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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Monday, July 6, 2009, Vol. 10, No. 131

                            Headlines

A U S T R I A

AGENTUR 4 DESIGN: Creditors Must File Claims by July 14
ALPENGASTHOF HEBALM: Creditors Must File Claims by July 13
DOUBLE-CC MODETREFF: Creditors Must File Claims by July 14
DOUBLE-XX INTERNATIONAL: Creditors Must File Claims by July 14
HIMMELPFORTE GASTRONOMIEBETRIEBS: Claims Filing Ends is July 22

HRABALA CHRISTOPH: Creditors Must File Claims by July 21


F R A N C E

SPARC EUROPE: Fitch Assigns 'BB-' Rating on EUR85 Mil. Notes


G R E E C E

DANAOS CORP: Lenders Waiver Loan Covenants Until January 2010


G E R M A N Y

HYPO REAL: Fitch Affirms Individual Rating at 'F'
IKB INDUSTRIEBANK: Ex-CEO Charged w/ Manipulating Share Price
KLOECKNER & CO: S&P Gives Negative Outlook; Affirms 'BB' Rating

* S&P Downgrades Ratings on Six German Mezzanine Transactions


I R E L A N D

CLARIS LTD: S&P Withdraws 'CCC+' Rating on EUR20 Million Notes
ELAN CORPORATION: J&J to Acquire 18.4% Stake for US$1 Billion
INDEPENDENT NEWS: Sells Jagran Stake for EUR22MM to Repay Bond


I T A L Y

SAFILO SPA: Gets Debt Reprieve; Seeks Partner to Bolster Finances


K A Z A K H S T A N

AINUR LLP: Creditors Must File Claims by July 10
BUSINESS GARANT: Creditors Must File Claims by July 10
GOVINDA S: Creditors Must File Claims by July 10
KALAMKAS LTD: Creditors Must File Claims by July 10
NURSAI-2030: Creditors Must File Claims by July 10


K Y R G Y Z S T A N

AUTO TRANS: Creditors Must File Claims by July 24


N E T H E R L A N D S

BASE CLO I: Moody's Junks Rating on Class E Notes
NXP SEMICONDUCTORS: Moody's Affirms 'Caa2' Corporate Family Rating


N O R W A Y

STOREBRAND ASA: Fitch Assigns 'BB+' Issuer Default Rating


P O L A N D

DUDA SA: Nears Debt Deal with Creditor Banks


R O M A N I A

HIDROSIB: Files for Insolvency Over Losses


R U S S I A

AVTOVAZ OAO: Appoints New VP; Auditors Raise Going Concern Doubt
CHEBOKSARSKIY COLD: Creditors Must File Claims by July 19
DRAIV-STRUCTURAL: Creditors Must File Claims by August 19
ERA-STROY LLC: Creditors Must File Claims by July 19
FORD MOTOR: Suspends Production at Russian Plant on Weak Demand

GENERAL MOTORS: Halts Production at Russian Plant on Weak Demand
STORAGE TANK: Creditors Must File Claims by July 19

* PERM KRAI: Moody's Withdraws 'Ba1' Issuer Ratings


S P A I N

CODERE SA: S&P Lowers Long-Term Corporate Credit Rating to 'B'
FTA SANTANDER: Fitch Cuts Rating on Class E Notes to 'CC'/RR5


S W I T Z E R L A N D

CREE INTENATIONAL: Claims Filing Deadline is July 9
PFS AG: Creditors Must File Claims by July 9
SANOS AG: Claims Filing Deadline is July 10
WOHNHEIM SONNEMATTE: Claims Filing Deadline is July 9


U K R A I N E

ADMINISTRATIVE TECHNOLOGIES: Creditors Must File Claims by July 10
DAK LLC: Creditors Must File Claims by July 10
REGION BUILDING: Creditors Must File Claims by July 10
SLAVTRANS LLC: Creditors Must File Claims by July 10
SOYUZ 3 LLC: Creditors Must File Claims by July 10


U N I T E D   K I N G D O M

DUNEDIN PROPERTY: Max Property Eyes Industrious Portfolio
F&C ASSET: S&P Puts 'BB' Debt Rating on CreditWatch Negative
GORDON RAMSAY: Pre-Tax Profits Down 87%; Avoids Administration
SYRACUSE FUNDING: Moody's Reviews 'Caa1' Rating on Class D Notes

* Fitch Says Road is Tough Ahead for Europe and Asia Corporates

* BOND PRICING: For the Week June 29 to July 3, 2009


                         *********



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


AGENTUR 4 DESIGN: Creditors Must File Claims by July 14
-------------------------------------------------------
Agentur 4 Design GmbH will convene a meeting of its creditors at
09.45 a.m. on July 29, 2009, at Land Court of Krems an der Donau,
hall A/2nd floor.

Creditors of Agentur 4 Design GmbH have until July 14, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for July 29, 2009 at 9:45 a.m. at:

         Land Court of Krems an der Donau
         Hall A
         Second Floor

For further information, contact the company's administrator:

         Dr. Frank Riel
         Gartenaugasse 1
         3500 Krems
         Austria
         Tel: 02732/86 5 65, 86 5 66
         Fax: 02732/86566-11
         E-mail: anwalt@riel-grohmann.at


ALPENGASTHOF HEBALM: Creditors Must File Claims by July 13
----------------------------------------------------------
Creditors of Alpengasthof Hebalm Betriebs GmbH have until
July 13, 2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for July 20, 2009 at 12:30 p.m. at:

         Land Court of Klagenfurt
         Meeting Room 225
         Second Floor
         Klagenfurt
         Russia

For further information, contact the company's administrator:

         Dr. Gabriella Bardel
         Hoher Platz 17
         9400 Wolfsberg
         Austria
         Tel: 04352/2274
         Fax: 04352/2274-16
         E-mail: ra.gabriella@bardel.at


DOUBLE-CC MODETREFF: Creditors Must File Claims by July 14
----------------------------------------------------------
Creditors of DOUBLE-CC Modetreff Handel GmbH have until July 14,
2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for August 4, 2009 at 10:20 a.m. at:

         Land Court of St. Poelten
         Room 216
         Second Floor
         St. Poelten
         Austria

For further information, contact the company's administrator:

         Mag. Oliver Simoncic
         Rathausplatz 3-4
         3100 St. Poelten
         Austria
         Tel: 02742/47 082
         Fax: 02742/47 082-19
         E-mail: rechtsanwalt@simoncic.at


DOUBLE-XX INTERNATIONAL: Creditors Must File Claims by July 14
--------------------------------------------------------------
Creditors of DOUBLE-XX International Trading GmbH have until
July 14, 2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for August 4, 2009 at 10:20 a.m. at:

         Land Court of St. Poelten
         Room 216
         Second Floor
         St. Poelten
         Austria

For further information, contact the company's administrator:

         Mag. Oliver Simoncic
         Rathausplatz 3-4
         3100 St. Poelten
         Austria
         Tel: 02742/47 082
         Fax: 02742/47 082-19
         E-mail: rechtsanwalt@simoncic.at


HIMMELPFORTE GASTRONOMIEBETRIEBS: Claims Filing Ends is July 22
---------------------------------------------------------------
Creditors of Himmelpforte Gastronomiebetriebs GmbH have until
July 22, 2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for August 5, 2009 at 9:30 a.m.

For further information, contact the company's administrator:

         Mag. Stefan Jahns
         Gonzagagasse 15
         1010 Wien
         Austria
         Tel: 532 17 11
         Fax: 532 17 11 11
         E-mail: kanzlei@jahns.co.at


HRABALA CHRISTOPH: Creditors Must File Claims by July 21
--------------------------------------------------------
Creditors of Hrabala Christoph have until July 21, 2009, to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for August 4, 2009 at 10:00 a.m.

For further information, contact the company's administrator:

         Mag. Johanna Abel-Winkler
         Franz Josefs-Kai 49/19
         1010 Wien
         Austria
         Tel: 533 52 72
         Fax: 533 52 72 15
         E-mail: office@abel-abel.at


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


SPARC EUROPE: Fitch Assigns 'BB-' Rating on EUR85 Mil. Notes
------------------------------------------------------------
Fitch Ratings has assigned SPARC EUROPE (JUNIOR)(COMPARTMENT
2009)'s Series D notes totalling EUR85 million due in July 2012 a
final rating of 'BB-' with Stable Outlook.

SPARC EUROPE (JUNIOR) is a compartmentalized Fonds Commun de
Creances set up by the custodian, Natixis (rated 'A+'/F1+/Outlook
Stable), and the management company, Eurotitrisation, in 2007.  It
resulted in the SPARC EUROPE (JUNIOR) COMPARTMENT 2007 and SPARC
EUROPE (JUNIOR) COMPARTMENT 2008 issuances.  SPARC EUROPE (JUNIOR)
COMPARTMENT 2009 consists of the third compartment (of a maximum
of four), dedicated to the cover period 2009.  The underlying risk
stems from Belgian, German, Italian and Spanish portfolios of
motor insurance policies made to individuals and originated by AXA
subsidiaries' distribution network in those countries.

The ratings reflect the timely payment of interest and ultimate
payment of principal.  They are based on the financial structure
of the transaction, credit quality of the underlying motor
insurance contract portfolios, and premium and loss appraisal
procedures of each AXA subsidiary.

Nexgen Re, as the reinsurer, and the AXA subsidiaries have entered
into four reinsurance treaties, pursuant to which the subsidiaries
transfer to the reinsurer quota shares of premiums and receives
same quota shares of amounts to be paid under the claims arising
from the eligible motor insurance pools.

To secure its respective payment obligations, the reinsurer makes
a junior cash deposit of an aggregate amount of EUR192.4 million
for the benefit of the AXA subsidiaries.  The subsidiaries pledge
financial instruments, in an amount of EUR192.4 million, which are
credited to specific accounts for the benefit of FCC.  The deposit
being set at an adequate level is a condition for the confirmation
of the ratings of the notes issued by a senior FCC set up in
parallel to SPARC EUROPE (JUNIOR) COMPARTMENT 2009 (the junior
FCC).

On the closing date, the reinsurer transferred to the FCC the
receivable, which corresponds to the financial obligation of the
AXA subsidiaries to repay the junior deposit, as well as ancillary
rights such as the benefit of the above-mentioned pledge.

The risk covered by these reinsurance treaties and transferred to
noteholders reflects the evolution of the premium and claims of
the portfolios of insurance contracts; it is measured by the
global ratio of claims to premiums (the global loss ratio).
Portfolios losses will be passed to noteholders once the global
loss ratio exceeds each note's attachment point (loss threshold at
which noteholders are affected).  Attachment points for the Class
D notes are based on the global loss ratio at 5% above the
budgeted global loss ratio.


===========
G R E E C E
===========


DANAOS CORP: Lenders Waiver Loan Covenants Until January 2010
-------------------------------------------------------------
Danaos Corporation has reached agreement with Aegean Baltic Bank
acting as agent to its US$700 million revolving credit facility
with HSH Nordbank, Piraeus Bank and Aegean Baltic, its US$60
million credit facility with HSH Nordbank and Dresdner Bank and
its US$148 million performance guarantee with HSH Nordbank on
waiver terms with respect to these facilities.

With this agreement, together with agreements reached earlier this
year relating to certain of its other credit facilities, the
Company has now obtained waivers through January 31, 2010 covering
all prior breaches of financial covenants in its credit facilities
as well as any subsequent breaches of these covenants.

Upon execution of agreements with respect to the waiver terms
agreed with the abovementioned banks, the Company intends to
complete and file its Annual Report on Form 20-F with the U.S.
Securities and Exchange Commission, which will contain additional
details on the credit facility waivers and amendments.

"We are happy to announce this agreement on all waiver terms for
our outstanding credit facilities" said Dr. Coustas, Chief
Executive Officer of Danaos.  "All the agreements we have reached
with our banks are testament to the support and trust Danaos
management and business model has enjoyed from its lenders for a
long time.  With a fleet of 41 vessels chartered at fixed rates
for an average of about 8 years ahead, we are now focusing on
completing our new-building program of 28 pre-chartered vessels
scheduled for delivery gradually through 2012."

