/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/101004.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, October 4, 2010, Vol. 11, No. 195 Headlines D E N M A R K * DENMARK: European Commission Approves Bank Wind-Up Scheme G E R M A N Y ADAM OPEL: Wants to Expand Into Six Markets Next Year ADAM OPEL: Expects Sales in Europe to Remain Weak Next Year ANGLO IRISH: Goldman Sachs Advises Ireland on Quinn Dealings WESTLB AG: Put Up for Sale; Deal Expected by End of 2011 I R E L A N D RIVOLI - PAN: Fitch Affirms Rating on Class C Notes at 'BBsf' K A Z A K H S T A N BTA BANK: Moody's Reviews 'E' Bank Financial Strength Rating L U X E M B O U R G GELDILUX-TS-2010 SA: Moody's Assigns 'Ba2' Rating on Class E Notes INTELSAT SA: Unit Completes Consent Solicitations of 2014 Notes N E T H E R L A N D S NIELSEN COMPANY: Moody's Assigns (P)'Caa1' Rating on Senior Notes R O M A N I A * ROMANIA: Owes RON120-Mil. to Passenger Transport Firms R U S S I A MOSCOW INTEGRATED: Fitch Changes Outlook on BB+ Rating to Positive U K R A I N E BANK NADRA: Moody's Withdraws 'Caa2' Foreign Deposit Ratings UKRPROMBANK LLC: Moody's Withdraws 'C' Foreign Deposit Ratings U N I T E D K I N G D O M ARCHIAL GROUP: Ingenium Acquires Firm's UK Business CONNAUGHT PLC: Council Scraps Firm's Job Plan for Norwich GOLDTRAIL TRAVEL: Creditors to Appoint PwC as Liquidators HOLIDAY INN: Under Receivership LOTUS RESOURCES: Reaches Creditor Settlement PENYMYNYDD CAR COLLECTION: Goes Into Administration WESTMINSTER HOUSING: Declared Insolvent After Members Refuse Loan WHALSAY FISH: Placed Into Administration * UK Pension Regulator Faces Legal Challenge from Nortel, Lehman X X X X X X X X * BOND PRICING: For the Week September 27 to October 1, 2010 ********* ============= D E N M A R K ============= * DENMARK: European Commission Approves Bank Wind-Up Scheme ----------------------------------------------------------- The European Commission has authorized under EU State aid rules a resolution scheme for the handing of distressed banks in Denmark. The Commission found the scheme to be compatible with EU rules that allow aid to remedy a serious disturbance in the economy of a Member State. In particular, the measure is limited in time and scope, ensures adequate burden-sharing and contains safeguards to avoid undue distortions of competition. "A resolution scheme must bring swift and efficient support, when a failing bank needs to be wound up, so as to safeguard financial stability and minimize economic losses. At the same time, moral hazard and distortions of competition need to be limited in the interest of European consumers and taxpayers. I am satisfied that the scheme created by Denmark fulfils these conditions," said Joaquin Almunia, Commission Vice President in charge of Competition Policy. The objective of the scheme is to safeguard financial stability and minimize economic losses, when a bank becomes unable to meet the conditions set for its operation by the Danish Financial Supervisory Authority. It provides for an orderly winding up of the failing bank, transferring its assets and part of its liabilities to a bridge bank to be set up under the aegis of the Danish Financial Stability Company. The latter would provide capital, and, if necessary, liquidity to the bridge bank. The Commission found the scheme to be in line with its Guidance Communications on state aid to overcome the financial crisis. In particular, the aid is limited to the minimum necessary to ensure an orderly winding-up. Moreover, burden-sharing is ensured by excluding shareholders and subordinated debt holders of the failed bank from any benefit from the aid. Finally, strong limitations on the activities and the lifespan of the bridge bank will minimize distortions of competition that may arise from the state measure. The authorization is granted until 31 December 2010. Beyond that date, the Commission will reassess the compatibility of the measure on the basis of the evolution of the economic and regulatory context. The scheme was set up by Law nr. 721 of June 25, 2010, which establishes the framework for the handling of distressed banks by the Financial Stability Company, set up by Denmark in the wake of the financial crisis. It supersedes a temporary winding-up scheme that was approved by the Commission until October 2010. Also other countries are considering the creation of resolution schemes to handle future bank failures in an orderly way. On this topic, the Commission published a Communication on "Bank Resolution Funds" in May as one of the tools to be used during the management of future crises. ============= G E R M A N Y ============= ADAM OPEL: Wants to Expand Into Six Markets Next Year ----------------------------------------------------- Daniel Schafer at The Financial Times reports that Adam Opel GmbH would like to enter a number of markets outside Europe next year in an attempt to boost the carmaker's flagging sales and accelerate its path to profitability. According to the FT, Opel wants to expand into "at least" six markets in the coming year, probably including China, Australia and Argentina, said Nick Reilly, head of Opel and Vauxhall, the European marques of U.S. carmaker General Motors Co. The ailing carmaker, which narrowly escaped insolvency last year, sells only a tiny number of cars outside Europe, the FT discloses. The FT relates Mr. Reilly said it would take nine to twelve months for Opel to enter these markets, as it would take time to set up dealerships and service networks. He also said he was interested in Chile, Israel and Australia, the FT notes. Adam Opel GmbH -- http://www.opel.com/-- is General Motors Corp.'s German wholly owned subsidiary. Opel started making cars in 1899. Opel makes passenger cars (including the Astra, Corsa, and Vectra) and light commercial vehicles (Combo and Movano). Its high-performance VXR range includes souped-up versions of Opel models like the Meriva minivan, the Corsa hatchback, and the Astra sports compact. Opel is GM's largest subsidiary outside North America. * * * As reported by the Troubled Company Reporter-Europe, Bloomberg News said GM decided in June this year to fund Opel's EUR3.3 billion (US$4.3 billion) restructuring, after failing to secure aid from European countries. As reported by the Troubled Company Reporter-Europe on June 11, 2010, Bloomberg News said Germany turned down GM's request for EUR1.1 billion (US$1.3 billion) in aid for its money-losing Opel division, forcing the automaker to seek new ways to reorganize the unit. Bloomberg disclosed Opel sought EUR333 million in guarantees from the U.K., EUR437 million from Austria and Spain combined and EUR50 million in project financing from Poland. Bloomberg said the Opel-Vauxhall reorganization program includes eliminating 8,300 jobs from a European workforce of 48,000 employees. ADAM OPEL: Expects Sales in Europe to Remain Weak Next Year ----------------------------------------------------------- Cornelius Rahn and Laurence Frost at Bloomberg News report Adama Opel GmbH may struggle to raise car sales in Europe next year as unemployment and government budget cuts discourage consumers from making large purchases. Bloomberg relates Opel chief Nick Reilly said Thursday industry sales in the region remain "very weak". Meanwhile, Daniel Schafer at The Financial Times reports Mr. Reilly said Opel's European markets were improving everywhere except in Germany. According to the FT, he said that in Germany, the end of the scrappage incentive was still taking its toll and Opel was still reeling from the damage that last year's failed state aid application and sales process had caused to the brand. Mr. Reilly, as cited by the FT, said Opel had managed to lift its European market share from 6% to 7% in September, adding that he was expecting a further improvement in sales in the next three months. "We have forecast 1.2m sales in 2010 . . . but I am confident that we will be able to exceed this," the FT quoted Mr. Reilly as saying. Mr. Reilly said Opel, which is heading for another loss this year, would come very close to breaking even in 2011, the FT notes. "We will have done most of our restructuring by then and we are predicting European car markets to be flat next year, which is a very conservative estimate. So it is very likely that we will be close to break-even by then," Mr. Reilly said, according to the FT. Adam Opel GmbH -- http://www.opel.com/-- is General Motors Corp.'s German wholly owned subsidiary. Opel started making cars in 1899. Opel makes passenger cars (including the Astra, Corsa, and Vectra) and light commercial vehicles (Combo and Movano). Its high-performance VXR range includes souped-up versions of Opel models like the Meriva minivan, the Corsa hatchback, and the Astra sports compact. Opel is GM's largest subsidiary outside North America. * * * As reported by the Troubled Company Reporter-Europe, Bloomberg News said GM decided in June this year to fund Opel's EUR3.3 billion (US$4.3 billion) restructuring, after failing to secure aid from European countries. As reported by the Troubled Company Reporter-Europe on June 11, 2010, Bloomberg News said Germany turned down GM's request for EUR1.1 billion (US$1.3 billion) in aid for its money-losing Opel division, forcing the automaker