the picture.  There are many
restructurings either not involving insolvency or using light
touch insolvency techniques to salvage viable businesses.  Those
businesses most likely to survive the recession will turn to
management teams and advisors experienced in turnarounds.  They
will plan for different scenarios and they will be obsessive over
their cashflow management."


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


* BOND PRICING: For the Week June 28 to July 2, 2010
----------------------------------------------------

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

BELGIUM
-------
FORTIS BANK           8.750  12/7/2010     EUR    12.70

FINLAND
-------
MUNI FINANCE PLC      1.000  6/30/2017     ZAR    66.51
MUNI FINANCE PLC      1.000  2/27/2018     AUD    65.91
MUNI FINANCE PLC      0.500  9/24/2020     CAD    66.70
MUNI FINANCE PLC      0.500  3/17/2025     CAD    52.00
MUNI FINANCE PLC      0.250  6/28/2040     CAD    23.54

FRANCE
------
AIR FRANCE-KLM        4.970   4/1/2015     EUR    13.13
ALCATEL SA            4.750   1/1/2011     EUR    16.32
ALCATEL-LUCENT        5.000   1/1/2015     EUR     3.00
ALTRAN TECHNOLOG      6.720   1/1/2015     EUR     4.51
ATOS ORIGIN SA        2.500   1/1/2016     EUR    48.95
CALYON                6.000  6/18/2047     EUR    51.73
CAP GEMINI SOGET      1.000   1/1/2012     EUR    43.23
CAP GEMINI SOGET      3.500   1/1/2014     EUR    41.46
CLUB MEDITERRANE      4.375  11/1/2010     EUR    49.31
DEPT L'ESSONNE        2.941  7/12/2017     EUR    12.59
EURAZEO               6.250  6/10/2014     EUR    54.66
FAURECIA              4.500   1/1/2015     EUR    19.33
GROUPE VIAL           2.500   1/1/2014     EUR    18.16
MAUREL ET PROM        7.125  7/31/2014     EUR    16.42
NEXANS SA             4.000   1/1/2016     EUR    58.98
PEUGEOT SA            4.450   1/1/2016     EUR    28.21
PUBLICIS GROUPE       3.125  7/30/2014     EUR    36.52
PUBLICIS GROUPE       1.000  1/18/2018     EUR    46.62
RHODIA SA             0.500   1/1/2014     EUR    44.41
SOC AIR FRANCE        2.750   4/1/2020     EUR    19.91
SOITEC                6.250   9/9/2014     EUR     9.35
TEM                   4.250   1/1/2015     EUR    52.16
THEOLIA               2.000   1/1/2014     EUR    13.31
VALEO                 2.375   1/1/2011     EUR    46.54
ZLOMREX INT FIN       8.500   2/1/2014     EUR    48.00
ZLOMREX INT FIN       8.500   2/1/2014     EUR    48.00

GERMANY
-------
DEUTSCHE BK LOND      3.000  5/18/2012     CHF    60.38
ESCADA AG             7.500   4/1/2012     EUR    17.74
EUROHYPO AG           5.000  5/15/2027     EUR    94.74
HSH NORDBANK AG       4.375  2/14/2017     EUR    67.44
L-BANK FOERDERBK      0.500  5/10/2027     CAD    46.86
QIMONDA FINANCE       6.750  3/22/2013     USD     2.38
RENTENBANK            1.000  3/29/2017     NZD    73.67
SOLON AG SOLAR        1.375  12/6/2012     EUR    42.43
VPV LEBENSVERSIC      7.250  8/17/2026     EUR    66.13

GREECE
------
HELLENIC RAILWAY      4.500  12/6/2016     JPY    66.29
HELLENIC REP I/L      2.900  7/25/2025     EUR    45.27
HELLENIC REP I/L      2.300  7/25/2030     EUR    44.21
HELLENIC REPUB        5.000  8/22/2016     JPY    64.47
HELLENIC REPUB        2.125   7/5/2013     CHF    72.81
HELLENIC REPUB        3.060   7/6/2025     EUR    57.41
HELLENIC REPUB        6.140  4/14/2028     EUR    68.29
HELLENIC REPUB        5.000  3/11/2019     EUR    71.22
HELLENIC REPUB        5.200  7/17/2034     EUR    59.50
HELLENIC REPUB        5.250   2/1/2016     JPY    72.86
HELLENIC REPUBLI      5.300  3/20/2026     EUR    61.44
HELLENIC REPUBLI      3.700  7/20/2015     EUR    73.45
HELLENIC REPUBLI      3.600  7/20/2016     EUR    72.54
HELLENIC REPUBLI      4.300  7/20/2017     EUR    69.29
HELLENIC REPUBLI      4.600  7/20/2018     EUR    69.69
HELLENIC REPUBLI      6.000  7/19/2019     EUR    72.98
HELLENIC REPUBLI      6.250  6/19/2020     EUR    75.78
HELLENIC REPUBLI      4.700  3/20/2024     EUR    60.20
HELLENIC REPUBLI      4.500  9/20/2037     EUR    52.81
HELLENIC REPUBLI      4.600  9/20/2040     EUR    52.91
NATIONAL BK GREE      3.875  10/7/2016     EUR    71.13
YIOULA GLASSWORK      9.000  12/1/2015     EUR    55.60
YIOULA GLASSWORK      9.000  12/1/2015     EUR    54.00

