/raid1/www/Hosts/bankrupt/TCREUR_Public/100712.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, July 12, 2010, Vol. 11, No. 135

                            Headlines



A U S T R I A

* AUSTRIA: Corporate Bankruptcies Down 5.2% in First Half 2010


B E L G I U M

KBC BANK: Fitch Affirms Individual Rating at 'D'


C Z E C H   R E P U B L I C

MORAVAN AVIATION: Part of Assets Sold for CZK40 Million


G E R M A N Y

ARCANDOR AG: EUR400 Million Needed to Reorganize Karstadt
ESTATE GERMANY: Fitch Affirms 'BB+' Rating on Class E Notes

* GERMANY: Corporate Bankruptcies Up 3% in January-April 2010


H U N G A R Y

A1 ETA: Undergoing Bankruptcy Process
A1 REAL: Undergoing Bankruptcy Process
OTP MORTGAGE: Moody's Maintains Long-Term Deposit Rating


I C E L A N D

LANDSBANKI ISLANDS: Hamleys Returns to Profitability


I T A L Y

COMPAGNIA ITALPETROLI: Unicredit Seeks Buyer for AS Roma


L U X E M B O U R G

PSB FINANCE: Fitch Assigns 'B-' Rating on US$200 Mil. Notes


R O M A N I A

MONTERO: Faces Restructuring After Fineco Finalizes Creditor List


S P A I N

AUTOVIA DE: S&P Downgrades Rating on EUR110 Mil. Loan to 'BB+'


U N I T E D   K I N G D O M

BRITISH AIRWAYS: Open to Fresh Mergers Next Year, CEO Says
HALLIWELLS: Seeks to Avert Administration; In Sale Talks
SOUTHEND UNITED: Has Until August 2 to Prove Solvency
TAYLOR WIMPEY: Fitch Affirms Issuer Default Ratings at 'B'
UNIQUE PUB: Fitch Cuts Ratings on Two Classes of Notes to 'BB'

WHITE TOWER: Carlyle Fund to Buy Six London Office Towers


X X X X X X X X

* BOND PRICING: For the Week July 5 to July 9, 2010




                         *********



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A U S T R I A
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* AUSTRIA: Corporate Bankruptcies Down 5.2% in First Half 2010
--------------------------------------------------------------
The number of bankrupt companies in Austria has fallen by 5.2% in
the first half of 2010, Xinhua reports, citing a release issued
Thursday by Creditreform, an association for the protection of
creditors in Austria.

According to the report, in the first half of this year, 3,325
Austrian companies went bankrupt, while 1,719 companies newly
opened.  In addition, the number of companies that were unable to
pay the debts with all their assets reached 1,606, which was 4.1%
less than that of the first half of 2009, the report notes.

The report says Transport and Storage, Construction and Credit and
Insurance were cited as the sectors that bankruptcy most
frequently happened.  The report relates Creditreform said the
reasons for the failure were the lack of capital, management
mistakes and the worse situation of global economy.


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


KBC BANK: Fitch Affirms Individual Rating at 'D'
------------------------------------------------
Fitch Ratings has affirmed KBC Bank's, insurer KBC Verzekeringen's
and holding company KBC Group's Long-term Issuer Default Ratings
at 'A'.  The Outlooks on the Long-term IDRs are Stable.

At the same time, the agency has affirmed KBC Bank's Individual
rating at 'D' and KBC Verzekeringen's Insurer Financial Strength
at 'A'.  All affected ratings are listed at the end of this
commentary.

KBC Bank's and KBC Group's Long-term IDRs are at their Support
Rating Floors, indicating an extremely high probability of
additional support, in case of need, from the Belgian state
('AA+'/Stable).  KBC Bank's Individual rating reflects its strong
franchise in Belgium, the adequate quality of the loan book
despite some deterioration and healthy funding base.  It also
factors in pressure on profitability, exposure to central and
eastern Europe and reduced financial flexibility given the group
will repay by end-2013 the EUR7 billion hybrid capital received
from the government during the crisis.

KBC Verzekeringen's ratings reflect strong capital adequacy and
good business positions in both Belgium and central Europe.
Offsetting factors include depressed profitability over the past
two years, mainly due to impairments on shares and risks
associated with the insurer's growing exposure to central Europe.
Assurisk S.A.'s (KBC Group's wholly-owned reinsurance subsidiary
based in the Grand Duchy of Luxembourg) IFS rating is based on a
capital support agreement provided by KBC Verzekeringen.

The group was severely affected by the financial crisis, with
significant trading losses (EUR2.4 billion in 2009), largely
valuation write-downs on its CDO portfolio.  As the Belgian state
has provided a guarantee covering 90% of the default risk beyond a
first loss of EUR3.2 billion against a notional CDO amount, any
further negative impact on this exposure should be contained.

Due to the EUR7 billion of hybrid capital injections by the
Belgian state and the Flemish region into KBC Group, capital
ratios are good (at end-Q110, banking Basel II tier 1 capital
ratio: 11%, insurance regulatory solvency ratio: 281%).  However,
KBC Group's plans to reimburse the state hybrid capital, according
to the restructuring plan agreed with the European Commission in
October 2009, will put pressure on the group's ability to
accumulate capital.

The group has strong domestic franchises; KBC Bank is one of the
three largest banks with 20% of deposits and KBC Verzekeringen
N.V.  one of the main insurers with market shares of 17% in life
and 10% in non-life.  The group is also present in CEE, especially
through its banking activities, which has led to increased
impairment charges.  The bank and insurance company are managed in
an integrated manner in terms of business, strategy, risk and
capital.

KBC Group

  -- Long-term IDR affirmed at 'A', Outlook Stable
  -- Senior debt affirmed at 'A'
  -- Short-term IDR affirmed at 'F1'
  -- Support Rating affirmed at 1
  -- Support Rating Floor affirmed at 'A'

KBC Bank

  -- Long-term IDR affirmed at 'A', Outlook Stable
  -- Short-term IDR affirmed at 'F1'
  -- Individual Rating affirmed at 'D'
  -- Support Rating affirmed at '1'
  -- Support Rating Floor affirmed at 'A'
  -- Senior debt affirmed at 'A'
  -- Commercial paper affirmed at 'F1'
  -- Preferred stock affirmed at 'B'

KBC Verzekeringen N.V. (KBC Insurance)

  -- IFS rating affirmed at 'A', Outlook Stable
  -- Long-term IDR affirmed at 'A', Outlook Stable

Assurisk S.A.

  -- IFS rating affirmed at 'A-', Outlook Stable

KBC Funding Trust II hybrid affirmed at 'B'
KBC Funding Trust III hybrid affirmed at 'B'
KBC Funding Trust IV hybrid affirmed at 'B'

KBC Financial Products International, Ltd.