                     About Danaos Corporation

Based in Athens, Greece, Danaos Corporation --
http://www.danaos.com/-- is an international owner of
containerships, chartering its vessels to many of the world's
largest liner companies.  The company's current fleet of 41
containerships aggregating 165,933 TEUs ranks Danaos among
the largest containership charter owners in the world based on
total TEU capacity.  Danaos is the largest US listed containership
company based on fleet size.  Furthermore, the company has a
contracted fleet of 28 additional containerships aggregating
217,950 TEU with scheduled deliveries up to 2012.  The company's
shares trade on the New York Stock Exchange under the symbol
"DAC."


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


HYPO REAL: Fitch Affirms Individual Rating at 'F'
-------------------------------------------------
Fitch Ratings has affirmed Hypo Real Estate Holding AG's Long-term
Issuer Default Rating and those of its subsidiaries at 'A-' and
affirmed the Short-term IDRs at 'F1+'.  Fitch has simultaneously
affirmed and withdrawn Depfa Deutsche Pfandbriefbank AG's ratings.
The rating withdrawal follows the finalisation of the merger of
the legal entity Depfa Deutsche Pfandbriefbank AG into Hypo Real
Estate Bank AG.

Depfa Deutsche Pfandbriefbank AG's existing unsecured debt
issuances will be assumed by HRE Bank, and Fitch has affirmed the
ratings of these issuances.  Depfa Deutsche Pfandbriefbank AG's
and HRE Bank's public sector Pfandbrief cover pools have also been
merged. Depfa Deutsche Pfandbriefbank AG's public sector
Pfandbriefe, 'rated AAA' on RWN', have also been assumed by HRE
Bank.  HRE Bank's public sector Pfandbriefe are rated 'AAA'/RWN,
and its mortgage Pfandbriefe are rated 'AA+'/RWN.

A full rating breakdown is provided at the end of this commentary.

The merger of Depfa Deutsche Pfandbriefbank AG and HRE Bank was
part of the group's restructuring plan and aim to further
streamline the organisational structure of the group.  Following
the legal merger, HRE Bank has been renamed Deutsche
Pfandbriefbank AG.  This subsidiary of HRE Holding is now the
group's core operating bank and will combine strategic assets and
conduct new business activities in public finance and real estate
lending with a focus on Germany and the rest of Europe,
predominantly funded by Pfandbriefe.

Depfa Bank plc, 100% owned by HRE Holding and based in Dublin,
manages the group's non-core activities including the
infrastructure finance, capital markets and trading businesses,
which will be reduced and run-off over time.  As Fitch has stated
in its previous commentary, in the agency's view an orderly wind-
down of the non-core business would only be possible under state
ownership.  On June 22 HRE announced it would examine
possibilities for transferring significant portions of its problem
loans and its non-strategic portfolio to a so-called
"Abwicklungsanstalt" or wind-down institute.  The German
parliament is still reviewing the legal framework for such an
institute, but the negotiations are expected to be finalized in
July.  Once there is more clarity about the structure and which
assets/ liabilities will be transferred, Fitch will review the
structure and any rating implications.

Following a public offer and capital increase, the German
Financial Market Stabilization Fund holds 90% of HRE Holding's
capital and voting rights.  Fitch understands that SoFFin intends
to squeeze out the minority shareholders of HRE Holding to gain
full control of the group in August 2009.  On June 22 HRE
announced that it will face significant loan impairment charges in
Q209, particularly from HRE Bank's real estate lending exposure,
which will additionally burden the bank's equity.  External
funding guarantees for HRE Group totalled EUR100 billion as of
end-March 2009.  The group's initiated restructuring plan is
subject to an ongoing review by the European Commission due to the
support measures received.

HRE Holding's, and its subsidiaries, Support Ratings of '1' are
based on Fitch's view that there is an extremely high probability
of continued support from the German State for the group.  HRE
Holding's Long-term IDRs are at the Support Rating Floor of 'A-'.

The rating actions of the affected entities are:

Hypo Real Estate Holding AG

  -- Long-term IDR affirmed at 'A-'; Outlook Stable
  -- Short-term IDR affirmed at 'F1+'
  -- Individual Rating affirmed at 'F'
  -- Support Rating affirmed at '1'
  -- Support Rating Floor affirmed at 'A-'

Deutsche Pfandbriefbank AG (previously called Hypo Real Estate
Bank AG)

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

  -- Short-term IDR affirmed at 'F1+'

  -- Support Rating affirmed at '1'

  -- Support Rating Floor affirmed at 'A-'

  -- Senior unsecured debt affirmed at 'A-'

  -- Subordinated debt affirmed at 'BBB+'

  -- Hybrid capital instruments affirmed at 'CC'; Recovery Rating
     'RR5'

DEPFA Deutsche Pfandbriefbank AG

  -- Long-term IDR affirmed and withdrawn at 'A-'; Outlook Stable

  -- Short-term IDR affirmed and withdrawn at 'F1+'

  -- Support Rating affirmed and withdrawn at '1'

  -- Support Rating Floor affirmed and withdrawn at 'A-'

  -- Senior unsecured debt affirmed and assumed by HRE Bank at
     'A-'

  -- Subordinated debt affirmed and assumed by HRE Bank at 'BBB+'

DEPFA Bank plc

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

  -- Short-term IDR affirmed at 'F1+'

  -- Individual Rating affirmed at 'F'

  -- Support Rating affirmed at '1'

  -- Support Rating Floor affirmed at 'A-'

  -- Senior unsecured debt affirmed at 'A-'

  -- Subordinated debt affirmed at 'BBB+'

  -- Hybrid capital instruments affirmed at 'CC'; Recovery Rating
     'RR5'.

DEPFA ACS Bank

  -- Long-term IDR affirmed at 'A-'; Outlook Stable
  -- Short-term IDR affirmed at 'F1+'
  -- Support Rating affirmed at '1'
  -- Senior unsecured debt affirmed at 'A-'
  -- Subordinated debt affirmed at 'BBB+'

Hypo Public Finance Bank puc

  -- Long-term IDR affirmed at 'A-'; Outlook Stable
  -- Short-term IDR affirmed at 'F1+'
  -- Support Rating affirmed at '1'


IKB INDUSTRIEBANK: Ex-CEO Charged w/ Manipulating Share Price
-------------------------------------------------------------
Daniel Schafer at The Financial Times reports that prosecutors in
the city of Duesseldorf said they had charged Stefan Ortseifen,
the former chief executive of IKB Deutsche Industriebank AG, with
manipulating the share price and breach of trust.

The FT relates Duesseldorf prosecutor Michael Marx-Manthey alleged
Mr. Ortseifen downplayed the impact of the financial crisis on the
bank "in a misleading fashion" in a press release in July 2007.
Mr. Marx-Manthey, as cited by the FT, said the press release was
"too positive" and caused investors to buy the stock, supporting
the share price just one week before the bank came close to
insolvency.

The FT states prosecutors also alleged Mr. Orftseifen of spending
EUR120,000 on the renovation of a house that the bank owned, but
in which he lived.  They also alleged he bought "high-end
loudspeakers" with money from the bank, the FT notes.

The prosecutors told the FT that a starting date for the trial had
not yet been decided.

                        State Guarantees

IKB, the FT discloses, has recently applied for a further EUR7
billion in state guarantees, after earlier receiving loans and
guarantees worth EUR8 billion.  The new application has yet to be
approved by the German government, the FT says.

The FT recalls IKB was bailed out by the German government two
years ago after it revealed it could no longer provide liquidity
to an off-balance sheet conduit.  The lender was eventually sold
off to US-based private equity firm Lone Star, the FT recounts.

Headquartered in Duesseldorf, Germany, IKB Deutsche Industriebank
AG -- http://www.ikb.de/-- is a banking company, which
specializes in the field of long-term financing.  It offers a
range of financial products and services directed at medium-sized
companies.  The Bank operates internationally in four business
segments: Corporate Lending, engaged in the credit transactions,
mobile leasing, private equity sectors, as well as offerings of
such capital market products as corporate bonds loans sectors for
clients; Real Estate Financing, which provides customized
financing solutions for real estate projects; Structured Finance,
which offers such services as acquisitions and industrial project
financing, and Portfolio Investments that is involved in the
investments in equity products.  As of March 31, 2008, IKB
Deutsche Industriebank AG's subsidiaries included AIVG Allgemeine
Verwaltungsgesellschaft mbH, IKB Autoleasing GmbH, IKB Finance BV,
ZAO IKB Leasing, ISTOS Grundstueck-Vermietungsgesellschaft mbH &
Co. KG, among others.


KLOECKNER & CO: S&P Gives Negative Outlook; Affirms 'BB' Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
outlook on Germany-based steel distributor Kloeckner & Co. S.E. to
negative from stable.  At the same time, S&P affirmed the 'BB'
long-term corporate credit rating on the company and the 'B+'
rating on the senior unsecured debt issued by Kloeckner & Co.
Financial Services S.A. and Kloeckner & Co. Finance International
S.A.  The recovery ratings on the EUR97.9 million 6% convertible
bonds due 2014 issued by KFS and the EUR325 million 1.5% senior
unsecured convertible bonds due 2012 issued by KFI are unchanged
at '6', indicating S&P's expectation of negligible (0%-10%)
recovery in the event of a payment default.

"The outlook revision reflects S&P's opinion that trading
conditions in the steel sector will remain tough in the near
term," said Standard & Poor's credit analyst Alex Herbert.
"Kloeckner has relatively high adjusted debt and S&P believes that
its credit protection ratios could remain weak for the rating
during 2009 due to low future earnings and cash flows."

Furthermore, the chances of a recovery in 2010 are uncertain.  S&P
also view the recent raising of a EUR97.9 million convertible bond
as a signal that debt-financed acquisitions could be executed this
year, although for significant transactions S&P would expect
support from new equity.  Nevertheless, S&P regards Kloeckner's
liquidity as adequate.

In the first three months to March 31, 2009, Kloeckner reported
EBITDA of negative EUR132 million, due mainly to windfall and
volume losses caused by the industry downturn.  This took the
company's EBITDA loss during the last six months to
EUR266 million.  Funds from operations in the first quarter were
negative EUR167 million.  Over the past six months FFO was
negative EUR310 million.  However, in the first quarter, Kloeckner
generated significant inflows of working capital of
EUR422 million, which offset the negative FFO.  This is a
mitigating factor in S&P's assessment of the company's credit
quality.

While the company's reported net debt declined to EUR322 million
on March 31, 2009, S&P's adjusted debt was EUR861 million,
including adjustments for pensions (EUR170 million), operating
leases (EUR164 million), and an antitrust fine (EUR99 million)
levied in December 2008.  On this basis, S&P's estimate of the
ratio of last-12-months FFO to adjusted debt was only 3%, compared
with 25% on Dec. 31, 2008.  This sharp deterioration has left the
ratio very weak for the 'BB' rating.

S&P recognizes that Kloeckner's management is responding with
corrective actions to adjust its business strategy and to protect
its financial profile.  These measures include reducing working
capital, temporarily halting acquisitions, cutting costs, and
amending financial covenant definitions in certain bank facilities
to reduce the possibility of near-term breaches.

The ratings on Kloeckner reflect S&P's expectation of weak credit
ratios in 2009 due to the steel market downturn; volatile FFO and
working capital; and the competitive and fragmented nature of the
metal-distribution industry.  These weaknesses are partially
mitigated by Kloeckner's position as Europe's leading independent
metal distributor, and its ability to pass through steel price
changes to customers relatively quickly.

While negative FFO has been offset by inflows of working capital,
S&P regard such inflows as being largely concluded, and expect
only limited further reductions in working capital in the near
term.  In fact, S&P believes that there could be some further
working capital investments later this year as customer restocking
takes place and as volumes pick up.  Debt could also rise if
management returns to a more growth-oriented strategy, potentially
including acquisitions.

