TCREUR_Public/090713.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Monday, July 13, 2009, Vol. 10, No. 136

                            Headlines

A U S T R I A

HASELSTEINER JOSEF: Creditors Must File Claims by July 21
LAS VEGAS: Claims Filing Deadline is July 20
MAK RENATE: Creditors Must File Claims by August 12


B E L A R U S

BELGAZPROMBANK: Fitch Changes Outlook to Negative
VTB BANK: Fitch Revises Outlook to Negative


B E L G I U M

AG INSURANCE: Fitch Upgrades Issuer Default Ratings From 'BB'
BRUSSELS AIRPORT: S&P Lowers Corporate Credit Rating to 'BB+'
CARMEUSE HOLDING: S&P Puts 'B+' Ratings on CreditWatch Negative
FORTIS BANK: Fitch Affirms Individual Rating at 'D'


G E R M A N Y

SCHIESSER AG: Administrator to Sell Operations for EUR70 Million


G R E E C E

DRYSHIPS INC: To Acquire Remainder of Drilling Rig Unit


I R E L A N D

EGRET FUNDING: Moody's Downgrades Rating on Class E Notes to 'C'
O'BRIEN SANDWICH: Placed Into Examinership by the High Court

* IRELAND: Insolvencies Hit Record High in First Half of 2009


K A Z A K H S T A N

AMT OIL: Creditors Must File Claims by July 17
BAYTEREK INTERNATIONAL: Creditors Must File Claims by July 17
EURO ARM: Creditors Must File Claims by July 17
EURO AZ: Creditors Must File Claims by July 17
INTERNATIONAL TRADING: Creditors Must File Claims by July 17

MIR STROY: Creditors Must File Claims by July 17
SOFT LINE: Creditors Must File Claims by July 17


K Y R G Y Z S T A N

MEDIKAMENTY UKRAINY: Creditors Must File Claims by August 7


L U X E M B O U R G

ARCELORMITTAL: In Talks to Renegotiate Debt Covenants
BGL SA: Fitch Affirms Individual Rating at 'D'


N E T H E R L A N D S

DRENT GOEBEL: Declared Bankrupt; Receiver Reviews Options
FORTIS SA/NV: Fitch Upgrades Issuer Default Ratings From 'BB'


P O R T U G A L

CHAVES SME: Moody's Junks Ratings on Three Classes of Notes


R U S S I A

BANK MOSCOW-MINSK: Moody's Cuts Local Currency Rating to 'Ba3'
CONSTRUCTION ADMINISTRATION: Creditors Must File Claims by July 19
EKOBRUS LLC: Kirovskaya Bankruptcy Hearing Set August 27
FINANCE LEASING: Russia Won't Shoulder US$250 Mln Debt
GARANTIYA STROY: Saint-Petersburg Bankruptcy Hearing Set Aug. 31

MAGNITOGORSK IRON: Fitch Affirms Issuer Default Rating at 'BB'
NITROMETHANE CJSC: Creditors Must File Claims by July 19
RBC INFORMATION: Cuts Initial Restructuring Deal With Creditors
SISTEMA-HALS OJSC: Moody's Withdraws 'B3' Corporate Family Rating
URAL-STROITEL LLC: Creditors Must File Claims by July 19


S L O V E N I A

ISTRABENZ D.D.: Koper Court Starts Receivership Proceedings


S W I T Z E R L A N D

ACRILIS GMBH: Creditors Must File Claims by July 16
KATEX GMBH: Claims Filing Deadline is July 16
OELER + BERINGER: Creditors Must File Claims by July 16
PHILENA AG: Creditors Must File Claims by July 17
ROMARK GMBH: Claims Filing Deadline is July 16

* SWITZERLAND: Corporate Bankruptcies Up 32% in First Half of 2009


U K R A I N E

AVERS BUD: Creditors Must File Claims by July 16
CASTION LLC: Creditors Must File Claims by July 16
INDUSTRIAL RESOURCE: Creditors Must File Claims by July 16
INFORM-CONSULTING LLC: Creditors Must File Claims by July 16
INTERNATIONAL EXECUTIVE: Creditors Must File Claims by July 16

INTERNATIONAL INFORMATION: Creditors Must File Claims by July 16
LEKS LLC: Creditors Must File Claims by July 16
LEON-MOKOM LLC: Court Starts Bankruptcy Supervision Procedure
LUGANSKOYE LLC: Creditors Must File Claims by July 16
MB GALS: Creditors Must File Claims by July 16

MEDICAL CONSULTING: Creditors Must File Claims by July 16
MOEK INTERNATIONAL: Creditors Must File Claims by July 16
OLYMPIC ENTERTAINMENT: Initiates Liquidation of Ukrainian Casinos
PALMIRA RUTA: Creditors Must File Claims by July 16
PK-VIP LLC: Creditors Must File Claims by July 16

POBEDA-ZIBT LLC: Creditors Must File Claims by July 16
POCHAYNA LLC: Creditors Must File Claims by July 16
SHEVCHENKOVSKOYE AGRICULTURAL: Claims Filing Deadline is July 16
TECHNOSVIT-SERVICE LLC: Creditors Must File Claims by July 16
UKRCAPBUD LLC: Creditors Must File Claims by July 17

ZATISHOK LLC: Creditors Must File Claims by July 16


U N I T E D   K I N G D O M

BRADFORD & BINGLEY: Non-Payment of Interest Triggers CDS Payout
BRITISH AIRWAYS: Moody's Cuts Corporate Family Rating to 'Ba3'
BRIXTON PLC: Fitch Gives Positive Watch; Affirms 'BB' Rating
COFFEE REPUBLIC: 10 Stores Closed; 66 Jobs Affected
EPIC PLC: Fitch Junks Ratings on Three Classes of Notes

VEDANTA RESOURCES: S&P Assigns 'BB' Rating on US$1.25 Bil. Bonds

* BOND PRICING: For the Week July 6 to July 10, 2009


                         *********



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


HASELSTEINER JOSEF: Creditors Must File Claims by July 21
---------------------------------------------------------
Creditors of Haselsteiner Josef Peter 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 9:15 a.m. at:

         Trade Court of Vienna
         Room 1606
         Austria

For further information, contact the company's administrator:

         Dr. Thomas Deschka
         Spiegelgasse 10
         1010 Wien
         Austria
         Tel: 513 99 39
         Fax: 513 99 39 30
         E-mail: deschka@lawcenter.at


LAS VEGAS: Claims Filing Deadline is July 20
--------------------------------------------
Creditors of Las Vegas Gaststätten und Automaten Betrieb GmbH have
until July 20, 2009 to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for August 4, 2009 at 9:15 a.m.

For further information, contact the company's administrator:

         Mag. Hans Peter Puchleitner
         Taborstrasse 3
         8350 Fehring
         Austria
         Tel: 03155/5170
         Fax: 03155/5170-20
         E-mail: kanzlei-puchleitner@inode.at


MAK RENATE: Creditors Must File Claims by August 12
---------------------------------------------------
Creditors have until August 12, 2009, to file their proofs of
claim.

A court hearing for examination of the claims has been scheduled
for August 19, 2009 at 9:15 a.m. at:

         Land Court of Ried im Innkreis
         Hall 101
         First Floor
         Ried im Innkreis
         Austria

For further information, contact the company's administrator:

         Dr. Peter Frisch
         Braunauerstrasse 22
         4950 Altheim
         Austria
         Tel: 07723/41213
         Fax: 07723/41213-4
         E-mail: office@ra-frisch.at


=============
B E L A R U S
=============


BELGAZPROMBANK: Fitch Changes Outlook to Negative
-------------------------------------------------
Fitch Ratings has revised the Outlooks on two Belarusian foreign-
owned banks, Belgazprombank and VTB Bank (Belarus) CJSC to
Negative from Stable.  The agency has simultaneously affirmed all
the banks' ratings.

The Negative Outlook reflects the growing risk that Belarus's
deteriorating macroeconomic environment and external finances
could weaken the sovereign's credit profile and lead to an
increase in transfer and convertibility risks.

The Long-term 'B' Issuer Default Ratings of BGB and VTBB are
driven by the support the banks may receive from their Russian
shareholders, OAO Gazprom ('BBB'/Outlook Negative) and Bank VTB
JSC ('BBB'/Outlook Negative) respectively.  However, Belarusian
transfer and convertibility risks could constrain the banks'
ability to utilize such support to meet obligations to creditors,
and therefore limit the extent to which this support can be
factored into the banks' ratings.

BGB and VTBB are the seventh and eighth-largest banks in Belarus
with just over 2% of system assets each.  BGB is 48%-owned by
Gazprom and 48% by JSB Gazprombank.  BGB's Individual rating was
upgraded to 'D/E' from 'E' in April 2009 (see commentary of 27
April 2009).  VTBB is 69.7%-owned by VTB.

The rating actions are:

Belgazprombank

  -- Long-term IDR: affirmed at 'B'; Outlook revised to Negative
     from Stable

  -- Short-term IDR: affirmed at 'B'

  -- Support Rating: affirmed at '4'

  -- Individual Rating: affirmed at 'D/E'

VTB Bank (Belarus) CJSC

  -- Long-term IDR: affirmed at 'B'; Outlook revised to Negative
     from Stable

  -- Short-term IDR: affirmed at 'B'

  -- Support Rating: affirmed at '4'

  -- Individual Rating: affirmed at 'E'


VTB BANK: Fitch Revises Outlook to Negative
-------------------------------------------
Fitch Ratings has revised the Outlooks on two Belarusian foreign-
owned banks, Belgazprombank and VTB Bank (Belarus) CJSC to
Negative from Stable.  The agency has simultaneously affirmed all
the banks' ratings.

The Negative Outlook reflects the growing risk that Belarus's
deteriorating macroeconomic environment and external finances
could weaken the sovereign's credit profile and lead to an
increase in transfer and convertibility risks.