  -- Senior debt affirmed at 'A'
  -- Commercial paper affirmed at 'F1'

KBC North America Finance Corp.

  -- Commercial paper affirmed at 'F1'

KBC IFIMA N.V.

  -- Senior debt affirmed at 'A'
  -- Subordinated debt affirmed at 'A-'

In Fitch's rating criteria, a bank's standalone risk is reflected
in Fitch's Individual ratings and the prospect of external support
is reflected in Fitch's Support ratings.  Collectively these
ratings drive Fitch's Long- and Short-term IDRs.


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


MORAVAN AVIATION: Part of Assets Sold for CZK40 Million
-------------------------------------------------------
CTK reports that a report by an insolvency administrator published
in the insolvency register reveals that a part of Moravan
Aviation's assets has been sold for around CZK40 million to two
buyers.

CTK recalls that in May, the Regional Court in Brno allowed the
sale of assets of Moravan Aviation, which has been in bankruptcy
since the end of March.  According to CTK, the assets sold include
land, buildings, Internet domains as well as a trademark.

As reported by the Troubled Company Reporter-Europe on May 24,
2010, CTK disclosed the company owes around CZK100 million to some
90 creditors.

Moravan Aviation s.r.o. is an aircraft manufacturer based in
Otrokovice, Czech Republic.


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


ARCANDOR AG: EUR400 Million Needed to Reorganize Karstadt
---------------------------------------------------------
Jann Bettinga at Bloomberg News, citing Platow Brief, reports that
Nicolas Berggruen, the investor who agreed to buy Karstadt AG,
will need to invest about EUR400 million (US$508 million) to
reorganize Arcandor AG's insolvent retailer.

As reported by the Troubled Company Reporter-Europe on July 8,
2010, Dow Jones Newswires said that a group of bondholders
representing the debt of Karstadt's properties called for a
special meeting in London on July 28 to discuss some of the terms
of the Mr. Berggruen's takeover offer for the retailer.  Dow Jones
noted it wasn't clear if the plan for a noteholders' meeting would
trigger an extension of the deal negotiations until July 30 as Mr.
Berggruen proposed.

                        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.


ESTATE GERMANY: Fitch Affirms 'BB+' Rating on Class E Notes
-----------------------------------------------------------
Fitch Ratings has affirmed Estate Germany 2007-I Limited's RMBS
notes and assigned Loss Severity ratings:

  -- Class D (ISIN XS0322848846): affirmed at 'BBB'; Outlook
     Stable; assigned 'LS-3'

  -- Class E (ISIN XS0322851477): affirmed at 'BB+'; Outlook
     Stable; assigned 'LS-3'

Class A1, A, B and C were repaid in full following the execution
of a regulatory call per August 2008 note payment date.

Fitch used its updated rating assumptions for German residential
mortgage pools to evaluate the transaction Estate Germany 2007-I.
The collateral portfolio comprises a comparatively high share of
loans collateralized by commercial real estate in addition to the
residential mortgage loans typically seen in prime German RMBS
transactions.  This has been considered in Fitch's analysis.

As a result of sharper market value declines and higher default
expectations -- which also reflect Fitch's view on the current and
expected stressed economic environment -- loss assumptions for the
mortgage pool underlying Estate Germany 2007-I Limited have
increased through all rating scenarios compared to Fitch's initial
analysis.  However, the transaction's strong performance and
increased credit enhancement levels have led Fitch to affirm the
ratings.

The aggregate balance of credit events was 0.8% (EUR19 million) of
the initial pool balance on the last payment date in May 2010.
Losses of only 0.004% (EUR100,000) of the initial pool balance
have been allocated to the transaction so far.  All losses have
been covered by synthetic excess spread which is available up to
an amount of 0.4% (p.a.) of the performing collateral balance.


* GERMANY: Corporate Bankruptcies Up 3% in January-April 2010
-------------------------------------------------------------
The Associated Press reports that Germany's Federal Statistical
Office said Friday some 11,024 companies had filed for bankruptcy
between January and April of 2010, an increase of more than 3% in
the previous year.

According to the report, numbers for April, however, showed a 6.2%
drop in the number of companies filing for bankruptcy compared to
the same month last year, to 2,794.


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


A1 ETA: Undergoing Bankruptcy Process
-------------------------------------
Hungary A.M., citing business daily Napi Gazdasag, reports that
A1 Eta Projekt and A1 Real Estate are under bankruptcy process.

According to the report, country manager Robert Csuri hopes that
A1 will reach agreement on bankruptcy just like they were able to
do so with A1 Expressz, another member of A1-group that underwent
bankruptcy process in January.

A1 Eta Projekt and A1 Real Estate are headquartered in Hungary.


A1 REAL: Undergoing Bankruptcy Process
--------------------------------------
Hungary A.M., citing business daily Napi Gazdasag, reports that
A1 Eta Projekt and A1 Real Estate are under bankruptcy process.

According to the report, country manager Robert Csuri hopes that
A1 will reach agreement on bankruptcy just like they were able to
do so with A1 Expressz, another member of A1-group that underwent
bankruptcy process in January.

A1 Eta Projekt and A1 Real Estate are headquartered in Hungary.


OTP MORTGAGE: Moody's Maintains Long-Term Deposit Rating
--------------------------------------------------------
Moody's Investors Service has affirmed the Baa1 long-term deposit
rating and the Prime-2 short-term deposit rating of OTP Mortgage
Bank, the wholly owned mortgage-lending subsidiary of OTP Bank
(rated Baa1/P-2/D+, negative outlook).  The rating agency's
outlook on the long-term rating remains negative.  The bank
financial strength rating of D+ with negative outlook was not
affected by this rating action.

The rating affirmation of OTP Mortgage Bank at the same rating
level as its parent bank follows the issuance of a full,
irrevocable and unconditional guarantee on all its deposits and
senior and covered bond obligations by OTP Bank.  In accordance
with Moody's rating approach, a special covered bond issuer can be
rated the same as its support provider in the presence of a full
guarantee.

This affirmation also takes into consideration OTP Mortgage Bank's
high level of operational and strategic integration with OTP Bank,
as evidenced by the fact that they share the same brand name.

Moody's negative outlook on OTP Mortgage Bank's long-term ratings
is in line with the negative outlook on the ratings of OTP Bank.

Moody's most recent rating action on OTP Mortgage Bank was on 19
May 2009, when the rating agency downgraded the BFSR of the bank
to D+ (which maps to a baseline credit assessment -- BCA -- of
Baa3) from C+ (mapping to a BCA of A2), and the local-currency
deposit ratings to Baa1 (negative)/Prime-2 from Aa3(on review for
downgrade)/Prime-1.  The foreign-currency deposit ratings were
affirmed at Baa1(negative)/Prime-2, as the long-term rating was
already capped by the Baa1 ceiling for foreign-currency deposits
in Hungary.  The rating action on 19 May was entirely driven by
the change in ratings on OTP Bank that occurred at the same time.