A downgrade could occur if the company continues to demonstrate
weak credit metrics for the rating, in particular if new
investments in working capital or debt financed acquisitions take
place.  Rating stability could return if the company were able to
demonstrate lower leverage and less volatile earnings and cash
flows.


* S&P Downgrades Ratings on Six German Mezzanine Transactions
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings in six
German mezzanine small and midsize enterprise transactions.  S&P's
ratings on all of these notes remain on CreditWatch negative.

The rating actions result from S&P's ongoing review of single-
obligor concentration risk in each transaction under the framework
of S&P's updated European SME criteria.  Each transaction is
backed by a portfolio of between 28 and 60 loans.

Furthermore, S&P is maintaining the CreditWatch negative placement
on the ratings on each issued note pending the receipt of 2008
year-end reporting on underlying obligor performance, which
typically becomes available in the second or third quarter of the
calendar year.  S&P believes targeted assessment of these audited
financials in S&P's credit analysis will permit greater insight
into both key exposures and broader portfolio trends.

S&P notes that since S&P initially placed the ratings on
CreditWatch negative the underlying portfolios have witnessed
further defaults, which has reinforced S&P's concerns relating to
obligor credit quality.  Given that the economic environment for
German SMEs remains challenging in the prevailing recession as the
economy continues to shrink, S&P expects that year-end financials
will likely confirm S&P's belief that further downgrades may be
warranted given existing pool concentrations.  S&P intends to
resolve the CreditWatch placements when it receives and analyzes
this information.

                           Ratings List

         Ratings Lowered and Kept on CreditWatch Negative

                  CB MezzCAP Limited Partnership
               EUR199.5 Million Floating-Rate Notes

    Class               To                       From
    -----               --                       ----
    A                   A/Watch Neg              A+/Watch Neg
    B                   BB/Watch Neg             BBB/Watch Neg
    C                   B+/Watch Neg             BB/Watch Neg

                 FORCE 2005-1 Limited Partnership
               EUR370.5 Million Floating-Rate Notes

    Class               To                       From
    -----               --                       ----
    A                   A/Watch Neg              AAA/Watch Neg
    B                   A/Watch Neg              AA/Watch Neg
    C                   BBB/Watch Neg            A/Watch Neg
    D                   BB/Watch Neg             BBB/Watch Neg

                   FORCE Two Limited Partnership
         EUR214.5 Million Fixed- And Floating-Rate Notes

    Class               To                       From
    -----               --                       ----
    A                   A/Watch Neg              AAA/Watch Neg
    B                   A/Watch Neg              AA/Watch Neg
    C                   BBB/Watch Neg            A/Watch Neg
    D                   BB/Watch Neg             BBB/Watch Neg
    E                   B/Watch Neg              BB/Watch Neg

                       PULS CDO 2006-1 PLC
     EUR260 Million Senior And Subordinated Deferrable Fixed-
                    and Floating-Rate Notes

    Class               To                       From
    -----               --                       ----
    A-1                 A/Watch Neg              AAA/Watch Neg
    A-2A                A/Watch Neg              AAA/Watch Neg
    A-2B                A/Watch Neg              AAA/Watch Neg
    B                   A/Watch Neg              AA/Watch Neg
    C-1                 BBB-/Watch Neg           A-/Watch Neg
    C-2                 BB+/Watch Neg            BBB+/Watch Neg
    D                   BB-/Watch Neg            BBB-/Watch Neg
    E-1                 B/Watch Neg              BB/Watch Neg
    E-2                 B/Watch Neg              BB/Watch Neg
    Q combo             B-/Watch Neg             BB/Watch Neg
    R combo             A/Watch Neg              AAA/Watch Neg

                        PULS CDO 2007-1 Ltd.
        EUR300 Million Senior and Subordinated Deferrable
                        Floating-Rate Notes

    Class               To                       From
    -----               --                       ----
    A-1                 A/Watch Neg              AAA/Watch Neg
    A-2A                A/Watch Neg              AAA/Watch Neg
    A-2B                A/Watch Neg              AAA/Watch Neg
    B                   A/Watch Neg              AA/Watch Neg
    C                   BBB/Watch Neg            A/Watch Neg
    D                   BB/Watch Neg             BBB/Watch Neg
    E                   B/Watch Neg              BB/Watch Neg

             PRIME 2006-1 Funding Limited Partnership
               EUR186.5 Million Floating-Rate Notes

    Class               To                       From
    -----               --                       ----
    A                   BBB+/Watch Neg           AAA/Watch Neg
    B                   BB+/Watch Neg            A/Watch Neg
    C                   B+/Watch Neg             BBB/Watch Neg
    D                   B/Watch Neg              BB/Watch Neg
    E                   B-/Watch Neg             B/Watch Neg

               Ratings Kept on CreditWatch Negative

                  CB MezzCAP Limited Partnership
               EUR199.5 Million Floating-Rate Notes

                Class               Rating
                -----               ------
                D                   B/Watch Neg
                E                   B-/Watch Neg


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


CLARIS LTD: S&P Withdraws 'CCC+' Rating on EUR20 Million Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'CCC+' credit
rating on the EUR20 million floating-rate credit-linked notes
series 42/2005 Voltaire issued by Claris Ltd.

The withdrawal follows the early termination of the notes, which
took place on June 30, 2009.


ELAN CORPORATION: J&J to Acquire 18.4% Stake for US$1 Billion
-------------------------------------------------------------
Johnson & Johnson (NYSE: JNJ) and Elan Corporation plc (NYSE: ELN)
have reached a definitive agreement whereby Johnson & Johnson will
acquire substantially all of the assets and rights of Elan related
to its Alzheimer's Immunotherapy Program (AIP Program), through a
newly formed company.  In addition, Johnson & Johnson, through its
affiliate, will invest US$1 billion in Elan in exchange for newly
issued American Depositary Receipts (ADRs) of Elan which will
represent 18.4% of Elan's outstanding ordinary shares.

The AIP Program represents Elan's interest in a collaboration with
Wyeth to research, develop and commercialize selective products
for the treatment and/or prevention of neurodegenerative
conditions, including Alzheimer's disease.

Johnson & Johnson, through its affiliate, will assume and continue
Elan's activities with Wyeth under the AIP Program and will
initially commit up to US$500 million to continue the development
and launch activities of bapineuzumab, a potential first-in-class
treatment that is being evaluated for slowing the progression of
Alzheimer's disease, as well as other compounds.  The agreement
provides for additional funding obligations of the parties if
needed.

In consideration for the transfer of these rights and assets, Elan
will receive a 49.9% equity interest in the newly formed Johnson &
Johnson company that will acquire the AIP Program.  Elan will be
entitled to a 49.9% share of the profits and certain royalty
payments upon the commercialization of products under the
collaboration with Wyeth.

The AIP Program includes multiple compounds being evaluated for
slowing the progression of Alzheimer's disease.  The lead compound
(bapineuzumab), administered intravenously once every three
months, is currently in Phase 3 clinical trials.  A subcutaneous
formulation, administered once a week, is currently in Phase 2
trials.  In addition, a vaccine for Alzheimer's disease (ACC-001)
is also under development.

In the U.S. alone, as many as 5.3 million people are living with
Alzheimer's disease.  The direct and indirect costs of this and
other dementias to payers, including government programs, amount
to more than Us$148 billion annually, according to the Alzheimer's
Association.

"Alzheimer's disease is a significant unmet need in aging
populations globally," said Sheri McCoy, Worldwide Chairman,
Pharmaceuticals, Johnson & Johnson.  "Johnson & Johnson's
development capabilities, commercial experience and global reach
will provide the foundation to accelerate the AIP Program
development, and increase its potential availability for patients
globally."

Elan Chief Executive Officer, Kelly Martin, believes that this
transaction positively impacts Elan and patients globally.  "This
transaction will leverage Elan's unique scientific and clinical
work and leadership in bringing treatments to market that
potentially slow the progression of Alzheimer's disease.  The Elan
commitment to scientific innovation and patients remains absolute
and we will continue to build upon and expand our leadership in
the fields of neuroscience and immunology."

Husseini Manji, M.D., Global Therapeutic Head, Neuroscience,
Johnson & Johnson Pharmaceutical Research & Development, added:
"This transaction will be a key component in achieving our vision
to develop treatments that target underlying disease biology,
thereby helping to prevent some of society's most devastating
illnesses.  We expect to focus our resources on bringing the AIP
Program to fruition as quickly as possible because of its
potential to slow the progression of Alzheimer's disease."

Dale Schenk, PhD, Executive Vice President and Chief Scientific
Officer for Elan provided a perspective that "After twenty years
of following the science and advancing this technology into the
latest stages of clinical development, it is our responsibility to
ensure that this therapy, upon further clinical and regulatory
progress, may be made available to the broadest range of patients
globally.  The capabilities of Johnson & Johnson will help in
achieving that goal."

Upon closing, the transaction will have an estimated dilutive
impact of US$0.02 to US$0.03 on Johnson & Johnson 2009 adjusted
earnings per share.  The companies anticipate concluding the
transaction in the second half of 2009.

The boards of directors of both Johnson & Johnson and Elan have
each approved the transaction, which represents the culmination of
an in-depth strategic review by Elan.  The transaction is
conditioned on clearance under the Hart-Scott-Rodino Antitrust
Improvements Act and other customary closing conditions.

                            About Elan

Elan Corporation, plc is a neuroscience-based biotechnology
company committed to making a difference in the lives of patients
and their families by bringing innovations in science to fill
significant unmet medical needs.

Headquartered in Dublin, Ireland, Elan Corporation, plc (Elan) --
http://www.elan.com/-- is a neuroscience-based biotechnology
company.  Its principal research and development, manufacturing
and marketing facilities are located in Ireland and the United
States.  Elan's operations are organized into two business units:
Biopharmaceuticals and Elan Drug Technologies (EDT).
Biopharmaceuticals engages in research, development and commercial
activities primarily in neuroscience, autoimmune and severe
chronic pain.  EDT focuses on the specialty pharmaceutical
industry, including specialized drug delivery and manufacturing.

Elan shares trade on the New York, London and Dublin Stock
Exchanges. The gross assets attributable to the AIP Program in the
audited consolidated accounts of Elan as at December 31, 2008 were
US$63.1 million.  Costs (losses) associated with the AIP Program
in respect of the year ended December 31, 2008 were approximately
US$113 million.

                           *    *    *

Elan Corporation plc continues to carry a B3 Corporate Family
Rating from Moody's Investors Service with positive outlook.


INDEPENDENT NEWS: Sells Jagran Stake for EUR22MM to Repay Bond
--------------------------------------------------------------
John Murray Brown at The Financial Times reports that Independent
News & Media plc has sold part of its investment in Indian
newspaper group Jagran Prakashan for EUR22 million.

According to The FT, INM said it had sold about 7.3 per cent of
its stake in Jagran Prakashan on the Bombay stock exchange, but
retained a 13 per cent stake in the publisher.  According to the
FT, the proceeds will be used to reduce debt and repay banks under
a EUR15 million working capital facility provided as part of a
standstill agreement with bondholders.  INM, which has net debt of
EUR1.3 billion, has until July 24 to find cash to refinance the
5.75 per cent bond, originally due in May, the FT says.

Headquartered in Dublin, Ireland, Independent News & Media PLC
(ISE:IPD) -- http://www.inmplc.com/-- is engaged in printing and
publishing of metropolitan, national, provincial and regional
newspapers in Australia, India, Ireland, New Zealand, South Africa
and the United Kingdom.  It also has radio operations in Australia
and New Zealand, and outdoor advertising operations in Australia,
New Zealand, South-East Asia and across Africa.  The Company also
has online operations across each of its principal markets.  The
Company has three business segments: printing, publishing, online
and distribution of newspapers and magazines and commercial
printing; radio, and outdoor advertising.  INM publishes over 200
newspaper and magazine titles, delivering a combined weekly
circulation of over 32 million copies with a weekly audience of
over 100 million consumers.  In March 2008, it acquired The Sligo
Champion.  During the year ended December 31, 2007, the Company
acquired the remaining 50% interest in Toowoomba Newspapers Pty
Ltd.