The Long-term 'B' Issuer Default Ratings of BGB and VTBB are
driven by the support the banks may receive from their Russian
shareholders, OAO Gazprom ('BBB'/Outlook Negative) and Bank VTB
JSC ('BBB'/Outlook Negative) respectively.  However, Belarusian
transfer and convertibility risks could constrain the banks'
ability to utilize such support to meet obligations to creditors,
and therefore limit the extent to which this support can be
factored into the banks' ratings.

BGB and VTBB are the seventh and eighth-largest banks in Belarus
with just over 2% of system assets each.  BGB is 48%-owned by
Gazprom and 48% by JSB Gazprombank.  BGB's Individual rating was
upgraded to 'D/E' from 'E' in April 2009 (see commentary of 27
April 2009).  VTBB is 69.7%-owned by VTB.

The rating actions are:

Belgazprombank

  -- Long-term IDR: affirmed at 'B'; Outlook revised to Negative
     from Stable

  -- Short-term IDR: affirmed at 'B'

  -- Support Rating: affirmed at '4'

  -- Individual Rating: affirmed at 'D/E'

VTB Bank (Belarus) CJSC

  -- Long-term IDR: affirmed at 'B'; Outlook revised to Negative
     from Stable

  -- Short-term IDR: affirmed at 'B'

  -- Support Rating: affirmed at '4'

  -- Individual Rating: affirmed at 'E'


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


AG INSURANCE: Fitch Upgrades Issuer Default Ratings From 'BB'
-------------------------------------------------------------
Fitch Ratings has affirmed AG Insurance's (formerly Fortis
Insurance Belgium) Insurer Financial Strength (IFS) rating at 'A+'
and Long-term Issuer Default Rating at 'A' and removed them from
Rating Watch Negative.  The agency also affirmed the IFS ratings
and the Long-term IDR of Milleniumbcp-Fortis operating entities
and Fortis Insurance Company (Asia) Ltd and removed them from RWN.
The Outlooks on all IFS ratings and the IDR are Stable.

Fitch also upgraded the Long-term IDRs to 'BBB+' from 'BB' and the
Short-term IDRs to 'F2' from 'B' of the five Fortis holding
companies: Fortis SA/NV, Fortis N.V., Fortis Brussels, Fortis
Utrecht and Fortis Insurance NV and removed them from Rating Watch
Positive.  The Outlooks on all the IDRs are Stable.  A full rating
list is provided at the end of this commentary.

The rating actions on Fortis holding companies reflect their
improved and strong net cash position of around EUR3bn.  However,
Fitch recognizes there is a risk of shareholder litigation against
the holding companies regarding the restructuring of the Fortis
group, but does not expect potential payouts to jeopardize their
solvency.  If this risk were to be greater than expected, there
would be negative pressure on the ratings.

The rating actions on AG Insurance reflect the company's
resilience to the difficult financial and economic environment.
The company remained profitable, although modestly, in 2008 and
over Q109 with a net profit of EUR6 million and EUR5 million
respectively.  Although AG Insurance's consolidated shareholder's
funds decreased to EUR2.8 billion in 2008 from EUR3.2 billion in
2007, due to investment revaluation, the company's risk-adjusted
capital adequacy remained strong, mainly reflecting a prudent
investment policy although concentration risk exists on some Euro-
zone sovereign issuers.  At end-2008, the group's regulatory
solvency ratio amounted to 204%.  Fitch expects the solvency of AG
Insurance to remain broadly unchanged and that no exceptional
dividend will be paid to the holding companies in the foreseeable
future.

The rating actions on the MBCPF group of companies reflect the
resilient stand-alone operating performance of the three rated
entities, with strong risk-adjusted capitalization, reduced but
solid profitability in 2008, and the maintenance of a strong
second position in the Portuguese insurance market.  Fitch expects
MBCPF to extend its strong above-market average growth and to
maintain its conservative investment policy.  The rating action
does not at present factor in support from the majority
shareholder, the Fortis group.  However, Fitch notes that any
increase in the level of support or ownership by the majority
shareholder might have a positive impact on the rating.

The rating actions on FICA reflect its strong risk-based capital
on a stand-alone basis, conservative investment strategy and low
product guarantees.  It should be noted that, since its
acquisition by the Fortis group, FICA has unwound many of its
riskier investment positions.  With the exception of the real
estate portfolio, Fitch believes the company's assets are highly
liquid.  Furthermore, the low product guarantees on FICA's
traditional product lines are a key risk mitigant.

The scope of the Fortis group has changed significantly following
the dismantlement of the group in September 2008.  Thus, the
holding companies are now composed of two main operating entities:
AG Insurance (75% shareholding) and Fortis Insurance International
(which holds a number of stakes in foreign insurance companies).
AG Insurance is the largest Belgian life insurer with a 26% market
share and the second-largest non-life insurer with a 15% market
share.

The ratings actions are:

AG Insurance

  -- 'A+' IFS rating affirmed; off RWN; Stable Outlook
  -- 'A' Long-term IDR affirmed; off RWN; Stable Outlook

Ocidental-Companhia Portuguesa de Seguros de Vida S.A.

  -- 'A' IFS rating affirmed; off RWN; Stable Outlook

Ocidental-Companhia Portuguesa de Seguros S.A.

  -- 'A' IFS rating affirmed; off RWN; Stable Outlook

Companhia Portuguesa de Seguros de Saude S.A.

  -- 'A' IFS rating affirmed; off RWN; Stable Outlook

Fortis Insurance Company (Asia) Ltd

  -- 'A-' IFS rating affirmed; off RWN; Stable Outlook
  -- 'BBB+' Long-term IDR affirmed; off RWN; Stable Outlook

Fortis Capital (Asia) Ltd

  -- 'BBB+' senior unsecured rating affirmed; off RWN

Fortis SA/NV

  -- Long-term IDR upgraded to 'BBB+' from 'BB'; off RWP; Stable
     Outlook

  -- Short-term IDR upgraded to 'F2' from 'B'; off RWP

Fortis N.V.

  -- Long-term IDR upgraded to 'BBB+' from 'BB'; off RWP; Stable
     Outlook

  -- Short-term IDR upgraded to 'F2' from 'B'; off RWP

Fortis Brussels

  -- Long-term IDR upgraded to 'BBB+' from 'BB'; off RWP; Stable
     Outlook

  -- Short-term IDR upgraded to 'F2' from 'B'; off RWP

Fortis Utrecht

  -- Long-term IDR upgraded to 'BBB+' from 'BB'; off RWP; Stable
     Outlook

  -- Short-term IDR upgraded to 'F2' from 'B'; off RWP

Fortis Insurance N.V.

  -- Long-term IDR upgraded to 'BBB+' from 'BB'; off RWP; Stable
     Outlook

  -- Short-term IDR upgraded to 'F2' from 'B'; off RWP

Fortis Finance N.V.


  -- Senior unsecured upgraded to 'BBB' from 'BB'; off RWP
  -- Subordinated debt upgraded to 'BBB-' from 'BB-'; off RWP
  -- Commercial paper upgraded to 'F2' from 'B'; off RWP

Fortis Hybrid Financing

  -- Hybrid capital instruments upgraded to 'BBB-' from 'B'; off
     RWP

Fortfinlux SA

  -- Hybrid capital instruments upgraded to 'BB' from 'CCC'; off
     Rating Watch Evolving


  - Individual rating affirmed at 'D'

BGL SA

  - Long-term IDR affirmed at 'AA-'; Outlook Negative
  - Short-term IDR affirmed at 'F1+'
  - Senior unsecured debt affirmed at 'AA-'
  - Subordinated debt affirmed at 'A+'
  - Support rating affirmed at '1',
  - Individual rating affirmed at 'D'


BRUSSELS AIRPORT: S&P Lowers Corporate Credit Rating to 'BB+'
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term corporate credit ratings on The Brussels Airport Co. and
Brussels Airport Holding S.A./N.V. to 'BB+' from 'BBB'.  The
ratings were removed from CreditWatch with negative implications,
where they were placed on March 17, 2009.  The outlook is stable.

At the same time, Standard & Poor's assigned a recovery rating of
'3' to the EUR1.607 billion senior secured credit facilities due
2015 issued by BAH.  The recovery rating indicates S&P's
expectation of meaningful (50%–70%) recovery in the event of a
payment default.

"The downgrade mainly reflects S&P's expectation of a weakening of
Brussels Airport's financial profile due to weaker traffic levels
in the current economic environment," said Standard & Poor's
credit analyst James Hoskins.

In S&P's view, Brussels Airport will not likely be able to reduce
costs sufficiently to achieve the previous target credit metrics,
namely funds from operations to total debt of 10%.  In addition,
current market conditions in the airport sector have caused us to
increase the target credit metrics for a given financial profile.

BAH indirectly owns and operates Brussels Airport through its
subsidiary BAC.  Brussels Airport is the largest airport in
Belgium, but is a second-tier point-to-point airport when compared
with the primary European hubs at present.

Traffic has been weak at Brussels Airport during 2009. BAC
reported that traffic declined by 16% in the first quarter of 2009
compared with the first quarter of 2008  and by 5.4% in April and
9.8% in May compared with the previous corresponding periods in
2008.  Although the declines have been somewhat exacerbated by the
15% growth achieved in first-quarter 2008, and the timing of
Easter, S&P expects an overall decline in traffic of 8%-10% in
2009.

S&P expects traffic to stabilize in 2010 but to remain close to
zero or slightly positive depending on the success of Brussels
Airport's drive to attract low-cost traffic following the expected
completion of the low-cost pier in late 2009.  Additional cost-
saving initiatives have begun: Brussels Airport has a strong track
record of achieving operational expenditure savings, and the
airport has only minimal capital expenditure requirements.
However, S&P expects funds from operations to debt to be about 8%
in 2009, which in S&P's view is not commensurate, other factors
being equal, with an investment-grade-rated airport.