Headquartered in Budapest, Hungary, OTP Mortgage Bank reported
total consolidated assets of HUF1.98 trillion (EUR7.28 billion) as
of year-end 2009.


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I C E L A N D
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LANDSBANKI ISLANDS: Hamleys Returns to Profitability
----------------------------------------------------
Alan Purkiss at Bloomberg News, citing the Guardian, reports that
U.K. toy retailer Hamleys Plc, in which Landsbanki holds a
controlling stake, returned to profit in the fiscal year ended
March 31, helped by job cuts and a rebound in sales.

According to Bloomberg, the newspaper said the company said same-
store sales rose 5 percent, generating pretax profit of GBP100,000
(US$150,000) before exceptional items, compared with a loss of
GBP4.1 million the previous year.

Bloomberg notes Alasdair Dunn, Hamley's finance director, said
there's no sign that Landsbanki, an Icelandic bank that collapsed
and was nationalized two years ago, plans to sell the business in
the foreseeable future, despite pressure faced by its
administrators to recoup funds.

                     About Landsbanki Islands

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

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

As reported by the Troubled Company Reporter-Europe, on June 15,
2009, British authorities revoked the October 2008 Freezing Order
on the assets of Landsbanki in Britain, which were set using anti-
terrorism legislation.  Following the fall of Iceland's three
largest banks, Icelandic banking assets in the UK were frozen on
October 8, 2008 using anti-terrorism laws.  The Icelandic
government has ever since protested the application of
this legislation against Iceland.


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I T A L Y
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COMPAGNIA ITALPETROLI: Unicredit Seeks Buyer for AS Roma
--------------------------------------------------------
Guy Dinmore at The Financial Times reports that UniCredit is
looking for a new owner to acquire Italian football club AS Roma
following an agreement reached on Thursday night with Rosella
Sensi to settle debts owed to the bank by Italpetroli, her near-
bankrupt family holding company.

According to the FT, UniCredit is expected to appoint Rothschild
as adviser to look for a buyer for the capital's biggest club.

The FT relates UniCredit said Italpetroli's other assets, mostly
related to oil storage and handling, will also pass to UniCredit,
except for property valued at EUR30 million, which will remain
with Ms. Sensi.

Ms. Sensi, whose family has held a majority stake in Roma since
1993 until Thursday night amounting to 67%, was struggling to
repay Italpetroli's debts, with some EUR320 million owed to
UniCredit and EUR80 million to Monte dei Paschi di Siena, the FT
discloses.

In the meantime, Ms. Sensi will remain part of the management team
to ensure continuity for the club in the build-up to the new
season, the FT notes.

Headquartered in Rome, Italy, Compagnia Italpetroli SpA operates
as an oil storage company.  The company also offers petroleum
refining services.


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


PSB FINANCE: Fitch Assigns 'B-' Rating on US$200 Mil. Notes
-----------------------------------------------------------
Fitch Ratings has assigned PSB Finance S.A.'s US$200 million issue
of subordinated loan participation notes a final Long-term rating
of 'B-' and a Recovery Rating of 'RR6'.

The US$200 million subordinated notes will mature in 2016, pay a
11.25% coupon and have been issued under a US$3 billion loan
participation notes program, which allows for borrowings in the
form of senior unsecured and subordinated notes.

PSB Finance S.A., a Luxembourg-domiciled special-purpose vehicle,
will use the proceeds from the notes to finance a subordinated
loan to Russia-based Promsvyazbank (rated 'B+'/Positive/'B') and
will only pay noteholders principal and interest received from
PSB.


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


MONTERO: Faces Restructuring After Fineco Finalizes Creditor List
-----------------------------------------------------------------
Ioana David at Ziarul Financiar reports that Fineco Insolvency,
the legal administrator handling Montero's insolvency, is working
to finalize the list of lenders, which, once approved, will be
followed by a restructuring program aimed at getting the firm out
of the difficult situation it is now in.

According to the report, preliminary data from Fineco Insolvency
shows Montero racked up debts of RON122 million (EUR29 million).
The company's list of creditors, include more than 70 employees,
as well as banks and the state, the report states.

"It is on the relationship with suppliers that their rebound will
be based," the report quoted Florin Cristica, managing partner
with Fineco Insolvency, as saying.

Montero is the first major pharmaceutical industry distributor
that went insolvent early this year, the report notes.

Montero is headquartered in Romania.  In 2008, the company posted
turnover of EUR74.5 million, according to Ziarul Financiar.


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


AUTOVIA DE: S&P Downgrades Rating on EUR110 Mil. Loan to 'BB+'
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered to
'BB+' from 'BBB+' its underlying long-term debt rating on the
EUR110 million senior secured amortizing loan maturing in July
2031 to Spanish toll road special-purpose company Autovia de la
Mancha, S.A.  Standard & Poor's also removed the rating from
CreditWatch, where it had been placed with negative implications
on Dec. 11, 2009.  The outlook is negative.  The recovery rating
is unchanged at '3'.

"The rating action reflects continued payment arrears by
Aumancha's concession grantor, the Spanish region of Castile-La
Mancha," said Standard & Poor's credit analyst Jose-Ramon Abos.
"It also reflects the lack of information on which to predict
future arrears."

Aumancha has a concession to design, build, and operate a 52-
kilometer shadow toll-road linking the cities of Toledo and
Consuegra in the Spanish region of Castile-La Mancha, southeast of
Madrid.  It completed construction of the road in July 2005, and
S&P understand that the concession has been operating smoothly
since then.  The concession term is 30 years and began on April 7,
2003.  S&P notes that there is a provision in the concession
contract providing for the concession's termination as of its 26th
year under certain conditions.

As CLM's payments are the sole source of revenues for the project,
S&P believes that the arrears compromise the project's
creditworthiness.  The late payments, in S&P's opinion, also cloud
S&P's ability to forecast future debt service coverage from
available cash flows and the project's overall liquidity position,
which S&P believes could decline further if arrears increase.
This uncertainty is not commensurate with a rating in the 'BBB'
category.

"The negative outlook reflects the possibility of further
downgrades if shadow toll payment arrears increase to levels that
S&P believes could materially reduce Aumancha's cash flows
available for debt service, therefore affecting the project's
ability to meet timely debt service payments," said Mr. Abos.

Conversely, S&P could revise the outlook or the rating if S&P
observes a reversal in shadow toll payment patterns by CLM,
meeting its contractual obligations of timely payment of shadow
tolls to Aumancha.


