/raid1/www/Hosts/bankrupt/TCREUR_Public/110404.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, April 4, 2011, Vol. 12, No. 66

                            Headlines



B E L G I U M

DEXIA GROUP: Moody's Corrects Press Release on Ratings


B U L G A R I A

VMZ SOPOT: Bidders Required to Cover Debts


C Z E C H   R E P U B L I C

* CZECH REPUBLIC: Corporate Bankruptcies Up to 526 in Q1 2011


F R A N C E

NOVASEP HOLDING: Moody's Downgrades Corp. Family Rating to 'Caa2'


G E R M A N Y

S-CORE 2008: Moody's Lowers Rating on Class F Notes to 'Ca (sf)'


H U N G A R Y

ELECTRO WORLD: Seeks Bankruptcy Protection in Budapest


P O R T U G A L

BANIF: Fitch Puts 'BB' Preference Share Rating on Watch Negative


R U S S I A

AVTOVAZ JSC: Fitch Publishes 'B-' LT Issuer Default Ratings
KEDR BANK: Moody's Gives Positive Outlook on 'B2' Ratings
ROSINTERAGROSERVIS OOO: Export Ban Prompts Bankruptcy Filing
* S&P Raises Rating on Russia's City of Novosibirsk to 'BB'


S E R B I A   &   M O N T E N E G R O

* Moody's Gives Stable Outlook on Montenegro's 'Ba3' Rating


U N I T E D   K I N G D O M

ALWORTHS: Put Into Administration; Sale Likely
ASHTEAD GROUP: S&P Affirms 'B+' Ratings on Two Classes of Notes
BLIGHLINE LTD: Enters Into Administration; Owes GBP6 Million
FOLIO BRISTOL: In Administration; Sold to Folio Print Finishing
INTERCHANGE ORGANIZATION: Moore Stephens Drawing Up CVA Proposal

LEHMAN BROTHERS: U.K. Court Rules Against Mortgage Bondholders
MERITOR INC: To Close Trailer Axle Business in Europe
ODDBINS: Set to Enter Into Administration Today
PARS TECHNOLOGY: Bought Out of Administration by NS Optimum
PRESBYTERIAN MUTUAL: Members Allowed to Vote on Rescue Package

SPORT MEDIA: Ceases Trading; Set to Appoint Administrators
SUBOCEAN GROUP: Owed More Than GBP37MM at Time of Administration
THOMAS COOK: Fitch Corrects Press Release on Ratings
WEST COUNTRY: Set to Go Into Liquidation Following CVA
YATE BATHROOMS: Put Into Administration


X X X X X X X X

* BOND PRICING: For the Week March 28 to April 1, 2011


                            *********


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B E L G I U M
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DEXIA GROUP: Moody's Corrects Press Release on Ratings
------------------------------------------------------
Moody's Investors Service corrected and replaced the rating press
release issued on March 28, 2011.  The hybrid indicator has been
added to all preferred stock and junior subordinated debt ratings.
The revised press release follows below.

Moody's Investors Service has placed on review for possible
downgrade the standalone Bank Financial Strength Ratings and long-
term deposit and senior debt ratings of Dexia Group's three main
operating entities -- Dexia Bank Belgium, Dexia Credit Local and
Dexia Banque Internationale a Luxembourg.  The three entities'
short-term ratings were affirmed.

The BFSRs of DBB, DCL and DBIL are currently aligned at C-,
mapping to Baa2 on the long-term scale.  The long-term debt and
deposit ratings and the short-term debt ratings of these
subsidiaries are also aligned at A1 and Prime-1, respectively.

Upon the conclusion of its ratings review, Moody's may reposition
the three entities' BFSRs in the D range, most likely at D+,
mapping to a Baseline Credit Assessment of Baa3 or Ba1 on the
long-term scale.  Moody's believes that potential systemic
support, which currently results in senior debt and deposit rated
four notches above the three entities' BCAs, is likely to remain
an important rating factor.  For this reason, Moody's sees the
potential downside to the A1 long-term senior debt and deposit
ratings to be limited to one or possibly two notches.  Moody's
decision to affirm the Prime-1 short-term ratings is similarly
driven by Moody's expectation that systemic support would be
forthcoming for Dexia's financing needs, as it was in the past.

Aa1 rated bonds of Dexia's issuing entities that benefit from a
guarantee of the governments of France (Aaa/stable), Belgium
(Aa1/Stable) and Luxembourg (Aaa/Stable) are unaffected by the
rating announcement.

Dexia's subordinated and hybrid securities were also placed on
review for possible downgrade.  For a detailed list of ratings
affected, please refer to the end of the press release.

                        Ratings Rationale

Moody's decision to initiate a review for downgrade on the ratings
of Dexia's three main operating entities was prompted by concerns
about the group's continued reliance on both short-term funding
and secured funding.  Although the group's short-term funding
needs have been substantially reduced, they remain sizeable and
further improvements are to some extent dependent upon disposals
and deleveraging.  Further, the overall higher cost of funding the
group has been experiencing since 2009 raises concerns over the
economics of Dexia's business as it may challenge its capacity to
maintain its franchise in the public finance business over time.
Moody's believes that the current BFSRs of C- may not be
consistent with these challenges, and could therefore reposition
its assessment of the group's intrinsic strength in the D
category, most likely at D+.  The initiation of Moody's review on
the A1 long-term debt and deposit ratings is a direct consequence
of the review of the BFSR, and will also take into account the
potential for systemic support, which Moody's expect to remain
very high.

             Funding Challenges Put Long-Term Pressure
                 on the Group's Intrinsic Strengths

Moody's recognizes the substantial progress achieved by Dexia in
reducing its short-term funding needs over the past two years.
Moody's also notes that the group's access to secured funding has
remained robust, both on the long- and short-term markets, and
that it has been successfully increasing its retail and commercial
deposits base.  The rating agency also notes the participation of
La Banque Postale (unrated) in Dexia's recent debt issues and the
likelihood that La Banque Postale will make further finance
available, together with other public entities.

Although Moody's understand that Dexia does not plan to make
significant use of unsecured term funding, Moody's believes that
the group's limited access to this financing channel makes it more
dependent on the delicate deleveraging process of its legacy
assets and other disposals in order to achieve a further
significant decrease in its funding gap, which is therefore likely
to remain sizeable.

Over the longer term, Moody's considers that the aforementioned
financial constraints and the overall higher cost of funding may
impact the group's ability to maintain its market shares in public
finance or its profitability.

The review for possible downgrade will therefore focus on these
factors, which are exerting some downward pressure on the group's
financial profile:

  - Dexia's ability to raise long-term funding at a cost that
    preserves the economics and the viability of its public
    finance core business;

  - Its ability to continue deleveraging its legacy assets without
    adversely affecting the average quality and duration of the
    bond portfolio in run-off; and

  - The potential impact of Basel III regulations on Dexia's
    liquidity management and the group's capitalization.

Moody's acknowledges the very high inter-company support that
currently prevails within the centrally managed Dexia Group.  This
is reflected in Moody's approach of assigning BFSRs at the same
level for the three main group companies (DBB, DCL and DBIL).

                  Focus on Long-Term Ratings and
                   Systemic Support Assumptions

The downward pressure on the BFSR has prompted Moody's to also
place the long-term debt and deposit ratings on review for
possible downgrade.

With long-term debt and deposit ratings of A1, Dexia's issuing
entities currently receive a four-notch uplift from their BCA of
Baa2.  This reflects the very high probability of systemic support
from France, Belgium and Luxembourg, as evidenced by the capital
increase in 2008, the funding guarantee program and the asset
guarantee scheme provided by these countries.  This support, in
turn, reflects the deep ties between Dexia and the public sectors
of these countries, both from its shareholders as well as a from a
business franchise perspective.  Moody's considers this
involvement to be a more structural feature of Dexia's model
compared to some other state-owned banks.  Moody's will therefore
review the degree of uplift from systemic support assigned to the
long-term ratings, but expect that support from government
shareholders will continue to be a key rating factor going
forward.  For this reason Moody's see the potential downside to
the A1 senior debt and deposit ratings to be limited to one or
possibly two notches.

                Affirmation of Short-Term Ratings

Moody's decision to affirm the Prime-1 short term ratings is
similarly driven by Moody's expectation that a downgrade of the
long-term ratings to A3 is less likely than a downgrade to A2.  In
addition, Moody's note that a Prime-1 short-term rating is not
incompatible with an A3 long-term rating.  While this combination
is unusual, it reflects Moody's continued high expectations of
systemic support for the group's financing needs.

           Hybrids and Junior Subordinated Debt Ratings

Additionally, the review on the BFSRs triggers a review on the
ratings of the group's outstanding hybrid securities.  As such,
the B3 (hyb) preferred stock securities issued by DCL and by Dexia
Funding Luxembourg (DFL, guaranteed by Dexia Group) as well as the
B1 (hyb) preferred stock securities issued by DBIL were placed on
review for possible downgrade.  Similarly, the Ba2 (hyb) junior
subordinated debt issued by DBB, and the Baa1 (hyb) junior
subordinated debts issued by DBIL and Dexia Overseas Limited were
placed on review for possible downgrade.

                      Impact on subsidiaries

The ratings on a number of subsidiaries were placed on review for
possible downgrade:

  - Dexia Credit Local's C- BFSR, A1 long-term deposit and senior
    unsecured debt ratings, A2 subordinated debt rating, and B3
    (hyb) preferred stock rating;

  - Dexia Bank Belgium's C- BFSR, A1 long-term deposit and senior
    unsecured debt ratings, A2 subordinated debt rating, and Ba2
     (hyb) junior subordinated debt rating;

  - Dexia Banque Internationale a Luxembourg's C- BFSR, A1 long-
    term deposit and senior unsecured debt ratings, A2
    subordinated debt rating, Baa1 (hyb) junior subordinated debt
    rating, and B1 (hyb) preferred stock rating;

  - Dexia Funding Luxembourg's B3 (hyb) backed preferred stock
    rating;

  - Dexia Kommunalkredit Bank's Baa2 long-term senior unsecured
    debt rating;

  - Dexia CLF Finance's A1 backed senior unsecured rating;

  - Dexia Public Finance Norden's A1 long-term backed bank deposit
    rating;

  - Dexia Credit Local New York Branch's A1 long-term bank deposit
    rating;

  - Dexia Credit Local Tokyo Branch's A1 long-term bank deposit
    rating;

  - Dexia Funding Netherlands' A1 backed long-term senior
    unsecured rating, and A2 backed subordinated debt rating;

  - Dexia Overseas Limited's A1 long-term backed senior unsecured
    rating, A2 backed subordinated debt rating and Baa1 (hyb)
    backed junior subordinated debt ratings.

The Prime-1 ratings on the above entities, where applicable, were
affirmed.

These ratings remain unchanged:

  - Dexia Crediop S.p.A.'s C- BFSR, A2 long-term deposit and
    senior unsecured debt ratings, A3 subordinated debt rating,
    and Prime-1 short-term debt ratings.  The outlook on deposit
    and senior unsecured debt ratings remains negative;

  - Crediop Overseas Bank Limited's A2 long-term deposit and
    senior unsecured debt ratings, A3 subordinated debt rating and
    Prime-1 short-term debt ratings.  The outlook on senior
    unsecured debt ratings remains negative;

  - Dexia Sabadell S.A.'s C- BFSR, Baa2 long-term deposit and
    senior unsecured debt ratings, and Prime-3 short-term debt
    ratings.  The outlook on the BFSR and deposit and senior
    unsecured debt ratings remain negative;

  - DenizBank A.S.'s C- BFSR, Baa2 domestic currency deposit
    ratings, Ba3 long-term foreign currency deposit ratings,
    Prime-2 short-term domestic currency deposit ratings and Not-
    Prime short-term foreign currency deposit ratings.  The
    outlook on the BFSR and domestic currency deposit ratings
    remains stable and the outlook on the foreign currency deposit
    ratings remains positive.