Standard & Poor's regards Brussels Airport as a government-related
entity as a result of its 25% ownership by Societe Federale de
Participations et d'Investissement/Federale Participatie-en
Investeringsmaatschappij, which is a government investment vehicle
of the Kingdom of Belgium (AA+/Stable/A-1+).  The 'BB+' ratings on
Brussels Airport are based on its stand-alone credit profile,
which reflects S&P's opinion that there is a "low" likelihood that
Brussels Airport will benefit from extraordinary government
support in the event of financial distress.  In accordance with
S&P's criteria for GREs, S&P's view of a "low" likelihood of
extraordinary government support is based on S&P's assessment of
Brussels Airport's:

"Limited" importance, as the government is primarily interested in
Brussels Airport's operations rather than its credit standing; and
"Limited" link with the Belgium government, due to the
government's 25% ownership.

The ratings reflect Brussels Airport's aggressive financial
profile resulting from significantly weaker-than-expected credit
metrics and an aggressive financial policy with significant
distributions to shareholders despite the traffic downturn;
competitive threats from high speed rail and other airports; and
substantial refinancing risk in 2015.  These risks are, in S&P's
view, somewhat offset by Brussels Airport's strong business risk
profile with a high level of origin-and-destination passengers
(91%); the potential future benefits from the acquisition of a
minority stake in Brussels Airlines by Deutsche Lufthansa AG (BBB/
Watch Neg/A-3); a supportive and stable regulatory regime, with an
established five-year price agreement with the airlines until
2011; a strong history of operational cost control; and its
modern airport facilities, with limited capacity and maintenance
capital expenditure requirements over the medium term.

The stable outlook reflects S&P's expectations that Brussels
Airport will maintain its strong competitive position, that its
financial profile will not deteriorate below funds from operations
to total debt in the high single digits, and that it will maintain
adequate liquidity over the next two years.

If traffic declines exceed S&P's expectations, or commercial
revenue growth stalls, causing the financial profile to weaken
below current expectations, then S&P could change the outlook to
negative or further lower the ratings on the Brussels Airport
group.

Rating upside is limited in the short term.  S&P may consider a
positive rating action once traffic stabilizes and the financial
profile is strengthened to low double-digit levels of funds from
operations to total debt and improving cash flow generation after
capital expenditures and dividends.


CARMEUSE HOLDING: S&P Puts 'B+' Ratings on CreditWatch Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it has placed its
'B+' long-term corporate credit and senior secured debt ratings on
Belgium-based lime producer Carmeuse Holding S.A. on CreditWatch
with negative implications.

S&P's '3' recovery ratings on Carmeuse's senior secured debt
remain unchanged, indicating S&P's expectation for meaningful
(50%-70%) recovery for lenders in the event of a payment default.

"The CreditWatch placement reflects S&P's uncertainty about the
outcome of Carmeuse's discussions with banks on its financial
covenants and debt refinancing," said Standard & Poor's credit
analyst Lucas Sevenin.  "We expect compliance under existing
financial covenants to be a challenge from second-quarter 2009."

That said, the current rating factors in the company's ability to
amend them.  S&P assumes the talks may also address the EUR107
million revolver loan, since it matures in December 2009 and S&P
understand it's Carmeuse's main liquidity source.  Carmeuse's
refinancing needs also include EUR500 million of senior debt that
amortizes from mid-2010 until January 2013, with US$72 million due
in 2010 and US$108 million due in 2011.

S&P's expectations that Carmeuse's second-quarter 2009 covenants
will be breached stems, in S&P's opinion, from these combinations:

  -- the company's weakening EBITDA, with key end markets steel
     and construction suffering material year-on-year volume
     drops since fourth-quarter 2008;

  -- a doubling in Carmeuse's financial debt after the Oglebay-
     Norton acquisition, completed in February 2008 and priced at
     US$680 million, including US$135 million of debt; and

  -- Carmeuse's decision to not sell some assets that could have
     contributed to trimming debt; and

  -- tightening covenant limits in 2009 and 2010, compared with
     2008 levels, as per the contractual schedule.

"We aim to resolve the CreditWatch placement in the next few weeks
when Carmeuse and its lender banks have completed their talks
regarding the company's financial covenants and its debt
refinancing," said Mr. Sevenin, "And we'll focus on any steps to
set new covenant limits, change the maturity and size of the
revolver lines, and implement plans to refinance bank debt." S&P
will also examine the inclusion, if any, of additional debt and
limitations.  S&P's current ratings assume resetting of the
covenant limits.  S&P will also factor operating trends at
Carmeuse into its assessment to end the CreditWatch.


FORTIS BANK: Fitch Affirms Individual Rating at 'D'
---------------------------------------------------
Fitch Ratings has affirmed BNP Paribas's Long-term Issuer Default
Rating at 'AA' with a Negative Outlook.

"Despite suffering heavy losses in its investment banking unit in
late 2008, BNPP has weathered the financial crisis better than
many of its peers to date," said James Longsdon, Managing Director
in Fitch's Financial Institutions team based in London.  "However,
Fitch is maintaining the Negative Outlook, primarily because of
concerns that asset quality will continue to deteriorate over the
rest of 2009 and in 2010.  BNPP's ratings will likely be
downgraded if this exerts pressure on BNPP's capitalization."

While BNPP and its subsidiaries constitute the largest deposit-
taking business in the eurozone, its investment banking activities
mean BNPP is also a major user of the more sensitive wholesale
funding markets.  Partly because of this, Fitch believes BNPP
needs to maintains a competitive capital position relative to
other highly rated peers and Fitch was comforted by the
strengthening of capital in Q109.

Asset quality deteriorated sharply in parts of BNPP's commercial
and retail banking portfolios in H208 and Q109.  Fitch believes
parts of the bank's EUR40 billion consumer credit portfolios, its
EUR9 billion leveraged buyout portfolio and loan portfolios in its
Ukrainian subsidiary (EUR5 billion) to be most at risk of needing
material impairment charges in the near- and medium-term.
Additionally, the lumpiness of exposures in the bank's corporate
and investment banking division may lead to periodic impairment
increases, while the deep recessions expected in BNPP's main
markets of France, Italy and Belgium, as well as in the US, mean
asset quality metrics are likely to deteriorate almost everywhere.

BNPP's risk appetite has moderated in CIB, having suffered heavy
losses, mainly in its equity derivatives business and due to a
sharp rise in impairment charges in H208.  Fitch expects BNPP to
defend its strong European fixed income, equity derivatives and
financing franchises.  BNPP allocates around one third of its
capital to CIB and Fitch believes this is unlikely to change.

BNPP's earnings benefit from the bank's diversity.  They were
supported in 2008 by the stability of retail banking and the
'Investment Solutions' business, whereas CIB suffered a EUR1.2bn
operating loss, meaning the bank's operating return on average
equity fell to just 5% for the year.  In 2009, retail banking
earnings are likely to continue to come under pressure as asset
quality weakens, but earnings in Investment Solutions should
remain solid and CIB's earnings ought to return to a far healthier
level, even if the division is unlikley to be able to repeat the
strong Q1 sustainably.

Banca Nazionale del Lavoro is now deeply integrated with BNPP and
its IDRs reflect this.  Its Individual Rating reflects its
adequate profitability and a reduction in credit and market risks,
but also below-average cost efficiency and a high level of
impaired loans, mainly relating to lending prior to the
acquisition by BNPP.

The downgrade to 'B/C' from 'B' of the Individual ratings of
BancWest Corporation's bank subsidiaries largely reflects Fitch's
expectation that continued credit stress will pressure earnings
performance.

The integration of 75%-owned Fortis Bank, whose IDRs are also
driven by BNPP's ownership of the bank, will be a major focus of
BNPP management in 2009 and 2010.

BNPP is one of Europe's largest banking groups, its core markets
being France, Italy and, following the acquisition this year of a
75% stake in Fortis Bank, Belgium.

The Individual rating reflects the standalone strength of the bank
while the Support rating reflects the probability of support from
a majority shareholder and/or the government.

The complete list of rating actions taken is:

BNP Paribas

  -- Long-term IDR: affirmed at 'AA'; Outlook Negative
  -- Short-term IDR: affirmed at 'F1+'
  -- Individual rating: affirmed at 'B'
  -- Support rating: affirmed at '1'
  -- Support Rating Floor: affirmed at 'A+'
  -- Long-term senior debt: affirmed at 'AA'
  -- Long-term subordinated debt: affirmed at 'AA-'
  -- Preference shares issued via BNP Paribas Capital Trust, BNP
  -- Paribas Capital Trust III, BNP Paribas Capital Trust IV, BNP
  -- Paribas Capital Trust VI: affirmed at 'AA-'

Banca Nazionale del Lavoro

  -- Long-term IDR: affirmed at 'AA'; Outlook Negative
  -- Short-term IDR: affirmed at 'F1+'
  -- Individual rating: affirmed at 'C'
  -- Support rating: affirmed at '1'
  -- Long-term senior debt: affirmed at 'AA'
  -- Long-term subordinated debt: affirmed at 'AA-'

BancWest Corporation

  -- Long-term IDR: affirmed at 'AA-'; Outlook Negative
  -- Short-term IDR: affirmed at 'F1+'
  -- Individual rating: affirmed at 'B/C'
  -- Support rating: affirmed at '1'

Bank of the West

  -- Long-term IDR: affirmed at 'AA-'; Outlook Negative
  -- Short-term IDR: affirmed at 'F1+'
  -- FDIC-guaranteed long-term debt: assigned at 'AAA'
  -- Long-term deposits: affirmed at 'AA'
  -- Short-term deposits: affirmed at 'F1+'
  -- Individual rating: downgraded to 'B/C' from 'B'
  -- Support rating: affirmed at '1'

First Hawaiian Bank

  -- Long-term IDR: affirmed at 'AA-'; Outlook Negative
  -- Short-term IDR: affirmed at 'F1+'
  -- Long-term deposits: affirmed at 'AA'
  -- Short-term deposits: affirmed at 'F1+'
  -- Individual rating: downgraded to 'B/C' from 'B'
  -- Support rating: affirmed at '1'

Fortis Bank

  -- Long-term IDR affirmed at 'AA-'; Outlook Negative

  -- Short-term IDR affirmed at 'F1+'

  -- Senior unsecured debt affirmed at 'AA-'

  -- Subordinated debt affirmed at 'A+'

  -- Support rating affirmed at '1'

  -- Hybrid capital instruments (ISIN BE0117584202 and
     BE0119806116) affirmed at 'A+'

  -- CASHES instruments (ISIN BE0933899800) upgraded to 'BB' from
    'CCC';

  -- Individual rating affirmed at 'D'

BGL SA

  -- Long-term IDR affirmed at 'AA-'; Outlook Negative
  -- Short-term IDR affirmed at 'F1+'
  -- Senior unsecured debt affirmed at 'AA-'
  -- Subordinated debt affirmed at 'A+'
  -- Support rating affirmed at '1',
  -- Individual rating affirmed at 'D'

Fortis Luxembourg Finance

  -- Short-term debt affirmed at 'F1+'
  -- Senior unsecured debt affirmed at 'AA-'
  -- Subordinated debt affirmed at 'A+'


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


SCHIESSER AG: Administrator to Sell Operations for EUR70 Million
----------------------------------------------------------------
Eva von Schaper at Bloomberg News reports that Frankfurter
Allgemeine Zeitung, citing Volker Grub, the company's
administrator, said Schiesser AG will be sold instead of being
placed into insolvency proceedings.