IRELAND
-------
ALLIED IRISH BKS      5.250  3/10/2025     GBP    60.50
DEPFA ACS BANK        1.920   5/9/2020     JPY    70.24
DEPFA ACS BANK        0.500   3/3/2025     CAD    34.23
DEPFA ACS BANK        5.125  3/16/2037     USD    72.39
DEPFA ACS BANK        5.125  3/16/2037     USD    72.39
DEPFA ACS BANK        4.900  8/24/2035     CAD    71.53
IRISH NATIONWIDE     13.000  8/12/2016     GBP    78.40
ONO FINANCE II        8.000  5/16/2014     EUR    71.00
ONO FINANCE II        8.000  5/16/2014     EUR    71.88
UT2 FUNDING PLC       5.321  6/30/2016     EUR    70.03

ITALY
-----
CITY OF TURIN         5.270  6/26/2038     EUR    72.76

LUXEMBOURG
----------
ARCELORMITTAL         7.250   4/1/2014     EUR    27.14
BREEZE FINANCE        4.524  4/19/2027     EUR    86.91
GLOBAL YATIRIM H      9.250  7/31/2012     USD    69.63
INTL INDUST BANK      9.000   7/6/2010     EUR   100.00
INTL INDUST BANK     11.000  2/19/2013     USD    60.38
LIGHTHOUSE INTL       8.000  4/30/2014     EUR    56.88
LIGHTHOUSE INTL       8.000  4/30/2014     EUR    57.50

NETHERLANDS
-----------
AI FINANCE B.V.      10.875  7/15/2012     USD    73.88
APP INTL FINANCE     11.750  10/1/2005     USD     0.05
ARPENI PR INVEST      8.750   5/3/2013     USD    49.75
ARPENI PR INVEST      8.750   5/3/2013     USD    49.75
BK NED GEMEENTEN      0.500  2/24/2025     CAD    51.80
BLT FINANCE BV        7.500  5/15/2014     USD    67.88
BLT FINANCE BV        7.500  5/15/2014     USD    67.75
BRIT INSURANCE        6.625  12/9/2030     GBP    64.50
DGS INTL FIN BV      10.000   6/1/2007     USD     0.01
ELEC DE CAR FIN       8.500  4/10/2018     USD    52.95
EM.TV FINANCE BV      5.250   5/8/2013     EUR     5.42
FRIESLAND BANK        4.125   1/8/2016     EUR    39.24
IVG FINANCE BV        1.750  3/29/2017     EUR    67.92
NATL INVESTER BK     25.983   5/7/2029     EUR    48.88
NED WATERSCHAPBK      0.500  3/11/2025     CAD    50.94
Q-CELLS INTERNAT      1.375  2/28/2012     EUR    68.46
Q-CELLS INTERNAT      5.750  5/26/2014     EUR    64.07
RBS NV EX-ABN NV      6.316  6/29/2035     EUR    69.51
TJIWI KIMIA FIN      13.250   8/1/2001     USD     0.01
TURANALEM FIN BV      8.500  2/10/2015     USD    47.20
TURANALEM FIN BV      6.250  9/27/2011     EUR    45.96
TURANALEM FIN BV      7.750  4/25/2013     USD    46.24
TURANALEM FIN BV      8.000  3/24/2014     USD    45.50
TURANALEM FIN BV      8.250  1/22/2037     USD    47.54

NORWAY
------
EKSPORTFINANS         0.500   5/9/2030     CAD    40.06
NORSKE SKOGIND        7.000  6/26/2017     EUR    65.92
RENEWABLE CORP        6.500   6/4/2014     EUR    73.63