=========
I T A L Y
=========


SAFILO SPA: Gets Debt Reprieve; Seeks Partner to Bolster Finances
----------------------------=------------------------------------
Cristina Carlevaro at Reuters reports Safilo SpA said on Thursday
its bankers had agreed to delay until Dec. 31 payment of a
financing installment which was due on June 30.

Reuters says the delayed installment was due under agreements
regarding Safilo's existing senior loan.  Safilo, as cited by
Reuters, said it had also secured a waiver on financial covenants
linked to the same financing arrangement.

Reuters relates Safilo, whose net debt reached EUR618 million
(US$872 million) at the end of March, is in talks to find a
partner to shore up its balance sheet.  According to Reuters, the
company could bring on board private equity and industrial
partners to help solve financial worries.  Reuters discloses two
sources close to the operation said private equity funds -- Bain
Capital and Pai Partners -- were vying to acquire stakes in
Safilo.  "We are now waiting for exclusive talks to begin with one
of the two funds.  Around four weeks are still needed to clinch a
deal," Reuters quoted one of the sources as saying.

Safilo Group SpA -- http://www.safilo.com/-- is an Italy-based
company operating in the eyewear sector.  It designs, produces and
distributes such products as frames for reading glasses,
sunglasses, glasses for sport, ski masks, goggles and visors.  Its
products are primarily manufactured in four plants in Italy, one
in Slovenia and China and are marketed in 130 countries worldwide
through 39 direct commercial subsidiaries and more than 130,000
retail distributors.  The Group has 38 principal brands of which
10 directly owned and 28 licensed.  Brands include Safilo, Oxydo,
Carrera, Smith, Alexander McQueen, A/X Armani Exchange, Banana
Republic, BOSS - Hugo Boss, Bottega Veneta, Diesel, Valentino,
Dior, Emporio Armani and others.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on June 29,
2009, Fitch Ratings downgraded Italy-based eyewear designer and
manufacturer Safilo S.p.A.'s  Long-term Issuer Default Rating to
'CC' from 'B-'.  Fitch simultaneously downgraded Safilo's EUR400
million senior credit facilities to 'B-'/'RR2' from 'B+'/'RR2' and
Safilo Capital International S.A.'s EUR195 million senior notes,
due 2013, to 'C'/'RR6' from 'CC'/'RR6'.  The IDR remains on Rating
Watch Negative and the instrument ratings were placed on RWN.
Safilo's Short-term IDR was downgraded to 'C' from 'B' and
withdrawn.

The TCR-Europe reported on June 26, 2009, that Moody's Investors
Service downgraded Safilo S.p.A.'s Corporate Family Rating to Caa2
from B3, the Probability of Default Rating to Caa3 from Caa1 and
the senior unsecured rating on the EUR195 million notes due 2013
issued by Safilo Capital International SA to Ca from Caa2.
Ratings remain under review for further possible downgrade where
they were initially placed on February 13, 2009.

On June 26, 2009, the TCR-Europe reported that Standard & Poor's
Ratings Services said that it lowered to 'CC' from 'CCC+' its
long-term corporate credit rating on Italy-based eyewear
manufacturer Safilo SpA.  The outlook is negative.  At the same
time, S&P lowered to 'C' from 'CCC' the issue rating on the EUR195
million 9.625% second-lien notes due 2013 issued by Safilo Capital
International S.A.


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


AINUR LLP: Creditors Must File Claims by July 10
------------------------------------------------
Creditors of LLP Company Ainur have until July 10, 2009, to submit
proofs of claim to:

         Kazakhstan Str. 78-27
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (7232) 26-24-41

The Specialized Inter-Regional Economic Court of East Kazakhstan
commenced bankruptcy proceedings against the company on April 7,
2009, after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Bajov Str. 2
         070000 Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan


BUSINESS GARANT: Creditors Must File Claims by July 10
------------------------------------------------------
LLP Business Garant Inc is currently undergoing liquidation.
Creditors have until July 10, 2009, to submit proofs of claim to:

         Ismailov Str. 157
         Saryagash
         Saryagashsky
         South Kazakhstan
         Kazakhstan


GOVINDA S: Creditors Must File Claims by July 10
------------------------------------------------
Creditors of LLP Govinda S have until July 10, 2009, to submit
proofs of claim to:

         Kazakhstan Str. 78-27
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Te: 8 (7232) 26-24-41

The Specialized Inter-Regional Economic Court of East Kazakhstan
commenced bankruptcy proceedings against the company on
April 3, 2009, after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Bajov Str. 2
         070000 Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan


KALAMKAS LTD: Creditors Must File Claims by July 10
---------------------------------------------------
Creditors of LLP Kalamkas Ltd have until July 10, 2009, to submit
proofs of claim to:

         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of South Kazakhstan
commenced bankruptcy proceedings against the company on
March 20, 2009, after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Tynybaev Str. 42
         Shymkent
         South Kazakhstan
         Kazakhstan


NURSAI-2030: Creditors Must File Claims by July 10
--------------------------------------------------
Creditors of LLP Nursai-2030 have until July 10, 2009, to submit
proofs of claim to:

         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of South Kazakhstan
commenced bankruptcy proceedings against the company on
March 20, 2009, after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Tynybaev Str. 42
         Shymkent
         South Kazakhstan
         Kazakhstan


===================
K Y R G Y Z S T A N
===================


AUTO TRANS: Creditors Must File Claims by July 24
-------------------------------------------------
LLP Auto Trans Rally Muk is currently undergoing liquidation.
Creditors have until July 24, 2009, to submit proofs of claim to:

Inquiries can be addressed to (+996 312) 54-56-55.


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


BASE CLO I: Moody's Junks Rating on Class E Notes
-------------------------------------------------
Moody's Investors Service has downgraded its ratings of six
classes of notes issued by Base CLO I B.V.

This transaction is a static high yield collateralized loan
obligation with exposure to predominantly European senior secured
loans, as well as some mezzanine loan exposure.

The rating actions reflects Moody's revised assumptions with
respect to default probability and the calculation of the
Diversity Score as described in the press release dated
February 4, 2009, titled "Moody's updates key assumptions for
rating CLOs."  These revised assumptions have been applied to all
corporate credits in the underlying portfolio, the revised
assumptions for the treatment of ratings on "Review for Possible
Downgrade", "Review for Possible Upgrade", or with a "Negative
Outlook" being applied to those corporate credits that are
publicly rated.

Moody's notes that a material proportion of the collateral pool
consists of debt obligations whose credit quality has been
assessed through Moody's Credit Estimates.  As credit estimates do
not carry credit indicators such as ratings reviews and outlooks,
a stress of a quarter notch-equivalent assumed downgrade was
applied to each of these estimates.

According to Moody's, the rating actions taken on the notes are
also a result of credit deterioration of the underlying portfolio.
This is observed in, among other measures as per Trustee Report
dated May 31, 2009, a decline in the average credit rating as
measured through the weighted average rating factor (currently
2644) and an increase in the proportion of securities from issuers
rated Caa1 and below (currently 8.70%of the portfolio).

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of the rating committee
considerations.  These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record, and
the potential for selection bias in the portfolio.  All
information available to rating committees, including
macroeconomic forecasts, input from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, may influence the
final rating decision.

Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology and its supplements
for cash flow CLOs as described in the Moody's Special Report
below, and as updated from time to time.

  -- Moody's Approach to Rating Collateralized Loan Obligations
     (December 2008).
The rating actions are:

Base CLO I BV:

Class A-2 Senior Secured Floating Rate Notes

  -- Current Rating: A1
  -- Prior Rating: Aaa placed under review for possible downgrade
  -- Prior Rating Date: 04 Mar 2009

Class B Senior Secured Floating Rate Notes

  -- Current Rating: Baa1
  -- Prior Rating: Aa2 placed under review for possible downgrade
  -- Prior Rating Date: 04 Mar 2009

Class C Deferrable Senior Secured Floating Rate Notes

  -- Current Rating: Ba2
  -- Prior Rating: A2 placed under review for possible downgrade
  -- Prior Rating Date: 04 Mar 2009

Class D-1 Deferrable Senior Secured Floating Rate Notes

  -- Current Rating: B2
  -- Prior Rating: Baa2 placed under review for possible downgrade
  -- Prior Rating Date: 04 Mar 2009

Class D-2 Deferrable Senior Secured Floating Rate Notes

  -- Current Rating: B2
  -- Prior Rating: Baa2 placed under review for possible downgrade
  -- Prior Rating Date: 04 Mar 2009

Class E Deferrable Senior Secured Floating Rate Notes

  -- Current Rating: Caa2
  -- Prior Rating: Ba2 placed under review for possible downgrade
  -- Prior Rating Date: 04 Mar 2009


NXP SEMICONDUCTORS: Moody's Affirms 'Caa2' Corporate Family Rating
------------------------------------------------------------------
Moody's Investors Service affirmed the Caa2 CFR of NXP
Semiconductors' on the assumption that the relatively low,
US$504 million, debt relief gained from its cash offer for notes
will be complemented near term by further debt restructuring
measures, so that upon completion, NXP's operating performance and
credit metrics warrant at least that Caa2 rating.  The probability
of default rating was maintained at Ca, but the LD suffix (Limited
Default) was attached reflecting the final closing of NXP's debt
exchange transaction.  This LD designation will be withdrawn in
approximately 3 business days.  Moody's affirmed the C ratings for
the senior secured and unsecured notes of NXP.  The outlook for
the ratings remains negative.

The cash offer for notes resulted in redemption of US$342 million
secured notes for an estimated total consideration of about
US$150 million and of US$162 million unsecured notes for
approximately US$60 million.  Existing noteholders that elected to
participate in the buyback offer accepted principal reductions of
between 52.5% and 62.5%, depending upon the class of notes.
Moody's views the repurchase as a distressed exchange for the
particular securities involved, and reflects that a limited
default has occurred through the assignment of the probability of
default rating of Ca/LD (Limited Default).

As a result of the debt repurchase the Issuers' overall
indebtedness will be reduced by approximately US$504 million and
their related interest expense by approximately US$32 million.
Compared to about US$6.0 billion debt outstanding before the
buyback, the swap produced only a modest improvement in leverage
and interest coverage.  The company's CFR of Caa2 and the Ca/LD
PDR as well as its negative rating outlook reflect NXP's very weak
credit metrics, and the prospect that further debt restructuring
is likely to be pursued over the next several months which could
lead to more meaningful de-leveraging.  Moody's believes that
demand for semiconductors may start to stabilize near term, but
will continue on a very low level through 2009 given the weak
macro-economic conditions currently, and that NXP's operating
performance will continue to suffer.  Although NXP maintains
adequate liquidity, its capital structure appears unsustainable
over the medium term unless semiconductor volumes rebound
significantly.

Issuer: NXP B.V.

Adjustment:

  -- Probability of Default Rating, Adjusted to Ca/LD from Ca

NXP's ratings were assigned by evaluating factors Moody's believes
are relevant to the credit profile of the issuer, such as i) the
business risk and competitive position of the company versus
others within its industry, ii) the capital structure and
financial risk of the company, iii) the projected performance of
the company over the near to intermediate term, and iv)
management's track record and tolerance for risk.  These
attributes were compared against other issuers both within and
outside of NXP's core industry and NXP's ratings are believed to
be comparable to those of other issuers of similar credit risk.

The last rating action for NXP has been on April 3, 2009, when
Moody's affirmed the CFR at Caa2 and downgraded its senior secured
notes to C from Caa2.

NXP Semiconductors, headquartered in Eindhoven, Netherlands, is a
leading semiconductor company, focusing on the designs and
manufacture of semiconductors for general applications, power
management (Multi-Market) and application-specific integrated
circuits for the home electronics, automotive and identification
technology application markets.  NXP posted sales of
US$5.4 billion (including the Mobile & Personal business until the
beginning of August 2008) in fiscal year 2008.