to seek new ways to reorganize the unit. Bloomberg disclosed Opel sought EUR333 million in guarantees from the U.K., EUR437 million from Austria and Spain combined and EUR50 million in project financing from Poland. Bloomberg said the Opel-Vauxhall reorganization program includes eliminating 8,300 jobs from a European workforce of 48,000 employees. ANGLO IRISH: Goldman Sachs Advises Ireland on Quinn Dealings ------------------------------------------------------------ Belfast Telegraph reports that investment bank Goldman Sachs is snapping up discounted Quinn Group debt on behalf of clients while simultaneously advising the Irish government on Anglo Irish Bank's Quinn dealings. According to Belfast Telegraph, Goldman Sachs has been retained by the Republic's National Treasury Management Agency (NTMA) to run the rule over various plans submitted by Anglo. Belfast Telegraph's sources confirmed this role includes examining Anglo's proposal to buy embattled Quinn Insurance, which went into administration in April, to improve the bank's chances of recouping a EUR2.7 billion debt owed by the wider Quinn Group and family. Separately, Goldman Sachs traders have also been actively buying up Quinn Group bonds on behalf of its clients, Belfast Telegraph says. It is understood that Goldman has taken a "small portion" of the EUR50 million or so of Quinn debt that's been traded recently, Belfast Telegraph discloses. Belfast Telegraph notes that while the small level of debt that's been bought by Goldman means the bank's clients could not have a deciding say in the way the Quinn Group's debt is ultimately restructured, the value of Quinn debt held by Goldman's clients could rise or fall depending on the way Anglo's outstanding issues with Quinn are resolved. Belfast Telegraph relates the news comes as the Quinn Group's main lenders, including Allied Irish Bank, Barclays, Bank of Ireland and HSBC, prepare to meet over the coming days to discuss the Cavan group's financial restructuring. The Quinn Group has enlisted the restructuring expert Murdoch McKillop of Talbot Hughes McKillop to advise it on the process, Belfast Telegraph discloses. Belfast Telegraph says Anglo believes its best chance of securing repayment from the Quinn Group and Quinn family is by taking over embattled Quinn Insurance. Anglo Irish Bank Corp PLC -- http://www.angloirishbank.com/-- operates in three core areas: business lending, treasury and private banking. The Bank's non-retail business is made up of more than 11,000 commercial depositors spanning commercial entities, charities, public sector bodies, pension funds, credit unions and other non-bank financial institutions. The Company's retail deposits comprise demand, notice and fixed term deposit accounts from personal savers with maturities of up to two years. Non-retail deposits are sourced from commercial entities, charities, public sector bodies, pension funds, credit unions and other non-bank financial institutions. In addition, at September 30, 2008, its non-retail deposits included deposits from Irish Life Assurance plc. The Private Bank offers tailored products and solutions for high net worth clients and operates the Bank's lending business in Ireland and the United Kingdom. * * * As reported by the Troubled Company Reporter-Europe on Sept. 17, 2010, Fitch Ratings affirmed Anglo Irish Bank Corporation Ltd.'s Individual Rating at 'E'. It also affirmed its ratings on the bank's Lower Tier 2 Subordinated Notes at 'CCC' and Tier 1 Notes at 'C'. As reported by the Troubled Company Reporter-Europe on Sept. 15, 2010, Moody's Investors Service said that it is maintaining its review for possible downgrade on the A3/P-1 deposit and senior debt ratings, and on the Ba1 subordinated debt rating of Anglo Irish Bank Corporation. The junior subordinated debt is downgraded to C from Caa2. The backed-Aa2 rating (stable outlook) on the government guaranteed debt, the C rating on the bank's tier 1 securities and the E bank financial strength rating -- mapping to Caa1 on the long-term scale -- are unaffected by this rating action. WESTLB AG: Put Up for Sale; Deal Expected by End of 2011 -------------------------------------------------------- Aaron Kirchfeld and Alan Purkiss at Bloomberg News report that WestLB AG, the German state-owned lender that must be sold by 2011 under conditions imposed by the European Commission, was offered for sale by its shareholders in an advertisement in Financial Times on Friday, Sept. 30. Interested parties should submit "expressions of interest" in the bidding process to Morgan Stanley, which is advising on the sale, by Oct. 28, Bloomberg says, citing the newspaper advertisement. According to Bloomberg, the advertisement said the aim is to sign a purchase agreement by Aug. 31, 2011, and complete the sale by Dec. 31, 2011. Bloomberg relates Germany's Soffin bank-rescue fund, which provided EUR3 billion (US$4.1 billion) of capital to WestLB, said in June that a sale of the lender would start by Sept. 30 after appointing Friedrich Merz, a lawyer and former lawmaker, to oversee the process. Bloomberg notes WestLB spokesman Armin Kloss said Friday the advertisement is part of the agreed-upon sales process. Merger As reported by the Troubled Company Reporter-Europe on Sept. 22, 2010, Bloomberg News said Bayerische Landesbank and WestLB, two German state-owned lenders that needed government aid during the financial crisis, were examining a possible merger that would create the country's third-biggest bank. "The goal is to have a joint understanding by the end of the year on whether a merger makes economic sense," Munich-based BayernLB and Dusseldorf-based WestLB said in a joint e-mailed statement to Bloomberg on Sept. 20. Bloomberg disclosed as part of its restructuring, WestLB set up a separate bad bank to rid itself of about a third of its assets, including toxic securities. About WestLB Headquartered in Duesseldorf, Germany, WestLB AG (DAX:WESTLB) -- http://www.westlb.com/-- provides financial advisory, lending, structured finance, project finance, capital markets and private equity products, asset management, transaction services and real estate finance to institutions. In the United States, certain securities, trading, brokerage and advisory services are provided by WestLB AG's wholly owned subsidiary WestLB Securities Inc., a registered broker-dealer and member of the NASD and SIPC. WestLB's shareholders are the two savings banks associations in NRW (25.15% each), two regional associations (0.52% each), the state of NRW (17.47%) and NRW.BANK (31.18%), which is owned by NRW (64.7%) and two regional associations (35.3%). * * * As reported by the Troubled Company Reporter-Europe on May 6, 2010, Moody's Investors said WestLB AG's E+ bank financial strength rating (BFSR, which maps directly to a B2 baseline credit assessment, BCA), was affirmed and the outlook on this rating changed to stable from developing. Moody's affirmation of the E+ BFSR and the change of its outlook to stable reflects that, despite positive developments, the BFSR remains constrained by the bank's weak franchise, which includes several core segments that do not (or only insufficiently) contribute to group profits, thus resulting in the bank's continued dependence on volatile, wholesale-focused sources of income. Moody's does not rule out that the bank could be split up and unwound if efforts to divest the bank were to prove unsuccessful. ============= I R E L A N D ============= RIVOLI - PAN: Fitch Affirms Rating on Class C Notes at 'BBsf' ------------------------------------------------------------- Fitch Ratings has revised Rivoli - Pan Europe 1 Plc's Outlook and affirmed the notes: -- EUR350.8m class A (XS0278734644): affirmed at 'AAAsf'; Outlook revised to Stable from Negative -- EUR43m class B (XS0278739874): affirmed at 'Asf'; Outlook revised to Stable from Negative -- EUR23.8m class C (XS0278741771): affirmed at 'BBsf'; Outlook revised to Stable from Negative The affirmation of all note classes and revision of all Outlooks to Stable reflects the broadly stable performance of the transaction over the past year, in line with Fitch's expectations. Since the last review, debt service coverage on the portfolio improved to 2.7x in August 2010 from 2.5x in August 2009 and occupancy has remained broadly stable at 97% (by estimated rental value). The pool has a reported WA loan-to-value ratio of 60.9% (up from 56.9% 12 months earlier), compared with the WA Fitch LTV of 73.6% (broadly unchanged during the same period). The differences between the reported and Fitch LTVs are a reflection of Fitch's more conservative assessment of value trends across European commercial real estate, particularly at the secondary end of the spectrum. Rivoli - Pan Europe 1 plc is a securitization comprising five commercial mortgage loans originated by Calyon ('AA- '/Stable/'F1+'), which closed in December 2006. Since closing, there have been two property disposals within the SCI Nowa loan (8.8% of the pool); this, coupled with scheduled amortization on two of the loans, has resulted in a reduction in the pool balance to EUR417.5 million from EUR479.8 million at closing. The loans are scheduled to mature between 2011 and 2015, while the final legal maturity date of the