POLAND
------
REP OF POLAND         3.220   8/4/2034     JPY    65.44
REP OF POLAND         3.300  6/16/2038     JPY    62.64
REP OF POLAND         2.648  3/29/2034     JPY    56.68

RUSSIA
------
ACBK-INVEST           9.500  4/14/2011     RUB     4.00
AGROKOM GROUP        10.000  6/21/2011     RUB     2.00
AGROSOYUZ            17.000  3/28/2012     RUB     0.02
AIZK KEMEROVO         9.000  8/23/2011     RUB    22.01
APK ARKADA           17.500  5/23/2012     RUB     0.38
APK OGO              16.000   7/9/2010     RUB    51.02
ARKTEL-INVEST        12.000   4/9/2012     RUB     1.00
ATOMSTROYEXPORT-      7.750  5/24/2011     RUB     8.00
BANK KEDR            12.800  7/22/2011     RUB    23.57
BANK OF MOSCOW        7.500   2/1/2013     RUB     3.10
BANK OF MOSCOW       10.640  7/29/2011     RUB     2.00
BANK SOYUZ           16.000   5/2/2011     RUB     1.00
BANK SOYUZ            9.500  2/23/2011     RUB     1.00
BASHKIRENERGO         8.300   3/9/2011     RUB     1.01
CB STROYCREDIT       14.000   8/1/2011     RUB    29.01
CREDIT BK MOSCOW      8.500  4/25/2012     RUB     6.00
DALUR-FINANS         14.000   2/5/2013     RUB     1.00
DERZHAVA-FINANS      16.500  7/27/2010     RUB     4.99
DIPOS                 8.000  6/19/2012     RUB    17.01
DVTG-FINANS          17.000  8/29/2013     RUB     9.00
DVTG-FINANS          14.500  7/18/2013     RUB    12.00
DVTG-FINANS          14.500   8/3/2010     RUB     5.04
EESK                  8.740   4/5/2012     RUB    25.01
ENERGOCENTRE         25.000  7/11/2010     RUB     5.00
ENERGOINVEST-200     11.000  7/21/2010     RUB     1.00
ENERGOSTROY-FINA     12.000  5/20/2011     RUB     1.00
EUROKOMMERZ          16.000  3/15/2011     RUB     0.01
FAR EASTERN GENE     10.500   3/8/2013     RUB    27.01
FINANCEBUSINESSG     12.500  6/22/2011     RUB     4.00
FORTUM OJSC           9.750   2/6/2013     RUB     4.01
GLOBEX-FINANS         0.100  4/26/2011     RUB     5.01
GRACE DIAMOND        15.000   6/7/2012     RUB     1.01
GRADOSTROY-INVES     11.000   3/3/2011     RUB     1.00
GSS                  15.000  3/26/2017     RUB    17.00
HCF BANK              7.500  9/16/2010     RUB     4.01
HCF BANK             12.200  6/10/2014     RUB     2.74
HORTEX-FINANS        13.000  8/14/2013     RUB     3.00
IART                 17.000   8/4/2013     RUB     1.10
IAZS                 11.000  12/8/2010     RUB     4.00
INPROM               13.000  7/15/2010     RUB    45.21
INPROM                9.500  5/18/2011     RUB    40.00
INTERGRAD            15.000   7/9/2014     RUB     4.00
INTL INDUST BANK     13.250   1/3/2018     RUB     0.02
IZHAVTO              18.000   6/9/2011     RUB    11.31
KARUSEL FINANS       12.000  9/12/2013     RUB     1.00
KOMOS GROUP          18.000  7/21/2011     RUB    25.01
KOSMOS-FINANS        10.200  6/16/2011     RUB    16.01
KRAYINVESTBANK       13.750   8/5/2011     RUB     4.00
KUBANSKAYA NIVA      15.500  2/20/2014     RUB     2.80
LADYA FINANS         13.750  9/13/2012     RUB     5.00
LEKSTROY              0.100  7/22/2011     RUB     1.00
LR-INVEST            13.750  7/17/2012     RUB     5.00