Bloomberg, citing the newspaper, relates Schiesser has about 50
potential buyers including the Bechtler family, which owns the
company.  According to Bloomberg, the newspaper said Mr. Grub
wants to sell the company for at least EUR70 million (US$98
million) and expects a sale will take nine months.

Headquartered in Radolfzell, Germany, Schiesser AG --
http://www.schiesser.de-- is an underwear maker.  It is owned by
Switzerland's Schiesser Group AG.


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


DRYSHIPS INC: To Acquire Remainder of Drilling Rig Unit
-------------------------------------------------------
DryShips Inc. has entered into an agreement to acquire the
remaining 25% of the total issued and outstanding capital stock of
Primelead Shareholders Inc.  Upon closing of this transaction,
Primelead will become a wholly owned subsidiary of the Company.

Primelead's principal assets include two owned and operational
ultra deepwater semisubmersible drilling rigs, the Eirik Raude and
the Leiv Eiriksson, and four newbuilding drillship contracts for
Hulls 1837, 1838, 1865 and 1866.  Upon delivery of the newbuilding
drillships, Primelead will possess one of the youngest and most
sophisticated fleets of ultra deepwater drilling rigs and
drillships in the industry.  The newbuilding drillships have
contractual delivery dates commencing in the fourth quarter of
2010 and ending in the third quarter of 2011.  In addition to its
drilling rig assets, Primelead owns Ocean Rig ASA which manages
the commercial, operational and technical aspects of the six
drilling rig assets.

The consideration to be paid for the 25% interest in Primelead
consists of a one-time US$50.0 million cash payment on closing of
the transaction, and the issuance of US$280.0 million face value
of convertible preferred stock.  The Preferred Stock, which
carries normal voting rights, will mandatorily convert into common
shares of DryShips at a 27.5% premium to the established DryShips
common share price of US$5.36 per share.  The Preferred Stock will
mandatorily convert into common shares of DryShips in four equal
increments that correspond to the contractual delivery of the four
newbuilding drillships.  The Preferred Stock bears a 6.75% per
annum cumulative dividend payable in additional shares of
Preferred Stock.  The Preferred Stock can also be converted at any
time by the holders at 42.9% premium to the established DryShips
common share price.  The Sellers consist of a company controlled
by DryShips' Chairman and Chief Executive Officer, George
Economou, and other clients of Cardiff Marine Inc.

The transaction was negotiated and approved by the Audit
Committee, which is comprised of our Independent Directors, acting
as a Special Committee.  The Audit Committee took the appropriate
steps necessary to evaluate the transaction and determine its
fairness.  Evercore Partners acted as advisor to the Sellers.

Evangelos Mytilinaios, Chairman of the independent Audit Committee
of DryShips commented: "We are pleased to have signed the
agreement to acquire the remaining 25% of Primelead.  We continue
to monitor the strengthening fundamentals of the ultra deepwater
offshore drilling market and believe that the future prospects of
this business are very bright.  With Primelead as a wholly-owned
subsidiary, DryShips will now fully benefit from the expected free
cash flows of our drilling rig unit which is operated by the
experienced Ocean Rig management team comprised of seasoned
industry executives with proven operational track records.

"In addition, with a majority of the consideration payable in
mandatorily convertible Preferred Stock matching the contractual
delivery dates of the four newbuilding drillships, the transaction
aligns the interest of all the shareholders and is accretive to
earnings.  We are also pleased that our Chairman and CEO continues
to show his long-term commitment to DryShips, maintaining his
standing as DryShips' principal common shareholder.  Finally, we
believe this acquisition will provide Dryships more flexibility in
the financing and employment of its offshore drilling units."

                       About DryShips Inc.

DryShips Inc. -- http://www.dryships.com/-- based in Greece, is
an owner and operator of drybulk carriers that operate worldwide.
DryShips owns a fleet of 41 drybulk carriers comprising 7
Capesize, 28 Panamax, 2 Supramax and 4 newbuilding Drybulk vessels
with a combined deadweight tonnage of over 3.6 million tons, 2
ultra deep water semisubmersible drilling rigs and 4 ultra deep
water newbuilding drillships.  DryShips Inc.'s common stock is
listed on the NASDAQ Global Market where trades under the symbol
"DRYS."

As reported by the Troubled Company Reporter on June 19, 2009,
DryShips signed an agreement with DnB NOR on waiver terms for
US$86 million of its outstanding debt.  No other details were
provided.

On June 9, DryShips signed an agreement on waiver terms with the
Deutsche Bank AG, led syndicate on a US$1.125 billion facility.
This facility covers drillships hull numbers 1865 and 1866
currently under construction at Samsung Heavy Industries.


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


EGRET FUNDING: Moody's Downgrades Rating on Class E Notes to 'C'
----------------------------------------------------------------
Moody's Investors Service has downgraded the rating of one class
of notes issued by Egret Funding CLO I plc:

  - EUR12,250,000 Class E Deferrable Floating Rate Notes due 2022,
    downgraded to C, previously on March 19, 2009 Caa1 Placed
    under Review for Possible Downgrade.

Egret Management LLP, the portfolio manager of Egret CLO I, has
informed Moody's of its intention to use interest proceeds
available to the non-rated Class M Subordinated Notes to
repurchase EUR1,400,000 of Class E Notes at a price of 25%.  The
purchased EUR1.4 million Class E Notes will be subsequently
cancelled.  The repurchase and cancellation are expected to be
completed by July 13, 2009.

Moody's views the repurchase of 11% of Class E Notes at a
significant discount as a distressed exchange, and reflect the
corresponding loss suffered by the seller through the C debt
rating.  The rating of the remaining Class E Notes will be
upgraded soon to the appropriate level post-repurchase.  As the
impact of the repurchase on the remaining Class E Notes rating is
negligible, it is expected that the Class E rating will be revised
to Caa1 under review for possible downgrade following the above
repurchase.

Ultimately, the repurchase of EUR1.4 million of Class E Notes will
not, in and of itself, cause the ratings on all Classes of Egret
CLO I Notes to be worse than prior the repurchase.

This transaction is a managed cash leveraged loan collateralized
loan obligation with exposure to predominantly EURopean senior
secured loans, as well as some mezzanine loan exposures.


O'BRIEN SANDWICH: Placed Into Examinership by the High Court
------------------------------------------------------------
Arthur Beesley and Mary Carolan at The Irish Times report that the
High Court has placed O'Brien's Sandwich Bars in examinership.

Mr. Justice Brian McGovern, Belfast Telegraph discloses, appointed
Paul McCann as interim examiner.  The case is back before the
court on July 22, Belfast Telegraph says.

According to the Irish Times, O'Brien's, which employs 800 people
at its 85 Irish stores, has debts exceeding EUR4 million,
including EUR3.4 million it owes Bank of Ireland.

The Irish Times notes that while the court was told that an
unspecified number of the 85 Irish outlets are to be closed as
part of a plan to ensure the company's survival, the company said
Thursday night that "all stores" continued to trade normally.

The Irish Times relates O'Brien's chairman Brody Sweeney said in a
statement that franchisees were not subject to examinership.  "We
are taking this action in an effort to restructure the business
for the benefit of our franchisees, and to protect jobs," the
Irish Times quoted Mr. Sweeney as saying.

Mr. Sweeney, the Irish Times states, blamed the firm's troubles on
the collapse of the property market.  Mr. Sweeney, as cited by the
Irish Times, said "A number of our franchisees are struggling to
pay their rents, as footfalls in shopping centres and high streets
across the country fall and consumers are spending less.  This in
turn puts pressure on our own company, as we hold the head leases
for most of the outlets in the chain."

O'Brien's Sandwich Bars -- http://www.obriensonline.com/-- has
more than 300 stores providing healthy food option in 13 countries
across Europe, Asia, Australia and Africa.  The company sells
made-to-order hot or cold sandwiches -- ShambosTM, Tripledecker,
Wrappos and Toosties.  The extensive selection includes gourmet
coffees, fresh soups, patisseries, deli dishes, salads, snacks and
a wide range of soft drinks, including freshly made smoothies and
juices from the instore juice bar offerings.


* IRELAND: Insolvencies Hit Record High in First Half of 2009
-------------------------------------------------------------
Citing a report by the Insolvency Journal, Louisa Nesbitt at
Independent.ie says company insolvencies in Ireland climbed 129
percent to a record high in the first half of the year as the
economy shrank.

Independent.ie says a total of 702 companies failed in the first
six months of 2009, exceeding the previous record of 618
insolvencies in the first half of 1994.