notes is in August 2018. The loans are secured by a mixture of assets across France (29% by market value), Spain (47%) and the Netherlands (24%) with a large concentration in office properties (54%). The portfolio currently comprises 22 diverse assets with a total MV of EUR685.6 million. The properties are generally of good quality. The pool is let to 135 tenants on 160 leases. Nonetheless it continues to have considerable single tenant exposure: three of the loans, Santa Hortensia, SCI Nowa and Blue Yonder (accounting for 53% of the total pool balance), are each single-let, albeit to investment grade tenants. =================== K A Z A K H S T A N =================== BTA BANK: Moody's Reviews 'E' Bank Financial Strength Rating ------------------------------------------------------------ Moody's Investors Service has placed on review for possible upgrade the E bank financial strength rating and Caa3 long-term local and foreign currency deposit ratings of BTA Bank. The C long-term foreign currency debt ratings, assigned to its senior unsecured, subordinated and junior subordinated bonds, which were cancelled in the course of a debt restructuring, have been withdrawn. Ratings Rationale The rating action follows the announcement that BTA Bank completed the restructuring of US$16.65 billion debt on August 31, 2010, in a deal that included cancellation of existing debt, debt-to-equity conversion as well as the issuance of longer-maturity bonds. According to the bank, as a result of the cancellation of the debt and its conversion into equity, BTA Bank has been recapitalized by over US$11 billion, which enabled it to meet the minimal capital adequacy requirements of Kazakhstan's Financial Market Supervision Authority, reporting a Tier 1 ratio of 10.8% and Tier 2 ratio of 14.9% as of September 1, 2010. The liabilities of the Bank have been reduced from approximately US$22.9 billion to approximately US$12.6 billion and the maximum maturity profile of the market debt was extended from 8 to 20 years. BTA Bank's creditors now hold 18.5% of the bank's capital, while the National Welfare Fund -- Samruk-Kazyna -- remains its majority shareholder with a 81.48% stake. Moody's notes that the review of the bank's ratings is expected to be finalized within the next few months and will focus on the sustainability of BTA Bank's financial position in the long term, as well as the reassessment of the level of government support that is currently incorporated into the deposit ratings of the bank. According to Moody's, the review will focus on: (i) the ability of BTA Bank to maintain the prudential capital requirements without external support; (ii) the adequacy of the current level of loan loss provisioning; (iii) the bank's ability to generate recurring earnings in the longer term and (iv) the robustness of the bank's liquidity position. Moody's previous rating action on BTA Bank was on 30 July 2009, when the rating agency downgraded the bank's senior unsecured debt ratings to C, from Ca, and confirmed the Caa3 local and foreign currency deposit ratings with developing outlooks. Regulatory Disclosures Information sources used to prepare the credit rating are these: parties involved in the ratings, public information. Moody's Investors Service considers the quality of information available on the issuer or obligation satisfactory for the purposes of maintaining a credit rating. The rating has been disclosed to the rated entity or its designated agents and issued with no amendment resulting from that disclosure. =================== L U X E M B O U R G =================== GELDILUX-TS-2010 SA: Moody's Assigns 'Ba2' Rating on Class E Notes ------------------------------------------------------------------ Moody's Investors Service has assigned definitive ratings to this class of notes issued by Geldilux-TS-2010 S.A.: -- Aaa (sf) to EUR500,000,000 Class A Secured Floating Rate Notes due 2018 -- Aaa (sf) to EUR60,700,000 Class B Secured Floating Rate Notes due 2018 -- A1 (sf) to EUR24,300,000 Class C Secured Floating Rate Notes due 2018 -- Baa2 (sf) to EUR4,900,000 Class D Secured Floating Rate Notes due 2018 -- Ba2 (sf) to EUR6,100,000 Class E Secured Floating Rate Notes due 2018 -- A1 (sf) to EUR6,000,000 Liquidity Secured Floating Rate Notes due 2018 Ratings Rationale The ratings of the notes take account of UniCredit Luxembourg S.A. (rated A3/P-2) and UniCredit Bank AG (A1/P-1), as the major transaction parties in this transaction, being experienced originators and servicers respectively. In the past, they have used ABS term financing via the previously issued nine GELDILUX transactions in respect of which the securitized portfolios have shown excellent performance to date (i.e. in total over all transactions only 10 obligors have defaulted since 1996). Moody's valued positively the limitation of the potential deterioration of credit quality during the 5-year revolving period via eligibility criteria and portfolio limits as the portfolio turns around very quickly (with a max. weighted average life of 90 days). Similarly, in its analysis Moody's relied strongly on the early amortization triggers, especially the one stopping the replenishment period in case UniCredit Bank AG loses a minimum long term rating of A3. In such situation the portfolio becomes static and -- due to the 90 days weighted average life constraint -- amortizes quickly. In addition, upon UniCredit Bank AG losing a Baa2 rating obligors will be notified and are also asked to pay directly to the issuer's account. The liquidity cushion in the transaction is provided by (i) the interest rate swap counterparty (paying 0.30% of extra spread to the structure) and (ii) the EUR6.0 million issuer interest reserve, which is funded by the liquidity note and available to fund shortfalls in respect of senior fees, interest on the Class A to E notes as well as interest on the liquidity notes. Moody's assigned a Composite V Score of "Medium" to this transaction, which is in line with the German SME ABS sector. Nonetheless, for two sub-categories Moody's considers this transaction better than the market. First, the originator provided a comprehensive set of different historical data covering more than 10 years of data. Second, Moody's believes that the historical data performance variability is significantly lower than for other German SME loan receivable portfolios, which is caused by (i) the short-term nature of the loan contracts and (ii) the specific origination and collection process applied to this product type. Moody's main modeling assumption for this transaction is the bespoke default distribution derived via the Monte Carlo simulation in CDOROM (v2.6). Moody's derived this default distribution from (i) the most concentrated pool composition (with the minimum limit of 550 obligors) that would be possible in terms of industry and single obligor concentration during the lifetime of the transaction (based on the portfolio limits defined in the transaction documents), (ii) a global correlation of 5% and (iii) the average expected portfolio quality. Moody's expect the average default probability of the pool to be a Baa3 / Ba1 Moody's equivalent (translating into 0.16% cumulative default rate over 90 days) taking into account: (i) the product characteristics and the historical performance data and (ii) potential fluctuations of the macroeconomic environment during the lifetime of this transaction (including the 5-year revolving period). The average recovery rate assumption was set at 25% in line with previous transactions because the non-accessory collateral is not assigned to the SPV since it is granted by the borrower on a relationship level rather than for the euro loan specifically. Therefore, in case of UniCredit Bank AG's insolvency the issuer depends on recoveries assigned by the insolvency administrator, leaving the issuer in the position of a senior unsecured creditor. Finally, no prepayments were assumed because there are no prepayments for this type of loan receivables due to the short-term nature of the underlying loan contracts. For rating this transaction Moody's used the following model. (i) ABSROM (v.2.2.6) to model the cash flows and determine the loss for each tranche and (ii) CDOROM (v.2.6) to determine the transaction specific default distribution. Moody's Investors Service did not receive or take into account a third party due diligence report on the underlying assets or financial instruments in this transaction. In the cash flow model Moody's modeled the initial as well as each replenished portfolio separately with equally distributed amortization and timing of default vectors over 90 days. Similarly, the above described transaction specific default distribution is applied to each portfolio when determining the cash flows for each portfolio period. The non defaulted amount is used to purchase the new portfolio with the same characteristics in terms of amortization and yield during the replenishment period and as long as no early amortization event occurs. Thereafter the principal collections are used to pay down the notes. The ultimate losses in the portfolio are allocated to the Class A to Class F notes in full reverse sequential order. Moody's Parameter Sensitivities: Moody's principal portfolio