LSR-INVEST           17.000  7/14/2011     RUB    28.01
M-INDUSTRIYA         12.250  8/16/2011     RUB    36.33
M-INDUSTRIYA         16.000  7/10/2013     RUB    50.00
M.O.R.E.-PLAZA       15.500   8/3/2010     RUB     4.00
MACROMIR-FINANS      10.000   7/3/2012     RUB    55.00
MAGNOLIYA            19.000  7/22/2010     RUB     6.00
MAIN ROAD OJSC       10.200   6/3/2011     RUB     2.13
MDM BANK              9.000   4/9/2015     RUB     7.01
METALLSERVIS-FIN     11.000  5/23/2012     RUB    19.51
METROSTROY INVES     10.500  9/23/2011     RUB     8.00
MIG-FINANS            0.100   9/6/2011     RUB     4.00
MIRAX                17.000  9/17/2012     RUB    22.00
MIRAX                14.990  5/17/2011     RUB    28.10
MORTON-RSO           12.000  2/28/2011     RUB     5.00
MOSKOMMERTSBANK      12.000  2/15/2011     RUB     4.00
MOSKOMMERTSBANK       1.000  6/12/2013     RUB    16.01
MOSMART FINANS        0.010  4/12/2012     RUB     5.20
MOSOBLGAZ            12.000  5/17/2011     RUB    72.50
MOSOBLTRUSTINVES     20.000  3/26/2011     RUB     6.99
MOSSELPROM FINAN     14.000  4/10/2014     RUB     3.00
MOTOROSTROITEL-F      0.100  7/15/2010     RUB     0.20
MY BANK              12.960  4/16/2015     RUB     1.00
NATIONAL CAPITAL     12.500  5/20/2011     RUB     6.00
NATIONAL CAPITAL     13.000  9/25/2012     RUB     4.00
NATIONAL FACTORI     11.500   5/3/2011     RUB     5.00
NAUKA-SVYAZ          15.000  6/27/2013     RUB     1.00
NOK                  17.000  8/26/2014     RUB     1.40
NOK                  15.500  9/22/2011     RUB    50.02
NOVOROSSIYSK         13.000  12/9/2011     RUB     5.00
OBYEDINEONNYE KO      3.000  5/16/2012     RUB     6.00
OBYEDINEONNYE KO     15.000  4/17/2013     RUB     6.00
OJSC FCB             11.000   8/7/2012     RUB     3.00
ORENBURG IZHK         9.240  2/21/2012     RUB     5.00
OSMO KAPITAL         10.200   3/7/2011     RUB     7.00
PEB LEASING          14.000  9/12/2014     RUB     5.00
PENSION FUND REA      5.000   5/7/2019     RUB     4.00
PERVYI OBIEDINEO     10.000  4/24/2013     RUB     0.01
POLYPLAST            19.000  6/21/2011     RUB    30.00
PROM TECH            16.000  4/25/2011     RUB     2.00
PROMNESTESERVICE      9.500  12/5/2014     RUB     3.00
PROMTRACTOR-FINA     18.000  7/24/2013     RUB    68.11
PROTEK-FINANS        12.000  11/2/2011     RUB    20.00
PROTON-FINANCE        9.000  6/12/2012     RUB     1.00
RAF-LEASING          12.500  2/21/2012     RUB     4.00
RAILTRANSAUTO        17.500  12/4/2013     RUB     4.00
RFA-INVEST           10.000  11/4/2011     RUB     5.00
RIATO                13.750   6/3/2013     RUB     8.00
RMK PARK PLAZA       10.000   1/8/2013     RUB    20.00
ROSSELKHOZBANK       11.500  9/27/2017     RUB     7.00
ROSSKAT-CAPITAL      18.000  7/21/2010     RUB     4.00
RUSSIAN SEA          10.000  6/14/2012     RUB    19.42
RUSSIAN STANDARD      7.800  9/20/2011     RUB     1.00
RVK-FINANS           19.000  7/21/2011     RUB    19.23
RYBINSKKABEL          0.010  2/28/2012     RUB     1.00
SATURN               10.000   6/6/2014     RUB     2.10
SENATOR              14.000  5/18/2012     RUB    20.01