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


BRITISH AIRWAYS: Open to Fresh Mergers Next Year, CEO Says
----------------------------------------------------------
Pilita Clark at The Financial Times reports that British Airways
Chief Executive Willie Walsh on Thursday said the airline will be
ready to buy or merge with other airlines around the world from
next year.

The FT relates Mr. Walsh told an industry meeting in London that
one of the aims of the deal with Spain's Iberia that BA plans to
complete by the end of this year is to create a combined group
capable of "scaling the business by either merging with other
airlines or acquiring other airlines".

"The ambition is truly global," the FT quoted Mr. Walsh as saying
of the merged group, to be known as International Airlines Group.
"The intention is to be in a position to avail of opportunities if
they present themselves, certainly within the first year of
operation."

The FT notes Mr. Walsh, who is to become IAG chief executive if
the merger goes ahead, said no specific airlines have been
targeted, but he has previously spoken of reviving talks BA had
with Qantas of Australia in 2008 that were subsequently ditched
after the two sides failed to agree terms.

Under the terms of the proposed merger, BA and Iberia would still
operate as separate airlines with their own brands, but the
strategy of the combined group would be set by IAG, the FT
discloses.

                      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.


HALLIWELLS: Seeks to Avert Administration; In Sale Talks
--------------------------------------------------------
Liz Mc Mahon at Insurance Age reports that Halliwells has filed a
second notice of intention to appoint an administrator in an
effort to extend discussions on the sale of the firm without
entering into administration.

Insurance Age relates the firm filed its first notice of intention
to appoint an administrator on June 24 and has been working with
accountants BDO to consider its options in attempt to avoid
entering a lengthy period of administration.

According to Insurance Age, a statement from Halliwells said:
"Halliwells continues to make good progress with its discussions
for the transfer of the business to a number of other highly
regarded firms of solicitors.  In light of this, Halliwells has
been advised to file a second notice of intention to appoint an
administrator which will allow until July 20 to conclude the
deals.

"Halliwells and the third parties that it is in discussion with
intend that clients will experience a seamless transfer with no
disruption.  In the interim, the notice provides a moratorium to
protect the interests of clients and other stakeholders and
business continues as usual.  An administrator has not been
currently appointed."

As reported by the Troubled Company Reporter-Europe on July 1,
2010, The Lawyer said Halliwells filed a notice of its intention
to appoint an administrator, claiming that "high property costs
exacerbated by the current economic climate" have "adversely
impacted [its] finances".  The Lawyer disclosed the firm's assets
are expected to be bought by Liverpool-based Hill Dickinson.  BDO
Stoy Haward partner Dermot Power is expected to be appointed
administrator of the business by Halliwells' bank RBS and it is
understood the firm was going to enter into a pre-pack
administration that will see the Halliwells brand disappear,
according to The Lawyer.

Halliwells is a law firm based in Manchester.


SOUTHEND UNITED: Has Until August 2 to Prove Solvency
-----------------------------------------------------
Rachael Singh at Accountancy Age reports that the High Court has
given Southend United until August 2 to prove it is solvent and
able to continue trading.

The report recalls HMRC petitioned the High Court to wind up
Southend United on Thursday for non-payment of GBP238,710 in tax.

Southend United is also facing another winding up petition this
week from Charterhouse Commercial Finance for GBP140,000, the
report notes.

According to the report, HMRC said the club's history of failing
to pay its taxes demonstrated it was insolvent.

Southend United Football Club is an English football club based at
Roots Hall Stadium, Prittlewell, Southend-on-Sea, Essex, who
currently play in League One of the English Football League.


TAYLOR WIMPEY: Fitch Affirms Issuer Default Ratings at 'B'
----------------------------------------------------------
Fitch Ratings has affirmed UK house-builder Taylor Wimpey Plc's
Long-term Issuer Default Rating at 'B' with a Stable Outlook.
Fitch has also affirmed TW's Short-term IDR at 'B' and senior
unsecured rating at 'B-'.  TW is one of three major UK house-
builders and also has a strong presence in the US homebuilding
market.

TW currently has over GBP1.9bn of debenture loans and revolving
credit facilities that need to be refinanced before maturity in
July 2012.  The company expects net debt to be less than GBP650m
at H1 2010, but TW's ratings remain constrained by concerns that
it may not be sufficiently cash generative over the coming two
years to refinance what Fitch estimates to be a funding
requirement of between GBP1.0bn and GBP1.3bn.

Market conditions and lending appetite -- two major factors
outside TW's control -- will affect the company's ability to
further de-leverage ahead of the critical refinancing in 2012.
Although the UK market has stabilized, with TW able to increase
both its UK selling prices in H1 2010 and its 2010 order book,
there are uncertainties for the UK housing market in 2010 and
2011.  These include higher unemployment, lower government
spending, a public sector salary squeeze and tax rises which may
lead to renewed market weakness and rising interest rates.  This
could reduce TW's cash flows and ensure significant de-leveraging
may not be achievable.  A successful re-financing will also depend
on lenders' appetite for rolling over UK house-builder debt.

The company's outstanding pension deficit will have to be
addressed as part of any successful debt refinancing.  Fitch
estimates these liabilities at around GBP955m at present (on a buy
out basis based on a discount rate of 5.70% and a 15 year gilt
yield rate of 3.86%).  The company is actively managing its
pension fund liabilities and recently announced that the George
Wimpey Staff Pension Scheme will close to future accrual on 31
August 2010, which is a mild credit positive.

TW's ratings could be upgraded if the company completes a
successful refinancing, and leverage remains below a adjusted net
debt/funds from operations metric of 5.0x and where cash from
operations/net debt was at least 20% for two consecutive years.
Once the market picks up and TW begins to make significant land
purchases, Fitch will use both a FFO/net debt metric (as this
metric will better measure real underlying profitability) as well
as a CFO/net debt metric (as a CFO metric includes positive
working capital movements where a house-builder builds out a land
bank but does not replace land).  With over GBP1.5bn of non-cash
land write-downs in FY08 and FY09, Fitch will not refer to EBITDA
based metrics as this measure no longer reflects a meaningful
financial metric for TW.

Downward rating pressure would include an absence of any
significant de-leveraging in the next two years, lack of progress
towards a limiting of pension obligations and refinancing by mid
2011, increased pressure on financial covenants and a further UK
housing market downturn.

In FY09, TW generated strong cash flow as revenue contracted and
working capital unwound (CFO/net debt 30% at FY09, versus 11% at
FYE08).  However, this is unlikely to re-occur on the same scale
in 2010 and 2011, as TW cautiously re-invests in new land
bank/sites.  This could expose TW in the case of future market
weakness, although it is concentrating on generating cash by
achieving price improvement rather than volume, while limiting
land purchases and ensuring tight control of work-in-progress.
While unit sales are expected to be slightly lower in H1 2010 than
in H1 2009, achieved prices have been higher.