===========
N O R W A Y
===========


STOREBRAND ASA: Fitch Assigns 'BB+' Issuer Default Rating
---------------------------------------------------------
Fitch Ratings has assigned Norwegian life insurer Storebrand ASA
an Issuer Default Rating of 'BB+' with a Negative Outlook.  Fitch
has simultaneously assigned SA's senior notes a 'BB' rating.  The
agency has also assigned Storebrand Livsforsikring's NOK1,000
million perpetual subordinated notes a 'BBB-' rating.  The
perpetual subordinated notes receive 75% equity credit (class D),
in accordance with Fitch's criteria for the treatment of hybrids.

The two-notch differential between SA and SL's Long-term IDRs
reflects ongoing pressure on group earnings, which results in a
low run rate for the interest coverage at the holding company
level.

SL's subordinated securities are callable in June 2015.  Interest
coupons (11.9%) are paid annually, and the coupon rate will change
into three months nibor plus 850 basis points from the first call
date.  Under its analysis, Fitch understands that it is SL's
intention to redeem the notes at the first call date only with the
proceeds of new capital issuance of similar or better quality.
Consequently, Fitch looks past the call date and regards the
instrument as perpetual for the purpose of assessing equity
credit.

Coupons are deferrable optionally, on a cumulative basis, and any
unpaid interest constitutes arrears of interest.  Fitch views the
effective duration of the look-back period as being shorter than
three months, meaning that the deferral is subject to an
"immaterial constraint", as defined in Fitch's criteria for the
treatment of hybrids.  SL will be obliged to pay the interest
accrued in limited circumstances, which Fitch does not view as a
significant additional constraint to deferral.

The deferral can also be triggered if the quarterly report to the
Financial Supervisory Authority of Norway discloses that the
issuer is in breach of the regulatory minimum margin.
The proceeds from the subordinated notes will be used for general
corporate purposes.

SL has an Insurer Financial Strength rating of 'BBB+' with a
Negative Outlook and a Long-term IDR of 'BBB' with a Negative
Outlook.  The Negative Outlook reflects Fitch's concern regarding
low levels of long-term interest rates, which makes it more
difficult for SL to match minimum guarantees, particularly in some
buckets of the Swedish portfolio, as well as ongoing difficult
conditions in global financial markets.

Fitch notes that SL's recent buy-backs of outstanding EUR175
million dated subordinated loan and SEK1,600 million perpetual
subordinated loan capital have reduced liquidity resources within
the Storebrand group, which are only partly offset by the issuance
of the new-rated hybrid instruments.  Fitch believes interest
coverage is currently under some pressure, given the agency's view
on expected debt-servicing costs and earnings.

SL's ratings could be downgraded if it fails to restore a level of
profitability that will comfortably cover interest expenses and
generate capital, or if recently implemented risk mitigation
measures fail to strengthen its balance sheet.  Fitch will
continue to closely monitor SL's financial results in the coming
months.

SA's senior unsecured debt has been assigned these ratings:

  -- NOK550 million issued on 23 June 2009 at 7.15% maturing
     in July 2014; assigned a 'BB' rating

  -- NOK405 million issued on 13 March 2009 at quarterly nibor
     plus 2.25% maturing in March 2012; assigned a 'BB' rating

  -- NOK750 million issued on 15 August 2005 at quarterly nibor
     plus 0.3% maturing in September 2011; assigned a 'BB' rating

  -- NOK830 million issued on 15 August 2005 at quarterly nibor
     plus 0.2% maturing in September 2009; assigned a 'BB' rating

SL's subordinated debt issues:

  -- NOK1,000 million issued on 16 June 2009 at 11.9% until June
     2015; thereafter three-month nibor plus 8.5%; callable in
     2015 and perpetual: assigned a 'BBB-' rating

  -- NOK1,700 million issued on 27 June 2008 at quarterly nibor
     plus 3.5% until June 2014; thereafter three-month nibor plus
     4.25%; callable in 2014 and perpetual: 'BBB-'

  -- EUR300 million issued on 26 February 2008 at 9.404% until
     June 2013; thereafter three-month euribor plus 6%; callable
     in 2013 and perpetual: 'BBB-'

  -- NOK1,500 million issued on 29 May 2008 at quarterly nibor
     plus 4% until May 2018; thereafter three-month nibor plus 5%;
     callable in 2018 and perpetual: 'BBB-'


===========
P O L A N D
===========


DUDA SA: Nears Debt Deal with Creditor Banks
--------------------------------------------
Pawel Kozlowski at Bloomberg News reports that Polski Koncern
Miesny Duda SA is close to signing a deal with creditors.

According to Bloomberg News, Parkiet newspaper, citing Chief
Executive Officer Maciej Duda, reported Thursday Duda will
probably sign an agreement with creditor banks before a deadline
at the end of this month.  According to Bloomberg News, the
newspaper said the company may issue new shares for the banks in
exchange for cancellation of debt and foreign-currency options.

                        Debt Restructuring

In a March 30 report, Bloomberg News disclosed the Polish
meatpacker said Kredyt Bank SA revoked PLN51.4 million (US$14.7
million) of loans, of which PLN31.5 million won't be immediately
payable because of a court-supervised debt restructuring.

Polski Koncern Miesny DUDA SA (PKM DUDA) -- http://www.zmduda.pl/
-- is a Poland-based company active in the meat processing
industry.  The Company focuses on the red meat production.  Its
main line of business is purchasing and slaughtering of pigs and
cattle, as well as butchery services.  Apart from sides of pork
and quarters of beef, the range of products includes cuts of pork
and beef, culinary meat, pluck and fats.  As a complement to its
production and trading activities, the Company offers services
with regard to the freezing, storage and transport of foodstuffs
that require specialist refrigeration facilities.  PKM DUDA is a
parent company within a group comprising approximately 30
companies in Poland, Ukraine and Germany.


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


HIDROSIB: Files for Insolvency Over Losses
------------------------------------------
smallcapnews.co.uk reports that Hidrosib, the Romanian subsidiary
of engineering group Metaltrax, is set to apply to the Romanian
courts to commence insolvency proceedings.

According to the report, Hidrosib is losing at approximately
GBP100,000 per month.  The report discloses in the year ended
December 31, 2008, the company incurred a loss before taxation of
around GBP0.3 million on turnover of GBP1.0 million.  At
December 31, 2008, the company's assets stood at GBP7.1 million.

The report says in addition to an onerously high cost base imposed
as part of its privatization in 2004, Hidrosib has been seriously
impacted by the current economic conditions.

Based in Sibiu, Transylvania, Hidrosib makes hydraulic equipment.


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


AVTOVAZ OAO: Appoints New VP; Auditors Raise Going Concern Doubt
----------------------------------------------------------------
John Reed and Catherine Belton at the Financial Times report that
Avtovaz OAO has appointed Igor Komarov as its new executive
vice-president in charge of finance, replacing Vincent Yann.

According to the FT, the decision to replace Mr. Yann, who was
appointed by shareholder Renault, is part of a crisis plan.  The
FT relates Renault, which holds a 25% stake in Avtovaz, said the
decision was "made in response to the drop in the Russian market".

                           Going Concern

The FT discloses Avtovaz on Thursday said its auditors had raised
doubts about its future as a going concern in an audit of its 2008
results as the fall in revenues hits its ability to pay down
US$1.7 billion of debts.  The FT notes Avtovaz, however, said in
its financial statement that it was confident it would continue as
a going concern, partly because of restructuring and partly due to
an US$800 million interest-free government loan.  The company's
sales fell 45 per cent in the year to May, the FT states.

                           Loan

On June 8, 2009, the Troubled Company Reporter-Europe, citing RIA
Novosti, reported that Russian Prime Minister Vladimir Putin
instructed the government to provide a RUR25 billion (US$806
million) loan to support Avtovaz.  The funds will be granted to
the Russian Technology Corporation, a key shareholder in Avtovaz,
which in turn will grant an interest free loan to the automaker,
RIA Novosti stated.  RIA Novosti disclosed Avtovaz CEO Boris
Alyoshin earlier said the government's aid would be channeled
primarily to bridging the company's debts for earlier periods.
According to RIA Novosti, the company's debt stood at RUR44
billion (US$1.3 billion) as of mid-April, a figure that includes
bond issues.

RIA Novosti recalled the company has several times suspended
production over payment disputes with car part suppliers.
As reported in the TCR-Europe on April 1, 2009, The Moscow Times,
said Mr. Alyoshin previously asked the government for RUR26
billion to restructure debt to suppliers and creditors.

Based in Tolyatti, Russia, AVTOVAZ OAO (AVTOVAZ JSC) --
http://www.lada-auto.ru/-- is engaged in the manufacture of
passenger cars.  The Company's main brands are LADA PRIORA, LADA
Kalina, LADA Samara, LADA 110 and others.  The Company is also
involved in the manufacture of automobile components, distribution
of automobiles and spare parts and operation of automobile service
centers. The Company is also active in a variety of other sectors,
such as power supply, transportation, utilities, construction,
insurance, banking and finance.  AVTOVAZ OAO sells its products on
the domestic market, as well as exports them to Kazakhstan,
Ukraine, Azerbaijan, Armenia, Egypt, Syria, Greece, Belarus,
Uruguay, Cyprus, Germany and others.  It operates through one
representative office located in Moscow, several subsidiaries and
affiliated companies.


CHEBOKSARSKIY COLD: Creditors Must File Claims by July 19
---------------------------------------------------------
Creditors of OJSC Cheboksarskiy Cold Storage Facility (TIN
2128056949, PSRN 1042128021077) have until July 19, 2009, to
submit proofs of claims to:

         S. Antipin
         Temporary Insolvency Manager
         Post User Box 160
         603000 Nizhny Novgorod
         Russia

The Arbitration Court of Chuvashia will convene at 11:00 a.m. on
Oct. 22, 2009, to hear bankruptcy supervision procedure.  The case
is docketed under Case No. ?79–3435/2009.

The Debtor can be reached at:

         OJSC Cheboksarskiy Cold Storage Facility
         Privokzalnaya Str. 1
         Cheboksary
         Russia


DRAIV-STRUCTURAL: Creditors Must File Claims by August 19
---------------------------------------------------------
Creditors of LLC Draiv-Structural-Aluminum (TIN 3808074584) have
until Aug. 19, 2009, to submit proofs of claims to:

         O. Lukina
         Insolvency Manager
         Post User Box 165
         664047 Irkutsk
         Russia

The Arbitration Court of Irkutskaya will convene on Dec. 2, 2009,
to hear bankruptcy proceedings.  The case is docketed under
Case No. ?19–19553/08–60.

The Debtor can be reached at:

         LLC Draiv-Structural-Aluminum
         Zimnyaya Str. 1
         Irkutsk
         664000 Irkutskaya
         Russia


ERA-STROY LLC: Creditors Must File Claims by July 19
----------------------------------------------------
The Arbitration Court of Kurskaya commenced bankruptcy supervision
procedure on LLC Era-Stroy (Construction).  The case is docketed
under Case No. ?35–2796/09-S8.

Creditors have until July 19, 2009, to submit proofs of claims to:

         D. Krylov
         Temporary Insolvency Manager
         Ryabinovy pereulok 2
         305014 Kursk
         Russia

The Debtor can be reached at:

         LLC Era-Stroy
         Office 18
         Lomakina Str. 17
         Kursk
         Russia


FORD MOTOR: Suspends Production at Russian Plant on Weak Demand
---------------------------------------------------------------
RIA Novosti reports that Ford Motor Co. on Wednesday suspended
production at its auto factory in Russia, citing weak demand for
vehicles.

According to RIA Novosti, a spokesman said the Ford factory in the
town of Vsevolozhsk near Russia's second city of St. Petersburg,
which produces Ford Focus and Mondeo cars, is halting production
for six business days until July 9.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles in
200 markets across six continents.  With about 260,000 employees
and about 100 plants worldwide, the company's core and affiliated
automotive brands include Ford, Jaguar, Land Rover, Lincoln,
Mercury, Volvo, Aston Martin, and Mazda.  The Company provides
financial services through Ford Motor Credit Company.

The Company has operations in Japan in the Asia Pacific region. In
Europe, the Company maintains a presence in Sweden, and the United
Kingdom.  The Company also distributes its brands in various
Latin-American regions, including Argentina and Brazil.