SETL GROUP           11.700  5/15/2012     RUB    20.01
SEVKABEL-FINANS      10.500  3/27/2012     RUB    35.00
SIBACADEMINVEST      18.000  7/30/2010     RUB     5.00
SIBIRTELECOM          9.500   8/8/2013     RUB     2.48
SIBUR                13.500  3/13/2015     RUB     4.00
SIBUR                 9.250  3/13/2015     RUB     4.00
SIBUR                 9.000  3/13/2015     RUB     1.00
SIBUR                 9.000  3/13/2015     RUB     1.00
SIBUR                10.470  11/1/2012     RUB    14.00
SINERGIA             10.700  7/22/2010     RUB     0.01
SISTEMA-HALS          8.500   4/8/2014     RUB     6.00
SISTEMA-HALS          8.500  4/15/2014     RUB     1.00
SOUTHERN STOCK C     15.750  4/29/2014     RUB     2.00
STROYTRANSGAZ         8.500  4/11/2013     RUB    31.00
TAIF-FINANS           8.420   9/9/2010     RUB     4.00
TALIO-PRINCEPS       16.000  5/17/2012     RUB     4.00
TATTELECOM            8.250  11/1/2012     RUB     1.00
TECHNOSILA-INVES      7.000  5/26/2011     RUB    17.01
TERNA-FINANS          1.000  11/4/2011     RUB     1.00
TGK-1                 8.500  3/11/2014     RUB    70.00
TGK-4                 8.000  5/31/2012     RUB    17.00
TK FINANS            12.600   9/5/2011     RUB     6.00
TOP-KNIGA            20.000  12/9/2010     RUB    40.00
TRANSCREDITFACTO     12.000  6/11/2012     RUB     2.89
TRANSCREDITFACTO     12.000  11/1/2012     RUB     5.00
TRANSFIN-M           14.000  7/10/2014     RUB     5.00
TRANSFIN-M           11.000  12/3/2014     RUB     6.00
TRANSFIN-M           11.000  12/3/2014     RUB     6.00
TRANSFIN-M           11.000  12/3/2014     RUB     6.00
TRANSFIN-M           11.000  12/3/2014     RUB     6.00
TRANSFIN-M           11.000  12/3/2015     RUB     4.00
TRANSFIN-M           11.000  12/3/2015     RUB     5.00
TRANSFIN-M           11.000  12/3/2015     RUB     5.00
TRANSFIN-M           11.000  12/3/2015     RUB     6.00
TRANSFIN-M           10.750  8/10/2012     RUB     5.01
TRANSNEFT            11.750  10/1/2019     RUB     4.01
TVER VAGONOSTRO       7.000  6/12/2013     RUB   100.00
UNITAIL              12.000  6/22/2011     RUB    15.50
UNITED HEAVY MAC     13.000  5/31/2013     RUB     2.64
UNITED HEAVY MAC     13.000  8/30/2011     RUB    23.03
URALCHIMPLAST        12.750  1/21/2011     RUB     3.00
URALSVYAZINFORM       7.500   4/2/2013     RUB     6.01
URALVAGONZAVOD       11.500  10/5/2010     RUB    50.00
VESTER-FINANS        15.250  8/11/2011     RUB     4.10
VKM-LEASING FINA      1.000  5/18/2011     RUB     4.00
VLADPROMBANK         12.000   3/8/2011     RUB     1.00
VMK-FINANCE          16.000  5/21/2014     RUB     5.00
VOLGATELECOM         12.000   9/3/2013     RUB     1.01
WIMM-BILL-DANN       15.000  2/27/2013     RUB    70.00
XM STROYRESURS       10.000  7/12/2011     RUB    26.01
ZAO EUROPLAN         14.500  8/11/2011     RUB     2.00
ZAPSIBCOMBANK        11.000  9/15/2011     RUB     4.00
ZHELDORIPOTEKA       13.000  9/19/2012     RUB     3.00
ZHELEZOBETON         12.000  5/27/2011     RUB     2.00
ZHILSOTSIPOTEKA-      9.000  7/26/2011     RUB     5.00
ZOLOTO SELIGDARA     16.500  5/29/2014     RUB    11.00