TW's senior unsecured debt remains notched down from the Long-term
IDR to reflect subordination concerns.  Fitch believes that up to
GBP1,183 million of creditors rank ahead of TW's senior unsecured
obligations under a default scenario, including GBP975 million of
pension liabilities (as estimated by Fitch), and thus senior
unsecured creditors may recover only approximately 29%.


UNIQUE PUB: Fitch Cuts Ratings on Two Classes of Notes to 'BB'
--------------------------------------------------------------
Fitch Ratings has downgraded Unique Pub Finance's notes following
a review of the recent operating performance as well as forecasts
of future debt service coverage ratios for each class of notes.

The rating actions are:

  -- Class A2N floating-rate secured bonds due 2013: downgraded to
     'BBB-' from 'A-'; Outlook, Negative

  -- Class A3 fixed-rate secured bonds due 2021: downgraded to
     'BBB-' from 'A-'; Outlook Negative

  -- Class A4 fixed-rate secured bonds due 2027: downgraded to
     'BBB-' from 'A-'; Outlook Negative

  -- Class M fixed-rate secured bonds due 2024: downgraded to 'BB'
     from 'BBB'; Outlook Negative

  -- Class N fixed-rate secured bonds due 2032: downgraded to 'BB'
     from 'BB+'; Outlook Negative

Unique is a whole business securitization of leased and tenanted
UK pubs owned by Enterprise Inns Plc.

The transaction's operating performance continues to show a
decline of key performance indicators such as EBITDA or free-cash-
flow per pub.  Adjusting for pubs which have been disposed over
the last twelve months by using an average number of pubs, Fitch
calculates that the FCF per pub has declined by approximately 10%
year-on-year as of March 2010.  Although the pace of the decline
seems to be slowing compared with figures posted in the second
half of 2009, Fitch believes it remains of a significant
magnitude.  The agency has made some modestly conservative
projections over the next 24 months for the Unique transaction,
and forecasts a gradual slowdown in the decline of FCF per pub and
a stabilization of FCF per pub within two years time.  Fitch used
these projections as a basis for its DSCR calculations, as the
current debt service profile does not assume further class A2N
prepayments.

One key rationale behind the downgrade for each class of notes is
the level of forecasted DSCRs when Unique resumes paying scheduled
principal, which should occur in June 2011 if no further
prepayments are made.  Using investor reports data as of March
2010, the agency projects that, if no further prepayments are
made, the actual FCF DSCR may reach a minimum of around 1.14x,
1.02x and 0.94x by June 2012 for the class A, M and N notes
respectively.  Although the transaction benefits from a GBP65.0m
cash reserve, a GBP190 million tranched liquidity facility and the
deferability of the class M and N debt service, Fitch considers
these credit metrics as too low for the class M notes to remain
investment-grade, which is why the agency has downgraded the notes
by three-notches to 'BB'.  The senior-ranking class A notes,
despite also being downgraded by three notches, would still have a
FCF/debt multiple (excluding cash reserve) below 7.0x and in line
with an investment grade rating given other Fitch-rated comparable
whole business securitizations, despite low predicted FCF coverage
levels.


WHITE TOWER: Carlyle Fund to Buy Six London Office Towers
---------------------------------------------------------
Chris Bourke at Bloomberg News reports that Carlyle European Real
Estate Partners III fund, a fund managed by Carlyle Group, agreed
to buy six office towers in London formerly owned by Simon Halabi
for GBP671 million (US$1 billion).

According to Bloomberg, the buildings include JPMorgan Chase &
Co.'s offices at 60 Victoria Embankment and Alban Gate.  The
towers are part of nine that were valued at GBP1.83 billion when
they were packaged against GBP1.15 billion of bonds in 2006,
Bloomberg notes.  Bloomberg recalls the bonds, issued by White
Tower 2006-3 Plc, defaulted when a revaluation a year ago showed
the buildings' value had fallen by almost 50%.

Two of the other three buildings backing the White Tower bonds
were sold last month, Bloomberg recounts.

Bloomberg relates Robert Hodges, managing director of Carlyle's
European real estate unit, said the buildings comprise more than
1.6 million square feet (148,645 square meters) of space and
generate about GBP62 million of rent a year.  They include three
buildings near the river Thames, two in the city's main financial
district and one in Chiswick, west London, Bloomberg notes.

White Tower 2006-3 Plc was incorporated in 2006 and is based in
London, United Kingdom.


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


* BOND PRICING: For the Week July 5 to July 9, 2010
---------------------------------------------------

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

BELGIUM
-------
FORTIS BANK                8.750  12/7/2010     EUR     13.36

CYPRUS
------
INTERPIPE LTD              8.750   8/2/2010     USD     77.50

CZECH REPUBLIC
--------------
SAZKA                      9.000  7/12/2021     EUR     70.92

FINLAND
-------
MUNI FINANCE PLC           0.500  3/17/2025     CAD     51.42
MUNI FINANCE PLC           0.500  9/24/2020     CAD     66.16
MUNI FINANCE PLC           1.000  6/30/2017     ZAR     65.22
MUNI FINANCE PLC           0.250  6/28/2040     CAD     23.13
MUNI FINANCE PLC           1.000  2/27/2018     AUD     65.39

FRANCE
------
AIR FRANCE-KLM             4.970   4/1/2015     EUR     13.73
ALCATEL SA                 4.750   1/1/2011     EUR     16.34
ALCATEL-LUCENT             5.000   1/1/2015     EUR      3.07
ALTRAN TECHNOLOG           6.720   1/1/2015     EUR      4.57
ATOS ORIGIN SA             2.500   1/1/2016     EUR     49.75
CALYON                     6.000  6/18/2047     EUR     50.15
CAP GEMINI SOGET           3.500   1/1/2014     EUR     42.73
CAP GEMINI SOGET           1.000   1/1/2012     EUR     43.89
CLUB MEDITERRANE           4.375  11/1/2010     EUR     49.62
EURAZEO                    6.250  6/10/2014     EUR     55.62
FAURECIA                   4.500   1/1/2015     EUR     20.20
GROUPE VIAL                2.500   1/1/2014     EUR     18.22
MAUREL ET PROM             7.125  7/31/2014     EUR     16.46
NEXANS SA                  4.000   1/1/2016     EUR     61.21
PEUGEOT SA                 4.450   1/1/2016     EUR     29.58
PUBLICIS GROUPE            1.000  1/18/2018     EUR     46.78
PUBLICIS GROUPE            3.125  7/30/2014     EUR     37.30
RHODIA SA                  0.500   1/1/2014     EUR     44.85
SOC AIR FRANCE             2.750   4/1/2020     EUR     20.09
SOITEC                     6.250   9/9/2014     EUR      9.70
TEM                        4.250   1/1/2015     EUR     53.04
THEOLIA                    2.000   1/1/2014     EUR     13.31
VALEO                      2.375   1/1/2011     EUR     46.57
ZLOMREX INT FIN            8.500   2/1/2014     EUR     46.13
ZLOMREX INT FIN            8.500   2/1/2014     EUR     46.13