                          *     *     *

As reported by the Troubled Company Reporter on April 15, 2009,
Standard & Poor's Ratings Services said it raised its ratings on
Ford Motor Co. and related entities, including the corporate
credit rating, to 'CCC+' from 'SD-'.  The ratings on Ford Motor
Credit Co. are unchanged, at 'CCC+', and the ratings on FCE Bank
PLC, Ford Credit's European bank, are also unchanged, at 'B-',
maintaining the one-notch rating differential between FCE and its
parent Ford Credit.  S&P said that the outlook on all entities is
negative.

Moody's Investors Service in December 2008 lowered the Corporate
Family Rating and Probability of Default Rating of Ford Motor
Company to Caa3 from Caa1 and lowered the company's Speculative
Grade Liquidity rating to SGL-4 from SGL-3.  The outlook is
negative.  The downgrade reflects the increased risk that Ford
will have to undertake some form of balance sheet restructuring to
achieve the same UAW concessions that General Motors and Chrysler
are likely to achieve as a result of the recently-approved
government bailout loans.  Such a balance sheet restructuring
would likely entail a loss for bond holders and would be viewed by
Moody's as a distressed exchange and consequently treated as a
default for analytic purposes.


GENERAL MOTORS: Halts Production at Russian Plant on Weak Demand
----------------------------------------------------------------
RIA Novosti reports that General Motors Corp. on Wednesday
suspended production at its car plant in Russia, citing weak
demand for vehicles.

RIA Novosti relates GM's auto factory near St. Petersburg
announced on Monday it would suspend production from July 1 to
August 31 over declining demand on the Russian market.

                       About General Motors

Headquartered in Detroit, Michigan, General Motors Corp.
(NYSE: GM) -- http://www.gm.com/-- was founded in 1908.  GM
employs about 266,000 people around the world and manufactures
cars and trucks in 35 countries.  In 2007, nearly 9.37 million GM
cars and trucks were sold globally under the following brands:
Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.

GM Europe is based in Zurich, Switzerland, while General Motors
Latin America, Africa and Middle East is headquartered in Miramar,
Florida.

As reported by the Troubled Company Reporter, GM reported net loss
of US$6.0 billion, including special items, in the first quarter
of 2009.  This compares with a reported net loss of US$3.3 billion
in the year-ago quarter.  As of March 31, 2009, GM had
US$82.2 billion in total assets and US$US$172.8 billion in total
liabilities, resulting in US$90.5 billion in stockholders'
deficit.

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D. N.Y. Lead Case
No. 09-50026).  The Honorable Robert E. Gerber presides over the
Chapter 11 cases.  Harvey R. Miller, Esq., Stephen Karotkin, Esq.,
and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP,
assist the Debtors in their restructuring efforts.  Al Koch at AP
Services, LLC, an affiliate of AlixPartners, LLP, is the Debtors'
restructuring officer.  GM is also represented by Jenner & Block
LLP and Honigman Miller Schwartz and Cohn LLP as counsels.
Cravath, Swaine, & Moore LLP is providing legal advice to the GM
Board of Directors.  GM's financial advisors are Morgan Stanley,
Evercore Partners and the Blackstone Group LLP.

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


STORAGE TANK: Creditors Must File Claims by July 19
---------------------------------------------------
Creditors of LLC Storage Tank Manufacturing Plant of Special
Purpose (TIN 1650049005, PSRN 1031616018807) have until July 19,
2009, to submit proofs of claims to:

         B. Surov
         Temporary Insolvency Manager
         Post User Box 309
         420126 Kazan
         Tatarstan
         Russia

The Arbitration Court of Tatarstan will convene at 2:00 p.m. on
Oct. 21, 2009, to hear bankruptcy supervision procedure.  The case
is docketed under Case No. ?65–9490/2009-SG4–21.

The Debtor can be reached at:

         LLC Storage Tank Manufacturing Plant of Special Purpose
         Moskovskaya Str. 92
         Biklyan
         Tukevskiy
         Tatarstan
         Russia


* PERM KRAI: Moody's Withdraws 'Ba1' Issuer Ratings
---------------------------------------------------
Moody's Investors Service has withdrawn the Ba1 with stable
outlook foreign and local currency issuer ratings for Perm Krai
(Russia).  At the same time, Moody's Interfax Rating Agency has
withdrawn Perm Krai's Aa1.ru national scale issuer rating.
Moscow-based Moody's Interfax is majority-owned by Moody's
Investors Service.  The ratings have been withdrawn for business
reasons.

The last rating action on Perm Krai's global scale ratings was
implemented on November 24, 2004, when Moody's upgraded the
ratings of Perm Krai to Ba1 from Ba3 with a stable outlook.

The last rating action on Perm Krai's national scale ratings was
implemented on July 12, 2005, when Moody's Interfax assigned the
Aa1.ru issuer rating to the region.


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


CODERE SA: S&P Lowers Long-Term Corporate Credit Rating to 'B'
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term corporate credit rating on Spanish gaming operator Codere
S.A. to 'B' from 'B+'.  At the same time, the issue rating on the
EUR660 million senior unsecured notes issued by related entity
Codere Finance (Luxembourg) S.A. was also lowered to 'B' from
'B+'.  The ratings were removed from CreditWatch, where they were
placed with negative implications on Oct. 27, 2008.  The outlook
on Codere is negative.

The recovery rating on the senior unsecured notes issued by Codere
Finance is unchanged at '3', reflecting S&P's expectation of
meaningful (50%-90%) recovery for senior unsecured creditors in
the event of a payment default.

"The rating actions primarily reflect weaker operating performance
as a result of difficult trading conditions in Spain due to the
macroeconomic slowdown," said Standard & Poor's credit analyst
Philip Temme.  "Lease-adjusted EBITDA margins fell to 21.5% in the
12 months to March 2009, from 25.2% a year earlier.  Lease-
adjusted debt to EBITDA (including the Masampe payment-in-kind
{PIK) notes and applying a partial cash credit) rose to 5.5x in
the same period, from 4.8x a year before, well in excess of S&P's
5.0x ratings target."

Adjusted EBITDA fell 3.7% to EUR229.1 million in the 12 months to
March 2009.  Average daily net win per Spanish AWP (amusement with
prizes) machine fell 13.6% comparing the first quarter of 2009
with the first quarter of 2008, while Spanish AWP EBITDA slid
35.8%.  This is a much steeper rate of decline than experienced in
previous recessions, in what is traditionally the company's most
reliably cash-generative and stable hard currency business.

Partly offsetting these negative trends was continued solid sales
growth in Argentina, helped by the installation of coinless
technology.

Codere is responding to weaker trading conditions with significant
reductions in capital expenditure. S&P anticipates that such
spending will fall to about EUR83 million in 2009, from
EUR141.3 million in 2008.  Although greater discipline in respect
of new investment is helpful, deceleration in earnings growth will
likely limit the scope for deleveraging.

Meanwhile, there are substantial uncertainties relating to
Codere's ownership and financial structure as a result of the
nonpayment by the current controlling shareholder of obligations
due to the former shareholders.  It remains a possibility that any
sale process which might ensue could trigger change-of-control
provisions requiring early repayment of the notes, although
current market conditions suggest this risk is not imminent.

Ratings could be lowered further if the adjusted debt-to-EBITDA
ratio (including the PIK notes) were to exceed 6.0x or if covenant
headroom under the senior credit facilities were to tighten.  A
ratings upgrade is unlikely until the company brings the ratio of
adjusted debt to EBITDA (including the PIK notes) below 5.0x and
shareholders agree a credit-neutral resolution of the ownership
situation.


FTA SANTANDER: Fitch Cuts Rating on Class E Notes to 'CC'/RR5
-------------------------------------------------------------
Fitch Ratings has removed FTA Santander Financiacion 2's class A
and B floating-rate notes from Rating Watch Negative, and
downgraded the class B, C, D and E notes.

Rating actions:

  -- EUR496.33 million class A FRN: removed from Rating Watch
     Negative (RWN); affirmed at 'AAA'; assigned a Negative
     Outlook

  -- EUR58 million class B FRN: removed from RWN; downgraded to
     'AA-' from 'AA'; assigned a Negative Outlook

  -- EUR44.9 million class C FRN: downgraded to 'BBB-' from 'A-';
     Outlook Negative

  -- EUR29 million class D FRN: downgraded to 'B' from 'BB';
     Outlook Negative

  -- EUR63.8 million class E FRN: downgraded to 'CC'/RR5 from
     'CCC'/RR3

  -- EUR21.8 million class F FRN: affirmed at 'CC'/RR6

Santander Financiacion 2 is a securitization of consumer and auto
loans, granted to individuals and companies, originated by Banco
Santander (rated 'AA'/'F1+'/Stable) in its role as the seller and
servicer in Spain.

The downgrade of the class B, C, D, and E notes reflects a
continued deterioration in the performance of the underlying
receivables.  As of end-May 2009, the cumulative net default ratio
stood at 3.38%, against a base case of 1.15% for the same point of
seasoning. Since closing, the Fitch delinquency ratio (from 90
days to 360 days in arrears) has increased and peaked at 11.43% at
the end of May 2009.  The long-term buckets, from 90 to 179 days
and from 180 to 359 days in arrears, were at high levels at the
end of May 2009 (2.26% and 9.17%, respectively).

Moreover, the Fitch excess spread reported on the last payment
period of May 2009 was negative for the second time (-6.49%), due
to a reserve fund shortfall for its original full amount
(EUR21.8m) and an unpaid Principal Deficiency Ledger (PDL) of
EUR8.04m.

Fitch has removed the class A notes from Rating Watch Negative and
affirmed the notes at 'AAA' with a Negative Outlook due to the
higher level of collateral prepayments.  The average prepayments
since closing stand at around 28% of the outstanding portfolio,
compared with the initially expected base case level of 16.5%.
The faster prepayment experienced in the transaction, which is
amortized on a sequential basis, is beneficial to the senior class
A notes.


=====================
S W I T Z E R L A N D
=====================


CREE INTENATIONAL: Claims Filing Deadline is July 9
---------------------------------------------------
Creditors of Cree International GmbH are requested to file their
proofs of claim by July 9, 2009, to:

         Mr. P.G.C. van Tol
         Steinackerstrasse 29
         9053 Kuesnacht ZH
         Switzerland

The company is currently undergoing liquidation in Teufen.  The
decision about liquidation was accepted at a shareholders' meeting
on May 13, 2009.


PFS AG: Creditors Must File Claims by July 9
--------------------------------------------
Creditors of PFS AG are requested to file their proofs of claim by
July 9, 2009, to:

         Luethi Widmer Christine
         Liquidator
         Dorfstrasse 29
         3436 Zollbrueck

The company is currently undergoing liquidation in Aeschi SO.  The
decision about liquidation was accepted at a regular general
meeting held on May 8, 2009.


SANOS AG: Claims Filing Deadline is July 10
-------------------------------------------
Creditors of SANOS AG are requested to file their proofs of claim
by July 10, 2009, to:

         Juerg Geiger Treuhand AG
         Sirnacherstrasse 7
         9500 Wil
         Switzerland

The company is currently undergoing liquidation in Wil.  The
decision about liquidation was accepted at a general meeting held
on March 18, 2009.


WOHNHEIM SONNEMATTE: Claims Filing Deadline is July 9
-----------------------------------------------------
Creditors of Wohnheim Sonnematte GmbH are requested to file their
proofs of claim by July 9, 2009, to:

         Ruth Stoller
         Guetschstrasse 17
         5737 Menziken
         Switzerland

The company is currently undergoing liquidation in Menziken.  The
decision about liquidation was accepted at a shareholders' meeting
held on March 12, 2009.


=============
U K R A I N E
=============


ADMINISTRATIVE TECHNOLOGIES: Creditors Must File Claims by July 10
------------------------------------------------------------------
Creditors of LLC Administrative Technologies (code EDRPOU
32713626) have until July 10, 2009, to submit proofs of claim to:

         A. Krovalsky
         Insolvency Manager
         Novozabarskaya Str. 2/6
         04074 Kiev
         Ukraine

The Economic Court of Dnepropetrovsk commenced bankruptcy
proceedings against the company on April 23, 2009.  The case is
docketed under Case No. B26/81-09.