model inputs are Moody's cumulative default rate assumption and the recovery rate. Moody's tested 9 scenarios derived from different combinations of mean default rate (i.e. adding a stress on the expected average portfolio quality) and recovery rate. Specifically, Moody's tested for the mean default rate: 0.16% as base case, 0.21% as base case plus 30% default probability stress and 0.26% as base case plus 60% default probability stress, and for the recovery rate: 25% as base case, 15% as well as 5%. The model sensitivity output indicated that Class A would have achieved a Aaa rating even if the cumulative mean default probability had been as high as 0.26% (reflecting a default probability stress of 160%), and the recovery rate as low as 5.00% (all other factors being constant), while Class B would have achieved a Aaa rating only in the base case scenario and a Aa1 rating or even a Aa2 rating (in case of 5% recovery rate and the 160% default probability stress). Moody's Parameter Sensitivities provide a quantitative / model-indicated calculation of the number of rating notches that a Moody's-rated structured finance security may vary if certain input parameters would change. Regulatory Disclosures The rating has been disclosed to the rated entity or its designated agents and issued with no amendment resulting from that disclosure. Information sources used to prepare the credit rating are these: parties involved in the ratings, confidential and proprietary Moody's Investors Service information. Moody's Investors Service considers the quality of information available on the issuer or obligation satisfactory for the purposes of assigning a credit rating. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process. INTELSAT SA: Unit Completes Consent Solicitations of 2014 Notes --------------------------------------------------------------- Intelsat S.A.'s its subsidiary, Intelsat Corporation has received the requisite consents to amend certain terms of the indenture governing its 91/4% Senior Notes due 2014 and the indenture governing its 6 7/8% Senior Secured Debentures due 2028. The consent solicitation with respect to the 2014 Notes expired at 5:00 p.m. New York City time on Wednesday, September 29, 2010 and the consent solicitation with respect to the 2028 Notes expired at 5:00 p.m. New York City time on Wednesday, September 29, 2010. As of the 2014 Consent Time, Intelsat Corp had received tenders of US$546,286,000 aggregate principal amount of the 2014 Notes pursuant to its previously announced cash tender offer for the 2014 Notes and, as of the 2028 Consent Time, Intelsat Corp had received tenders of US$124,859,000 aggregate principal amount of the 2028 Notes pursuant to its previously announced cash tender offer for the 2028 Notes. The withdrawal deadline relating to each Tender Offer occurred at 5:00 p.m., New York City time, on Wednesday, September 29, 2010. Notes previously tendered and Notes that are tendered after the date hereof may not be withdrawn except as required by law. The Tender Offers are scheduled to expire at 11:59 p.m., New York City time, on Thursday, October 14, 2010, unless extended or earlier terminated by Intelsat Corp. Intelsat Corp has been advised by each of Wells Fargo Bank, National Association, as the trustee under the indenture governing the 2014 Notes, and The Bank of New York Mellon Trust Company, N.A., as the trustee under the indenture governing the 2028 Notes, that, as of the 2014 Consent Time and the 2028 Consent Time, consents were delivered and not revoked in respect of at least a majority in aggregate principal amount of each of the 2014 Notes and the 2028 Notes. As a result, Intelsat Corp and Wells Fargo Bank, National Association have entered into a supplemental indenture implementing the amendments to the 2014 Notes and the related indenture and Intelsat Corp and The Bank of New York Mellon Trust Company, N.A. have entered into a supplemental indenture implementing the amendments to the 2028 Notes and the related indenture. The amendments amend each of the indentures for the Notes, among other things, to eliminate substantially all of the restrictive covenants, certain events of default and certain other provisions contained in each indenture. Intelsat Corp will make a payment to each security holder of the 2014 Notes that validly tendered its 2014 Notes, and did not validly withdraw, and validly delivered its consent prior to the 2014 Consent Time, and did not validly revoke such consent, equal to US$1,035.00 per US$1,000 principal amount of the notes for which such security holder provided its consent, including accrued and unpaid interest. Intelsat Corp will make a payment to each security holder of the 2028 Notes that validly tendered its 2028 Notes, and did not validly withdraw, and validly delivered its consent prior to the 2028 Consent Time, and did not validly revoke such consent, equal to US$1,200.00 per US$1,000 principal amount of the notes for which such security holder provided its consent, including accrued and unpaid interest. Holders tendering their 2014 Notes after the 2014 Consent Time but before the Expiration Time will receive the tender offer consideration of US$1,005.00 per US$1,000 principal amount of 2014 Notes tendered. Holders tendering their 2028 Notes after the 2028 Consent Time but before the Expiration Time will receive the tender offer consideration of US$1,160.00 per US$1,000 principal amount of 2028 Notes tendered. Upon the terms and conditions described in each Offer to Purchase and Consent Solicitation Statement, payment for Notes accepted for purchase will be made (1) with respect to 2014 Notes and 2028 Notes validly tendered and not validly withdrawn at or prior to the 2014 Consent Time and the 2028 Consent Time, respectively, promptly after such acceptance for purchase (which is currently expected to be on or around September 30, 2010), and (2) with respect to 2014 Notes and 2028 Notes validly tendered after the 2014 Consent Time and 2028 Consent Time, respectively, but at or before the applicable Expiration Time, promptly after such Expiration Time (which is currently expected to be October 15, 2010, unless the applicable Tender Offer is extended). Intelsat Corp will pay accrued and unpaid interest on all Notes tendered and accepted for payment in the Tender Offers from the last interest payment date to, but not including, the date on which the Notes are purchased. About Intelsat S.A. Based in Luxembourg, Intelsat S.A. provides fixed satellite services worldwide. Its unit Intelsat Corporation, -- http://www.intelsat.com/-- formerly known as PanAmSat Corporation, is a global provider of video, corporate, Internet, voice and government communications services with a fleet of 25 satellites in-orbit. Intelsat S.A.'s balance sheet at June 30, 2010, showed US$17.34 billion in total assets, US$814.64 million in total current liabilities, US$15.22 billion in long term debt, US$128.77 million in deferred revenue, US$254.63 million in deferred satellite performance, US$548.71 million in deferred income taxes, US$239.87 million in accrued retirement benefits, a US$335.15 million redeemable non-controlling interest, US$8.88 million commitment and contingencies, and a stockholders' deficit of US$210.76 million. Intelsat S.A. reported revenue of US$635.3 million and a net loss of US$180.6 million for the three months ended June 30, 2010. Intelsat S.A., formerly Intelsat, Ltd., carries a 'Caa1' corporate family rating from Standard & Poor's. ===================== N E T H E R L A N D S ===================== NIELSEN COMPANY: Moody's Assigns (P)'Caa1' Rating on Senior Notes ----------------------------------------------------------------- Moody's Investors Service assigned a (P)Caa1 rating to The Nielsen Company B.V.'s proposed issue of US$500 million of senior notes due 2018 via its subsidiaries, Nielsen Finance LLC and Nielsen Finance Co (the Issuers) in a private offering. Nielsen intends to use the net proceeds of the issue to retire a portion of the Issuers' 10% Notes due 2014, as well as to pay other obligations related to such indebtedness. The transaction is therefore seen to be ratings neutral and consistent with ratings assigned to the various debt instrument classes. The assigned rating assumes that there will be no material variations to the draft legal documentation reviewed by Moody's. Nielsen's B2 Corporate Family Rating and all other ratings remain unchanged. Nielsen's B2 CFR takes into account company's strong international business positions with a track record of steady revenue growth in its core areas and meaningful profit improvements, which have facilitated the company's de-leveraging since its 2006 LBO. The ratings also acknowledge high barriers to entry and the company's completion of its business transformation plan in 2009. However, the ratings continue to reflect the company's still significant leverage, the competitive and price challenges for Nielsen's "Buy" division as well as the challenges associated with those businesses which are exposed to discretionary client spending and are exposed to cyclical downturns. A positive outlook is based on the expectation that Nielsen will continue to be free cash flow positive and can maintain de-leveraging momentum