The economy, Independent.ie discloses, shrank at an unprecedented
pace in the first quarter after the collapse of the decade-long
property boom.


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


AMT OIL: Creditors Must File Claims by July 17
----------------------------------------------
Creditors of LLP AMT Oil have until July 17, 2009, to submit
proofs of claim to:

         Jambyl Str. 9
         Karaganda
         Kazakhstan

The Specialized Inter-Regional Economic Court of Karaganda
commenced bankruptcy proceedings against the company on April 6,
2009, after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Karaganda
         Alalykin Str. 9
         Karaganda
         Kazakhstan


BAYTEREK INTERNATIONAL: Creditors Must File Claims by July 17
-------------------------------------------------------------
Creditors of LLP Bayterek International Service have until
July 17, 2009, to submit proofs of claim to:

         Micro District Mamyr-1, 13-43
         Almaty
         Kazakhstan

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on May 4, 2009, after
finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Baizakov Str. 273b
         Almaty
         Kazakhstan


EURO ARM: Creditors Must File Claims by July 17
-----------------------------------------------
Creditors of LLP Euro Arm Stroy have until July 17, 2009, to
submit proofs of claim to:

         Abai Ave. 39
         Astana
         Kazakhstan

The Specialized Inter-Regional Economic Court of Astana commenced
bankruptcy proceedings against the company on April 6, 2009, after
finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Astana
         Abai Ave. 36
         Astana
         Kazakhstan


EURO AZ: Creditors Must File Claims by July 17
----------------------------------------------
LLP Euro AZ Energo PV is currently undergoing liquidation.
Creditors have until July 17, 2009, to submit proofs of claim to:

         Kutuzov Str. 89-273
         Pavlodar
         Kazakhstan


INTERNATIONAL TRADING: Creditors Must File Claims by July 17
------------------------------------------------------------
Creditors of LLP International Trading Company DN have until
July 17, 2009, to submit proofs of claim to:

         Micro District Mamyr-1, 13-43
         Almaty
         Kazakhstan

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on May 4, 2009, after
finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Baizakov Str. 273b
         Almaty
         Kazakhstan


MIR STROY: Creditors Must File Claims by July 17
------------------------------------------------
Creditors of LLP Mir Stroy Ltd have until July 17, 2009, to submit
proofs of claim to:

         Abai Ave. 39
         Astana
         Kazakhstan

The Specialized Inter-Regional Economic Court of Astana commenced
bankruptcy proceedings against the company on April 6, 2009, after
finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Astana
         Abai Ave. 36
         Astana
         Kazakhstan


SOFT LINE: Creditors Must File Claims by July 17
------------------------------------------------
Creditors of LLP Soft Line have until July 17, 2009, to submit
proofs of claim to:

         Jambyl Str. 9
         Karaganda
         Kazakhstan

The Specialized Inter-Regional Economic Court of Karaganda
commenced bankruptcy proceedings against the company on April 6,
2009, after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Karaganda
         Alalykin Str. 9
         Karaganda
         Kazakhstan


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


MEDIKAMENTY UKRAINY: Creditors Must File Claims by August 7
-----------------------------------------------------------
CJSC Medikamenty Ukrainy is currently undergoing liquidation.
Creditors have until August 7, 2009, to submit proofs of claim to:

         Bokonbaev Str. 138
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 30-08-83


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


ARCELORMITTAL: In Talks to Renegotiate Debt Covenants
-----------------------------------------------------
Carol Dean and Alex MacDonald at The Wall Street Journal report
that ArcelorMittal on Wednesday said it was in talks with banks to
renegotiate its debt covenants to give the company greater
flexibility should market conditions deteriorate further.

According to the WsJ, the company said it wants to change the
covenant governing loans over a period of one year.  The covenant,
the WSJ discloses, stipulates that net debt cannot rise beyond 3.5
times the company's earnings before interest, tax, depreciation
and amortization.

In a July 8 press release Arcelor Mittal said "While the company
does not anticipate breaching the existing covenant, it is prudent
given the current operating environment to strengthen the
financial position of the company in the event of any further
unexpected downturn.  This exercise does not increase the
borrowing costs under these facilities under normal conditions of
financial performance".

The company said that at the end of the first quarter 2009,
adjusted for subsequent capital market transactions, it had strong
liquidity of US$23 billion and has raised more than US$11 billion
from equity, convertible and other bond issues this year.  The
company said it has also made good progress towards its target of
reducing debt by US$10 billion by the end of 2009.

Matthias Hellstern, credit analyst at Moody's Investor Services,
as cited by the WSJ, said he expects ArcelorMittal to reduce net
debt to about US$19.3 billion by the end of the year, through its
capital raising, net debt reduction plan and otheractions.

Headquartered in Luxembourg, ArcelorMittal --
http://www.arcelormittal.com/-- is a global steel producer.  The
Company has steel-making operations in 20 countries on four
continents, including 66 integrated, mini-mill and integrated
mini-mill steel-making facilities.  ArcelorMittal operates its
business in six operating segments: Flat Carbon Americas; Flat
Carbon Europe; Long Carbon Americas and Europe; Asia, Africa and
Commonwealth of Independent States (CIS) (AACIS); Stainless Steel;
and Arcelor Mittal Steel Solutions and Services.  ArcelorMittal's
steel-making operations have a high degree of geographic
diversification.  Approximately 36% of its steel is produced in
the Americas, approximately 49% is produced in Europe and
approximately 15% is produced in other countries, such as
Kazakhstan, South Africa and Ukraine.  ArcelorMittal produces a
range of finished, semi-finished carbon steel products and
stainless steel products.


BGL SA: Fitch Affirms Individual Rating at 'D'
----------------------------------------------
Fitch Ratings has affirmed BNP Paribas's Long-term Issuer Default
Rating at 'AA' with a Negative Outlook.

"Despite suffering heavy losses in its investment banking unit in
late 2008, BNPP has weathered the financial crisis better than
many of its peers to date," said James Longsdon, Managing Director
in Fitch's Financial Institutions team based in London.  "However,
Fitch is maintaining the Negative Outlook, primarily because of
concerns that asset quality will continue to deteriorate over the
rest of 2009 and in 2010.  BNPP's ratings will likely be
downgraded if this exerts pressure on BNPP's capitalization."

While BNPP and its subsidiaries constitute the largest deposit-
taking business in the eurozone, its investment banking activities
mean BNPP is also a major user of the more sensitive wholesale
funding markets.  Partly because of this, Fitch believes BNPP
needs to maintains a competitive capital position relative to
other highly rated peers and Fitch was comforted by the
strengthening of capital in Q109.

Asset quality deteriorated sharply in parts of BNPP's commercial
and retail banking portfolios in H208 and Q109.  Fitch believes
parts of the bank's EUR40 billion consumer credit portfolios, its
EUR9 billion leveraged buyout portfolio and loan portfolios in its
Ukrainian subsidiary (EUR5 billion) to be most at risk of needing
material impairment charges in the near- and medium-term.
Additionally, the lumpiness of exposures in the bank's corporate
and investment banking division may lead to periodic impairment
increases, while the deep recessions expected in BNPP's main
markets of France, Italy and Belgium, as well as in the US, mean
asset quality metrics are likely to deteriorate almost everywhere.

BNPP's risk appetite has moderated in CIB, having suffered heavy
losses, mainly in its equity derivatives business and due to a
sharp rise in impairment charges in H208.  Fitch expects BNPP to
defend its strong European fixed income, equity derivatives and
financing franchises.  BNPP allocates around one third of its
capital to CIB and Fitch believes this is unlikely to change.

BNPP's earnings benefit from the bank's diversity.  They were
supported in 2008 by the stability of retail banking and the
'Investment Solutions' business, whereas CIB suffered a EUR1.2bn
operating loss, meaning the bank's operating return on average
equity fell to just 5% for the year.  In 2009, retail banking
earnings are likely to continue to come under pressure as asset
quality weakens, but earnings in Investment Solutions should
remain solid and CIB's earnings ought to return to a far healthier
level, even if the division is unlikley to be able to repeat the
strong Q1 sustainably.

Banca Nazionale del Lavoro is now deeply integrated with BNPP and
its IDRs reflect this.  Its Individual Rating reflects its
adequate profitability and a reduction in credit and market risks,
but also below-average cost efficiency and a high level of
impaired loans, mainly relating to lending prior to the
acquisition by BNPP.

The downgrade to 'B/C' from 'B' of the Individual ratings of
BancWest Corporation's bank subsidiaries largely reflects Fitch's
expectation that continued credit stress will pressure earnings
performance.

The integration of 75%-owned Fortis Bank, whose IDRs are also
driven by BNPP's ownership of the bank, will be a major focus of
BNPP management in 2009 and 2010.

BNPP is one of Europe's largest banking groups, its core markets
being France, Italy and, following the acquisition this year of a
75% stake in Fortis Bank, Belgium.

The Individual rating reflects the standalone strength of the bank
while the Support rating reflects the probability of support from
a majority shareholder and/or the government.