SLOVAKIA
--------
VSEO UVEROVA BK       5.100  5/29/2013     EUR     2.28

SPAIN
-----
AYT CEDULAS CAJA      3.750  6/30/2025     EUR    73.30
BANCAJA EMI SA        2.755  5/11/2037     JPY    32.06
CAJA MEDITERRANE      4.600  7/31/2020     EUR    73.21
CEDULAS TDA 6         3.875  5/23/2025     EUR    74.91
CEDULAS TDA A-6       4.250  4/10/2031     EUR    73.24
JUNTA LA MANCHA       3.875  1/31/2036     EUR    74.76
UBS AG               10.580  6/29/2011     USD    35.40
UBS AG               14.000  5/23/2012     USD     8.83
UBS AG               13.300  5/23/2012     USD     3.95
UBS AG JERSEY        10.820  4/21/2011     USD    21.64
UBS AG JERSEY        11.030  4/21/2011     USD    20.79
UBS AG JERSEY        12.800  2/28/2011     USD    34.62
UBS AG JERSEY        10.650  4/29/2011     USD    15.83
UBS AG JERSEY        10.500  6/16/2011     USD    72.54
UBS AG JERSEY        13.000  6/16/2011     USD    48.78
UBS AG JERSEY        10.360  8/19/2011     USD    51.89
UBS AG JERSEY        11.150  8/31/2011     USD    38.33
UBS AG JERSEY         9.350  9/21/2011     USD    66.32
UBS AG JERSEY         9.450  9/21/2011     USD    48.71
UBS AG JERSEY        11.000  2/28/2011     USD    63.92
UBS AG JERSEY        15.250  2/11/2011     USD    11.72
UBS AG JERSEY        10.000  2/11/2011     USD    61.78
UBS AG JERSEY        16.170  1/31/2011     USD    12.79
UBS AG JERSEY        14.640  1/31/2011     USD    36.95
UBS AG JERSEY         3.220  7/31/2012     EUR    48.35
UBS AG JERSEY        11.330  3/18/2011     USD    18.08
UBS AG JERSEY        13.900  1/31/2011     USD    35.33
UBS AG JERSEY         9.000  7/19/2010     USD    49.10
UBS AG JERSEY         9.350  7/27/2010     USD    49.55
UBS AG JERSEY         9.000  8/13/2010     USD    53.60
UBS AG JERSEY         9.500  8/31/2010     USD    55.35
UBS AG JERSEY        11.400  3/18/2011     USD    25.67
UBS AG JERSEY        16.160  3/31/2011     USD    43.29

UNITED KINGDOM
--------------
BANK OF SCOTLAND      6.984   2/7/2035     EUR    68.67
BARCLAYS BK PLC      10.650  1/31/2012     USD    44.80
BARCLAYS BK PLC      10.350  1/23/2012     USD    20.70
BARCLAYS BK PLC      10.600  7/21/2011     USD    40.76
BARCLAYS BK PLC       9.000  6/30/2011     USD    42.40
BARCLAYS BK PLC       7.610  6/30/2011     USD    53.33
BARCLAYS BK PLC      10.950  5/23/2011     USD    59.50
BARCLAYS BK PLC      12.950  4/20/2012     USD    19.76
BRADFORD&BIN BLD      5.500  1/15/2018     GBP    44.37
BRADFORD&BIN BLD      4.910   2/1/2047     EUR    55.20
BRADFORD&BIN PLC      7.625  2/16/2049     GBP    46.97
BRADFORD&BIN PLC      6.625  6/16/2023     GBP    44.14
BROADGATE FINANC      5.098   4/5/2033     GBP    72.55
CO-OPERATIVE BNK      5.875  3/28/2033     GBP    75.83
EFG HELLAS PLC        4.375  2/11/2013     EUR    73.36
EFG HELLAS PLC        5.400  11/2/2047     EUR    58.25
ENTERPRISE INNS       6.375  9/26/2031     GBP    70.57
HBOS PLC              4.500  3/18/2030     EUR    68.69
HBOS PLC              6.000  11/1/2033     USD    54.08
HBOS PLC              6.000  11/1/2033     USD    54.08
INEOS GRP HLDG        7.875  2/15/2016     EUR    72.25
INEOS GRP HLDG        7.875  2/15/2016     EUR    72.10
LBG CAPITAL NO.1      6.439  5/23/2020     EUR    72.05
LBG CAPITAL NO.1      7.975  9/15/2024     GBP    74.10
LBG CAPITAL NO.1      7.588  5/12/2020     GBP    75.36
LBG CAPITAL NO.2      6.385  5/12/2020     EUR    72.13
LBG CAPITAL NO.2      7.625  12/9/2019     GBP    75.52
NORTHERN ROCK         4.574  1/13/2015     GBP    65.97
NORTHERN ROCK         5.750  2/28/2017     GBP    59.00
PIRAEUS GRP FIN       4.000  9/17/2012     EUR    72.39
PRINCIPALITY BLD      5.375   7/8/2016     GBP    65.43
PUNCH TAVERNS         6.468  4/15/2033     GBP    73.70
ROYAL BK SCOTLND      6.620   6/9/2025     EUR    72.13
ROYAL BK SCOTLND     10.000  2/15/2045     USD    59.67
ROYAL BK SCOTLND      4.243  1/12/2046     EUR    70.65
TXU EASTERN FNDG      6.450  5/15/2005     USD     1.00
UNIQUE PUB FIN        6.464  3/30/2032     GBP    65.58
WESSEX WATER FIN      1.369  7/31/2057     GBP    24.02


                            *********

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.

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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.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Christopher Beard at 240/629-3300.


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