during 2010 and beyond, while at the same time taking the refinancing initiatives necessary to address its upcoming maturities. The (P)Caa1 rating also takes into account the proposed notes' effective subordination to Nielsen's senior secured debt. Moody's has taken note of the S-1 filing for an initial public offering by Nielsen Holdings B.V. Nielsen Holdings indirectly owns 100% of Nielsen's shares. The filing indicates that Nielsen Holdings intends to use the anticipated net proceeds from the IPO (~US$ 1.7 billion) to repay certain of the group's existing indebtedness. Moody's understands that Nielsen remains committed to the IPO process. Should the IPO proceed as currently described in the filing and debt be reduced materially and be sustained at the reduced level, strong upward pressure from the current B2 CFR would result. Moody's will closely monitor the further evolution of the IPO process and comment from time to time as warranted. The last rating action was on April 27, 2009 when Moody's assigned a (P)Caa1 rating to Nielsen's issue (through the Issuers) of senior notes due 2016. Nielsen's ratings were assigned by evaluating factors Moody's believe are relevant to the credit profile of the issuer, such as i) the business risk and competitive position of the company versus others within its industry, ii) the capital structure and financial risk of the company, iii) the projected performance of the company over the near to intermediate term, and iv) management's track record and tolerance for risk. These attributes were compared against other issuers both within and outside of Nielsen's core industry and Nielsen's ratings are believed to be comparable to those of other issuers of similar credit risk. Active in approximately 100 countries, with headquarters in Haarlem, The Netherlands and New York, USA, The Nielsen Company B.V. is a global information and media company. ============= R O M A N I A ============= * ROMANIA: Owes RON120-Mil. to Passenger Transport Firms -------------------------------------------------------- Romania's Transport Ministry has a RON120 million debt to passenger transport firms, which represents overdue payments for ticket price subsidies granted to disadvantaged people. Mediafax relates Romanian Transport Operator Federation (FORT) president Augustin Hagiu said Thursday, during the Mediafax talks about Transport & Logistics seminar, authorities were asked to compensate the ministry's debts to transporters with the sums owed by the latter to the state budget, adding the request was rejected. According to Mediafax, Mr. Hagiu said state's debts to transporters are overdue by one year. Mr. Hagiu, as cited by Mediafax, said of the total number of transport firms, 45% were closed down or filed for insolvency. Mediafax notes Finance Minister Gheorghe Ialomitianu said Wednesday that the state's debts to transporters will be compensated with sums owed to the budget. =========== R U S S I A =========== MOSCOW INTEGRATED: Fitch Changes Outlook on BB+ Rating to Positive ------------------------------------------------------------------ Fitch Ratings has changed the Outlook for Moscow Integrated Power Company's Long-term foreign currency Issuer Default Rating of 'BB+' to Positive from Stable. At the same time, Fitch affirmed MIPC's Short-term foreign currency IDR at 'B'. Fitch also changed the Outlook for MIPC's National Long-term 'AA(rus)' rating to Positive from Stable, and affirmed the Short-term National rating at 'F1+(rus)'. MIPC's ratings are linked to those of the City of Moscow ('BBB'/Positive), its major shareholder, and reflect strong operational and strategic ties with the city, in accordance with Fitch's 'Parent and Subsidiary Rating Linkage' criteria. The Outlook changes for MIPC follow the agency's September 16, 2010, decision to change the Outlooks for the City of Moscow's ratings to Positive from Stable. ============= U K R A I N E ============= BANK NADRA: Moody's Withdraws 'Caa2' Foreign Deposit Ratings ------------------------------------------------------------ Moody's Investors Service has withdrawn all ratings of Bank Nadra. At the time of withdrawal, Bank Nadra's ratings were: long-term local and foreign currency deposit ratings of Caa2, short-term local and foreign currency ratings of Not Prime, Bank Financial Strength Rating of E and National Scale Rating of B3.ua. The outlook on the bank's BFSR is stable, while the outlook on the deposit ratings is negative. Ratings Rationale Moody's Investors Service has withdrawn the credit rating for its own business reasons. Moody's most recent rating action on Bank Nadra was on March 1, 2010, when the rating agency confirmed the bank's Caa2 local and foreign currency deposit ratings and B3.ua National Scale Rating and assigned negative outlook on the deposit ratings. Headquartered in Kiev, Ukraine, Bank Nadra reported total assets of UAH24.8 billion (US$3.1 billion) and total equity of UAH475 million (US$59.3 million) according to Ukrainian Accounting Standards at year-end 2009. Regulatory Disclosures The rating has been disclosed to the rated entity or its designated agents and issued with no amendment resulting from that disclosure. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process. UKRPROMBANK LLC: Moody's Withdraws 'C' Foreign Deposit Ratings -------------------------------------------------------------- Moody's Investors Service has withdrawn all ratings of Ukrprombank. At the time of withdrawal, Ukrprombank LLC's ratings were: long-term local and foreign currency deposit ratings of C, short-term local and foreign currency ratings of Not Prime, Bank Financial Strength Rating of E and National Scale Rating of C.ua. The outlook on all the global scale ratings of the bank is stable. Ratings Rationale Moody's Investors Service has withdrawn the credit rating for its own business reasons. Moody's has withdrawn these ratings because Ukrprombank has been in the process of liquidation by the decision of the National Bank of Ukraine of January 21, 2010. Consequently Moody's believed that it was not useful to maintain a credit rating on that issuer or its obligations. Moody's most recent rating action on Ukrprombank was on January 25, 2010, when the rating agency downgraded Ukrprombank's local and foreign currency deposit ratings to C from Caa3, and the National Scale Rating to C.ua from Caa3.ua. Headquartered in Kiev, Ukraine, Ukrprombank reported total assets of UAH10.2 billion and total equity was a negative UAH1.8 billion according to Ukrainian Accounting Standards at end-Q3 2009. Regulatory Disclosures The rating has been disclosed to the rated entity or its designated agents and issued with no amendment resulting from that disclosure. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process. =========================== U N I T E D K I N G D O M =========================== ARCHIAL GROUP: Ingenium Acquires Firm's UK Business --------------------------------------------------- Canadian architecture firm Ingenium Group has bought U.K. firm Archial just days after it went into administration, International Construction Review reports. According to the report, Ingenium Group disclosed on September 28 that it had purchased the majority of the UK business and assets from the administrators of Archial Group PLC, Archial Holdings Ltd, Archial Architects Ltd., Archial Resources Ltd. and Alsop Sparch Ltd. The report relates that it was a fast purchase. The report notes that shares in Archial Group Plc were suspended from the Alternative Investment Market on September 17 and the company and a number of its subsidiaries went into administration on September 21. As reported in the Troubled Company Reporter-Latin America on September 24, 2010, bdonline.co.uk said that Archial Group PLC f.k.a SMC was unable to agree on repayment terms over unpaid tax owed to HM Revenue & Customs and appointed joint administrators David Chubb and Graham Frost of PricewaterhouseCoopers, who are now seeking a rapid sale of the business. The report related Mr. Chubb said: ". . . due to difficulties in meeting the group's financial obligations, the directors have concluded that various companies in the Group, including Archial Architects Limited and Alsop Sparch Limited, should be placed into administration to protect the business and assets." The company, International Construction Review says, revealed it had debts of GBP13.5 million at the end of 2009 and in August this year it issued a surprise profit warning, which sent its share price down 61%. The report relates that the newly acquired organization has been registered as Ingenium Archial Ltd. and will operate under the name of Archial and Alsop Sparch. Christopher Littlemore will continue as CEO and Victor Smith will take on the role of Executive Chairman, the report adds. Archial Group PLC is a London-based practice that employs 400 staff worldwide including around 200 architects. CONNAUGHT PLC: Council Scraps Firm's Job Plan for Norwich --------------------------------------------------------- A deal to safeguard most of the jobs which were lost in Norwich when Connaught plc went into administration has been scrapped because of potential legal issues, BBC News reports. The report relates that a firm was ready to take over the