The complete list of rating actions taken is:

BNP Paribas

  -- Long-term IDR: affirmed at 'AA'; Outlook Negative
  -- Short-term IDR: affirmed at 'F1+'
  -- Individual rating: affirmed at 'B'
  -- Support rating: affirmed at '1'
  -- Support Rating Floor: affirmed at 'A+'
  -- Long-term senior debt: affirmed at 'AA'
  -- Long-term subordinated debt: affirmed at 'AA-'
  -- Preference shares issued via BNP Paribas Capital Trust, BNP
  -- Paribas Capital Trust III, BNP Paribas Capital Trust IV, BNP
  -- Paribas Capital Trust VI: affirmed at 'AA-'

Banca Nazionale del Lavoro

  -- Long-term IDR: affirmed at 'AA'; Outlook Negative
  -- Short-term IDR: affirmed at 'F1+'
  -- Individual rating: affirmed at 'C'
  -- Support rating: affirmed at '1'
  -- Long-term senior debt: affirmed at 'AA'
  -- Long-term subordinated debt: affirmed at 'AA-'

BancWest Corporation

  -- Long-term IDR: affirmed at 'AA-'; Outlook Negative
  -- Short-term IDR: affirmed at 'F1+'
  -- Individual rating: affirmed at 'B/C'
  -- Support rating: affirmed at '1'

Bank of the West

  -- Long-term IDR: affirmed at 'AA-'; Outlook Negative
  -- Short-term IDR: affirmed at 'F1+'
  -- FDIC-guaranteed long-term debt: assigned at 'AAA'
  -- Long-term deposits: affirmed at 'AA'
  -- Short-term deposits: affirmed at 'F1+'
  -- Individual rating: downgraded to 'B/C' from 'B'
  -- Support rating: affirmed at '1'

First Hawaiian Bank

  -- Long-term IDR: affirmed at 'AA-'; Outlook Negative
  -- Short-term IDR: affirmed at 'F1+'
  -- Long-term deposits: affirmed at 'AA'
  -- Short-term deposits: affirmed at 'F1+'
  -- Individual rating: downgraded to 'B/C' from 'B'
  -- Support rating: affirmed at '1'

Fortis Bank

  -- Long-term IDR affirmed at 'AA-'; Outlook Negative

  -- Short-term IDR affirmed at 'F1+'

  -- Senior unsecured debt affirmed at 'AA-'

  -- Subordinated debt affirmed at 'A+'

  -- Support rating affirmed at '1'

  -- Hybrid capital instruments (ISIN BE0117584202 and
     BE0119806116) affirmed at 'A+'

  -- CASHES instruments (ISIN BE0933899800) upgraded to 'BB' from
    'CCC';

  -- Individual rating affirmed at 'D'

BGL SA

  -- Long-term IDR affirmed at 'AA-'; Outlook Negative
  -- Short-term IDR affirmed at 'F1+'
  -- Senior unsecured debt affirmed at 'AA-'
  -- Subordinated debt affirmed at 'A+'
  -- Support rating affirmed at '1',
  -- Individual rating affirmed at 'D'

Fortis Luxembourg Finance

  -- Short-term debt affirmed at 'F1+'
  -- Senior unsecured debt affirmed at 'AA-'
  -- Subordinated debt affirmed at 'A+'


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


DRENT GOEBEL: Declared Bankrupt; Receiver Reviews Options
---------------------------------------------------------
Printing Impressions reports that Drent Goebel B.V. has been
declared bankrupt on July 6, 2009.

According the report, the receiver, H.C. Brandsma (Nysingh
advocaten-notarissen N.V.) is currently exploring all options in
the best interest of the company's shareholders.

Headquartered in Hall, the Netherlands, Drent Goebel B.V. --
http://www.drent-goebel.com/-- employed 118 people.  The company
specialized in the development and marketing of rotary printing
presses for the graphic arts industry, specifically for the
commercial printing, direct mail, packaging, and label printing
markets.


FORTIS SA/NV: Fitch Upgrades Issuer Default Ratings From 'BB'
-------------------------------------------------------------
Fitch Ratings has affirmed AG Insurance's (formerly Fortis
Insurance Belgium) Insurer Financial Strength (IFS) rating at 'A+'
and Long-term Issuer Default Rating at 'A' and removed them from
Rating Watch Negative.  The agency also affirmed the IFS ratings
and the Long-term IDR of Milleniumbcp-Fortis operating entities
and Fortis Insurance Company (Asia) Ltd and removed them from RWN.
The Outlooks on all IFS ratings and the IDR are Stable.

Fitch also upgraded the Long-term IDRs to 'BBB+' from 'BB' and the
Short-term IDRs to 'F2' from 'B' of the five Fortis holding
companies: Fortis SA/NV, Fortis N.V., Fortis Brussels, Fortis
Utrecht and Fortis Insurance NV and removed them from Rating Watch
Positive.  The Outlooks on all the IDRs are Stable.  A full rating
list is provided at the end of this commentary.

The rating actions on Fortis holding companies reflect their
improved and strong net cash position of around EUR3bn.  However,
Fitch recognizes there is a risk of shareholder litigation against
the holding companies regarding the restructuring of the Fortis
group, but does not expect potential payouts to jeopardize their
solvency.  If this risk were to be greater than expected, there
would be negative pressure on the ratings.

The rating actions on AG Insurance reflect the company's
resilience to the difficult financial and economic environment.
The company remained profitable, although modestly, in 2008 and
over Q109 with a net profit of EUR6 million and EUR5 million
respectively.  Although AG Insurance's consolidated shareholder's
funds decreased to EUR2.8 billion in 2008 from EUR3.2 billion in
2007, due to investment revaluation, the company's risk-adjusted
capital adequacy remained strong, mainly reflecting a prudent
investment policy although concentration risk exists on some Euro-
zone sovereign issuers.  At end-2008, the group's regulatory
solvency ratio amounted to 204%.  Fitch expects the solvency of AG
Insurance to remain broadly unchanged and that no exceptional
dividend will be paid to the holding companies in the foreseeable
future.

The rating actions on the MBCPF group of companies reflect the
resilient stand-alone operating performance of the three rated
entities, with strong risk-adjusted capitalization, reduced but
solid profitability in 2008, and the maintenance of a strong
second position in the Portuguese insurance market.  Fitch expects
MBCPF to extend its strong above-market average growth and to
maintain its conservative investment policy.  The rating action
does not at present factor in support from the majority
shareholder, the Fortis group.  However, Fitch notes that any
increase in the level of support or ownership by the majority
shareholder might have a positive impact on the rating.

The rating actions on FICA reflect its strong risk-based capital
on a stand-alone basis, conservative investment strategy and low
product guarantees.  It should be noted that, since its
acquisition by the Fortis group, FICA has unwound many of its
riskier investment positions.  With the exception of the real
estate portfolio, Fitch believes the company's assets are highly
liquid.  Furthermore, the low product guarantees on FICA's
traditional product lines are a key risk mitigant.

The scope of the Fortis group has changed significantly following
the dismantlement of the group in September 2008.  Thus, the
holding companies are now composed of two main operating entities:
AG Insurance (75% shareholding) and Fortis Insurance International
(which holds a number of stakes in foreign insurance companies).
AG Insurance is the largest Belgian life insurer with a 26% market
share and the second-largest non-life insurer with a 15% market
share.

The ratings actions are:

AG Insurance

  -- 'A+' IFS rating affirmed; off RWN; Stable Outlook
  -- 'A' Long-term IDR affirmed; off RWN; Stable Outlook

Ocidental-Companhia Portuguesa de Seguros de Vida S.A.

  -- 'A' IFS rating affirmed; off RWN; Stable Outlook

Ocidental-Companhia Portuguesa de Seguros S.A.

  -- 'A' IFS rating affirmed; off RWN; Stable Outlook

Companhia Portuguesa de Seguros de Saude S.A.

  -- 'A' IFS rating affirmed; off RWN; Stable Outlook

Fortis Insurance Company (Asia) Ltd

  -- 'A-' IFS rating affirmed; off RWN; Stable Outlook
  -- 'BBB+' Long-term IDR affirmed; off RWN; Stable Outlook

Fortis Capital (Asia) Ltd

  -- 'BBB+' senior unsecured rating affirmed; off RWN

Fortis SA/NV

  -- Long-term IDR upgraded to 'BBB+' from 'BB'; off RWP; Stable
     Outlook

  -- Short-term IDR upgraded to 'F2' from 'B'; off RWP

Fortis N.V.

  -- Long-term IDR upgraded to 'BBB+' from 'BB'; off RWP; Stable
     Outlook

  -- Short-term IDR upgraded to 'F2' from 'B'; off RWP

Fortis Brussels

  -- Long-term IDR upgraded to 'BBB+' from 'BB'; off RWP; Stable
     Outlook

  -- Short-term IDR upgraded to 'F2' from 'B'; off RWP

Fortis Utrecht

  -- Long-term IDR upgraded to 'BBB+' from 'BB'; off RWP; Stable
     Outlook

  -- Short-term IDR upgraded to 'F2' from 'B'; off RWP

Fortis Insurance N.V.

  -- Long-term IDR upgraded to 'BBB+' from 'BB'; off RWP; Stable
     Outlook

  -- Short-term IDR upgraded to 'F2' from 'B'; off RWP

Fortis Finance N.V.


  -- Senior unsecured upgraded to 'BBB' from 'BB'; off RWP
  -- Subordinated debt upgraded to 'BBB-' from 'BB-'; off RWP
  -- Commercial paper upgraded to 'F2' from 'B'; off RWP

Fortis Hybrid Financing

  -- Hybrid capital instruments upgraded to 'BBB-' from 'B'; off
     RWP

Fortfinlux SA

  -- Hybrid capital instruments upgraded to 'BB' from 'CCC'; off
     Rating Watch Evolving


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


CHAVES SME: Moody's Junks Ratings on Three Classes of Notes
-----------------------------------------------------------
Moody's Investors Service has taken action on the long-term credit
ratings of these notes issued by Chaves SME CLO No. 1:

  - EUR527.6 million class A notes, Downgraded to A1; previously,
    on March 23, 2009 Aaa and Placed Under Review for Possible
    Downgrade;

  - EUR21.0 million class B notes, Downgraded to Baa3; previously,
    on March 23, 2009 Aa2 and Placed Under Review for Possible
    Downgrade;

  - EUR38.1 million class C notes, Downgraded to Caa2; previously,
    on March 23, 2009 A1 and Placed Under Review for Possible
    Downgrade;

  - EUR4.9 million class D notes, Downgraded to Ca; previously, on
    March 23, 2009 A3 and Placed Under Review for Possible
    Downgrade; and

  - EUR9.6 million class E notes, Downgraded to C; previously, on
    March 23, 2009 Baa2 and Placed Under Review for Possible
    Downgrade.