The Court is located at:

         The Economic Court of Dnepropetrovsk
         Kujbishev Str. 1a
         49600 Dnepropetrovsk
         Ukraine

The Debtor can be reached at:

         LLC Administrative Technologies
         Kotsiubinsky Str. 1
         49000 Dnepropetrovsk
         Ukraine


DAK LLC: Creditors Must File Claims by July 10
----------------------------------------------
Creditors of LLC Dak (code EDRPOU 31300671) have until
July 10, 2009, to submit proofs of claim to:

         V. Androsova
         Insolvency Manager
         Yangel Str. 17/112
         49089 Dnepropetrovsk
         Ukraine

The Economic Court of Dnepropetrovsk commenced bankruptcy
proceedings against the company on June 2, 2009.  The case is
docketed under Case No. B24/339-08.

The Court is located at:

         The Economic Court of Dnepropetrovsk
         Kujbishev Str. 1a
         49600 Dnepropetrovsk
         Ukraine

The Debtor can be reached at:

         LLC Dak
         Dinamo Str. 10
         49000 Dnepropetrovsk
         Ukraine


REGION BUILDING: Creditors Must File Claims by July 10
------------------------------------------------------
Creditors of LLC Region Building Service-2004 (code EDRPOU
33151593) have until July 10, 2009, to submit proofs of claim to:

         S. Silvanovich
         Insolvency Manager
         Office 14
         Zhylianskaya Str. 24
         01033 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on May 19, 2009.  The case is docketed under
Case No. 23/214-b.

The Court is located at:

         The Economic Court of Kiev
         B. Hmelnitskiy Str. 44-b
         01030 Kiev
         Ukraine

The Debtor can be reached at:

         LLC Region Building Service-2004
         Office 43
         Grushevsky Str. 28/2
         01021 Kiev
         Ukraine


SLAVTRANS LLC: Creditors Must File Claims by July 10
----------------------------------------------------
Creditors of LLC Slavtrans (code EDRPOU 33525670) have until
July 10, 2009, to submit proofs of claim to:

          A. Malevany
          SKD Str. 24/2
          40024 Sumy
          Ukraine

The Economic Court of Sumy commenced bankruptcy proceedings
against the company on June 1, 2009.  The case is docketed under
Case No. 7/84-09.

The Court is located at:

          The Economic Court of Sumy
          Shevchenko Ave. 18/1
          40477 Sumy
          Ukraine

The Debtor can be reached at:

          LLC Slavtrans
          Zalivnaya Str. 15
          40030 Sumy
          Ukraine


SOYUZ 3 LLC: Creditors Must File Claims by July 10
----------------------------------------------------
Creditors of LLC Soyuz 3 (code EDRPOU 32024373) have until
July 10, 2009, to submit proofs of claim to:

         A. Malevany
         SKD Str. 24/2
         40024 Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy proceedings
against the company on June 1, 2009.  The case is docketed under
Case No. 7/83-09.

The Court is located at:

         The Economic Court of Sumy
         Shevchenko Ave. 18/1
         40477 Sumy
         Ukraine

The Debtor can be reached at:

          LLC Soyuz 3
          Illiynskaya Str. 12
          40030 Sumy
          Ukraine


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


DUNEDIN PROPERTY: Max Property Eyes Industrious Portfolio
---------------------------------------------------------
Daniel Thomas at The Financial Times reports that Max Property is
in talks to acquire Dunedin Property's 10m-sq. ft. Industrious
portfolio of properties out of receivership.

The FT relates the Industrious portfolio, which comprises 120
properties, was valued at more than GBP530 million when it was put
into receivership last year, but has subsequently fallen sharply
in value.  According to the FT, Ernst & Young, the administrators,
intends to sell some properties through auction next month, which
Max would need to pre-empt.  The FT says the debt behind the
properties was securitized by Royal Bank of Scotland and analysts
expect only the senior bondholders to see returns.

On June 25, 2009, the Troubled Company Reporter-Europe, citing
Crain's Manchester Business, reported Dunedin, which was placed
into administration with Ernst & Young last September along with
its parent company, put Industrious up for sale for GBP700 million
in the summer of 2007 but failed to find a buyer.  Crain's said
Dunedin was weighed down by debts of GBP585 million and collapsed
after it was unable to negotiate a short-term cash injection from
RBS.

Dunedin Property -- http://www.dunedinproperty.co.uk/-- is a
privately owned property company with offices in London Edinburgh
& Birmingham.


F&C ASSET: S&P Puts 'BB' Debt Rating on CreditWatch Negative
------------------------------------------------------------
Standard & Poor's Ratings Services said that it placed its
'BBB-/A-3' long- and short-term counterparty credit ratings on F&C
Asset Management PLC on CreditWatch with negative implications.
At the same time, S&P's 'BB' rating on F&C's subordinated
deferrable debt was also placed on CreditWatch with negative
implications.

"The CreditWatch placement reflects S&P's view of F&C's leverage
and debt-service metrics, which S&P understand have been
deteriorating over a period of time.  In S&P's opinion, these will
remain weak, and are likely to fall this year below S&P's 3.5x
metric for gross interest coverage by EBITDA," said Standard &
Poor's credit analyst David Tate.

"Standard & Poor's aims to resolve the CreditWatch placement in
the coming weeks after discussions with the management regarding
expectations for an improvement in leverage, debt-service metrics,
and fund flow trends now that the extended period of ownership
uncertainty has been removed," added Mr. Tate.

S&P may downgrade F&C if leverage and debt-service metrics weaken
below S&P's threshold.  Conversely, the ratings could be affirmed
if F&C demonstrates an improved ability to service its debt and to
sustain stable operating margins through a period of weak
performance.


GORDON RAMSAY: Pre-Tax Profits Down 87%; Avoids Administration
--------------------------------------------------------------
Pan Kwan Yuk at The Financial Times reports that Gordon Ramsay
Holdings Ltd.'s profit before tax for the 12 months to
August 31 fell 87 per cent to GBP383,326, from the GBP3 million
made the year before.

The FT discloses turnover fell 14 per cent to GBP35.6 million.

                          Administration

The FT relates accounts filed by GRH on Thursday showed that
Mr. Ramsay and Chris Hutcheson, his father-in-law and business
partner, injected GBP5 million of their own money into the
business to avoid administration.  The FT recalls GRH earlier this
year said it had breached covenants on its GBP500,000 overdraft
and GBP10 million of loans from the Royal Bank of Scotland.  The
FT says new banking covenants have been agreed with RBS.

The FT notes GRH's net debt for the 12 months to August 31 soared
from GBP4 million to GBP9.5 million, while interest payments more
than doubled from GBP261,097 to GBP545,563.

Gordon Ramsay Holdings -- http://www.gordonramsay.com/-- operates
restaurants in the United Kingdom. Its menu includes sweetbreads
and mushrooms, sauces, cheeses, ice creams, and wine.  The company
was founded in 1998 and is based in London.


SYRACUSE FUNDING: Moody's Reviews 'Caa1' Rating on Class D Notes
----------------------------------------------------------------
Moody's Investors Service has upgraded its ratings of three
classes of notes, one credit facility and has confirmed its
ratings of one class of notes issued by Syracuse Funding EUR
Limited.

The Issuer has invested the proceeds of the issuance in
Participating Shares as the "Syracuse Cell Units" of Hypercube
Syracuse EUR IC as the "Syracuse Cell", an incorporated cell of
Hypercube Investments Limited ICC.  The Syracuse Cell has
purchased shares in funds of hedge funds.  The fund is managed by
Hypercube.

The ratings were downgraded and/ or placed under review for
downgrade between December 2008 and January 2009.  Since then, the
transaction has gone into receivership and the cash received is in
excess of EUR 54.8 Million and US$543 Thousands, which covers all
expected senior expenses, accrued interest and principal for the
credit facility and the three most senior classes of notes.

Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology and its supplements
for repackaged securities as described in Moody's Special Report
below:

  -- Moody's Approach to Rating Collateralized Funds of Hedge Fund
     Obligations (2003)

The rating actions are:

Syracuse Funding EUR Limited

(1) Class A Floating Rate Notes due 2018

  -- Current Rating: Aaa

  -- Prior Rating: Aa1, on review for possible downgrade

  -- Prior Rating Date: 29 January 2009, downgraded and placed
     under review for possible downgrade

(2) Credit Facility

  -- Current Rating: Aaa

  -- Prior Rating: Aa1, on review for possible downgrade

  -- Prior Rating Date: 22 December 2008, downgraded and placed
     under review for possible downgrade

(3) Class B Floating Rate Notes due 2018

  -- Current Rating: Aaa

  -- Prior Rating: Aa2, on review for possible downgrade

  -- Prior Rating Date: 29 January 2009, placed under review for
     possible downgrade

(4) Class C Floating Rate Notes due 2018

  -- Current Rating: Aaa

  -- Prior Rating: Baa1, on review for possible downgrade

  -- Prior Rating Date: 29 January 2009, downgraded and placed
     under review for possible downgrade

(5) Class D Floating Rate Notes due 2018

  -- Current Rating: Caa1

  -- Prior Rating: Caa1, on review for possible downgrade

  -- Prior Rating Date: 29 January 2009, downgraded and placed
     under review for possible downgrade


* Fitch Says Road is Tough Ahead for Europe and Asia Corporates
---------------------------------------------------------------
The peak of investment-grade corporate rating downgrades for
Fitch-rated issuers in Europe and Asia has most likely passed, but
negative actions will continue to outnumber positive ones during
2009, with negative rating momentum expected into 2010, Fitch
Ratings says in a report.

The situation remains bleaker for speculative grade entities
coping with significant refinancing burdens and a continuing
rationing of credit.

"The rate of rating decline has slowed in Q209," says Richard
Hunter, head of Fitch's European and Asian corporate rating
groups.  "While downgrades will still outnumber upgrades during
the rest of the year, our rating actions over Q408 and Q109 have
incorporated the severity of the post-Q408 downturn and Fitch's
assumptions of an anaemic corporate recovery through 2010 and into
2011."

Downgrade actions in the remainder of the year will reflect the
high number of negative outlooks currently assigned to Fitch's
corporate ratings.  Fitch's mid-year update report includes a list
of 68 "double-dippers" (issuers downgraded and simultaneously
placed on watch or outlook negative), spread across Europe and
Asia and different sectors, but overwhelmingly in cyclical
industries, reflecting their greater exposure to the current
super-cyclical recession.

Rating actions have been moderated by their already conservative
level entering the recession.

"Despite the sharp downturn, we have seen also rating affirmations
across many industries in both Europe and Asia," adds co-author
Tony Stringer, managing director and head of corporate ratings in
Asia.  "Investment grade corporate ratings' resiliency at the
portfolio level has mirrored investment-grade corporate entities'
own relative resilience to the current recession."  Despite a
number of sub-sectors, including automotive, technology and real
estate, being hit by multi-notch downgrades, at the portfolio
level, downgrade actions have averaged less than 1.5 notches
during the last 18 months.

Booming investment grade bond market issuance in Europe this year
has also offset liquidity concerns for investment grade corporates
prompted by weakness in the region's banking system.  Despite the
continuing pressure on bank lending volumes, Fitch continues to
regard liquidity for investment-grade names as largely addressed
for 2009 and 2010.  "This will hold whether or not European
corporate bond market issuance tapers off in the second half of
2009," notes John Hatton, Group Credit Officer for corporates and
author of Fitch's regular corporate liquidity studies.  "Fitch
expects issuance not to keep pace with first half levels, and
likely represent a high watermark, rather than a new benchmark
level of capital markets disintermediation for Europe."  While G3
currency issuance in Asia has remained modest, bank lending
capacity for investment grade names in Asia has been less affected
by the recession, and liquidity remains strong for developed
country and leading emerging market issuers in the region.