  - Dexia Delaware LLC's Prime-1 backed commercial paper rating;

  - Dexia Credit Local, Stockholm Branch's Prime-1 short-term
    deposit rating;

  - Dexia Financial Products' Prime-1 backed commercial paper
    rating;

            Previous Rating Actions and Methodologies

The last rating action on Dexia took place on Feb. 12, 2010, when
Moody's upgraded to C- from D+ the BFSRs of Dexia Group's main
operating entities (DBB, DCL and DBIL).  At the time, Moody's also
affirmed the A1 long-term debt and deposit ratings and the Prime-1
short-term debt and deposit ratings of DBB, DCL and DBIL.  The
outlooks on the long-term debt and deposit ratings and on the
BFSRs were changed to stable from negative.

Based in Brussels, Belgium, Dexia SA's consolidated net income
group share amounted to EUR723 million in 2010, down by 28% from
EUR1.1 billion in 2009.  Dexia had total assets of EUR566 billion
at the end-December 2010, down by 2% from EUR577 billion at the
end-December 2009.  At end-December 2010, the bank's Tier 1 ratio
stood at 13.1% (year-end 2009: 12.3%) under the Basel II advanced
approach.


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


VMZ SOPOT: Bidders Required to Cover Debts
------------------------------------------
Novinite.com reports that candidates applying to buy VMZ Sopot
will be eligible to bid for it if they demonstrate they have
enough funds to cover its mounting debts.

According to Novinite.com, the evidence of the bidders' assets can
be accounting documentation and bank account statements.

Novinite.com notes that another provision outlined in the strategy
for the privatization of VMZ Sopot published Friday in Bulgaria's
State Gazette is that the future owner of the plant will not be
allowed to lay off workers in the first three years after buying
it, with retiring employees being the only exception.  Thus, the
bidders are expected to be able to cover all overdue debts of the
VMZ Sopot plant, including delayed taxes, salaries and social
security payments, totaling some BGN140 million, Novinite.com
says.

The future owner will be free to negotiate with the private
creditors of the plant, however, they see fit, Novinite.com
states.

The potential investors will be offered 118,000,00 shares, or 100%
of the capital of the company, according to Novinite.com.  Up to
20% of those, or 23,600,000 shares, can be paid for with non-cash
means, Novinite.com says.

The company will be sold through a public tender, Novinite.com
discloses.  The bidders are required to accept the government's
condition that VMZ Sopot cannot be declared bankrupt or ripe for
liquidation for 5 years as of the date of acquisition,
Novinite.com notes.

VMZ Sopot has been in a troubled financial condition in the last
few years, Novinite.com recounts.  In 2007, Bulgaria's
Privatization Agency started to sell some of the plant's assets in
order to cover part of its debts; some of its assets were also
sold at the beginning of 2009, Novinite.com relates.  Over the
years, several governments failed to decide on a strategy to
privatize VMZ Sopot, and the Privatization Agency is said to be
expecting a solution from the GERB government and the new
Parliament dominated by them, Novinite.com notes.

VMZ Sopot is Bulgaria's largest defense industry plant.  It
employs 3,700 workers.  It is located in the town of Sopot in
central Bulgaria.


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


* CZECH REPUBLIC: Corporate Bankruptcies Up to 526 in Q1 2011
-------------------------------------------------------------
CTK, citing an analysis by the Czech Credit Bureau, reports that
the number of bankruptcies of businesses in the Czech Republic
grew to 526 in the first quarter of this year from 433 registered
in the same period of last year.

According to CTK, a total of 1,515 proposals for bankruptcy of
businesses were filed in the first quarter of this year, compared
with 1,113 in the first quarter of last year.

The highest growth in the number of bankruptcies of businesses in
the first quarter was in the Moravskoslezsky region (+103%), CTK
discloses.  The number of bankruptcies of businesses fell in five
regions, CTK notes.  The biggest fall was in the Pardubicky
(-67%) and Jihomoravsky regions (by one third), CTK states.

In March, 206 bankruptcies of businesses were declared, 59 more
than in February, CTK relates.  Two thirds of the bankruptcies in
March concerned companies and the rest self-employed, CTK says.


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


NOVASEP HOLDING: Moody's Downgrades Corp. Family Rating to 'Caa2'
-----------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating and the probability of default rating of Novasep Holding
S.A.S. to Caa2 from Caa1.  Concurrently, the rating agency has
downgraded to Caa2 from Caa1 the company's EUR270 million and
US$150 million worth of senior secured notes, both maturing in
December 2016.  The outlook on the ratings has been changed to
negative from stable.

                        Ratings rationale

"The downgrade of Novasep's ratings to Caa2 from Caa1 follows the
company's announcement on March 21, 2011 that it will review
financial and strategic options as regards its capital structure,
which could include some form of restructuring of some or all of
the company's indebtedness," said Marie Fischer-Sabatie, a Moody's
Vice President-Senior Analyst and lead analyst for Novasep.
"Given Novasep's elevated leverage and currently weak operating
performance, such a restructuring of the company's debt could, in
Moody's view, result in losses for bondholders and hence be deemed
a distressed exchange, which the rating agency considers a default
event," added Ms Fischer-Sabatie.

On March 21, 2011, Novasep announced that its board of directors
has authorized management to explore financial and strategic
options in the context of the ongoing competitive challenges in
Novasep Synthesis's markets and the company's high financial
leverage.  These options include, among other things, the
refinancing, exchange or restructuring of some or all of Novasep's
debt and/or the repurchase of the company's indebtedness.
Although all options remain open, Moody's notes that in order to
reduce Novasep's debt substantially and achieve a meaningful
reduction in leverage, bondholders might be impacted.

The CFR of Caa2 reflects the currently weaker operating
performance of Novasep, having resulted in very high leverage
(estimated by Moody's at around 8x on an adjusted basis at year-
end 2010), as the company's revenues are affected by contract
attrition and strategic changes made by its clients, particularly
pharmaceuticals companies (in-sourcing, consolidation).  However,
the Caa2 assumes that any cash burn will remain limited during
2011 and also takes account of Novasep's position in a niche
technology market with barriers to entry and long-term growth
trends in the pharmaceuticals industry.

The negative outlook recognizes that further downward pressure
could be exerted on the rating during the course of 2011,
particularly if debt restructuring takes place in the form of a
distressed exchange.

Downward pressure on the outlook and/or rating could develop if
(i) Novasep were to announce a restructuring of its debt and this
were deemed a distressed exchange, which Moody's considers a
default; and/or (ii) the liquidity profile of Novasep were to
further weaken materially.  Upward pressure could develop if
Novasep's operating performance were to improve and the company
were able to reduce its leverage without any contribution from its
bondholders.

Novasep, headquartered in Pompey, France, is a leading provider of
contract manufacturing services for life science industries and a
manufacturer of purification equipment.  Novasep reported revenues
of EUR307 million for the last 12 months to Sept. 12, 2010.


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


S-CORE 2008: Moody's Lowers Rating on Class F Notes to 'Ca (sf)'
----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of six
classes of notes issued by S-core 2008.  The notes affected by the
rating action are:

  -- EUR32.45M A2 Notes, Downgraded to A2 (sf); previously on Sep
     4, 2009 Downgraded to A1 (sf)

  -- EUR7.95M B Notes, Downgraded to Baa3 (sf); previously on Sep
     4, 2009 Downgraded to Baa2 (sf)

  -- EUR6.1M C Notes, Downgraded to Ba2 (sf); previously on Sep 4,
     2009 Downgraded to Ba1 (sf)

  -- EUR7.9M D Notes, Downgraded to B3 (sf); previously on Sep 4,
     2009 Downgraded to Ba3 (sf)

  -- EUR13.6M E Notes, Downgraded to Caa3 (sf); previously on Sep
     4, 2009 Downgraded to Caa1 (sf)

  -- EUR6.55M F Notes, Downgraded to Ca (sf); previously on Sep 4,
     2009 Downgraded to Caa3 (sf)

                        Ratings rationale

S-core 2008-1 is a German SME CLO referencing a static portfolio
of 'schuldscheine' loans.  The outstanding portfolio totals
EUR308.4 million of portfolio assets, representing exposure to 168
loans scheduled to mature either in 2012 or 2014 with bullet
repayments.  In November 2010, EUR116.3 million of loans
amortized.  The resulting principal proceeds were used to repay
the Class A1 notes, which have been fully redeemed by EUR137.2
million from principal cash flows and the remainder by excess
spread proceeds.  The data is taken from the investor report dated
Dec. 30, 2010.

According to Moody's the rating actions are mainly driven by:

1) a default rate realized in the underlying pool slightly higher
   than expected at last rating action (September 2009)

2) minimal amount of recoveries observed on defaults to date for
   either S-core 2008 or the pool of the preceding series, S-core
   2007, leading to uncertainty on the level of recoveries
   achievable.

3) a marginally worse average portfolio rating compared to last
   rating action

4) migration from a bespoke model used previously to Moody's
   standard cash flow model and a loss distribution for the
   underlying portfolio produced by the CDOROM Model (simulation).

S-core 2008 has experienced EUR12 million of defaults since last
rating action (September 2009).  Reflecting the higher defaults in
the pool and a corresponding reduction in available excess spread
in the transaction, the principal deficiency ledger has increased
to EUR6.4 million from EUR3.2 million since the last action on
Oct. 27, 2009.  At the last payment date in January 2011, EUR0.38
million of spread proceeds were available to reduce the PDL.
Since closing, only EUR0.91 million have been recovered from a
EUR1.2 million single obligor exposure out of EUR19.2 million of
cumulative defaults.  Ten defaulted loans are currently held in
the structure pending a complete workout and those are expected to
generate additional principal proceeds.  Once and if available,
further recovery proceeds will be used to pay down the PDL.

In its base case, Moody's analyzed the underlying collateral pool
with a stressed weighted average rating to scheduled maturity (10
December 2014) consistent with a Ba3 rating together with a
recovery assumption of 30% upon default of the currently
performing assets.

Sources of additional performance uncertainties include:

1.  the extent to which high growth in the German economy in 2010
    will be maintained in 2011

2.  recovery rates likely to be observed on the defaulted assets .

Moody's determined the default probability associated with each
asset included in the underlying pool based on internal credit
assessments assigned to the loan obligors by the originator
Deutsche Bank.  These internal assessments have been converted to
Moody's rating scale according to a credit mapping.

Moody's also considered the sensitivity of the expected loss for
each CDO tranches to lower recovery rate assumptions.  Reducing
recovery rates for both existing and modelled defaulted assets to
15% from 30% of par impacts the model results of the rated
tranches by 1 notch for the Class A1, two to three notches for the
lower rated notes.  Moody's also considered the model impact from
future amortization of the pool in 2012 and found the model output
on classes A to E consistent or better than the current base case
model output.  In the case of Classes A and B, results were
consistent or better than the base case outputs when assuming
portfolio migration of one notch on the underlying Deutsche bank
ratings.

Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or
financial instruments related to the monitoring of this
transaction in the past 6 months.

Moody's has analyzed the cash flows to the classes and gave credit
to the limited excess spread available for deleveraging purposes.
Continued defaults in the pool will further reduce the ability of
the transaction to deleverage.


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H U N G A R Y
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ELECTRO WORLD: Seeks Bankruptcy Protection in Budapest
------------------------------------------------------
MTI-Econews reports that Electro World group chief Karoly Andras
Nagy said the company has applied for bankruptcy protection with
the Budapest Court of Appeals.

Electro World filed a claim for bankruptcy protection in February,
but it was rejected by the Budapest Municipal Court because of a
lack of jurisdiction, MTI recounts.

According to MTI, Mr. Nagy said that Electro World is
consolidating with the aim of becoming profitable again.  He added
that a little more than half of Electro World's creditors seem
willing to accept an agreement, MTI notes.

Mr. Nagy blamed Electro World's troubles on losses of its former
owner, the UK's Dixon group, which ran big, underused stores with
high rents and too many staff, MTI discloses.