The rating action concludes the rating review resulting from
Moody's revision of its methodology for SME granular portfolios in
EMEA.  This revised methodology was announced on March 17, 2009
and the affected transactions were placed on review on March 23,
2009.

As a result of its revised methodology, Moody's has reviewed its
assumptions for Chaves SME's collateral portfolio taking into
account the weakening of the pool performance and anticipating a
further deterioration of performance of the pool in the current
down cycle.  As of May 2009, the cumulative 90+ delinquencies
(i.e. delinquencies equal or greater than 90 days) were equal to
4.92% of the original portfolio balance, compared to 2.97% as of
March 2009.  Moody's has changed the default probability of the
pool of SME debtors to be equivalent to a B1 rating.  Also,
Moody's now estimates the remaining weighted average life of the
portfolio to equal 2.5 years.  As a consequence, these revised
assumptions have translated into a cumulative mean default
assumption for this transaction of 9.9% of the current portfolio
balance, with a coefficient of variation of 42%.  Moody's original
mean default assumption was 5.25%, equivalent to a Ba1 rating.
However, at closing it was given benefit for the seasoning of the
pool (which at the time had a weighted average of 1.55 years)
which resulted in a reduction of the mean default of the initial
portfolio to approximately 3.5%, with a coefficient of variation
of 65%.  The average recovery rate assumption remains unchanged at
45% on average.

A seasoning benefit was applied considering the similarities in
terms of granularity of this portfolio with consumer loan
portfolios; however, Moody's in its latest update of the SME
approach believes that this adjustment is not appropriate for SME
loans, regardless of the granularity of the portfolio.

For this rating review, Moody's have further revised the
probability distribution function from a lognormal assumption at
closing to an inverse normal distribution.  The recoveries were
also modelled assuming a stochastic distribution as opposed to a
fixed recovery rate assumed as of closing.

As part of the review, Moody's also considered the significant
negative excess spread in the transaction registered every month
since March 2009 which has already led to an under-
collateralization of the notes of approximately EUR4 million.
According to the transaction structure, the negative excess spread
has triggered the termination of the revolving period in March
2009 but not resulted in the early amortization of the notes.
Therefore approximately EUR63 million of principal collections
have been accumulated in the transaction account generating some
negative carry.  In addition, Moody's has adjusted the modelling
of the transaction cashflows in order to better represent the
unusual structural features of this transaction and in particular
the reserve fund mechanism.

Chaves SME CLO No. 1 is a securitization of a pool of loans
granted by Banco Portugues de Negocios (Baa3/P-3 with developing
outlook) to small and mid-sized enterprises.  At closing, the
portfolio consisted of loans granted to 11,406 debtors.  The loans
had a weighted average seasoning of 1.55 years and a weighted
average remaining term of 4.8 years.  Geographically the pool was
concentrated in the cities of Lisbon (19.8%), Leiria (17.6%),
Porto (11.0%).  The concentration in the real estate sector was
approximately 32% as of closing.

Moody's ratings address the expected loss posed to investors by
the legal final maturity of the notes.  Moody's ratings address
only the credit risks associated with the transaction.  Other non-
credit risks have not been addressed, but may have a significant
effect on yield to investors.


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


BANK MOSCOW-MINSK: Moody's Cuts Local Currency Rating to 'Ba3'
-------------------------------------------------------------
Moody's Investors Service has downgraded the global scale long-
term local currency rating of Bank Moscow-Minsk to Ba3 from Ba2
and assigned a negative outlook.  BMM's other ratings remained
unchanged with a stable outlook.

"The downgrade of the Ba2 long-term local currency rating reflects
Moody's view of the increased interdependence between the
financial profiles of BMM and its parent, Bank of Moscow, rated
Baa1 with a negative outlook, following a deterioration of
macroeconomic environment in Belarus," said Vladlen Kuznetsov, a
Moscow-based Moody's Assistant Vice President -- Analyst, and lead
analyst for BMM.

BMM is highly dependant on its parent for future capital
injections in order to withstand further possible asset quality
deterioration.  Moody's notes that BMM's asset quality is
particularly vulnerable to industries like manufacturing and
production, construction and machinery manufacturing which have
already started to demonstrate deteriorating credit quality,
representing 1.7x, 0.7x, and 0.2x, respectively, of year-end 2008
equity.

Although the level of overdue corporate loans in BMM's portfolio
is currently low (less than 1%), the level of delinquencies is
expected to rise significantly.  Thus the capital is expected to
experience significant pressure, especially given the sizeable
concentrations of loans in proportion to equity.  In addition,
Moody's highlights that the retail loan portfolio, which accounts
for almost half of the loan book, also shows signs of
deterioration with the ratio of overdue loans increased by two
times to 4% since year-end 2008.  As a mitigating factor, there is
a high integration of risk management standards between Bank of
Moscow (which displays a reasonable level of credit risk
management) and BMM which provide for additional assurance over
the ability of BMM to select better borrowers and ensure
reasonable credit enhancements of deals.

In addition, BMM has a high level of dependence on the parent for
funding and liquidity (e.g. 22% of total funding at year-end 2008
or US$92 million to date), which grew in significance and is
expected to grow further given that alternative funding sources
for BMM being constrained.  Moody's also observes that the bank
places a considerable reliance in its operations on the continuity
of funding from Bank of Moscow which is currently being rolled
over constantly, enabling BMM to continue lending with a moderate
reduction of business volumes.  Apart from the high level of
dependence on the parent, the bank's liquidity is challenged by
concentration on both sides of the balance sheet (e.g. with one
customer accounting for 45% of customer funding) as well as
potential asset quality deterioration that could squeeze
liquidity, thus additional liquidity support from the parent could
be needed.

Moody's notes that Belarus' economy is closely correlated to the
economies of its neighbors, and is especially dependant on demand
from the CIS countries (e.g. Russia) which have experienced the
impact of global financial instability slightly earlier, hence the
credit standing of both BMM and Bank of Moscow are subjected to
the same macroeconomic trends going forward.

Moody's rating action also takes into account weakening financial
profiles of both the parent and subsidiary, resulting in higher
possible needs for support to BMM and lower ability of Bank of
Moscow to provide support.

Moody's also notes that the BMM's Ba3 long-term local currency
deposit rating continues to factor in (i) its B2 Baseline Credit
Assessment, (ii) low systemic support given the bank's notable
market shares and (iii) Moody's assessment of a very high
probability of parental support from Bank of Moscow (rated Baa1/D,
negative outlook) -- in the event of a stress situation.  Moody's
assessment of the support probability is based on the bank's 100%
ownership by Bank of Moscow, its strategic fit to their operations
in light of its importance for Bank of Moscow and the City of
Moscow in supporting their relationship with the Belarusian
administration.  As a result, the long-term local currency deposit
rating receives a two-notch uplift to Ba3 from the bank's B2 BCA.

The negative outlook reflects Moody's concerns that the worsening
economic conditions in Belarus are likely to translate into a
deterioration of BMM's financial fundamentals.  In particular,
potential asset quality deterioration -- given Bank of Moscow's
exposure to industries most affected by the downturn -- is likely
to deplete the bank's capital cushion and put pressure on its
liquidity which is substantially dependant on wholesale funding.
The outlook also reflects the negative outlook on Bank of Moscow's
D bank financial strength rating which is used as a measure of
ability to provide support.

Moody's explained that it has applied a number of scenarios (base-
case and stressed) to the banks' loan books and revealed that
BMM's capital adequacy may rapidly decline as soon as the overall
asset quality deteriorates, and BMM is likely to need additional
recapitalization from its parent.

Moody's previous rating action on BMM was on February 24, 2009,
when the rating agency changed the outlook on the bank's Ba2 long-
term local currency ratings to negative from stable.

Headquartered in Minsk, Belarus, BMM reported total consolidated
assets of US$517 million and total equity of US$50 million, and
ranked ninth by assets among Belarusian banks as of December 31,
2008.  BMM is active in corporate and retail transactions, with
the former supported by its links with Bank of Moscow.

Headquartered in Moscow, Russian Federation, Bank of Moscow
reported total consolidated assets -- as at year-end 2008 -- of
RUB801 billion (US$28 billion) and equity of RUB68 billion (US$2.3
billion).  Bank of Moscow was the fifth largest bank in the
country at end-Q1 2009.  It is majority controlled by the City of
Moscow (directly and indirectly).


CONSTRUCTION ADMINISTRATION: Creditors Must File Claims by July 19
------------------------------------------------------------------
Creditors of LLC Construction Administration No. 1 (TIN
0277075239) have until July 19, 2009, to submit proofs of claims
to:

         R. Fatikhov
         Temporary Insolvency Manager
         Post User Box 10230
         450044 Ufa
         Bashkortostan
         Russia

The Arbitration Court of Bashkortostan will convene on
Oct. 20, 2009, to hear bankruptcy supervision procedure on the
company.  The case is docketed under Case No. ?07-5333/2009.

The Debtor can be reached at:

         LLC Construction Administration No. 1
         Donskogo Str. 4
         450032 Ufa Bashkortostan
         Russia


EKOBRUS LLC: Kirovskaya Bankruptcy Hearing Set August 27
--------------------------------------------------------
The Arbitration Court of Kirovskaya will convene at 11:00 a.m. on
Aug. 27, 2009, to hear bankruptcy supervision procedure on LLC
Ekobrus (TIN 4345084288, PSRN 1044316540938) (Wood-Processing
Industry).  The case is docketed under Case No.?28–3318/2009–68/3.

The Temporary Insolvency Manager is:

         V. Sitnikov
         Derendyaeva Str. 14
         610006 Kirov
         Russia

The Debtor can be reached at:

         LLC Ekobrus
         Bazlvyy Pereulok 12
         Kirov
         Russia


FINANCE LEASING: Russia Won't Shoulder US$250 Mln Debt
------------------------------------------------------
Andrew Osborn at The Wall Street Journal reports that the Russian
government won't step in to help Finance Leasing Co. repay a
US$250 million debt to bondholders.