Norwich City Council contract, but lawyers said the deal could be challenged in court. According to the report, temporary contracts for housing repairs and maintenance will now go to tender. The report notes that until then services will be provided by emergency contracts already in place. The contracts being put out to tender will run for between nine and 12 months and the council expects those to be up and running by the end of November, the report says. Last week, the report notes, a contractor reached an agreement in principle with the council to have the housing repairs and maintenance contract transferred to it. The report relates that this could only be done at the same price and contractual terms and conditions as agreed with Connaught. The report says that this would have got the vast majority of former Connaught workers back to work. The report relates that the company involved had agreed to "ring-fence" the jobs to give those made redundant the first opportunity to apply. However, the report notes, the council received legal advice from a barrister which warned "of the significant risk of a legal challenge if the council were to transfer the housing repairs and maintenance contract without going to tender". "This is hugely frustrating for us because the money is there to improve tenants' homes, the work is there and the workforce is ready to do it, but we cannot go ahead with a common sense solution," the report quoted Alan Waters, cabinet member for corporate resources, as saying. Connaught called in receivers in September with the potential loss of 1,400 jobs. About Connaught plc Connaught plc -- http://www.connaught.plc.uk/-- is a United Kingdom-based company engaged in the provision of integrated asset services to the public and private sectors. The Company operates in two business segments: social housing and compliance. Social Housing segment provide social housing landlords throughout the United Kingdom with a range of planned and response maintenance services, as well as compliance and estate management. The Compliance segment provides safety, health and risk management solutions. It has information, advisory, training and servicing capabilities to provide integrated compliance solution throughout the United Kingdom. On July 22, 2009, the Company completed the acquisition of UK Fire (International) Limited and Igrox Limited. On September 15, 2008, the Company completed the acquisition of Lowe Group Holdings Ltd. On November 26, 2008, the Company completed the acquisition of certain assets of Predator Pest Control Plc. GOLDTRAIL TRAVEL: Creditors to Appoint PwC as Liquidators --------------------------------------------------------- Travel Weekly reports a creditors' meeting in London on Friday revealed that PricewaterhouseCoopers will be appointed as liquidators of Goldtrail Travel. Travel Weekly says reports that the main creditor, the Civil Aviation Authority, had requested PWC to become liquidators rather than the choosing administrators Begbies Traynor. According to Travel Weekly, the company will be put into liquidation within five weeks of the meeting. The CAA has submitted a claim to the administrators for GBP25.9 million. The liquidator is expected to deal with Abta members whose claims have been rejected by the Air Travel Trust. A number of agencies were notified by the CAA last week that their claims were not valid. As reported by the Troubled Company Reporter-Europe on July 20, 2010, Mark Fry and Mr. Taylor of Begbies Traynor were appointed administrators of Goldtrail Travel Limited, the specialist Greek and Turkey budget holiday operator, based in New Malden, Surrey, on July 16, 2010. HOLIDAY INN: Under Receivership ------------------------------- Kati O'Hare at Daily Press reports that The Holiday Inn Express is under receivership. "The hotel is doing well and will continue to do well," the report quoted owner Aaron Million as saying. "I met with my financial institution [September 29, 2010]" it's about back taxes owed but I think we'll have a resolution to it," he added. According to the report, Montrose County Treasurer Rosemary Murphy said that Mr. Million owes US$255,000 in unpaid taxes from 2009 and 2010 on the Holiday Inn Express. The report, citing county records, relates that Mr. Million's last property tax payment was December 2008, so a tax lien now is on the hotel. The report, citing county records, notes Ray H. Werner, of Delta, paid some of the overdue taxes covering the period from October 29, 2009, through August 3, 2010, county tax records show. An investor must pay three years worth of taxes on another owner's lien before he can apply for a treasurer's deed. "In Montrose County, very few have gone through to a treasurer deed," the report quoted Mr. Murphy as saying. "Usually, the mortgage company will pay those taxes before they let it (a property) go. If they don't, their deed of trust is extinguished because property tax liens take precedence," he added. The Holiday Inn Express operates in Montrose, Scotland. LOTUS RESOURCES: Reaches Creditor Settlement -------------------------------------------- Lotus said its directors have been in extensive discussions with its creditors and loan note holders and have now reached an agreement to eliminate the majority of the PLC's outstanding debt, including all existing loan notes and creditors owing. Part of this Settlement will involve a conversion of debt into equity at a price of 1 pence per ordinary share, resulting in the issue of 2,065,120 new ordinary shares, equivalent to 2.8 % of the enlarged share capital of the Company, post-Settlement. Details As outlined in the announcement on September 14, 2010, following the abandonment of the Company's plans to seek a listing on the Alternative Investment Market and the continuing difficulties in raising capital on acceptable terms, Lotus's Board has embarked on an urgent assessment of the Company's financial position. This Review, involving detailed discussions and negotiations with creditors owed in excess of GBP700,000 has now been successfully completed, and terms have been agreed with all outstanding creditors of Lotus Resources plc for a full and final Settlement. This Settlement is in two parts; Debt for Equity: Certain trade creditors of the Company have agreed to exchange all of their outstanding debt in return for new equity in the Company, the total amount of debt used for calculation being 33% of the full amount outstanding. As a result of this Settlement, such creditors will be issued with 2,065,120 of new shares in the company, at an issue price equivalent to 1 pence per ordinary share. Novation and Codicil Agreements: Certain additional creditors of the Company have agreed to release and discharge Lotus Resources plc from all its repayment and security obligations, in return for their debt being reassigned to Mongolian Mineral Resources Limited, a newly formed company, owned by certain former Directors of Lotus Resource plc. The debt transferred as a result of these Agreements includes the GBP500,000 convertible secured loan note issued by the Company in February this year (which remains substantially undrawn), and largely relates to costs associated with due diligence, the aborted AIM listing, and outstanding professional and exploration fees. In reaching this final Settlement of all of the outstanding debt owed by Lotus, the Board would like to express its gratitude and appreciation to the former Directors of the Company, in particular Simon Longworth, for their continued co-operation and support. As part of the fundamental Strategic Review, announced on 14 September 2010, the Board also announced plans to evaluate a sale or joint-venture of its Mongolian mining subsidiary, Lotus Minerals Mongolia Limited. This evaluation process continues, but is now at an advanced stage, and your Board hopes to announce a conclusion shortly. Following the issue of shares resulting from this Settlement, the Company will have 74,138,766 Ordinary Shares of 1p in issue. James Benson, a Director of Lotus, has participated in the Creditors' Settlement in relation to outstanding fees owed to him. As a result of the Settlement, he now owns 1,238,767 shares which represents 1.7% of the enlarged issued share capital of the Company. The Directors of the issuer accept responsibility for this announcement. PENYMYNYDD CAR COLLECTION: Goes Into Administration --------------------------------------------------- PENYMYNYDD Car Collection Services has gone into administration. Francesca Elliott at The Flintshire Chronicle reports that the company faced difficulties recently, as a result of rising fuel prices and the poor economic climate. The report relates administrators Begbies Traynor began proceedings last month. "We immediately tried to find a buyer for the business as a going concern but it quickly became obvious that this was unlikely to happen. We have since sold on the company's list of clients to another party and are now in the process of selling off its assets. There are a number of transporters and other vehicles for sale and we would ask anyone who is interested in buying them to contact us," the report quoted Gary Lee of Begbies Traynor as saying. "Car Collection Services has been a family-owned business for two