Mr. Nagy, as cited by MTI, said that Electro World wants to cut
monthly costs from HUF300 million to just HUF60 million in one or
two months, while generating turnover of HUF400 million to HUF500
million.  According to MTI, he saddled that the company plans to
cut staff from 220-240 to 180.

He said that the company, which now operates eight stores from 13
earlier, is in talks with foreign investors, MTI relates.

Revenue from the business year ending March 31 is expected to
reach HUF5.5 billion with losses of HUF1 billion, MTI states.

Electro World is an electronics retailer based in Hungary.


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


BANIF: Fitch Puts 'BB' Preference Share Rating on Watch Negative
----------------------------------------------------------------
Fitch Ratings has taken negative rating actions on seven
Portuguese banks and their subsidiaries.  This follows the
downgrade of Portugal's sovereign Long-term Issuer Default Rating
to 'A-'/Rating Watch Negative from 'A+'.  Fitch has also
downgraded the banks' debt issues that are guaranteed by the
Republic of Portugal under its government-guaranteed issuance
scheme, to 'A-' from 'A+' and placed them on RWN.

Caixa Geral de Depositos' Long-term IDR has been downgraded to
'BBB+' from 'A', in line with the two-notch downgrade of the
Republic of Portugal's Long-term IDR.  CGD's Short-term IDR has
been downgraded to 'F2' from 'F1' and the Long and Short-term IDRs
have been placed on RWN in line with Portugal's rating.  CGD is
wholly owned by the Portuguese state.

CGD's subsidiary, Caixa - Banco de Investimento's Long-term IDR
has also been downgraded to 'BBB+' from 'A'.  CGD's and Caixa-BI's
Support Ratings have been downgraded to '2' from '1' to reflect
that while the propensity of support to CGD from the government
remains the same, its ability has weakened as indicated by the
sovereign rating downgrade.  Caixa-BI's IDR is aligned with that
of its parent, as it is wholly owned by, and an integral part of,
the CGD group.  Any negative rating action on the sovereign's IDR
would be reflected in CGD and Caixa - BI's IDRs.

Fitch has placed the IDRs and Individual Ratings of Banco
Comercial Portugues, Banco BPI (and its wholly-owned subsidiary,
Banco Portugues de Investimento), Banif- Banco Internacional
Funchal and the Individual Ratings of Caixa Economica Montepio
Geral (Montepio Geral) and Santander Totta SGPS (and its bank
subsidiary Banco Santander Totta SA) on RWN.  This reflects
continued near-term sovereign concerns, which mainly relate to the
sovereign's political and financing environment and uncertainties
surrounding the timing of the IMF-EU financial support package.  A
negative rating action on the sovereign's IDR could have an impact
on these Portuguese banks' ratings.

The RWN also reflects increased funding and liquidity risks given
that access to any wholesale markets could be further constrained
or remain closed for a prolonged period of time after the recent
sovereign developments.  It further reflects the challenge of
managing the effects of a recessionary environment in Portugal on
banks' asset quality, profitability and capital.

The RWN on Montepio Geral's ratings also reflect merger risks with
another small sized Portuguese bank, Finibanco.  These risks have
also been reflected in Finibanco's ratings.

The ratings actions are:

CGD:

  -- Long-term IDR downgraded to 'BBB+' from 'A'; placed on RWN

  -- Short-term IDR downgraded to 'F2' from 'F1', placed on RWN

  -- Individual Rating at 'C', placed on RWN

  -- Support Rating downgraded to '2' from '1'

  -- Support Rating Floor revised to 'BBB+' from 'A', placed on
     RWN

  -- Senior unsecured debt issues downgraded to 'BBB+' from 'A',
     placed on RWN

  -- Lower Tier 2 subordinated debt issues downgraded to 'BBB'
     from 'A-', placed on RWN

  -- Commercial paper program downgraded to 'F2' from 'F1',
     placed on RWN

  -- Preference shares at 'BBB-', placed on RWN

  -- Emr market linked securities downgraded to 'BBB+' from 'A';
     placed on RWN

  -- Senior debt guaranteed by the Portuguese state downgraded to
     'A-' from 'A+', placed on RWN

Caixa - BI:

  -- Long-term IDR downgraded to 'BBB+' from 'A'; placed on RWN

  -- Short-term IDR downgraded to 'F2' from 'F1', placed on RWN

  -- Support Rating downgraded to '2' from '1'

Banco Comercial Portugues:

  -- Long-term IDR at 'BBB+', placed on RWN

  -- Short-term IDR at 'F2', placed on RWN

  -- Individual Rating at 'C', placed on RWN

  -- Support Rating affirmed at '2'

  -- Support Rating Floor at 'BBB', placed on RWN

  -- Senior unsecured debt issues at 'BBB+', placed on RWN

  -- Lower Tier 2 subordinated debt issues at 'BBB', placed on RWN

  -- Commercial paper program at 'F2', placed on RWN

  -- Preference shares at 'BBB-', placed on RWN

  -- Senior debt guaranteed by the Portuguese state downgraded to
     'A-' from 'A+', placed on RWN

Banco BPI:

  -- Long-term IDR at 'A-', placed on RWN

  -- Short-term IDR at 'F2', placed on RWN

  -- Individual Rating at 'B/C' , placed on RWN

  -- Support Rating affirmed at '2'

  -- Support Rating Floor affirmed at 'BBB-',

  -- Senior unsecured debt issues at 'A-', placed on RWN

  -- Lower Tier 2 subordinated debt issues at 'BBB+', placed on
     RWN

  -- Commercial paper program at 'F2', placed on RWN

  -- Preference shares at 'BBB', placed on RWN

  -- Emr market linked securities at 'A-', placed on RWN

Banco Portugues de Investimento:

  -- Long-term IDR at 'A-', placed on RWN

  -- Short-term IDR at 'F2', placed on RWN

  -- Support Rating at '1', placed on RWN

Banif - Banco Internacional do Funchal:

  -- Long-term IDR at 'BBB-', placed on RWN

  -- Short-term IDR at 'F3', placed on RWN

  -- Individual Rating at 'C', placed on RWN

  -- Support Rating affirmed at '3'

  -- Support Rating Floor affirmed at 'BB'

  -- Senior unsecured debt issues at 'BBB-', placed on RWN

  -- Lower Tier 2 subordinated debt issues at 'BB+', placed on RWN

  -- Preference shares at 'BB', placed on RWN

  -- Senior debt guaranteed by the Portuguese state downgraded to
     'A-' from 'A+', placed on RWN

Montepio Geral:

  -- Long-term IDR at 'BBB+', RWN maintained

  -- Short-term IDR at 'F2', RWN maintained

  -- Individual Rating at 'C', placed on RWN

  -- Support Rating affirmed at '3'

  -- Support Rating Floor affirmed at 'BB'

  -- Senior unsecured debt at 'BBB+', RWN maintained

  -- Subordinated debt at 'BBB', RWN maintained

Finibanco:

  -- Long-term IDR at 'BBB-', placed on Rating Watch Evolving, --
     removed from Rating Watch Positive

  -- Short-term IDR at 'F3', placed on RWE, removed from RWP

  -- Individual Rating at 'C/D', placed on RWN, removed from RWP

  -- Support Rating at '5', RWP maintained

  -- Support Rating Floor at 'No floor', RWP maintained

Santander Totta:

  -- Long-term IDR unaffected at 'AA'; Outlook Stable,

  -- Short-term IDR unaffected at 'F1+'

  -- Individual Rating at 'B/C', placed on RWN


  -- Support Rating unaffected at '1'

Banco Santander Totta S.A.:

  -- Long-term IDR: unaffected at 'AA'; Outlook Stable

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

  -- Individual Rating at 'B/C' placed on RWN

  -- Support Rating: unaffected at '1'

  -- Senior debt: unaffected at 'AA'

  -- Commercial paper program: unaffected at 'F1+'

  -- Preference shares: unaffected at 'A+'

The rating impact, if any, from the above rating actions on Banco
Comercial Portugues's foreign subsidiaries as well as on
Portuguese banks' securitization transactions and covered bonds
will be detailed in separate comments.


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


AVTOVAZ JSC: Fitch Publishes 'B-' LT Issuer Default Ratings
-----------------------------------------------------------
Fitch Ratings has published Russian automotive producer JSC
AVTOVAZ Issuer Default Ratings:

  -- Long-term foreign currency IDR: 'B-'; Outlook Stable;
  -- Short-term foreign currency IDR: 'B';
  -- Long-term local currency IDR: 'B-'; Outlook Stable;
  -- Short-term local currency IDR: 'B';
  -- National Long-term rating: 'BB(rus)'; Outlook Stable;
  -- Foreign currency senior unsecured rating: 'CCC', RR5;
  -- Local currency senior unsecured rating: 'CCC', RR5.

The ratings take into account JSC AVTOVAZ's leading market
position in Russia, especially in the ultra-budget and budget
segments, with a market share of more than 29% in 2010; and
recovery of demand for new cars in Russia.

Fitch notes that measures taken by the Russian government to
support the local automotive industry, including old cars'
utilization program and subsidizing interest rates under car
loans, contributed to the recovery of demand for new cars in 2010.
Relatively high import duties allowed domestic producers to cover
largely the increasing demand.  JSC AVTOVAZ has been the main
beneficiary of these governmental actions.  Fitch also notes that
JSC AVTOVAZ receives strong financial support from its
shareholders.  Interest-free loans from "Russian Technologies"
State Corporation represent more than 90% of the company's loan
liabilities as of end-2010.

Generally, Fitch recognizes the positive prospects for the Russian
automotive market over the next 5-10 years.  However, the agency
has concerns about the possible decrease of demand for ultra-
budget and budget cars in 2012 as governmental support for the
industry reduces.  In addition, a gradual shift of demand to more
expensive cars is expected as the real disposable income of
Russian households increases and retail banking develops, which
may negatively affect OJSC AvtoVAZ's market position.

Fitch positively notes JSC AVTOVAZ's long-term strategy until
2020, which focuses mainly on changing its product portfolio,
operating effectiveness, and cooperation with Renault-Nissan
alliance in respect of joint designing of engine, and unifying
technical standards and componentry.

Fitch expects the company to generate positive EBITDAR during
2011-2013 with an EBITDAR margin within the 3%-6% range.  This
forecast is based on an expected compound average growth rate of
demand for new cars in Russia during 2011-2013, equal to 14.6%,
and expected CAGR of JSC AVTOVAZ's output during 2011-2013, equal
to 5.6%.  Fitch expects JSC AVTOVAZ will be able to decrease
leverage from FYE 2010, reducing the net adjusted debt/EBITDAR
ratio of 10.8x to 3.6x in FYE 2013.

The company's ratings are constrained by its limited product and
geographic diversification, increasing competition from foreign
brands on the Russian market, lack of in-house engineering and
design capabilities.  Furthermore, as the company's operating
assets are located in Russia, the company is exposed to higher-
than average political, business and regulatory risks.

The company's creditworthiness would benefit from improvements in
its capital structure as a result of the expected debt-to-equity
swap of up to US$1.4 billion.  Conversely, a decrease in direct
and non-direct support from the Russian government, industry
volume decline and/or a higher than expected decrease of the
company's market share to less than 20% by 2013, leading to a
negative EBITDAR margin during 2011-2012, could lead to a
downgrade.


KEDR BANK: Moody's Gives Positive Outlook on 'B2' Ratings
---------------------------------------------------------
Moody's Investors Service has changed the outlook to positive from
stable on the B2 long-term local and foreign-currency deposit and
debt ratings of Kedr Bank.  Kedr's E+ bank financial strength
rating, B2/Not Prime long-term and short-term bank deposit and B2
long-term local debt ratings were affirmed.

Concurrently, Moody's Interfax Rating Agency has affirmed Kedr's
A3.ru long-term national-scale credit rating.  Moscow-based
Moody's Interfax is majority owned by Moody's, a leading global
rating agency.  The outlook on the BFSR is stable, whilst the NSR
carries no specific outlook.