GERMANY
-------
DEUTSCHE BK LOND           3.000  5/18/2012     CHF     60.69
EUROHYPO AG                5.000  5/15/2027     EUR     94.63
HSH NORDBANK AG            4.375  2/14/2017     EUR     67.12
HYPO REAL ESTATE           5.440  4/13/2034     EUR     71.59
L-BANK FOERDERBK           0.500  5/10/2027     CAD     46.25
QIMONDA FINANCE            6.750  3/22/2013     USD      2.38
RENTENBANK                 1.000  3/29/2017     NZD     73.87
SOLON AG SOLAR             1.375  12/6/2012     EUR     42.11
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     48.80
HELLENIC REP I/L           2.300  7/25/2030     EUR     47.26
HELLENIC REPUB             5.250   2/1/2016     JPY     72.87
HELLENIC REPUB             5.200  7/17/2034     EUR     60.35
HELLENIC REPUB             6.140  4/14/2028     EUR     69.19
HELLENIC REPUB             5.000  3/11/2019     EUR     71.47
HELLENIC REPUB             5.000  8/22/2016     JPY     64.66
HELLENIC REPUB             2.125   7/5/2013     CHF     73.19
HELLENIC REPUBLI           6.250  6/19/2020     EUR     75.51
HELLENIC REPUBLI           3.700  7/20/2015     EUR     71.89
HELLENIC REPUBLI           3.600  7/20/2016     EUR     70.74
HELLENIC REPUBLI           4.300  7/20/2017     EUR     68.12
HELLENIC REPUBLI           4.600  7/20/2018     EUR     69.18
HELLENIC REPUBLI           6.000  7/19/2019     EUR     73.01
HELLENIC REPUBLI           4.700  3/20/2024     EUR     60.36
HELLENIC REPUBLI           5.300  3/20/2026     EUR     61.33
HELLENIC REPUBLI           4.500  9/20/2037     EUR     53.27
HELLENIC REPUBLI           4.600  9/20/2040     EUR     53.18
NATIONAL BK GREE           3.875  10/7/2016     EUR     70.85
YIOULA GLASSWORK           9.000  12/1/2015     EUR     55.51
YIOULA GLASSWORK           9.000  12/1/2015     EUR     54.25

IRELAND
-------
ALLIED IRISH BKS           5.250  3/10/2025     GBP     61.89
DEPFA ACS BANK             1.920   5/9/2020     JPY     68.10
DEPFA ACS BANK             5.125  3/16/2037     USD     71.50
DEPFA ACS BANK             5.125  3/16/2037     USD     71.44
DEPFA ACS BANK             4.900  8/24/2035     CAD     70.66
DEPFA ACS BANK             0.500   3/3/2025     CAD     34.53
IRISH PERM PLC             7.284  2/15/2035     EUR     63.38
ONO FINANCE II             8.000  5/16/2014     EUR     72.50
ONO FINANCE II             8.000  5/16/2014     EUR     72.84
UT2 FUNDING PLC            5.321  6/30/2016     EUR     70.60

ITALY
-----
CITY OF TURIN              5.270  6/26/2038     EUR     72.44
COMUNE DI MILANO           4.019  6/29/2035     EUR     75.16

LUXEMBOURG
----------
ARCELORMITTAL              7.250   4/1/2014     EUR     28.77
BREEZE FINANCE             4.524  4/19/2027     EUR     66.50
GLOBAL YATIRIM H           9.250  7/31/2012     USD     69.75
INTL INDUST BANK          11.000  2/19/2013     USD     61.13
INTL INDUST BANK           9.000   7/6/2049     EUR    100.00
LIGHTHOUSE INTL            8.000  4/30/2014     EUR     60.99
LIGHTHOUSE INTL            8.000  4/30/2014     EUR     60.63

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     49.50
ARPENI PR INVEST           8.750   5/3/2013     USD     49.50
BK NED GEMEENTEN           0.500  2/24/2025     CAD     51.11
BK NED GEMEENTEN           0.500  6/27/2018     CAD     74.47
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     62.52
DGS INTL FIN BV           10.000   6/1/2007     USD      0.01
ELEC DE CAR FIN            8.500  4/10/2018     USD     53.13
EM.TV FINANCE BV           5.250   5/8/2013     EUR      5.42
FRIESLAND BANK             4.125   1/8/2016     EUR     50.63
IVG FINANCE BV             1.750  3/29/2017     EUR     67.59
NATL INVESTER BK          25.983   5/7/2029     EUR     49.37
NED WATERSCHAPBK           0.500  3/11/2025     CAD     50.40
Q-CELLS INTERNAT           1.375  2/28/2012     EUR     69.24
Q-CELLS INTERNAT           5.750  5/26/2014     EUR     65.15
RBS NV EX-ABN NV           6.500  5/17/2018     AUD     72.38
RBS NV EX-ABN NV           6.316  6/29/2035     EUR     69.92
TJIWI KIMIA FIN           13.250   8/1/2001     USD      0.01
TURANALEM FIN BV           8.500  2/10/2015     USD     47.48
TURANALEM FIN BV           7.875   6/2/2010     USD     45.88
TURANALEM FIN BV           7.750  4/25/2013     USD     46.32
TURANALEM FIN BV           6.250  9/27/2011     EUR     46.22
TURANALEM FIN BV           8.000  3/24/2014     USD     45.50
TURANALEM FIN BV           8.250  1/22/2037     USD     48.20

NORWAY
------
EKSPORTFINANS              0.500   5/9/2030     CAD     39.51
NORSKE SKOGIND             7.000  6/26/2017     EUR     66.92

POLAND
------
REP OF POLAND              3.220   8/4/2034     JPY     68.57
REP OF POLAND              2.648  3/29/2034     JPY     60.55
REP OF POLAND              3.300  6/16/2038     JPY     67.05