generations but the current owners are of an age when they don't want to take the company forward. The haulage sector is also an intensely difficult one to be in at the moment as a result of the economic situation and rising fuel prices," he added. About PENYMYNYDD Car Collection Headuartered in Chester, PENYMYNYDD Car Collection Services is a family-owned company that was founded 60 years. The company specialized in moving HGVs, LGVs, cars, vans and caravans around the UK and Europe. WESTMINSTER HOUSING: Declared Insolvent After Members Refuse Loan ----------------------------------------------------------------- Carl Brown at Inside Housing reports that London's Westminster Housing Co-operative has been declared insolvent after a group of members refused to let a social landlord lend it money in return for allowing it to enter a management contract. Westminster Housing Co-operative has 189 members and manages 48 homes for 14 landlords across 18 London boroughs. The co-operative had GBP438,968 in its special interest account on August 31, 2008, but this had dwindled to GBP6,386 by June this year, according to documents seen by Inside Housing. According to Inside Housing, the Co-operative Development Society Limited, which provides support services to co-operatives, in July offered the organization a GBP200,000 loan, secured on WHC's two property assets. But staff, backed by a faction of rank-and-file WHC members, refused to co-operate with CDS, fearing that terms attached to the loan, including a condition that the co-operative enter into a management contract with CDS, would compromise WHC's independence, Inside Housing says. Inside Housing relates CDS wrote to WHC on August 23 to say it could not proceed with the loan due to a lack of co-operation from staff members. According to the report, WHC has since ceased trading and members arrived on August 23 to find the offices of the co-operative locked by the management committee. Aidan Healey, the chair of the WHC management committee, said a drop in business caused by housing providers using alternative means of maintaining stock to meet decent homes standards, as well as higher maintenance costs was to blame for the co-operative's financial problems, Inside Housing reports. Inside Housing notes that the company is currently being administered by Gotham Erskine and could be wound up. Started in the 1980's, Westminster Housing Co-operative -- http://www.westminsterhousingcoop.org/-- is a housing cooperative serving throughout the Greater London area. WHALSAY FISH: Placed Into Administration ---------------------------------------- Ryan Taylor at Shetland Times reports that the struggling Whalsay Fish Processors factory at Symbister has been placed in administration after failing to turn round its dwindling fortunes. The report relates that the company had been pinning its hopes on new products based on raw material to bring it back to prosperity. However, the report notes that these aspirations failed to materialize, and the firm has succumbed to pressures brought on by the high price of salmon. According to the report, Whalsay Fish had received a GBP725,000 loan from Shetland Islands Council's economic development unit in July last year. The report relates that some repayments had been made to the council but the firm, owned by four fishing industry figures including Framgord's Frank Johnson, still has a substantial sum outstanding. Management has been in talks with the council over its difficulties for several months, the report says. The Times discloses that in June, the company was given a stay of execution to enable it to launch a new product range. Those products, however, have failed to come to the market, the report notes. After the SIC development committee went into private, chairman Josie Simpson said they had decided to let the company go, the report discloses. The decision, the report relates, was taken to let Whalsay go into administration. "The problem has been getting raw material to the factory. The price of salmon has been going through the roof, and he [Mr. Johnson] wasn't able to get the raw material at the price he could afford," the report quoted Mr. Simpson as saying. Whalsay Fish Processors is known for processing frozen salmon mainly for the European market. * UK Pension Regulator Faces Legal Challenge from Nortel, Lehman ---------------------------------------------------------------- Investment & Pension Europe reports that the Pension Regulator is facing a legal challenge from Lehman Brothers and Nortel Group over two Financial Support Directions totaling GBP2.3 billion. According to I&PE, the case, which will be heard in London's High Court in November, is seeking to address how administrators have to view any demands made by the regulator. Jane Croft and Norma Cohen at the Financial Times report that the regulator is facing a High Court challenge to the global reach of its power to demand a share of the proceeds when a foreign company with an underfunded UK pension scheme is liquidated after insolvency. The FT says that power goes to the heart of two of the regulator's most important obligations: to ensure benefits are paid in full and on time, and to limit claims on the Pension Protection Fund, the safety net for the underfunded schemes of insolvent employers. The challenge is directed at the Pensions Act of 2004. According to the FT, the challenge follows the regulator's move to issue a rarely used measure -- a Financial Support Direction -- which orders a parent company or other companies within the group to provide specific financial support to the underfunded scheme of a subsidiary. =============== X X X X X X X X =============== * BOND PRICING: For the Week September 27 to October 1, 2010 ------------------------------------------------------------ Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRIA ------- RAIFF ZENTRALBK 5.470 2/28/2028 EUR 72.50 RAIFF ZENTRALBK 4.500 9/28/2035 EUR 61.09 BELGIUM ------- FORTIS BANK 8.750 12/7/2010 EUR 13.28 FINLAND ------- MUNI FINANCE PLC 1.000 6/30/2017 ZAR 64.18 MUNI FINANCE PLC 1.000 2/27/2018 AUD 69.09 MUNI FINANCE PLC 0.500 9/24/2020 CAD 70.47 MUNI FINANCE PLC 0.500 3/17/2025 CAD 56.20 MUNI FINANCE PLC 0.250 6/28/2040 CAD 23.98 FRANCE ------ AIR FRANCE-KLM 4.970 4/1/2015 EUR 14.72 ALCATEL SA 4.750 1/1/2011 EUR 16.63 ALCATEL-LUCENT 5.000 1/1/2015 EUR 3.42 ALTRAN TECHNOLOG 6.720 1/1/2015 EUR 4.76 ATOS ORIGIN SA 2.500 1/1/2016 EUR 52.62 BNP PARIBAS 10.050 7/24/2012 USD 64.27 CALYON 6.000 6/18/2047 EUR 51.36 CAP GEMINI SOGET 1.000 1/1/2012 EUR 44.47 CAP GEMINI SOGET 3.500 1/1/2014 EUR 44.74 CLUB MEDITERRANE 4.375 11/1/2010 EUR 49.84 EURAZEO 6.250 6/10/2014 EUR 56.62 FAURECIA 4.500 1/1/2015 EUR 22.21 GROUPE VIAL 2.500 1/1/2014 EUR 20.72 MAUREL ET PROM 7.125 7/31/2014 EUR 15.99 MAUREL ET PROM 7.125 7/31/2015 EUR 13.22 NEXANS SA 4.000 1/1/2016 EUR 63.42 PEUGEOT SA 4.450 1/1/2016 EUR 31.36 PUBLICIS GROUPE 1.000 1/18/2018 EUR 48.43 PUBLICIS GROUPE 3.125 7/30/2014 EUR 38.22 RHODIA SA 0.500 1/1/2014 EUR 47.37 SOC AIR FRANCE 2.750 4/1/2020 EUR 20.78 SOITEC 6.250 9/9/2014 EUR 9.22 TEM 4.250 1/1/2015 EUR 54.84 THEOLIA 2.700 1/1/2041 EUR 11.95 VALEO 2.375 1/1/2011 EUR 46.99 ZLOMREX INT FIN 8.500 2/1/2014 EUR 55.50 ZLOMREX INT FIN 8.500 2/1/2014 EUR 55.50 GERMANY ------- DEUTSCHE BK LOND 0.500 8/25/2017 BRL 52.91 DEUTSCHE BK LOND 3.000 5/18/2012 CHF 60.88 ESCADA AG 7.500 4/1/2012 EUR 17.97 L-BANK FOERDERBK 0.500 5/10/2027 CAD 50.94 QIMONDA FINANCE 6.750 3/22/2013 USD 3.69 SOLON AG SOLAR 1.375 12/6/2012 EUR 37.80 GREECE ------ ATHENS URBAN TRN 4.851 9/19/2016 EUR 74.63 ATHENS URBAN TRN 5.008 7/18/2017 EUR 68.25 HELLENIC REP I/L 2.300 7/25/2030 EUR 50.52 HELLENIC REP I/L 2.900 7/25/2025 EUR 54.34 HELLENIC REPUB 5.250 2/1/2016 JPY 70.87 HELLENIC REPUB 5.000 8/22/2016 JPY 67.10 HELLENIC REPUB 5.200 7/17/2034 EUR 65.90 HELLENIC REPUBLI 3.600 7/20/2016 EUR 72.54 HELLENIC REPUBLI 4.300 7/20/2017 EUR 71.00 HELLENIC REPUBLI 4.600 7/20/2018 EUR 69.61 HELLENIC REPUBLI 6.000 7/19/2019 EUR 72.99 HELLENIC REPUBLI 4.700 3/20/2024 EUR 64.49 HELLENIC REPUBLI 5.300 3/20/2026 EUR 65.73 HELLENIC REPUBLI 4.500 9/20/2037 EUR 58.88 HELLENIC REPUBLI 4.600 9/20/2040 EUR 58.72 NATIONAL BK GREE 3.875 10/7/2016 EUR 73.64 YIOULA GLASSWORK 9.000 12/1/2015 EUR 72.63 YIOULA GLASSWORK 9.000 12/1/2015 EUR 73.36 IRELAND ------- ALLIED IRISH BKS 7.875 7/5/2023 GBP 77.83 ALLIED IRISH BKS 5.250 3/10/2025 GBP 60.81 BANK OF IRELAND 4.625 2/27/2019 EUR 76.41 DEPFA ACS BANK 5.125 3/16/2037 USD 74.80 DEPFA ACS BANK 4.900 8/24/2035 CAD 66.45 DEPFA ACS BANK 3.250 7/31/2031 CHF 72.76 DEPFA ACS BANK 3.278 7/17/2026 CHF 72.27 DEPFA ACS BANK 0.500 3/3/2025 CAD 35.61 DEPFA ACS BANK 1.920 5/9/2020 JPY 72.97 DEPFA ACS BANK 5.125 3/16/2037 USD 72.62 DEPFA BANK PLC 3.150 4/3/2018 EUR 71.35 IRISH LIFE & PER 4.625 5/9/2017 EUR 66.74 IRISH NATIONWIDE 13.000 8/12/2016 GBP 58.75 IRISH PERM PLC 7.284 2/15/2035 EUR 65.58 ITALY ----- COMUNE DI MILANO 4.019 6/29/2035 EUR 73.32 LUXEMBOURG ---------- ARCELORMITTAL 7.250 4/1/2014 EUR 28.72 BREEZE FINANCE 4.524 4/19/2027 EUR 70.00 CRC BREEZE 5.290 5/8/2026 EUR 63.50 GLOBAL YATIRIM H 9.250 7/31/2012 USD 73.25 IIB LUXEMBOURG 11.000 2/19/2013 USD 60.00 INTL INDUST BANK 9.000 7/6/2011 EUR 32.50 LIGHTHOUSE INTL 8.000 4/30/2014 EUR 59.35 LIGHTHOUSE INTL 