Moody's re-assessment of the outlook is largely based on Kedr's
publicly available unaudited financial statements for 2010
prepared under Russian GAAP, as well as Kedr's non-public
management reports for that year.

                        Ratings rationale

According to Moody's, the outlook change is driven by (i) Kedr's
success, relative to its peers, in withstanding the negative
pressure on its franchise during the global crisis and (ii) the
rating agency's assumptions that Kedr will gradually improve its
asset quality and profitability in 2011.

Kedr has an entrenched position in Krasnoyarsk Krai in Russia and
Moody's considers Kedr's business model to be relatively
sustainable due to a granular funding base and a focus on SME and
retail loans.  The gross loan book increased by 23% in 2010 and
mainly consisted of SME and retail loans.  The level of problem
loans at Kedr remained somewhat better than those of its peers,
with 90+ day overdue loans comprising 6% of gross loans;
restructured loans represented 13% at year-end 2010.  Moody's
expects that credit losses are close to their peak and therefore
expects Kedr's asset quality to improve gradually in 2011.

Moody's notes that alongside Kedr's granular funding base, Kedr's
liquidity profile is adequate, supported by a strong liquidity
cushion (liquid assets were approximately 36% of total assets at
year-end 2010).

In addition, Kedr did not experience a material deposit outflow
during the liquidity crisis.  During 2010, its customer accounts
increased by 14% and comprised 91% of liabilities, with the bulk
of deposits from retail clients.  Kedr's profitability is
moderate, although operating income covered operating expenses and
new loan-loss provisions in 2010.  The earnings quality is also
solid, comprising 95% of net interest income and fees, whilst a
normalisation in the cost of risk will also support Kedr's near-
term profitability.

Moody's notes that Kedr's relatively liquid balance sheet stems
from its robust retail deposit-taking franchise in its home
region.  However, Kedr's ratings remain constrained by its narrow
business franchise and weak efficiency; the latter is related to
its relatively large office network.

Any possible upgrade of Kedr's B2 ratings would be contingent on
its ability to improve its low efficiency, combined with sustained
adequate profitability and capitalization.

            Previous Rating Action & Methodology Used

Moody's previous rating action on Kedr was implemented on
Sept. 23 2008, when the rating agency changed the outlook on the
long-term global local and foreign-currency deposit ratings to
stable from positive.  At that time, all Kedr's ratings were
affirmed.

Headquartered in Moscow, Russia, Kedr reported total non-
consolidated assets of RUB25 billion (US$823million) and total
shareholders' equity of RUB2.8 billion (US$93 million), according
to its year-end 2010 unaudited report under Russian Accounting
Standards.


ROSINTERAGROSERVIS OOO: Export Ban Prompts Bankruptcy Filing
------------------------------------------------------------
Marina Sysoyeva at Bloomberg News reports that OOO
Rosinteragroservis filed for bankruptcy protection, saying the
Government's export ban on grains deprived it of revenue.

The company known as Rias owes RUR7.2 billion (US$253 million) to
creditors, Bloomberg says, citing a filing with the Regional
Arbitration Court in Krasnodar where the company is based.

According to Bloomberg, the court filing showed that creditors
include the Krasnodar branch of OAO Sberbank, claiming it's owed
RUR4.4 billion.  ZAO BNP Paribas Bank also claimed creditor
status, Bloomberg notes.

Russia banned exports starting Aug. 15, 2010, after the country's
worst drought in a half-century curbed grains production,
Bloomberg recounts.

OOO Rosinteragroservis is a Russian grain trader.


* S&P Raises Rating on Russia's City of Novosibirsk to 'BB'
-----------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term issuer
credit rating on the City of Novosibirsk, Russia's third-largest
city, to 'BB' from 'BB-' and raised the Russia national scale
rating to 'ruAA' from 'ruAA-'.  The outlook is stable.

"The upgrade reflects Novosibirsk's continuation of prudent debt
policies and maintenance of moderate budgetary performance, in
S&P's view," said Standard & Poor's credit analyst Karen
Vartapetov.

The ratings are constrained by the city's low financial revenues,
what S&P sees as limited spending flexibility and modest financial
predictability, and low productivity of its economy.

These constraints are mitigated by Novosibirsk's moderate debt and
its favorable profile, in S&P's view, reasonable cost control that
stimulates moderate financial performance, and a relatively
diversified economy.

The stable outlook reflects S&P's base-case assumption that,
despite spending pressures, Novosibirsk's management will continue
to ensure cost control and thereby deliver moderate operating
surpluses.  The outlook also factors in the continuation of
prudent debt policies ensuring a favorable debt profile.

S&P's scenario for negative ratings actions assumes that market
sentiments would prevent the city from securing access to long-
term borrowings, which would in turn lead to a rise in debt
service above the levels S&P currently expects.  The pace of
operating spending growth also would increase, which would result
in the continued weakening of the city's operating performance.

"In S&P's view, ratings upside is unlikely in the next 12 months
unless the city manages to achieve structurally stronger operating
balances in 2011, significantly improves its own cash position,
and consolidates its cash policies," said Mr. Vartapetov.


=====================================
S E R B I A   &   M O N T E N E G R O
=====================================


* Moody's Gives Stable Outlook on Montenegro's 'Ba3' Rating
-----------------------------------------------------------
Moody's Investors Service has changed the outlook on Montenegro's
Ba3 government bond ratings to stable from negative and has
affirmed the rating at its current level.  The outlooks on the
Baa1 foreign currency bond ceiling and the B1 foreign currency
deposit ceiling were also changed to stable from negative.

Moody's decision to move the outlook to stable from negative was
prompted by the rating agency's assessment that the Montenegrin
government is addressing the key risks that triggered the negative
outlook in April 2009.  In particular, Moody's notes improvements
in these areas:

(1) The government has started to reverse the significant fiscal
    deterioration it experienced in 2008/09, as reflected by a
    lower-than-planned 2010 budget deficit.  The authorities have
    also implemented important measures that address some of the
    more structural weaknesses in the public accounts.

(2) The economy is showing signs of a gradual recovery.  In 2010,
    real GDP growth was positive compared with earlier
    expectations of a second year of recession after the steep
    decline in 2009.  The growth outlook for 2011/12 -- while far
    more moderate than in the pre-crisis period -- is more
    positive than it was at the time that Moody's assigned a
    negative outlook to Montenegro's ratings.

(3) The situation of the banking sector is stabilizing.
    Capitalization levels in the system have been strengthened,
    with foreign bank owners having generally provided support for
    their local subsidiaries where needed.  The potential
    contingent liability for the government has thus been reduced
    substantially.  Liquidity in the banking sector has improved,
    with retail deposits in particular flowing back into the
    system.

                  Rationale for change in outlook

Firstly, the government managed a significant improvement in the
budget position last year, with the general government budget
deficit declining from 5.7% of GDP in 2009 to 3.9% in 2010,
compared with an initial target of 4.5%.  While this was partly
due to the low execution of capital programs (5.4% of GDP against
a plan of 7.7% of GDP), Moody's notes that current expenditures
have also been reduced by more than was initially planned (-8% vs.
target of -2.9%).  The budget for 2011 targets a further reduction
in the deficit to 2.4% of GDP for the general government sector.
Taking into account ongoing and substantial tax and expenditure
arrears (which amounted to 0.9% of GDP in 2010), Moody's expects a
higher deficit of 3.5% of GDP, but acknowledges the significant
improvement in Montenegro's public finances since 2009.  The
authorities are aiming to achieve a balanced budget in 2012 and a
return to budget surpluses from 2013 onwards.

Even more importantly, the government started to address some of
the key structural weaknesses in its public finances, in
particular the large outlays for wages and pensions.  A pension
reform introduced in December 2010 gradually increases the
retirement age to 67 years, and links pension payments more
closely to the (lower) inflation rate rather than average wage
growth as has been the case until now.  In order to better control
the public-sector wage bill, the government introduced a strict
hiring policy for the entire (and large) public sector (to be in
place until 2013), and abolished bonuses and other discretionary
payments to public-sector employees.  According to budget
execution data, these measures yielded savings of close to 0.2% of
GDP in 2010 already.  Over the next three years, the government is
targeting a reduction in non-capital discretionary spending of
1.5% of GDP.  Subsidies of 0.8% of GDP to the manufacturing sector
will be phased out by 2012.

Secondly, the economy is recovering from the deep recession of
2009.  The estimate for 2010 real GDP growth has recently been
revised up to 1.1% (from 0.5% previously).  For 2011, IMF and EBRD
expect positive real GDP growth of 2% and 3%, respectively.  The
lack of timely and high-frequency data is continuing to hamper the
analysis, but data for tourism, industrial production and exports
are confirming the picture of a gradual recovery.  In Moody's
view, it is encouraging that foreign direct investment flows have
continued at high levels, amounting to 18% of GDP in net terms in
2010.  Montenegro's growth strategy of focusing on high-end
tourism and renewable energy production will require continued
high capital inflows to finance the upgrading of the country's
infrastructure over the next several years.

The more positive growth outlook should also provide some support
for the banking system.  Moody's believes that the risks to the
banking system continue to remain elevated, as banks on aggregate
continue to be loss- making and problem loans are still
increasing.  However, compared to two years ago, the system is
better capitalized as foreign parents have shown their willingness
to support their subsidiaries through capital injections.  As
such, Moody's now perceives a lower risk of the government having
to support the banking system than it did when it changed the
outlook to negative.

Moody's notes positively that Montenegro was awarded the status of
EU candidate country in December 2010, an important step towards
eventual EU membership, which should provide an anchor to
government policies.

               What Could Change the Rating Up/Down

A further lift to the rating depends on a continued reduction in
the government's budget deficit and a reversal in the rising
trajectory of public debt.  Moody's notes the significant change
in the government's debt structure towards market funding instead
of funding from bilateral and multilateral sources with
concessionary interest rates.  One of Montenegro's rating
strengths relative to peers -- its very low interest
payments/revenue ratio -- is likely to deteriorate significantly
over the next few years, making efforts to reduce the overall debt
burden all the more urgent.  Improvements in external
competitiveness reflected in a narrowing of the current account
balance and a sustainably higher GDP growth rate would also be
beneficial for the rating as would be a further strengthening of
the banking system given that non-performing loans remain at
elevated levels.

On the other hand, evidence that the commitment to structural
reform is flagging, accompanied by a deterioration in public debt
and external debt ratios would prompt downward pressure on the
rating.

              Previous Rating Action and Methodology

Moody's last rating action affecting Montenegro was implemented on
April 30, 2009 when the rating agency downgraded Montenegro's
ratings to Ba3 with a negative outlook from Ba2.  The rating
action prior to that was taken on Dec. 18, 2008, when the rating
agency assigned a negative outlook to the Ba2 rating.


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


ALWORTHS: Put Into Administration; Sale Likely
----------------------------------------------
portsmouth.co.uk's The News reports that Alworths, which has an
outlet in Cosham, has been placed in administration.

According to The News, Alworths has been going through a
restructuring just 18 months after opening as "the new
Woolworths", and rumors of administration surfaced at
the beginning of March.

"We went into administration on Monday.  We're not getting any new
stock and we've been told we're waiting for a buyer to take over.
We've only been open for 13 months," The News quotes a sales
assistant at the Cosham branch, who did not want to be named, as
saying.

Another company, set up for the purposes of administration called
Retail Acquisitions Ltd., which has Alworths founder Andy Latham
listed as director, is also registered to Morrisons Solicitors,
The News discloses.  This means it is likely that the Alworths
business, which has 17 stores up and down the country, will be
sold to a new company, in this case, Retail Acquisitions, and the
shops can trade as usual, The News states.

The administration is being carried out by Leonard Curtis
Associates in London, The News discloses.

Alworths is a retail chain based in the United Kingdom.