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     95.00
AIZK KEMEROVO              9.000  8/23/2011     RUB     90.00
APK ARKADA                17.500  5/23/2012     RUB      0.38
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     51.14
BANK OF MOSCOW            10.640  7/29/2011     RUB    100.30
BANK OF MOSCOW             7.500   2/1/2013     RUB      3.10
BANK SOYUZ                16.000   5/2/2011     RUB      1.00
BANK SOYUZ                 9.500  2/23/2011     RUB      1.00
BARENTSEV FINANS          20.000   7/4/2011     RUB     10.00
BASHKIRENERGO              8.300   3/9/2011     RUB      1.01
CB STROYCREDIT            14.000   8/1/2011     RUB     30.01
CREDIT EUROPE BA          11.500  6/28/2011     RUB    103.80
DALUR-FINANS              14.000   2/5/2013     RUB      1.00
DERZHAVA-FINANS           16.500  7/27/2010     RUB      0.60
DIPOS                      8.000  6/19/2012     RUB     17.01
DVTG-FINANS               14.500   8/3/2010     RUB     11.06
DVTG-FINANS               14.500  7/18/2013     RUB     18.00
DVTG-FINANS               17.000  8/29/2013     RUB     15.00
EESK                       8.740   4/5/2012     RUB     25.01
ENERGOCENTRE              25.000  7/11/2010     RUB      5.00
ENERGOSPETSSNAB            8.500  5/30/2016     RUB      0.01
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
HCF BANK                  12.200  6/10/2014     RUB    101.80
HCF BANK                   7.500  9/16/2010     RUB    100.10
IART                      17.000   8/4/2013     RUB      1.10
IAZS                      11.000  12/8/2010     RUB      4.00
INPROM                     9.500  5/18/2011     RUB     45.00
INPROM                    13.000  7/15/2010     RUB     74.90
INTL INDUST BANK          13.250   1/3/2018     RUB     20.00
IRKUTSK AVIATION           8.740  9/16/2010     RUB    100.50
IZHAVTO                   18.000   6/9/2011     RUB     11.31
KARUSEL FINANS            12.000  9/12/2013     RUB      1.00
KLIN DISTRICT              9.100  8/25/2010     RUB     80.00
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    100.00
LEKSTROY                   0.100  7/22/2011     RUB      1.00
LENINGRAD REGION          14.010  12/8/2010     RUB    103.10
LIPETSK REGION             8.980   6/5/2013     RUB     97.01
LR-INVEST                 13.750  7/17/2012     RUB    100.00
LSR-INVEST                17.000  7/14/2011     RUB     28.01
M-INDUSTRIYA              12.250  8/16/2011     RUB     42.00
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            7.750   7/3/2012     RUB      2.01
MAIN ROAD OJSC            10.200   6/3/2011     RUB      2.33
METALLSERVIS-FIN          11.000  5/23/2012     RUB     19.51
METROSTROY INVES          10.500  9/23/2011     RUB     20.00
MIA                       12.500  10/1/2015     RUB    100.00
MIA                       13.500  7/17/2014     RUB    100.00
MIA                        7.950  2/23/2012     RUB    100.00
MIG-FINANS                 0.100   9/6/2011     RUB      4.00
MIRAX                     17.000  9/17/2012     RUB     23.10
MIRAX                     14.990  5/17/2011     RUB     24.01
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
MY BANK                   12.960  4/16/2015     RUB    100.00
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
NEW INVESTMENTS           12.000   7/7/2011     RUB    100.11
NOK                       17.000  8/26/2014     RUB      1.40
NOK                       15.500  9/22/2011     RUB     15.00
NOVOROSSIYSK              13.000  12/9/2011     RUB      5.00
NOVYE TORGOVYE S          15.000  4/26/2011     RUB     71.82
NUTRINVESTHOLDIN          11.000  6/30/2014     RUB     20.02
OBYEDINEONNYE KO           3.000  5/16/2012     RUB      6.00
OBYEDINEONNYE KO          15.000  4/17/2013     RUB     99.00
OJSC FCB                  11.000   8/7/2012     RUB      3.00
ORENBURG IZHK              9.240  2/21/2012     RUB     88.00
OSMO KAPITAL              10.200   3/7/2011     RUB      7.00
PCHRB-FINANS              12.500   3/9/2011     RUB     99.00
PEB LEASING               14.000  9/12/2014     RUB      5.00
PENSION FUND REA           5.000   5/7/2019     RUB      4.00
POLYPLAST                 19.000  6/21/2011     RUB     50.00
PROM TECH                 16.000  4/25/2011     RUB      2.00
PROMNESTESERVICE           9.500  12/5/2014     RUB      3.00
PROMSVYAZBANK              7.750  5/17/2012     RUB      2.87
PROMTRACTOR-FINA          18.000  7/24/2013     RUB     68.02
PROTEK-FINANS             12.000  11/2/2011     RUB     92.00
PROTON-FINANCE             9.000  6/12/2012     RUB      1.00
RAF-LEASING               12.500  2/21/2012     RUB      4.00
RAIFFEISENBANK            13.500  12/3/2013     RUB    108.70
RAILTRANSAUTO             17.500  12/4/2013     RUB      4.00
REGIONENERGO               8.500  5/30/2016     RUB      0.01
RFA-INVEST                10.000  11/4/2011     RUB      5.00
ROSSELKHOZBANK            11.500  9/27/2017     RUB      7.00
RUSSIAN RAILWAYS          13.500   7/8/2024     RUB    108.10
RUSSIAN SEA               10.000  6/14/2012     RUB     92.00
RUSSIAN STANDARD          14.750   9/9/2010     RUB    100.90
RUSSIAN STANDARD           7.800  9/20/2011     RUB     15.51
RVK-FINANS                19.000  7/21/2011     RUB    100.00
RYBINSKKABEL               0.010  2/28/2012     RUB      1.00
SAKHA REPUBLIC             7.800  4/17/2014     RUB    100.20
SAMARA REGION             15.000  5/10/2013     RUB    114.00
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     21.01
SEVKABEL-FINANS           10.500  3/27/2012     RUB     50.00
SIBACADEMINVEST           18.000  7/30/2010     RUB      5.01
SIBIRTELECOM               9.500   8/8/2013     RUB      3.00
SIBUR                     13.500  3/13/2015     RUB      4.00
SIBUR                      9.000  3/13/2015     RUB      1.00
SIBUR                      9.250  3/13/2015     RUB      4.00
SIBUR                     10.470  11/1/2012     RUB      3.00
SIBUR                      9.000  3/13/2015     RUB      1.00
SINERGIA                  10.000  8/18/2014     RUB     98.00
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
SPETSSTROYFINANC           8.500  5/30/2016     RUB      0.01
STROYTRANSGAZ              8.500  4/11/2013     RUB     15.61
SVOBODNY SOKOL            18.000  5/24/2011     RUB     94.00
SVYAZ BANK                16.000  4/21/2011     RUB      2.00
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      1.01
TECHNOSILA-INVES           7.000  5/26/2011     RUB     17.01
TERNA-FINANS               1.000  11/4/2011     RUB      6.02
TGK-4                      8.000  5/31/2012     RUB     98.00
TK FINANS                 12.600   9/5/2011     RUB      6.00
TOP-KNIGA                 20.000  12/9/2010     RUB     45.00
TRANSCONTAINER             9.500  2/26/2013     RUB    104.35
TRANSCREDITFACTO          12.000  11/1/2012     RUB      5.00
TRANSCREDITFACTO          12.000  6/11/2012     RUB      4.00
TRANSFIN-M                10.750  8/10/2012     RUB      5.01
TRANSFIN-M                11.000  12/3/2014     RUB      6.00
TRANSFIN-M                11.000  12/3/2014     RUB      7.00
TRANSFIN-M                11.000  12/3/2014     RUB      6.00
TRANSFIN-M                11.000  12/3/2014     RUB      7.00
TRANSFIN-M                11.000  12/3/2015     RUB      5.00
TRANSFIN-M                11.000  12/3/2015     RUB      6.00
TRANSFIN-M                11.000  12/3/2015     RUB      5.00
TRANSFIN-M                11.000  12/3/2015     RUB      6.00
TRANSMASHHOLDING           8.500  2/10/2011     RUB     99.90
TRANSNEFT                 11.750  10/1/2019     RUB      4.00
TVER VAGONOSTRO            7.000  6/12/2013     RUB      0.10
TYUMENENERGO               8.700  3/29/2012     RUB    100.00
UNIMILK FINANS            14.000   9/6/2011     RUB     97.00
UNITAIL                   12.000  6/22/2011     RUB     22.00
UNITED HEAVY MAC          13.000  8/30/2011     RUB    100.00
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      2.00
VESTER-FINANS             15.250  8/11/2011     RUB      5.01
VK-INVEST                  9.250  7/19/2013     RUB    104.00
VKM-LEASING FINA           1.000  5/18/2011     RUB      5.00
VLADPROMBANK              12.000   3/8/2011     RUB      1.00
VMK-FINANCE               16.000  5/21/2014     RUB      5.00
VTB-LEASING FINA           9.800  11/6/2014     RUB      0.99
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     85.00
ZHILSOTSIPOTEKA-           9.000  7/26/2011     RUB      5.00
ZOLOTO SELIGDARA          16.500  5/29/2014     RUB     50.04