The situation looks bleaker for speculative grade borrowers.
"Nearly 60% of Fitch's shadow ratings of leveraged loans, covering
approximately EUR250 billion of senior secured debt, are now rated
'B-*' or below, with 'CCC*' shadow ratings reaching nearly 20% of
the portfolio as of June 30, 2009, compared with an average
'B*'/'B-*' in June 2007, " notes Ed Eyerman, co-author and head of
leveraged finance in Europe.  "While additional premia in high
yield may be attractive, the high likelihood of defaults through
refinancing dates in 2013 and 2014, and correspondingly poor
recoveries, may restrict access to high yield debt markets for all
but the most robust 'BB'-rated issuers."

More optimistically, while Fitch has already identified M&A
activity as a resurgent risk in the coming months, there are
reasons to believe this wave may be less credit-negative than
prior waves.  "Industrial logic and financing parameters are
likely to be stronger and more conservative in many of the sectors
where consolidation occurs, including telecom and manufacturing,"
says Mike Dunning, co-author and managing director in Fitch's
European corporate group.  "History shows, however, that the
balance of M&A-related rating actions are nonetheless likely to be
negative, albeit more moderately so in this cycle."

The report also highlights a number of risk drivers beyond Fitch's
central rating case which have the potential to impact ratings,
including supply chain risks, state support and, on the upside,
the possibility that current recessionary conditions improve
earlier than assumed in Fitch's current forecasts.


* BOND PRICING: For the Week June 29 to July 3, 2009
----------------------------------------------------

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

AUSTRIA
-------
CONWERT IMMO INV          1.500   11/12/2014  EUR  63.79
OESTER VOLKSBK            5.450     8/2/2019  EUR  73.64
OESTER VOLKSBK            4.810    7/29/2025  EUR  59.09
OESTER VOLKSBK            5.270     2/8/2027  EUR  91.61
RAIFF CENTROBANK         12.000    7/17/2009  EUR  66.64

CZECH REPUBLIC
--------------
CZECH REPUBLIC             2.750    1/16/2036  JPY  52.57

DENMARK
-------
DANSKE BANK                5.375    9/29/2021  GBP  76.68

FRANCE
------
AIR FRANCE-KLM            4.970     4/1/2015  EUR  12.21
ALCATEL SA                4.750     1/1/2011  EUR  15.42
CALYON                    6.000    6/18/2047  EUR  40.56
CAP GEMINI SA             2.500     1/1/2010  EUR  51.46
CAP GEMINI SOGET          1.000     1/1/2012  EUR  40.42
CAP GEMINI SOGET          3.500     1/1/2014  EUR  37.51
CIE FIN FONCIER           2.500    2/24/2031  CHF  73.30
CIE FIN FONCIER           3.875    4/25/2055  EUR  73.22
CLUB MEDITERRANE          4.375    11/1/2010  EUR  47.83
CMA CGM                   5.500    5/16/2012  EUR  44.88
CMA CGM                   5.500    5/16/2012  EUR  44.88
CREDIT LOCAL FRA          3.750    5/26/2020  EUR  70.71
DEXIA MUNI AGNCY          4.680     3/9/2029  CAD  68.30
SOC AIR FRANCE            2.750     4/1/2020  EUR  18.77

GERMANY
-------
BAYERISCHE LNDBK          4.500     2/7/2019  EUR  72.81
CITY OF KIEV              8.625    7/15/2011  USD  64.45
COMMERZBANK AG            4.125    9/13/2016  EUR  73.58
COMMERZBANK AG            6.625    8/30/2019  GBP  76.64
DEUTSCHE BK LOND          3.000    5/18/2012  CHF  70.31
DEUTSCHE BK LOND          1.000    3/31/2027  USD  40.87

IRELAND
-------
ALFA BANK                 8.635    2/22/2017  USD  75.03
ALLIED IRISH BKS          7.875     7/5/2023  GBP  71.99
ALLIED IRISH BKS          5.250    3/10/2025  GBP  53.11
ALLIED IRISH BKS          5.625   11/29/2030  GBP  52.54
BANESTO FINANC            6.120    11/7/2037  EUR   6.12
BANK OF IRELAND           4.875    1/22/2018  GBP  70.01
BANK OF IRELAND           4.625    2/27/2019  EUR  70.73
DALI CAPITAL 29           4.799   12/21/2037  GBP  74.41
DEPFA ACS BANK            2.550    8/31/2015  EUR  91.36
DEPFA ACS BANK            1.650   12/20/2016  JPY  71.48
DEPFA ACS BANK            2.375    2/15/2019  CHF  93.47
DEPFA ACS BANK            0.500     3/3/2025  CAD  37.50
DEPFA ACS BANK            5.250    3/31/2025  CAD  73.46
DEPFA ACS BANK            4.600    12/5/2025  EUR  72.70
DEPFA ACS BANK            3.250    7/31/2031  CHF  88.39
DEPFA ACS BANK            4.900    8/24/2035  CAD  70.47
DEPFA ACS BANK            5.125    3/16/2037  USD 105.18
DEPFA BANK PLC           11.000     2/7/2011  BRL  67.39
UT2 FUNDING PLC           5.321    6/30/2016  EUR  36.74

ITALY
-----
CIR SPA                   5.750   12/16/2024  EUR  66.98
COMUNE DI MILANO          4.019    6/29/2035  EUR  69.43
DEXIA CREDIOP             4.790   12/17/2043  EUR  65.36

LUXEMBOURG
----------
BANK OF MOSCOW            6.807    5/10/2017  USD  72.69
BREEZE                    4.524    4/19/2027  EUR  88.28
CIRSA FIN LUX SA          8.750    5/15/2014  EUR  72.88
CIRSA FIN LUX SA          8.750    5/15/2014  EUR  73.73
CODERE FIN LUX            8.250    6/15/2015  EUR  59.63
CODERE FIN LUX            8.250    6/15/2015  EUR  62.25
COFINIMMO LUXEM           5.250    7/15/2014  EUR  67.26
CRC BREEZE                5.290     5/8/2026  EUR  62.91
GLOBUS CAPITAL            8.500     3/5/2012  USD  50.93

NETHERLANDS
-----------
ABN AMRO BANK NV          3.375    8/15/2031  CHF  92.33
AIR BERLIN FINAN          1.500    4/11/2027  EUR  39.39
ALB FINANCE BV            7.875     2/1/2012  EUR  17.48
ALB FINANCE BV            9.250    9/25/2013  USD  17.46
ALB FINANCE BV            9.250    9/25/2013  USD  17.43
ALFA BK UKRAINE           9.750   12/22/2009  USD  72.97
ASTANA FINANCE            7.875     6/8/2010  EUR  17.50
ASTANA FINANCE            9.000   11/16/2011  USD  14.98
ATF CAPITAL BV            9.250    2/21/2014  USD  73.23
BK NED GEMEENTEN          0.500    6/27/2018  CAD  67.12
BK NED GEMEENTEN          0.500    2/24/2025  CAD  41.44
BLT FINANCE BV            7.500    5/15/2014  USD  52.03
CEMEX FIN EUROPE          4.750     3/5/2014  EUR  66.46
CENTERCRDT INTL           8.625    1/30/2014  USD  71.91
CLONDALKIN BV             8.000    3/15/2014  EUR  63.17
CLONDALKIN BV             8.000    3/15/2014  EUR  63.67
HIT FINANCE BV            4.875   10/27/2021  EUR  75.97
JSC BANK GEORGIA          9.000     2/8/2012  USD  73.58
TURANALEM FIN BV          7.125   12/21/2009  GBP  21.00
TURANALEM FIN BV          7.875     6/2/2010  USD  21.99
TURANALEM FIN BV          6.250    9/27/2011  EUR  20.48
TURANALEM FIN BV          8.000    3/24/2014  USD  24.44
TURANALEM FIN BV          8.500    2/10/2015  USD  22.43
TURANALEM FIN BV          8.250    1/22/2037  USD  18.83
TURANALEM FIN BV          8.250    1/22/2037  USD  18.87

ROMANIA
-------
BUCHAREST                 4.125    6/22/2015  EUR  78.19

SPAIN
-----
AYT CEDULAS CAJA          3.750    6/30/2025  EUR  74.58
BALEAR GOV'T              4.063   11/23/2035  EUR  70.49
BANCAJA                   4.375    2/14/2017  EUR  60.79
CEDULAS TDA 6             3.875    5/23/2025  EUR  76.11
COMUN AUTO CANAR          3.900   11/30/2035  EUR  68.20
COMUN AUTO CANAR          4.200   10/25/2036  EUR  71.80

SWITZERLAND
-----------
CYTOS BIOTECH             2.875    2/20/2012  CHF  42.75

UNITED KINGDOM
--------------
ALLIANC&LEIC BLD          5.250     3/6/2023  GBP  75.50
ALPHA CREDIT GRP          2.940     3/4/2035  JPY  56.60
AMLIN PLC                 6.500   12/19/2026  GBP  69.81
ANGLIAN WAT FIN           2.400    4/20/2035  GBP  50.05
ARSENAL SEC               5.142     9/1/2029  GBP  71.26
ASPIRE DEFENCE            4.674    3/31/2040  GBP  70.09
ASPIRE DEFENCE            4.674    3/31/2040  GBP  70.09
AVIVA PLC                 5.750   11/14/2021  EUR  73.05
AVIVA PLC                 5.250    10/2/2023  EUR  72.61
AVIVA PLC                 6.875    5/22/2038  EUR  70.50
AVIVA PLC                 6.875    5/20/2058  GBP  70.42
CGNU PLC                  6.125   11/16/2026  GBP  69.89
BARCLAYS BK PLC          11.650    5/20/2010  USD  46.38
BL SUPER FINANCE          5.578    10/4/2025  GBP  70.79
BRADFORD&BIN BLD          7.625    2/16/2010  GBP   4.00
BRADFORD&BIN BLD          5.625     2/2/2013  GBP 102.15
BRADFORD&BIN BLD          4.250     5/4/2016  EUR  82.93
BRADFORD&BIN BLD          5.500    1/15/2018  GBP   3.99
BRADFORD&BIN BLD          5.750   12/12/2022  GBP   3.83
BRADFORD&BIN PLC          6.625    6/16/2023  GBP   6.00
BRADFORD&BIN BLD          3.500    7/16/2027  CHF  93.82
BRADFORD&BIN BLD          2.875   10/16/2031  CHF  57.47
BRADFORD&BIN BLD          4.910     2/1/2047  EUR  42.62
BRIT INSURANCE            6.625    12/9/2030  GBP  58.86
BRITISH AIRWAYS           8.750    8/23/2016  GBP  75.54
BRITISH LAND CO           5.264    9/24/2035  GBP  70.61
BRITISH LAND CO           5.264    9/24/2035  GBP  70.85
BRITISH TEL PLC           5.750    12/7/2028  GBP  73.00
BRITANNIA BLDG            5.750    12/2/2024  GBP  55.00
BRITANNIA BLDG            5.875    3/28/2033  GBP  54.18
BRIXTON PLC               5.250   10/21/2015  GBP  71.76
BRIXTON PLC               6.000    9/30/2019  GBP  65.15
BROADGATE FINANC          4.999    10/5/2031  GBP  71.30
BROADGATE FINANC          5.098     4/5/2033  GBP  60.15
CATTLES PLC               7.875    1/17/2014  GBP   9.48
CATTLES PLC               8.125     7/5/2017  GBP  13.25
CITY OF KYIV              8.250   11/26/2012  USD  57.12
CITY OF KIEV              8.000    11/6/2015  USD  54.55
CONNECT M77/GSO           5.404    3/31/2034  GBP  71.68
CO-OPERATIVE BNK          5.625   11/16/2021  GBP  72.11
DAILY MAIL & GEN          5.750    12/7/2018  GBP  60.76
DAILY MAIL & GEN          6.375    6/21/2027  GBP  54.66
DELAMARE FINANCE          6.067    2/19/2029  GBP  72.41
PRUDENTIAL BANK           6.875   12/29/2021  GBP  59.35

                               *********

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
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Copyright 2009.  All rights reserved.  ISSN 1529-2754.

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                 * * * End of Transmission * * *