ASHTEAD GROUP: S&P Affirms 'B+' Ratings on Two Classes of Notes
---------------------------------------------------------------
Standard & Poor's Rating Services said that it affirmed its 'B+'
issue rating on U.K.-based plant-hire firm Ashtead Group PLC's
US$250 million and US$550 million second-lien notes due 2015 and
2016, respectively.  The recovery rating on these notes is '5',
indicating S&P's expectation of modest (10%-30%) recovery in the
event of a payment default.

At the same time, S&P withdrew its 'BB+' issue and '1' recovery
ratings on all tranches of the US$1.84 billion asset-backed (ABL)
facility due 2011 and 2013, issued by Ashtead, at the group's
request subsequent to the repayment of the US$223 million term
loan.

The withdrawal of the issue and recovery ratings on the ABL
facility follows the announced transaction to increase the amount
and maturity of the US$1.3 billion revolving tranche due 2013 to
US$1.4 billion due 2016, and to repay in full the US$223 million
term loan maturing in August 2011.  S&P understands that the
US$750 million drawings on the new US$1.4 billion facility will be
partially used to repay the US$250 million notes due 2015.  S&P
plans to withdraw the issue and recovery ratings on the US$250
million notes once they have been repaid.

                        Recovery Analysis

The US$250 million and US$550 million second-lien notes are rated
'B+', one notch lower than the corporate credit rating on Ashtead.
The recovery rating on these notes is '5', indicating S&P's
expectation of modest (10%-30%) recovery in the event of a payment
default.  S&P calculates recovery to be at the low end of this
range.  S&P notes that the issue and recovery ratings could come
under pressure should the actual drawings on the ABL facility at
the hypothetical point of default be materially more than S&P's
assumption of US$1.1 billion.

S&P considers that Ashtead would be reorganized rather than
liquidated in the event of default.  However, S&P uses a discrete
asset-valuation method because S&P believes that the enterprise
value would be closely correlated to asset values.

S&P's recovery ratings assume 80% availability and drawdowns under
the ABL facility.  S&P believes this would be permitted by the
current borrowing-base calculations given Ashtead's extensive
asset base.  S&P anticipates that the stressed book value will be
about US$1.4 billion at the hypothetical point of default in 2016.
S&P has revised the hypothetical year of default to 2016 from 2013
to reflect an extension to the maturity date of the ABL facility
as part of the refinancing.

S&P notes that there could be very high volatility of the recovery
amounts depending on the assumptions of the realized value of
Ashtead's assets at default and the amount of prior-ranking claims
(especially drawings under the US$1.4 billion ABL at the point of
default).  Therefore, the actual recoveries could be higher or
lower than the 10%-30% range.

                          Ratings List

                        Ratings Affirmed

                      Ashtead Capital Inc.

   Senior Secured Debt*                   B+                 B+
    Recovery Rating                       5                  5

                      Ashtead Holdings PLC

   Senior Secured Debt*                   B+                 B+
    Recovery Rating                       5                  5

                        Ratings Withdrawn

                        Ashtead Group PLC

   Senior Secured Debt                    NR                 BB+
    Recovery Rating                       NR                 1

   * Guaranteed by Ashtead Group PLC.


BLIGHLINE LTD: Enters Into Administration; Owes GBP6 Million
------------------------------------------------------------
Kent News reports that Blighline Ltd. has entered into
administration after amassing debts of around GBP6 million.

Kent News relates that the firm's management said they were left
with no alternative having been badly hit by "deteriorating
trading conditions and severe liquidity problems".

Deloitte administrators were appointed on March 23, Kent News
discloses.

According to Kent News, Partner Carlton Siddle said: "We will
continue to trade the business whilst seeking a sale as a going
concern.  The administration team will work closely with
management, customers and suppliers during this time to ensure
operations continue as normal."

Blighline Ltd. sells refrigeration and display equipment to
supermarkets and the catering industry.  The company has an annual
turnover of GBP25 million.


FOLIO BRISTOL: In Administration; Sold to Folio Print Finishing
---------------------------------------------------------------
Adam Hooker at PrintWeek reports that Folio (Bristol) went into
administration on Friday with Grant Thornton and was sold back to
Folio Print Finishing.

According to PrintWeek, managing director Andy Bird has hit out at
a perceived lack of support from his bank, understood to be RBS.
Mr. Bird told PrintWeek that his company "should not be in this
position right now", citing the removal of its invoice discounting
facility, which was frozen in February despite the company coming
out of its best year.

Nigel Morrison and Trevor O'Sullivan of Grant Thornton were
appointed as administrators to oversee the sale, PrintWeek
relates.

Folio's most recent accounts show that the company made a pre-tax
profit of GBP205,000 for the year to Aug. 31, 2010, up from
GBP62,000 in 2009 and GBP32,000 in 2008, PrintWeek discloses.

Folio's insolvency is understood to have stemmed from cashflow
difficulties resulting from slow-paying clients in early 2011
coupled with debt obligations, PrintWeek sas, citing a statement
from Grant Thornton, which came to a head when February's salaries
fell due.

The deal ensures the continued employment of 40 staff, PrintWeek
notes.

Folio (Bristol) is a printing firm.


INTERCHANGE ORGANIZATION: Moore Stephens Drawing Up CVA Proposal
----------------------------------------------------------------
Jonathan Russell and Annie Shaw at The Telegraph report that
Interchange Organization, the owner of Interchangefx, was
teetering on the verge of collapse on Thursday with accountants
Moore Stephens trying to put together a company voluntary
arrangement (CVA) to deal with its mounting debts.

According to The Telegraph, because it is not regulated by the
Financial Services Authority, were Interchange to go into
administration, customers could not claim compensation from FSA-
run schemes.

The Telegraph relates that Interchangefx's Web site warned clients
that if they wanted security for their funds, they should instruct
their solicitors to hold the money until their foreign exchange
transaction completed "rather than an account controlled by
Interchange".

At this point, it is not certain how much client money Interchange
is holding, The Telegraph notes.

"We have been retained by the company to assist in preparing a
proposal to creditors for a CVA," The Telegraph quotes a spokesman
for Moore Stephens as saying.

In its last set of accounts, Interchange owed GBP1.9 million with
net liabilities of GBP429,305, The Telegraph discloses.  However
it is unlikely the figures accounted for any money held on behalf
of clients, The Telegraph states.

Interchange Organization is a foreign exchange company.


LEHMAN BROTHERS: U.K. Court Rules Against Mortgage Bondholders
--------------------------------------------------------------
Investors in mortgage-backed bonds sold by Lehman Brothers
Holdings Inc. lost a case to have the notes declared in default,
which they'd brought to increase their chances of getting paid
earlier, Lindsay Fortado and Esteban Duarte reported for
Bloomberg News.

The Court of Appeal in London upheld a lower court ruling against
holders of bonds that were part of the Eurosail-UK 2007-3BL Plc
transaction sold in 2007, the report related.  Lehman, which
filed for bankruptcy protection in September 2008, raised GBP650
million, or US$1.1 billion, from the deal, which packaged U.K.
home loans into bonds, the report said.

BNY Corporate Trustee Services Ltd., the financing's trustee,
brought the original case after holders of $405 million of so-
called class A3 notes asked it to call an event of default
because of the issuer's insolvency, the report noted.  If they'd
won, these investors would no longer have had to wait for their
money until the more senior class A1 and A2 noteholders were
repaid in full, the report quoted Fitch Ratings as saying after
the original judgment in September.

The appeal court judgment "is generally positive" for the U.K.
mortgage-backed securities market, Bloomberg quoted Conor Downey,
Esq., a London-based partner at law firm Paul Hastings Janofsky &
Walker LLP, as saying.  "Most deals even if they have seen drops
in asset values, can apply the decision and form decisions that
they are solvent and able to continue to trade," he said,
according to the report.

Eurosail's risk was hedged with interest-rate and currency swaps
with Lehman Brothers Special Financing Inc., which were in turn
guaranteed by Lehman Brothers.  The financing unit filed for
bankruptcy a month after its parent, and the swap agreements were
terminated in November 2009.  Eurosail has filed claims against
Lehman Brothers, seeking more than $221 million to cover losses.

A U.K. lower court ruled in July that Eurosail was able to pay
its debts because not all of its future and projected liabilities
should be taken into account on its current balance sheet, the
report related.

The appeal "recognizes that companies can, on paper, have
liabilities exceeding assets but still be perfectly capable of
continuing to trade," said Kristy Zander, a lawyer at Mayer
Brown International LLP in London, Bloomberg related.  "A company
will only be regarded as balance-sheet insolvent if it has
reached the point of no return, where it's clear that the company
will not be able to meet its future or contingent liabilities
even though it's currently able to pay its debts as they fall
due," she said, according to the report.

The case is BNY Corporate Trustee Services Ltd. v Eurosail-
UK 2007-3BL Plc & ors, case no. A2/2010/2046, Court of Appeal
(London).

                       About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
disclosed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

Additional units, Merit LLC, LB Somerset LLC and LB Preferred
Somerset LLC, sought for bankruptcy protection in December 2009 or
more than a year after LBHI and its other affiliates filed their
bankruptcy cases.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.

The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.

                 International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on Sept. 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


MERITOR INC: To Close Trailer Axle Business in Europe
-----------------------------------------------------
Meritor, Inc., announced on March 31, 2011, that it will close its
European trailer axle business on July 31, 2011.  The company
currently estimates that charges in the range of US$17 million to
US$23 million will be incurred over the next year in connection
with these actions.  Of these charges, an estimated US$12 million
to US$18 million are expected to result in cash expenditures.

"This decision is driven by the competitive nature of the European
trailer axle market which requires significant scale to address
increasing cost challenges," said Joe Mejaly, president,
Aftermarket and Trailers, Meritor.  "In addition, following the
decline in recent years, the market for commercial vehicle
trailers is recovering more slowly than other sectors.  After an
extensive review process, we have concluded that we will be unable
to achieve acceptable financial returns on a sustainable basis and
that future investment would be better deployed to other
businesses," said Mr. Mejaly.

"We recognize the impact of this decision on our workforce," said
Mr. Mejaly.  "Our employees are talented and highly skilled
individuals who have worked hard to support our customers.  We
will do our utmost to assist them during this transition."  In
total, 171 employees are affected by this action.  In addition to
the company's main trailer axle manufacturing operation in
Cwmbran, United Kingdom, Meritor also has trailer employees
located in France, Italy and Spain.

"We are appreciative of the long-term relationships we have
maintained with our customers in the European trailer business and
are taking steps to mitigate the challenges this action may
present," said Mr. Mejaly.  The company also remains committed to
customer service through its global Aftermarket business.  Service
parts will continue to be available and warranties will be
honored.

The company's facility in Cwmbran, United Kingdom, is also home to
Meritor's center of expertise for the design, development and
manufacture of braking systems and components for the commercial
vehicle truck market.  In September 2010, the company announced
its intent to invest US$42 million to advance its foundation brake
leadership position in Europe.  The brake business in Cwmbran is
entirely unaffected by the closure of the European trailer axle
business.

Meritor's trailer axle manufacturing operations in North and South
America, including the company's Suspensys joint venture in South
America with the Randon S/A group, are also unaffected by this
action.

                         About Meritor, Inc.

Meritor, Inc. -- http://meritor.com/default.aspx-- is a global
supplier of drivetrain, mobility, braking and aftermarket
solutions for commercial vehicle and industrial markets.  With
more than a 100-year legacy of providing innovative products that
offer superior performance, efficiency and reliability, the
company serves commercial truck, trailer, off-highway, defense,
specialty and aftermarket customers in more than 70 countries.
Meritor is based in Troy, Mich., United States, and is made up of
more than 11,000 diverse employees who apply their knowledge and
skills in manufacturing facilities, engineering centers, joint
ventures, distribution centers and global offices in 19 countries.
Common stock is traded on the New York Stock Exchange under the
ticker symbol MTOR.