SPAIN
-----
AYT CEDULAS CAJA           3.750  6/30/2025     EUR     73.95
BANCAJA EMI SA             2.755  5/11/2037     JPY     38.27
CAJA MEDITERRANE           4.600  7/31/2020     EUR     72.83
CEDULAS TDA 6              3.875  5/23/2025     EUR     75.27
CEDULAS TDA A-5            4.250  3/28/2027     EUR     76.65
CEDULAS TDA A-6            4.250  4/10/2031     EUR     73.60
JUNTA LA MANCHA            3.875  1/31/2036     EUR     74.60
UBS AG                    14.000  5/23/2012     USD      8.83
UBS AG                    13.300  5/23/2012     USD      3.95
UBS AG                    10.580  6/29/2011     USD     37.15
UBS AG JERSEY             16.160  3/31/2011     USD     43.29
UBS AG JERSEY             11.400  3/18/2011     USD     25.67
UBS AG JERSEY             12.800  2/28/2011     USD     34.62
UBS AG JERSEY             11.000  2/28/2011     USD     63.92
UBS AG JERSEY             15.250  2/11/2011     USD     11.68
UBS AG JERSEY             10.000  2/11/2011     USD     61.78
UBS AG JERSEY             11.330  3/18/2011     USD     18.08
UBS AG JERSEY             10.820  4/21/2011     USD     21.58
UBS AG JERSEY             11.030  4/21/2011     USD     20.53
UBS AG JERSEY             10.650  4/29/2011     USD     15.83
UBS AG JERSEY             16.170  1/31/2011     USD     12.88
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             14.640  1/31/2011     USD     36.95
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             13.900  1/31/2011     USD     35.33
UBS AG JERSEY              9.450  9/21/2011     USD     48.71
UBS AG JERSEY              3.220  7/31/2012     EUR     53.58
UBS AG JERSEY              9.350  7/27/2010     USD     51.75
UBS AG JERSEY              9.000  8/13/2010     USD     56.15
UBS AG JERSEY              9.500  8/31/2010     USD     58.25

UNITED KINGDOM
--------------
BANK OF SCOTLAND           6.984   2/7/2035     EUR     68.41
BARCLAYS BK PLC           12.950  4/20/2012     USD     19.76
BARCLAYS BK PLC           10.600  7/21/2011     USD     40.76
BARCLAYS BK PLC           10.950  5/23/2011     USD     59.50
BARCLAYS BK PLC            9.000  6/30/2011     USD     42.40
BARCLAYS BK PLC           10.350  1/23/2012     USD     20.70
BARCLAYS BK PLC            7.610  6/30/2011     USD     53.33
BRADFORD&BIN BLD           4.910   2/1/2047     EUR     55.53
BRADFORD&BIN BLD           5.500  1/15/2018     GBP     44.99
BRADFORD&BIN PLC           7.625  2/16/2049     GBP     46.82
BRADFORD&BIN PLC           6.625  6/16/2023     GBP     34.67
BROADGATE FINANC           5.098   4/5/2033     GBP     72.11
EFG HELLAS PLC             5.400  11/2/2047     EUR     62.88
EFG HELLAS PLC             4.375  2/11/2013     EUR     73.83
ENTERPRISE INNS            6.375  9/26/2031     GBP     70.37
HBOS PLC                   6.000  11/1/2033     USD     53.57
HBOS PLC                   6.000  11/1/2033     USD     53.57
HBOS PLC                   4.500  3/18/2030     EUR     68.39
INEOS GRP HLDG             7.875  2/15/2016     EUR     73.28
INEOS GRP HLDG             7.875  2/15/2016     EUR     73.45
LBG CAPITAL NO.1           7.975  9/15/2024     GBP     76.10
LBG CAPITAL NO.1           6.439  5/23/2020     EUR     75.10
LBG CAPITAL NO.2           7.625  12/9/2019     GBP     77.83
LBG CAPITAL NO.2           6.385  5/12/2020     EUR     75.44
NORTHERN ROCK              4.574  1/13/2015     GBP     66.64
NORTHERN ROCK              5.750  2/28/2017     GBP     61.49
PIRAEUS GRP FIN            4.000  9/17/2012     EUR     74.47
ROYAL BK SCOTLND           4.243  1/12/2046     EUR     71.42
ROYAL BK SCOTLND           6.620   6/9/2025     EUR     74.24
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     23.92


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.

                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Joy A. Agravante, Valerie U. Pascual, Marites O.
Claro, Rousel Elaine T. Fernandez, Frauline S. Abangan and Peter
A. Chapman, Editors.

Copyright 2010.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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                 * * * End of Transmission * * *