8.000 4/30/2014 EUR 58.88 NETHERLANDS ----------- APP INTL FINANCE 11.750 10/1/2005 USD 0.01 ARPENI PR INVEST 8.750 5/3/2013 USD 39.41 ARPENI PR INVEST 8.750 5/3/2013 USD 37.75 BK NED GEMEENTEN 0.500 2/24/2025 CAD 55.88 BRIT INSURANCE 6.625 12/9/2030 GBP 66.75 ELEC DE CAR FIN 8.500 4/10/2018 USD 54.98 INDAH KIAT INTL 12.500 6/15/2006 USD 0.01 IVG FINANCE BV 1.750 3/29/2017 EUR 73.73 NATL INVESTER BK 25.983 5/7/2029 EUR 30.06 NED WATERSCHAPBK 0.500 3/11/2025 CAD 55.12 SIDETUR FINANCE 10.000 4/20/2016 USD 63.38 TJIWI KIMIA FIN 13.250 8/1/2001 USD 0.01 NORWAY ------ EKSPORTFINANS 0.500 5/9/2030 CAD 44.18 KOMMUNALBANKEN 0.500 9/24/2014 BRL 71.26 NORSKE SKOGIND 7.000 6/26/2017 EUR 73.80 POLAND ------ REP OF POLAND 3.300 6/16/2038 JPY 71.89 REP OF POLAND 3.220 8/4/2034 JPY 73.46 REP OF POLAND 2.648 3/29/2034 JPY 64.87 METRO DE LISBOA 4.061 12/4/2026 EUR 74.52 PORTUGAL -------- PORTUGUESE OT'S 4.100 4/15/2037 EUR 72.23 RUSSIA ------ ACBK-INVEST 9.500 4/14/2011 RUB 2.00 AGROKOM GROUP 10.000 6/21/2011 RUB 3.00 AGROSOYUZ 17.000 3/28/2012 RUB 2.00 APK ARKADA 17.500 5/23/2012 RUB 0.38 ARKTEL-INVEST 12.000 4/9/2012 RUB 2.01 ATOMSTROYEXPORT- 7.750 5/24/2011 RUB 2.00 BANK OF MOSCOW 6.450 7/29/2011 RUB 70.00 BANK OF MOSCOW 7.500 2/1/2013 RUB 70.00 BANK SOYUZ 16.000 5/2/2011 RUB 2.00 BANK SOYUZ 9.500 2/23/2011 RUB 3.00 BASHKIRENERGO 8.300 3/9/2011 RUB 34.01 CB STROYCREDIT 9.500 8/1/2011 RUB 15.50 CREDIT EUROPE BA 11.500 6/28/2011 RUB 2.00 DALUR-FINANS 14.000 2/5/2013 RUB 4.00 DIPOS 8.000 6/19/2012 RUB 25.00 DVTG-FINANS 17.000 8/29/2013 RUB 17.00 EMALIANS-FINANS 10.970 7/8/2011 RUB 50.00 ENERGOSPETSSNAB 8.500 5/30/2016 RUB 0.10 ENERGOSTROY-FINA 12.000 5/20/2011 RUB 2.00 EUROKOMMERZ 16.000 3/15/2011 RUB 0.01 FAR EASTERN GENE 10.500 3/8/2013 RUB 17.00 FINANCEBUSINESSG 10.000 7/1/2013 RUB 2.00 FINANCEBUSINESSG 12.500 6/22/2011 RUB 2.00 GLAVSTROY-FINANS 1.000 3/17/2011 RUB 5.00 GLOBEX-FINANS 0.100 4/26/2011 RUB 26.01 GRACE DIAMOND 15.000 6/7/2012 RUB 2.00 GRADOSTROY-INVES 11.000 3/3/2011 RUB 3.00 IART 12.000 8/4/2013 RUB 5.00 IAZS 11.000 12/8/2010 RUB 2.00 INPROM 9.500 5/18/2011 RUB 50.00 INTERGRAD 15.000 7/9/2014 RUB 2.00 INTERSOFT 10.070 3/31/2025 RUB 1.00 INTL INDUST BANK 13.250 1/3/2018 RUB 3.00 IZHAVTO 18.000 6/9/2011 RUB 11.31 KARUSEL FINANS 12.000 9/12/2013 RUB 2.00 KOMOS GROUP 13.500 7/21/2011 RUB 20.00 KOSMOS-FINANS 10.200 6/16/2011 RUB 20.00 KRAYINVESTBANK 8.500 8/5/2011 RUB 3.00 KUBANSKAYA NIVA 15.500 2/20/2014 RUB 2.00 LADYA FINANS 13.750 9/13/2012 RUB 2.00 LEKSTROY 0.100 7/22/2011 RUB 4.00 LLC VICTORIA FIN 8.000 2/12/2013 RUB 2.00 LR-INVEST 13.750 7/17/2012 RUB 3.00 M-INDUSTRIYA 14.250 7/10/2013 RUB 5.21 M-INDUSTRIYA 12.250 8/16/2011 RUB 34.04 MACROMIR-FINANS 7.750 7/3/2012 RUB 0.02 MAIN ROAD OJSC 10.200 6/3/2011 RUB 3.00 MEDVED-FINANS 14.000 8/16/2013 RUB 6.66 METROSTROY INVES 7.000 9/23/2011 RUB 15.00 MIG-FINANS 0.100 9/6/2011 RUB 1.02 MIRAX 14.990 5/17/2011 RUB 36.52 MIRAX 17.000 9/17/2012 RUB 32.00 MORTON-RSO 12.000 2/28/2011 RUB 2.00 MOSKOMMERTSBANK 12.000 2/15/2011 RUB 2.00 MOSKOMMERTSBANK 1.000 6/12/2013 RUB 18.00 MOSMART FINANS 0.010 4/12/2012 RUB 1.90 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 NATIONAL CAPITAL 13.000 9/25/2012 RUB 13.00 NATIONAL CAPITAL 12.500 5/20/2011 RUB 2.00 NATIONAL FACTORI 11.500 5/3/2011 RUB 2.00 NAUKA-SVYAZ 15.000 6/27/2013 RUB 2.00 NEW INVESTMENTS 12.000 7/7/2011 RUB 2.00 NOK 10.000 9/22/2011 RUB 20.00 NOK 12.500 8/26/2014 RUB 12.00 NOMOS-LEASING 12.000 7/8/2011 RUB 2.00 NOVOROSSIYSK 13.000 12/9/2011 RUB 3.00 NUTRINVESTHOLDIN 11.000 6/30/2014 RUB 29.00 OBYEDINEONNYE KO 3.000 5/16/2012 RUB 2.00 OJSC FCB 11.000 8/7/2012 RUB 4.00 ORENBURG IZHK 9.240 2/21/2012 RUB 1.00 OSMO KAPITAL 10.200 3/7/2011 RUB 21.20 PEB LEASING 14.000 9/12/2014 RUB 2.00 PENSION FUND REA 5.000 5/7/2019 RUB 2.00 PETROCOMMERCE BK 5.000 7/6/2011 RUB 2.00 POLYPLAST 19.000 6/21/2011 RUB 8.00 PROM TECH 16.000 4/25/2011 RUB 2.00 PROMNESTESERVICE 9.500 12/5/2014 RUB 4.00 RAF-LEASING 12.500 2/21/2012 RUB 3.00 RAILTRANSAUTO 17.500 12/4/2013 RUB 3.00 REGIONENERGO 8.500 5/30/2016 RUB 2.00 RFA-INVEST 10.000 11/4/2011 RUB 4.00 RMK PARK PLAZA 10.000 1/8/2013 RUB 25.00 RYBINSKKABEL 0.010 2/28/2012 RUB 0.02 SAHO 15.000 5/21/2012 RUB 35.01 SATURN 10.000 6/6/2014 RUB 5.00 SENATOR 14.000 5/18/2012 RUB 26.00 SEVENTH CONTINE 9.250 6/14/2012 RUB 19.07 SEVKABEL-FINANS 10.500 3/27/2012 RUB 2.51 SIBIRSKAYA AGRAR 17.000 9/12/2012 RUB 2.00 SIBUR 13.500 3/13/2015 RUB 3.00 SIBUR 9.250 3/13/2015 RUB 3.00 SIBUR 7.300 3/13/2015 RUB 3.00 SIBUR 9.000 3/13/2015 RUB 3.00 SIBUR 10.470 11/1/2012 RUB 3.00 SISTEMA-HALS 8.500 4/15/2014 RUB 2.00 SISTEMA-HALS 8.500 4/8/2014 RUB 2.00 SOUTHERN STOCK C 15.750 4/29/2014 RUB 12.33 SPETSSTROYFINANC 8.500 5/30/2016 RUB 1.00 SVOBODNY SOKOL 18.000 5/24/2011 RUB 30.00 SVYAZ BANK 16.000 4/21/2011 RUB 50.00 SYNTERRA 0.010 8/1/2013 RUB 1.00 TALIO-PRINCEPS 16.000 5/17/2012 RUB 3.76 TECHNONICOL-FINA 13.500 9/11/2013 RUB 24.02 TECHNONICOL-FINA 13.000 9/19/2013 RUB 2.00 TERNA-FINANS 1.000 11/4/2011 RUB 1.00 TGK-4 8.000 5/31/2012 RUB 18.01 TK FINANS 12.600 9/5/2011 RUB 33.00 TOP-KNIGA 20.000 12/9/2010 RUB 3.43 TRANSCREDITFACTO 12.000 6/11/2012 RUB 4.00 TRANSCREDITFACTO 12.000 11/1/2012 RUB 33.00 TRANSFIN-M 9.750 8/13/2013 RUB 33.00 TRANSFIN-M 9.750 8/13/2013 RUB 33.00 TRANSFIN-M 14.000 7/10/2014 RUB 3.00 TRANSFIN-M 11.000 12/3/2014 RUB 33.00 TRANSFIN-M 11.000 12/3/2014 RUB 33.00 TRANSFIN-M 11.000 12/3/2014 RUB 3.00 TRANSFIN-M 11.000 12/3/2015 RUB 1.00 TRANSFIN-M 11.000 12/3/2015 RUB 3.00 TRANSFIN-M 11.000 12/3/2014 RUB 3.00 TRANSFIN-M 11.000 12/3/2015 RUB 3.00 TRANSFIN-M 11.000 12/3/2015 RUB 33.00 TRANSFIN-M 10.750 8/10/2012 RUB 23.00 TRANSNEFT 11.750 10/1/2019 RUB 2.00 TVER VAGONOSTRO 7.000 6/12/2013 RUB 1.00 UNITAIL 12.000 6/22/2011 RUB 40.00 UNITED HEAVY MAC 13.000 8/30/2011 RUB 38.01 UNITED HEAVY MAC 13.000 5/31/2013 RUB 3.00 URALCHIMPLAST 8.000 1/21/2011 RUB 2.00 URALELEKTROMED 8.250 2/28/2012 RUB 2.00 VESTER-FINANS 15.250 8/11/2011 RUB 2.01 VKM-LEASING FINA 1.000 5/18/2011 RUB 1.00 VLADPROMBANK 12.000 3/8/2011 RUB 23.00 VMK-FINANCE 16.000 5/21/2014 RUB 33.00 VTB 24 6.900 2/20/2014 RUB 4.45 VTB-LEASING FINA 9.800 11/6/2014 RUB 2.00 YUGFINSERVICE 15.250 5/20/2014 RUB 13.00 ZAO EUROPLAN 10.000 8/11/2011 RUB 2.00 ZHELEZOBETON 10.000 5/27/2011 RUB 28.01 ZHILSOTSIPOTEKA- 9.000 7/26/2011 RUB 2.00 SPAIN ----- AYT CEDULAS CAJA 3.750 6/30/2025 EUR 74.24 BANCAJA 1.500 5/22/2018 EUR 64.13 BANCAJA EMI SA 2.755 5/11/2037 JPY 45.50 BANCO GUIPUZCOAN 1.500 4/18/2022 EUR 66.19 CAIXA TERRASSA 1.500 3/12/2022 EUR 56.14 CAJA CASTIL-MAN 1.500 6/23/2021 EUR 50.40 CEDULAS TDA 6 3.875 5/23/2025 EUR 75.10 CEDULAS TDA A-6 4.250 4/10/2031 EUR 72.36 GENERAL DE ALQUI 2.750 8/20/2012 EUR 73.32 SWEDEN ------ SWEDISH EXP CRED 0.500 9/29/2015 BRL 63.86 SWEDISH EXP CRED 9.000 8/28/2011 USD 9.56 SWEDISH EXP CRED 9.000 8/12/2011 USD 9.59 SWITZERLAND ----------- UBS AG 13.300 5/23/2012 USD 4.05 UBS AG 14.000 5/23/2012 USD 8.83 UBS AG 10.580 6/29/2011 USD 38.59 UBS AG JERSEY 9.350 9/21/2011 USD 64.71 UBS AG JERSEY 10.360 8/19/2011 USD 49.70 UBS AG JERSEY 11.150 8/31/2011 USD 38.18 UBS AG JERSEY 10.650 4/29/2011 USD 15.79 UBS AG JERSEY 10.280 8/19/2011 USD 35.91 UBS AG JERSEY 10.820 4/21/2011 USD 21.34 UBS AG JERSEY 10.990 3/31/2011 USD 31.46 UBS AG JERSEY 12.800 2/28/2011 USD 34.09 UBS AG JERSEY 15.250 2/11/2011 USD 11.63 UBS AG JERSEY 10.000 2/11/2011 USD 59.90 UBS AG JERSEY 11.030 4/21/2011 USD 20.51 UBS AG JERSEY 16.170 1/31/2011 USD 13.05 UBS AG JERSEY 14.640 1/31/2011 USD 37.08 UBS AG JERSEY 13.900 1/31/2011 USD 34.74 UBS AG JERSEY 3.220 7/31/2012 EUR 55.07 UBS AG JERSEY 9.450 9/21/2011 USD 50.04 UNITED KINGDOM -------------- BANK OF SCOTLAND 6.984 2/7/2035 EUR 71.50 BARCLAYS BK PLC 10.800 7/31/2012 USD 27.45 BARCLAYS BK PLC 7.610 6/30/2011 USD 52.50 BARCLAYS BK PLC 8.550 1/23/2012 USD 10.62 BARCLAYS BK PLC 10.350 1/23/2012 USD 18.95 BARCLAYS BK PLC 10.600 7/21/2011 USD 41.21 BARCLAYS BK PLC 13.800 5/27/2011 USD 52.08 BARCLAYS BK PLC 10.650 1/31/2012 USD 41.50 BARCLAYS BK PLC 12.950 4/20/2012 USD 22.60 BARCLAYS BK PLC 9.400 7/31/2012 USD 11.07 BRADFORD&BIN BLD 5.500 1/15/2018 GBP 44.98 BRADFORD&BIN BLD 4.910 2/1/2047 EUR 60.09 BRADFORD&BIN PLC 6.625 6/16/2023 GBP 44.89 BRADFORD&BIN PLC 7.625 2/16/2049 GBP 46.44 EFG HELLAS PLC 6.010 1/9/2036 EUR 33.13 EFG HELLAS PLC 5.400 11/2/2047 EUR 64.63 ENTERPRISE INNS 6.375 9/26/2031 GBP 72.53 HBOS PLC 6.000 11/1/2033 USD 67.10 HBOS PLC 6.000 11/1/2033 USD 67.10 NORTHERN ROCK 5.750 2/28/2017 GBP 75.12 PUNCH TAVERNS 6.468 4/15/2033 GBP 72.48 ROYAL BK SCOTLND 10.000 2/15/2045 USD 72.94 ROYAL BK SCOTLND 6.316 6/29/2030 EUR 69.17 ROYAL BK SCOTLND 0.291 4/4/2025 USD 72.83 TXU EASTERN FNDG 6.750 5/15/2009 USD 2.48 TXU EASTERN FNDG 6.450 5/15/2005 USD 2.38 UNIQUE PUB FIN 6.464 3/30/2032 GBP 64.21 WESSEX WATER FIN 1.369 7/31/2057 GBP 33.98 ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than US$3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/booksto order any title today. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Joy A. Agravante, Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez, Frauline S. Abangan and Peter A. Chapman, Editors. Copyright 2010. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$625 per half-year, delivered via e-mail. 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. * * * End of Transmission * * *