ODDBINS: Set to Enter Into Administration Today
-----------------------------------------------
Press Association reports that Oddbins has said it will go into
administration after the government's tax department refused to
back a potential rescue deal.

Oddbins hoped to restructure its debts through a company voluntary
arrangement (CVA), but HM Revenue & Customs, a significant
creditor of the company, would not support the move, Press
Association relates.

According to Press Association, a statement from Oddbins said the
firm now expects to enter into administration on April 4, sparking
fears for the future of its 400 staff.

Oddbins, which has 89 stores left in the UK after shutting nearly
40 stores recently, has been under pressure amid competition from
supermarket chains and falling consumer confidence, Press
Association recounts.

It is understood HMRC was owed GBP8 million by Oddbins, accounting
for around 30% of the company's debt, Press Association discloses.
According to Press Association, the company said a "significant"
majority of creditors clearly wanted Oddbins to continue trading,
but HMRC's vote was heavily weighted and tipped the outcome.  The
company needed 75% of creditors to back the deal.

Press Association relates that Oddbins managing director Simon
Baile, whose father founded the company in the 1970s, said he
remains optimistic for the firm, revealing that a number of
potential investors had come forward to buy the business, or parts
of it.

HMRC, Press Association says, is unable to discuss specific
details about its debtors due to its statutory duty of taxpayer
confidentiality.

Oddbins sells wine, spirits and other related products.  The Head
Office is in Wimbledon, London, and the company has over 227
branches spread across the UK, Ireland and France.


PARS TECHNOLOGY: Bought Out of Administration by NS Optimum
-----------------------------------------------------------
Alex Scroxton at MicoScope.co.uk reports that the trade and assets
of PARS Technology have been bought from administrators Rendle &
Co. by fellow education specialist NS Optimum for an undisclosed
sum.

PARS fell into administration in February after hitting financial
difficulties linked to a VAT carousel fraud, and had been talking
to potential buyers or investors before that, MicoScope.co.uk
relates.

PARS Technology is a systems builder based in Milton Keynes.


PRESBYTERIAN MUTUAL: Members Allowed to Vote on Rescue Package
--------------------------------------------------------------
Belfast Telegraph reports that a High Court judge has given
permission for members of Presbyterian Mutual Society to be
allowed to vote on a GBP226 million rescue package.

Belfast Telegraph relates that Mr. Justice Deeny granted an
administrator's application for the proposed scheme to be put to
investors in a postal ballot.

According to Belfast Telegraph, if 75% of creditors accept the
plans then a further request will be made to the court to sanction
repayments to members.

Up to 10,000 investors lost access to their savings when the PMS
crashed in November 2008, Belfast Telegraph recounts.

Belfast Telegraph says a package put together in a bid to return
some money to those affected includes a GBP175 million Treasury
loan.  Another GBP50 million has been put forward from the UK
Government and Northern Ireland Executive, Belfast Telegraph
notes.

The Presbyterian Church is to donate a further GBP1 million to the
pot, which administrator Arthur Boyd hopes to be able to make
payments from by June, Belfast Telegraph discloses.  As part of
that process, his lawyers sought necessary legal approval to put
the proposals to all PMS members, Belfast Telegraph states.  The
court was told it would involve a postal vote, with information
sent out to savers and clarification meetings held at locations
across Northern Ireland, Belfast Telegraph relates.

As reported by the Troubled Company Reporter-Europe, the Financial
Times said the society had assets of around EUR300 million when it
was forced into administration in 2008 after suffering a run of
withdrawals at the onset of the global financial crisis.

Presbyterian Mutual Society is based in Belfast, Northern Ireland.


SPORT MEDIA: Ceases Trading; Set to Appoint Administrators
----------------------------------------------------------
Kate Holton and Adveith Nair at Reuters report that Sport Media
Group said it had ceased trading and would go into administration
because it was unable to pay its debts.

"As a result of its inability to meet certain creditors as they
fall due, the company has Fri[day] ceased trading with immediate
effect," the group, as cited by Reuters, said on Friday, adding
that it was "in the process of appointing administrators."

The group, which has struggled to cope with its debts as
advertising and circulation revenues dropped away, had earlier
suspended its shares while it worked with its banks to resolve its
problems, Reuters recounts.

It said in February that it had been badly affected by the poor
weather at the end of last year, which made delivering newspapers
harder, especially in Scotland, Reuters notes.

Sport Media Group is the publisher of the Daily Sport and Sunday
Sport newspapers.


SUBOCEAN GROUP: Owed More Than GBP37MM at Time of Administration
----------------------------------------------------------------
Ian Forsyth at The Press and Journal reports that Subocean Group,
which fell into administration in January, had debts of more than
GBP37 million.

According to The Press and Journal, documents just released by
Companies House also show dozens of unsecured creditors were due
about GBP12 million of the total, and their return is likely to be
less than a penny in the pound.

Subocean went into administration after cash-flow problems, The
Press and Journal recounts.

On Feb. 2, 2011, the Troubled Company Reporter-Europe, citing
Business 7, reported that Technip was confirmed as the buyer of
all of Subocean Group's assets in a deal worth GBP10 million.
Subocean made 50 jobs redundant after it went into administration,
Business 7 disclosed.  Technip said it planned to retain the
remaining 300 employees, according to Business 7.

Headquartered in Aberdeen, Subocean Group is a cabling specialist
for the offshore wind industry.


THOMAS COOK: Fitch Corrects Press Release on Ratings
----------------------------------------------------
Fitch Ratings corrected the version published on March 29, 2011,
which incorrectly stated that the issuer had not participated in
the rating process.

Fitch Ratings has assigned Thomas Cook Group plc a Long-term
Issuer Default Rating and senior unsecured rating of 'BB-'.  The
Outlook is Stable.

The ratings reflect TCG's strong market position as one of the
leading travel groups in Europe.  The ratings factor in the
group's geographical diversification and scale, which gives it
strong bargaining power with its suppliers and hoteliers.  They
also reflect TCG's flexible business model, thanks to its multi-
channel strategy (retail shops, online and its own airline fleet),
allowing it to adjust its operating model in response to a
reduction in tourist demand in a timely manner.  The Stable
Outlook incorporates industry risks and Fitch's expectation that
TCG's credit metrics should not deteriorate over the next 18
months.

However, Fitch considers risks associated with the tour operating
industry as high, due to significant exposure to macro economic
factors in its source markets and external shocks (such as
geopolitical, currency and jet fuel price volatility, which are
currently managed through a hedging tool six to eighteen months in
advance, as well as raising fuel surcharges).  Although not immune
to negative currency changes (such as the strengthening of the US$
or EUR against GBP) or increased jet fuel prices, Fitch
acknowledges TCG's capacity to adjust and respond to these
fluctuations over time through its hedging policy or by applying
price increases (fuel surcharges) (which will be necessary in FY12
if the current jet fuel price remains at its current level above
US$1000/T).  The group's response to external shocks included re-
booking passengers to other destinations.

Competition in the sector remains intense, notably from low-cost
airlines for shorter destinations, or the rapid development of
online players.  The low operating margin and seasonality inherent
to the industry, are also constraining factors.  The group's
profitability varies by source market and is influenced by the
company's in-house controlled distribution level (52.4% for the
total group).  The group has been able to achieve a relatively
higher operating margin (4.1%) compared to its peers due to its
flexible business model.  TCG is also implementing efficiency
measures to reduce operating costs, including aircraft fleet
harmonization.  Fitch expects that the group's restructuring and
exceptional charges will also be reduced compared to previous
years (linked to the ash cloud, merger with MyTravel and other
integration costs).

Additionally, Fitch views liquidity management as critical due to
the swing of working capital change during the year (around
GBP0.7 billion) with the lowest point for liquidity being in
December.  Fitch understands that management follows liquidity
forecasts carefully and liquidity headroom management is through
existing committed bank lines.  In May 2010, TCG entered into a
GBP1,050 million committed bank facility agreement with a number
of banks, maturing in May 2013.  The new facilities include a
revolving credit facility of GBP850 million to support the
seasonal liquidity requirements and the general corporate purposes
of the group.  At year-end (September 2010), the group had
available undrawn committed debt facilities of GBP846 million.

Fitch therefore considers TCG's net and gross lease-adjusted debt
ratios on FFO and EBITDAR base at FYE but also at peak time in
December (the negative impact being up to 1x on year-end debt
ratios at peak).  Fitch considers that TCG's current credit
metrics are commensurate with the 'BB-' ratings, given the
industry risk and seasonality of the business performance, with
lease-adjusted debt to FFO of 4.2x and a lease-adjusted interest
coverage of 2.4x as of FY10.  Nevertheless, the current high
dividend payout ratio (40%-50%) is constraining its free cash flow
generation.  A deterioration of credit ratios, liquidity or a
sharp compression of the group's recurring operating profit could
put pressure on the rating.


WEST COUNTRY: Set to Go Into Liquidation Following CVA
-------------------------------------------------------
Tim Sheahan at PrintWeek reports that West Country Binders is set
to be liquidated, following the appointment of Peter Kubik and
Andrew Andronikou of UHY Hacker Young to the company last month.

The company entered into a Company Voluntary Arrangement last
October, with creditors to be paid 28 pence in the pound,
PrintWeek recounts.  However, a note was posted in the London
Gazette on Wednesday stating that UHY had been appointed
liquidators, PrintWeek notes.

PrintWeek relates that West Country Binders recorded a loss in two
of the last three financial years, which, coupled with
consolidation and rationalization of the industry, culminated in
"significant cashflow problems".

According to a letter from BDO's Simon Girling, who oversaw the
CVA, a five-year proposal was put in place, PrintWeek states.
PrintWeek notes that as well as receiving 28 pence in the pound,
creditors would have received a 50% share of any increase in the
company's net profit "above the directors' estimates."

The company had a GBP485,917 shortfall to its unsecured creditors,
with a further GBP705,497 owed to secured creditors, PrintWeek
discloses.  It fell into a GBP117,000 loss in June 2010 from an
operating profit of GBP26,000 following a drop in annual turnover
of GBP1.4 million in the 12 months to June 2008 from GBP1.8
million, PrintWeek says.

West Country Binders is a finishing house based in the United
Kingdom.


YATE BATHROOMS: Put Into Administration
---------------------------------------
Alexandra Womack at Gazette Series reports that Yate Bathrooms has
gone into administration, leaving customers thousands of pounds
out-of-pocket.

Gazette Series relates that the company ceased trading a week ago
without any warning.

According to Gazette Series, the company Web site has been shut
down and administrators are expecting to begin taking stock of the
company's finances this week.

"Yate Bathrooms has been a victim of the economic downturn and
turnover has fallen considerably in the last couple of months,
resulting in the decision to call us in as administrators,"
Gazette Series quotes Simon Haskew, administrator for accountancy
firm Begbies Traynor, as saying.

"We understand a number of customers have paid in advance for
goods not yet delivered to them.

"We will be writing to these customers shortly following our
appointment.  Those customers who have paid by credit card should
be able to make a claim against their credit card issuer under the
Consumer Credit Act."

Weston-super-Mare Bathrooms, a subsidiary of the company, has also
closed its doors, Gazette Series discloses.

Yate Bathrooms has offices and a showroom on Stover Road.


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


* BOND PRICING: For the Week March 28 to April 1, 2011
------------------------------------------------------

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

AUSTRIA
-------
IMMOFINANZ               4.250    3/8/2018      EUR      4.27
OESTER VOLKSBK           4.810   7/29/2025      EUR     73.38
OESTER VOLKSBK           4.900   8/18/2025      EUR     73.88
RAIFF ZENTRALBK          4.500   9/28/2035      EUR     76.53

DENMARK
-------
KOMMUNEKREDIT            0.500    2/3/2016      TRY     67.88

FINLAND
-------
MUNI FINANCE PLC         0.500   9/24/2020      CAD     68.30
MUNI FINANCE PLC         1.000   2/27/2018      AUD     66.76
MUNI FINANCE PLC         1.000   6/30/2017      ZAR     58.98
MUNI FINANCE PLC         0.500    2/9/2016      ZAR     66.99
MUNI FINANCE PLC         0.500   3/17/2025      CAD     54.30
MUNI FINANCE PLC         0.250   6/28/2040      CAD     22.71

FRANCE
------
AIR FRANCE-KLM           4.970    4/1/2015      EUR     14.84
ALCATEL-LUCENT           5.000    1/1/2015      EUR      4.79
ALTRAN TECHNOLOG         6.720    1/1/2015      EUR      5.72
ATOS ORIGIN SA           2.500    1/1/2016      EUR     55.06
BNP PARIBAS             10.050   7/24/2012      USD     59.62
CALYON                   6.000   6/18/2047      EUR     28.40
CAP GEMINI SOGET         1.000    1/1/2012      EUR     45.67
CAP GEMINI SOGET         3.500    1/1/2014      EUR     45.46
CGG VERITAS              1.750    1/1/2016      EUR     32.27
CLUB MEDITERRANE         6.110   11/1/2015      EUR     18.80
CLUB MEDITERRANE         5.000    6/8/2012      EUR     15.92
EURAZEO                  6.250   6/10/2014      EUR     58.88
FAURECIA                 4.500    1/1/2015      EUR     28.60
GROUPE VIAL              2.500    1/1/2014      EUR     22.36
INGENICO                 2.750    1/1/2017      EUR     43.61
MAUREL ET PROM           7.125   7/31/2014      EUR     18.52
MAUREL ET PROM           7.125   7/31/2015      EUR     16.92
NEXANS SA                4.000    1/1/2016      EUR     72.41
ORPEA                    3.875    1/1/2016      EUR     48.55
PEUGEOT SA               4.450    1/1/2016      EUR     33.14
PUBLICIS GROUPE          3.125   7/30/2014      EUR     41.10
PUBLICIS GROUPE          1.000   1/18/2018      EUR     49.84
RHODIA SA                0.500    1/1/2014      EUR     49.28
SOC AIR FRANCE           2.750    4/1/2020      EUR     21.04
SOITEC                   6.250    9/9/2014      EUR     12.42
TEM                      4.250    1/1/2015      EUR     58.39
THEOLIA                  2.700    1/1/2041      EUR     11.30

GERMANY
-------
ESCADA AG                7.500    4/1/2012      EUR     16.00
EUROHYPO AG              3.830   9/21/2020      EUR     70.75
EUROHYPO AG              6.490   7/17/2017      EUR      7.88
HSH NORDBANK AG          4.375   2/14/2017      EUR     72.15
IKB DEUT INDUSTR         5.625   3/31/2017      EUR     13.00
L-BANK FOERDERBK         0.500   5/10/2027      CAD     49.19
LB BADEN-WUERTT          2.500   1/30/2034      EUR     65.44
SOLON AG SOLAR           1.375   12/6/2012      EUR     43.98
TUI AG                   2.750   3/24/2016      EUR     56.70

GREECE
-------
ATHENS URBAN TRN         4.301   8/12/2014      EUR     72.99
ATHENS URBAN TRN         5.008   7/18/2017      EUR     62.36
ATHENS URBAN TRN         4.851   9/19/2016      EUR     64.40
HELLENIC RAILWAY         7.350    3/3/2015      JPY     73.68
HELLENIC REP I/L         2.900   7/25/2025      EUR     50.31
HELLENIC REP I/L         2.300   7/25/2030      EUR     48.06
HELLENIC REPUB           5.000   3/11/2019      EUR     57.80
HELLENIC REPUB           5.000   8/22/2016      JPY     62.90
HELLENIC REPUB           5.250    2/1/2016      JPY     63.92
HELLENIC REPUB           4.590    4/8/2016      EUR     60.18
HELLENIC REPUB           5.200   7/17/2034      EUR     60.88
HELLENIC REPUB           6.140   4/14/2028      EUR     58.66
HELLENIC REPUB           5.800   7/14/2015      JPY     69.54
HELLENIC REPUBLI         4.500   9/20/2037      EUR     54.34
HELLENIC REPUBLI         4.225    3/1/2017      EUR     61.03
HELLENIC REPUBLI         4.020   9/13/2016      EUR     61.95
HELLENIC REPUBLI         3.600   7/20/2016      EUR     61.87
HELLENIC REPUBLI         3.702   9/30/2015      EUR     64.93
HELLENIC REPUBLI         6.100   8/20/2015      EUR     69.98
HELLENIC REPUBLI         3.700   7/20/2015      EUR     65.19
HELLENIC REPUBLI         4.113   9/30/2014      EUR     70.52
HELLENIC REPUBLI         5.500   8/20/2014      EUR     71.38
HELLENIC REPUBLI         3.985   7/25/2014      EUR     70.68
HELLENIC REPUBLI         4.500    7/1/2014      EUR     72.80
HELLENIC REPUBLI         4.500   5/20/2014      EUR     71.67
HELLENIC REPUBLI         4.600   9/20/2040      EUR     54.25
HELLENIC REPUBLI         4.700   3/20/2024      EUR     59.22
HELLENIC REPUBLI         5.300   3/20/2026      EUR     60.06
HELLENIC REPUBLI         6.250   6/19/2020      EUR     65.58
HELLENIC REPUBLI         5.161   9/17/2019      EUR     59.88
HELLENIC REPUBLI         6.000   7/19/2019      EUR     64.05
HELLENIC REPUBLI         5.959    3/4/2019      EUR     63.80
HELLENIC REPUBLI         5.014   2/27/2019      EUR     59.68
HELLENIC REPUBLI         4.600   7/20/2018      EUR     61.73
HELLENIC REPUBLI         4.590    4/3/2018      EUR     59.40
HELLENIC REPUBLI         4.675   10/9/2017      EUR     61.04
HELLENIC REPUBLI         4.300   7/20/2017      EUR     62.07
HELLENIC REPUBLI         5.900   4/20/2017      EUR     65.86
NATIONAL BK GREE         3.875   10/7/2016      EUR     73.73

IRELAND
-------
AIB MORTGAGE BNK         5.000    3/1/2030      EUR     59.76
AIB MORTGAGE BNK         5.580   4/28/2028      EUR     65.64
AIB MORTGAGE BNK         5.000   2/12/2030      EUR     59.77
ALLIED IRISH BKS         7.875    7/5/2023      GBP     19.99
ALLIED IRISH BKS        11.500   3/29/2022      GBP     22.75
ALLIED IRISH BKS        12.500   6/25/2019      GBP     23.55
ALLIED IRISH BKS        10.750   3/29/2017      USD     25.18
ALLIED IRISH BKS        10.750   3/29/2017      EUR     24.55
ALLIED IRISH BKS        12.500   6/25/2019      EUR     23.04
ALLIED IRISH BKS         4.000   3/19/2015      EUR     73.99
BANK OF IRELAND          4.875   1/22/2018      GBP     42.97
BANK OF IRELAND         10.750   6/22/2018      GBP     53.00
BANK OF IRELAND          8.500   9/22/2018      CAD     51.17
BANK OF IRELAND          4.625   2/27/2019      EUR     44.98
BANK OF IRELAND          3.585   4/21/2015      EUR     74.48
BANK OF IRELAND         10.000   2/12/2020      EUR     49.85
BANK OF IRELAND         10.000   2/12/2020      GBP     49.04
BANK OF IRELAND          9.250    9/7/2020      GBP     52.95
BK IRELAND MTGE          5.760    9/7/2029      EUR     68.42
BK IRELAND MTGE          5.400   11/6/2029      EUR     65.30
BK IRELAND MTGE          5.450    3/1/2030      EUR     65.67
DEPFA ACS BANK           5.125   3/16/2037      USD     65.15
DEPFA ACS BANK           0.500    3/3/2025      CAD     33.81
DEPFA ACS BANK           5.125   3/16/2037      USD     65.95
EBS BLDG SOCIETY         4.992   3/19/2015      EUR     74.03
IRISH GOVT               5.400   3/13/2025      EUR     67.21
IRISH GOVT               4.500   4/18/2020      EUR     67.93
IRISH GOVT               4.400   6/18/2019      EUR     68.97
IRISH LIFE & PER         4.625    5/9/2017      EUR     45.00
IRISH LIFE PERM          4.250    4/9/2015      EUR     72.87
IRISH LIFE PERM          4.820   3/22/2015      EUR     74.24

ITALY
-----
ABRUZZO REGION           4.450    3/1/2037      EUR     72.06
CITY OF ROME             5.345   1/27/2048      EUR     75.29
CITY OF TURIN            5.270   6/26/2038      EUR     65.41
CITY OF VENICE           4.265   3/26/2026      EUR     70.11
CITY OF VENICE           4.265   3/26/2026      EUR     70.11
CO BRAONE                4.567   6/30/2037      EUR     65.08
CO CASTELMASSA           3.960   3/31/2026      EUR     67.28
COMUNE DI MILANO         4.019   6/29/2035      EUR     66.75
REGION OF UMBRIA         5.087   6/15/2037      EUR     69.78
TELECOM ITALIA           5.250   3/17/2055      EUR     73.61

LUXEMBOURG
----------
ARCELORMITTAL            7.250    4/1/2014      EUR     30.95
IIB LUXEMBOURG          11.000   2/19/2013      USD     11.00
LIGHTHOUSE INTL          8.000   4/30/2014      EUR     32.00
LIGHTHOUSE INTL          8.000   4/30/2014      EUR     31.25

NETHERLANDS
-----------
APP INTL FINANCE        11.750   10/1/2005      USD      0.01
BK NED GEMEENTEN         0.500   2/24/2025      CAD     53.07
BK NED GEMEENTEN         0.500    3/3/2021      NZD     59.95
BK NED GEMEENTEN         0.500   3/29/2021      USD     68.79
BK NED GEMEENTEN         0.500   3/29/2021      NZD     59.49
BK NED GEMEENTEN         0.500   3/17/2016      TRY     68.40
BRIT INSURANCE           6.625   12/9/2030      GBP     64.45
ELEC DE CAR FIN          8.500   4/10/2018      USD     55.93
NATL INVESTER BK        25.983    5/7/2029      EUR     21.87
NED WATERSCHAPBK         0.500   3/11/2025      CAD     53.85
SIDETUR FINANCE         10.000   4/20/2016      USD     75.00
TJIWI KIMIA FIN         13.250    8/1/2001      USD      0.01

NORWAY
------
EKSPORTFINANS            0.500    5/9/2030      CAD     40.98
KOMMUNALBANKEN           0.500    3/1/2016      ZAR     71.27
KOMMUNALBANKEN           0.500   1/27/2016      ZAR     71.80
KOMMUNALBANKEN           0.500   3/24/2016      ZAR     70.96
TRICO SHIPPING          13.875   11/1/2014      USD     73.00

PORTUGAL
--------
CAIXA GERAL DEPO         5.320    8/5/2021      EUR     71.27
CAIXA GERAL DEPO         5.380   10/1/2038      EUR     64.65
CAIXA GERAL DEPO         4.400   10/8/2019      EUR     70.12
METRO DE LISBOA          4.799   12/7/2027      EUR     68.70
METRO DE LISBOA          4.061   12/4/2026      EUR     60.56
PARPUBLICA               3.567   9/22/2020      EUR     55.25
PORTUGUESE OT'S          4.100   4/15/2037      EUR     65.36
PORTUGUESE OT'S          3.850   4/15/2021      EUR     69.92

RUSSIA
------
AGROSOYUZ               17.000   3/28/2012      RUB     75.00
APK ARKADA              17.500   5/23/2012      RUB      0.38
ARKTEL-INVEST           12.000    4/9/2012      RUB      0.01
ATOMSTROYEXPORT-         7.750   5/24/2011      RUB     75.00
BALTINVESTBANK           9.000   9/10/2015      RUB     75.00
BANK SOYUZ               7.750    5/2/2011      RUB     75.00
CREDIT EUROPE BK        11.500   6/28/2011      RUB     75.00
DVTG-FINANS             17.000   8/29/2013      RUB      5.17
EMALIANS-FINANS         10.970    7/8/2011      RUB     75.00
ENERGOSPETSSNAB          8.500   5/30/2016      RUB     75.00
ENERGOSTROY-FINA        12.000   5/20/2011      RUB     75.00
FINANCEBUSINESSG        10.000    7/1/2013      RUB     75.00
FINANCEBUSINESSG        12.500   6/22/2011      RUB     75.00
FORMAT                  17.000   12/6/2012      RUB     75.00
GLOBEX BANK              8.100   12/8/2013      RUB    100.20
GRACE DIAMOND           15.000    6/7/2012      RUB     75.00
IZHAVTO                 18.000    6/9/2011      RUB     11.31
KARUSEL FINANS          12.000   9/12/2013      RUB     75.00
LADYA FINANS            13.750   9/13/2012      RUB     75.00
LLC VICTORIA FIN         8.000   2/12/2013      RUB     75.00
LSR-INVEST               9.250   7/14/2011      RUB     75.00
M-INDUSTRIYA            12.250   8/16/2011      RUB     23.16
MAGNIT OJSC              8.250    9/9/2013      RUB     75.00
MAIN ROAD OJSC          10.200    6/3/2011      RUB     75.00
MEDVED-FINANS           14.000   8/16/2013      RUB     75.00
MIG-FINANS               0.100    9/6/2011      RUB      1.00
MIRAX                   14.990   5/17/2011      RUB     26.02
MIRAX                   17.000   9/17/2012      RUB     27.02
MOSMART FINANS           0.010   4/12/2012      RUB      1.81
MOSOBLGAZ               12.000   5/17/2011      RUB     72.50
MOSOBLTRUSTINVES        20.000   3/26/2011      RUB      6.99
NATIONAL CAPITAL        13.000   9/25/2012      RUB     75.00
NATIONAL CAPITAL        12.500   5/20/2011      RUB     75.00
NOK                     10.000   9/22/2011      RUB      7.01
NOK                     12.500   8/26/2014      RUB      0.04
NOMOS-LEASING           12.000    7/8/2011      RUB     75.00
NOVOROSSIYSK            13.000   12/9/2011      RUB     75.00
NOVYE TORGOVYE S        15.000   4/26/2011      RUB     56.00
OBYEDINEONNYE KO        10.750   5/16/2012      RUB     75.00
PEB LEASING             14.000   9/12/2014      RUB     75.00
REGIONENERGO             8.500   5/30/2016      RUB     75.00
ROSSELKHOZBANK           7.800    2/9/2018      RUB     75.00
ROSSELKHOZBANK          11.500   9/27/2017      RUB    103.00
SAHO                    10.000   5/21/2012      RUB     49.00
SATURN                   8.500    6/6/2014      RUB      1.00
SEVERNAYA KAZNA          1.000    8/1/2011      RUB     75.00
SEVKABEL-FINANS         10.500   3/27/2012      RUB      3.40
SIBUR                    7.300   3/13/2015      RUB     75.00
SIBUR                    8.000   3/13/2015      RUB     75.00
SIBUR                    9.250   3/13/2015      RUB     75.00
SIBUR                   10.470   11/1/2012      RUB     75.00
SIBUR                   13.500   3/13/2015      RUB     75.00
SISTEMA-HALS             8.500    4/8/2014      RUB     75.00
SISTEMA-HALS             8.500   4/15/2014      RUB     75.00
SOUTHERN STOCK C         9.000   4/29/2014      RUB     75.00
SPETSSTROYFINANC         8.500   5/30/2016      RUB     75.00
SPURT                   11.250   5/31/2012      RUB     75.00
SVOBODNY SOKOL           0.100   5/24/2011      RUB      1.54
TALIO-PRINCEPS          16.000   5/17/2012      RUB     75.00
TECHNONICOL-FINA        13.000   9/19/2013      RUB     75.00
TECHNONICOL-FINA        13.500   9/11/2013      RUB     75.00
TECHNONICOL-FINA        13.000   9/25/2013      RUB     75.00
TECHNOSILA-INVES         7.000   5/26/2011      RUB      0.01
TERNA-FINANS             1.000   11/4/2011      RUB      5.01
TK FINANS               12.600    9/5/2011      RUB     75.00
TRANSCREDITFACTO        12.000   6/11/2012      RUB     75.00
TRANSCREDITFACTO        12.000   11/1/2012      RUB     75.00
TRANSFIN-M              11.000   12/3/2014      RUB     75.00
TRANSFIN-M              11.000   12/3/2014      RUB     75.00
TRANSFIN-M              11.000   12/3/2014      RUB     75.00
TRANSFIN-M              11.000   12/3/2014      RUB     75.00
UNIMILK FINANS          14.000    9/6/2011      RUB     75.00
URALELEKTROMED           8.250   2/28/2012      RUB     75.00
VKM-LEASING FINA         1.000   5/18/2011      RUB      0.02
VTB 24                   6.900   2/20/2014      RUB     75.00
VTB-LEASING FINA         7.500    6/7/2016      RUB     75.00
VTB-LEASING FINA         7.100   11/6/2014      RUB    100.00
ZAO EUROPLAN            10.000   8/11/2011      RUB     75.00
ZAPSIBCOMBANK           11.000   9/15/2011      RUB     75.00
ZHILSOTSIPOTEKA-         9.000   7/26/2011      RUB     75.00

SPAIN
-----
AYT CEDULAS CAJA         3.750   6/30/2025      EUR     65.24
AYT CEDULAS CAJA         4.750   5/25/2027      EUR     72.94
AYUNTAM DE MADRD         4.550   6/16/2036      EUR     63.05
BANCAJA                  1.500   5/22/2018      EUR     64.72
CAJA CASTIL-MAN          1.500   6/23/2021      EUR     57.14
CAJA MADRID              4.125   3/24/2036      EUR     67.01
CAJA MADRID              5.755   2/26/2028      EUR     60.73
CAJA MADRID              4.000    2/3/2025      EUR     75.68
CEDULAS TDA 6            3.875   5/23/2025      EUR     66.94
CEDULAS TDA A-5          4.250   3/28/2027      EUR     67.75
CEDULAS TDA A-6          4.250   4/10/2031      EUR     64.27
COMUNIDAD ARAGON         4.646   7/11/2036      EUR     67.77
COMUNIDAD MADRID         4.300   9/15/2026      EUR     66.49
GEN DE CATALUNYA         5.325   10/5/2028      EUR     73.64
GEN DE CATALUNYA         4.220   4/26/2035      EUR     64.25
GEN DE CATALUNYA         5.219   9/10/2029      EUR     71.66
GEN DE CATALUNYA         5.400   5/13/2030      EUR     72.83
GENERAL DE ALQUI         2.750   8/20/2012      EUR     72.53
INSTITUT CATALA          4.250   6/15/2024      EUR     72.41
JUNTA ANDALUCIA          5.150   5/24/2034      EUR     70.05
JUNTA LA MANCHA          3.875   1/31/2036      EUR     55.09

SWEDEN
------
SWEDISH EXP CRED         0.500   1/25/2028      USD     51.22
SWEDISH EXP CRED         0.500    3/5/2018      AUD     67.38
SWEDISH EXP CRED         0.500    3/3/2016      ZAR     65.68
SWEDISH EXP CRED         9.750   3/23/2012      USD      9.74
SWEDISH EXP CRED         7.000    3/9/2012      USD     10.03
SWEDISH EXP CRED         7.000    3/9/2012      USD      9.88
SWEDISH EXP CRED         8.000   1/27/2012      USD     10.05
SWEDISH EXP CRED         6.500   1/27/2012      USD      9.53
SWEDISH EXP CRED         2.130   1/10/2012      USD      9.57
SWEDISH EXP CRED         2.000   12/7/2011      USD      9.83
SWEDISH EXP CRED         8.000   11/4/2011      USD      8.28
SWEDISH EXP CRED         9.000   8/28/2011      USD     10.91
SWEDISH EXP CRED         9.000   8/12/2011      USD     10.23

SWITZERLAND
-----------
UBS AG                  10.580   6/29/2011      USD     39.82
UBS AG                  14.000   5/23/2012      USD      9.70
UBS AG                  13.700   5/23/2012      USD     14.05
UBS AG                  13.300   5/23/2012      USD      4.19
UBS AG                   9.250   3/20/2012      USD     13.99
UBS AG                  10.530   1/23/2012      USD     39.05
UBS AG JERSEY            3.220   7/31/2012      EUR     51.91
UBS AG JERSEY           10.280   8/19/2011      USD     35.25
UBS AG JERSEY            9.350   9/21/2011      USD     70.88
UBS AG JERSEY           10.360   8/19/2011      USD     53.45
UBS AG JERSEY           11.150   8/31/2011      USD     39.48
UBS AG JERSEY            9.450   9/21/2011      USD     51.03

UNITED KINGDOM
--------------
BANK NADRA               8.000   6/22/2017      USD     72.73
BARCLAYS BK PLC         10.950   5/23/2011      USD     64.38
BARCLAYS BK PLC         13.000   5/23/2011      USD     23.99
BARCLAYS BK PLC         10.510   5/31/2011      USD     13.01
BARCLAYS BK PLC          9.000   6/30/2011      USD     43.42
BARCLAYS BK PLC         10.600   7/21/2011      USD     39.76
BARCLAYS BK PLC          7.500   9/22/2011      USD     17.04
BARCLAYS BK PLC          8.750   9/22/2011      USD     73.14
BARCLAYS BK PLC          8.800   9/22/2011      USD     16.35
BARCLAYS BK PLC          8.550   1/23/2012      USD     11.32
BARCLAYS BK PLC          9.250   1/31/2012      USD      9.71
BARCLAYS BK PLC         10.650   1/31/2012      USD     45.65
BARCLAYS BK PLC          8.950   4/20/2012      USD     16.30
BARCLAYS BK PLC         12.950   4/20/2012      USD     23.59
BARCLAYS BK PLC         13.050   4/27/2012      USD     27.08
BARCLAYS BK PLC          9.400   7/31/2012      USD     11.23
BARCLAYS BK PLC         10.800   7/31/2012      USD     27.11
BARCLAYS BK PLC          9.250   8/31/2012      USD     35.46
BARCLAYS BK PLC          9.500   8/31/2012      USD     29.83
BARCLAYS BK PLC         10.350   1/23/2012      USD     22.03
BRADFORD&BIN BLD         4.910    2/1/2047      EUR     65.15
CO-OPERATIVE BNK         5.875   3/28/2033      GBP     69.51
DISCOVERY EDUCAT         1.948   3/31/2037      GBP     67.53
EFG HELLAS PLC           6.010    1/9/2036      EUR     30.88
EFG HELLAS PLC           5.400   11/2/2047      EUR     37.75
HBOS PLC                 6.000   11/1/2033      USD     68.78
HBOS PLC                 6.000   11/1/2033      USD     68.69
HBOS PLC                 4.500   3/18/2030      EUR     74.16
HEALTHCARE SUPP          2.067   2/19/2043      GBP     70.26
MAX PETROLEUM            6.750    9/8/2013      USD     59.59
NORTHERN ROCK            5.750   2/28/2017      GBP     71.92
NORTHERN ROCK            4.574   1/13/2015      GBP     79.48
PUNCH TAVERNS            6.468   4/15/2033      GBP     46.53
PUNCH TAVERNS            7.567   4/15/2026      GBP     61.71
PUNCH TAVERNS            8.374   7/15/2029      GBP     60.83
UNIQUE PUB FIN           6.464   3/30/2032      GBP     63.39
WESSEX WATER FIN         1.369   7/31/2057      GBP     31.60


                            *********

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

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

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

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


                            *********


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

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

Copyright 2011.  All rights reserved.  ISSN 1529-2754.

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