The WSJ relates that on Wednesday United Aircraft Corp., a
government-owned aircraft construction conglomerate that owns a
majority stake in FLC, disclaimed all liability on behalf of
itself and the Russian government.  "Any investment is risky," the
WSJ quoted Maxim Sysoev, a spokesman for the conglomerate, as
saying.  "Expectations that we would step in were dreamed up and
unrealistic."

FLC, the WSJ notes, became the first state-run company to default
on foreign debt in more than a decade when it failed to make the
repayment last December.  FLC, the WSJ discloses, formally stopped
servicing its debt obligations in March.

According to the WSJ, police have launched a criminal
investigation into FLC, focusing on allegations of fraud by the
previous management.

Headquartered in Moscow, Russia, Finance Leasing Company is a
subsidiary of United Aircraft, a large Russian state-owned
conglomerate that includes the makers of MiG fighter planes and
Sukhoi jets.  The state directly owns a 29% stake in FLC and a
further 52% indirectly through United Aircraft, itself 90% state-
owned.

                          *     *     *

Finance Leasing Company continues to carry 'Caa3' long-term issuer
and debt ratings from Moody's Investors Service.  The  issuer and
debt ratings were downgraded by Moody's to its current level from
'Ba3' and placed on review with direction uncertain in January
2009.


GARANTIYA STROY: Saint-Petersburg Bankruptcy Hearing Set Aug. 31
----------------------------------------------------------------
The Arbitration Court of Saint-Petersburg will convene on
Aug. 31, 2009, to hear bankruptcy supervision procedure on
LLC Garantiya Stroy-Invest (TIN 5260171085, PSRN 1065260097418)
(Construction).  The case is docketed under Case No.
?56–10732/2009.

The Temporary Insolvency Manager is:

         V. Torgashev
         Pobedy Blvd. 17B
         Dzerdzhinsk
         606025 Nizhegorodskaya
         Russia

The Debtor can be reached at:

         LLC Garantiya Stroy-Invest
         Kondratyevskiy Prospect 64
         Saint-Petersburg
         Russia


MAGNITOGORSK IRON: Fitch Affirms Issuer Default Rating at 'BB'
--------------------------------------------------------------
Fitch Ratings has affirmed Magnitogorsk Iron and Steel Works'
Long-term Issuer Default rating at 'BB'.  The Outlook for the
Long-term IDR is Stable.

The rating reflects Fitch's view that despite the global economic
and industry downturn, MMK's credit profile remains within the
parameters of the current rating.  In the agency's view, MMK's low
cost base should allow it to maintain a 20%+ EBITDAR margin in
2009-2010 despite slumping demand and a negative pricing
environment.  MMK stands out among its CIS peers in terms of its
profitability due to relatively large modernization investments
over the last five years which keep the company's efficiency above
the industry's average levels.  In addition, MMK has adopted an
organic growth strategy, unlike the aggressive M&A expansion being
pursued by its peers.  This has helped keep the company's balance
sheet strong relative to peers with a FYE08 gross debt/EBITDA of
0.9x and a net debt/EBITDA of 0.4.  This low leverage is in
contrast to the liquidity and refinancing risks faced by many
other Russian companies in the prevailing economic crisis.

Despite the unprecedented economic conditions, Fitch expects MMK's
management to remain committed to maintaining its conservative
financial policies and credit metrics in line with its internal
financial guidelines (eg. net debt/EBITDA under 1.3x).  The agency
also believes that MMK will continue to focus on organic growth
and abstain from large scale M&A activity.  However, it remains to
be seen whether the company's Turkish JV will produce adequate
margins when it comes on-line in 2010.  MMK's strategy to continue
increasing the share of high-value added products in its portfolio
will underpin its medium-term profitability.  Although MMK's low
raw material self-sufficiency should help drive input costs lower
during the downturn, Fitch considers management's strategy to
improve the company's vertical integration over the long term as a
positive factor.

Given MMK's organic expansion, Fitch estimates capex to average
US$1 billion-1.5 billion per annum as market visibility improves.
The agency understands that during 2009-2010 MMK's management will
try to preserve cash by suspending dividend payments, by
undertaking restructuring programs and minimizing non-maintenance
capex beyond its Atakash project.

The Stable Outlook reflects Fitch's view that MMK's low operating
cost and operational efficiency will enable the company to
maintain operating margins and a capital structure that are
commensurate with the rating.

Based in Magnitogorsk, MMK is a leading Russian steel producer
with an output of 10.9 million tonnes of steel products in 2008.
In FY08, MMK generated revenues of US$10.55 billion and EBITDAR of
US$2.3 billion.  The company focuses on the production of flat-
steel products for use in pipe production, machinery manufacture
and construction.


NITROMETHANE CJSC: Creditors Must File Claims by July 19
--------------------------------------------------------
The Arbitration Court of Altayskiy commenced bankruptcy
proceedings against CJSC Nitromethane (TIN 2227006138, PSRN
1022200557488) (Chemical Industry) after finding it insolvent.
The case is docketed under Case No.?03–3337/2009.

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

         Yu.Rodionov
         Insolvency Manager
         Russia

The Debtor can be reached at:

         CJSC Nitromethane
         Biysk
         659315 Altayskiy
         Russia


RBC INFORMATION: Cuts Initial Restructuring Deal With Creditors
---------------------------------------------------------------
Maria Erkamova at Bloomberg News reports that OAO RBC Information
Systems reached preliminary agreement "with its major creditors"
holding about 50 percent of the company's debt on restructuring
terms.

Bloomberg relates RBC information said the restructuring agreement
will remove the risk of bankruptcy should it be completed.  RBC
Information, as cited by Bloomberg, said the debt plan will allow
the company to keep its assets and "normalize relations with RBC
Information's clients and partners, which, together with
improvement of the general macroeconomic and market situation,
will allow the company to meet its financial forecasts".

Bloomberg notes OOO Rosbank Management Co., which said it holds
more than 11 percent of RBC Information's voting shares, however
said the debt restructuring plan may have "negative consequences".

Headquartered in Moscow, Russia, RBC Information Systems --
http://www.rbcinfosystems.com/-- provides advertising services,
software development and information services.


SISTEMA-HALS OJSC: Moody's Withdraws 'B3' Corporate Family Rating
-----------------------------------------------------------------
Moody's Investors Service has withdrawn the B3 corporate family
and probability of default ratings and Baa3.ru NSR of Sistema-
Hals.  The company does not have any outstanding debt rated by
Moody's.  Moody's has withdrawn Sistema-Hals' ratings for business
reasons.

The last rating action on Sistema-Hals was on December 22, 2008,
when Moody's downgraded the corporate family rating and NSR of
Sistema-Hals to B3 from B1 and to Baa3.ru from A1.ru.  This action
was prompted by continuing concerns arising from the substantial
weakening of the company's operating performance and liquidity
profile developing on the background of the rapidly deteriorating
conditions in the Russian real estate sector.  The ratings
remained on review for possible downgrade subject to a resolution
of the review for downgrade of Sistema-Hals' parent Sistema Joint
Stock Financial Corporation (B1, negative).  The review on Sistema
was concluded on 21 April 2009, resulting in the Ba3 corporate
family and probability of default ratings of Sistema JSFC being
downgraded to B1, and the senior unsecured rating to B2.  The
outlook on Sistema's ratings is negative.

Sistema-Hals, headquartered in Moscow, Russia, is a property
developer with operations primarily in Moscow and the Moscow
region, and presence in six regions in Russia as well as Yalta and
Kiev in Ukraine.  In the beginning of 2009 Sistema, a 71.1% owner
of the company at that time, reached an agreement with
Vneshtorgbank (Baa1, stable) on the sale of a controlling stake in
the entity; which is in process subject to regulatory approval.
During fiscal year 2008, Sistema-Hals reported revenue of US$362
million and EBITDAR of US$38.4 million.


URAL-STROITEL LLC: Creditors Must File Claims by July 19
--------------------------------------------------------
Creditors of LLC Ural-Stroitel (TIN 7451099838, PSRN
1027402919653) (Construction) have until July 19, 2009, to submit
proofs of claims to:

         T. Bulgalina
         Temporary Insolvency Manager
         Mira Str. 5
         Yuzhnouralsk
         457040 Chelyabinskaya
         Russia

The Arbitration Court of Chelyabinskaya will convene on Oct. 6,
2009, to hear bankruptcy supervision procedure on the company.
The case is docketed under Case No. ?76-6485/2009-34-66.

The Debtor can be reached at:

         LLC Ural-Stroitel
         Tsvillinga Str. 37
         454091 Chelyabinsk
         Russia


===============
S L O V E N I A
===============


ISTRABENZ D.D.: Koper Court Starts Receivership Proceedings
-----------------------------------------------------------
Boris Cerni at Bloomberg News reports that Istrabenz said a court
in Koper started receivership proceedings against the company.

Bloomberg relates Istrabenz said in a statement to the stock
exchange on Thursday that the court appointed Boris Dolamic as the
receiver and named a credit committee made up of nine banks owed
money by the company.

On July 9, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that Istrabenz said in a statement to the
Ljubljana stock exchange on July 3 that a court in Koper cancelled
bankruptcy proceedings against the company filed by three banks,
including the Societe Generale SA unit in Slovenia.

As reported in the Troubled Company Reporter-Europe on April 2,
2009, Reuters said that Istrabenz was forced into insolvency after
it failed to reach a deal with its creditors over its debt.
According to Reuters, Istrabenz and its affiliated firms owe some
EUR950 million or US$1.26 billion to 19 banks, including a number
of Austrian banks, namely Bank Austria, Bawag, Hypo Alpe Adria and
the Kaertner Sparkasse.  Reuters disclosed the company posted a
net loss of EUR220.8 million or US$294.2 million in 2008 as a
result of falls in the value of its capital investments.

Istrabenz dd -- http://www.istrabenz.si/-- is a Slovenia-based
holding responsible for the asset management and supervision of
the Istrabenz Group members.  The Company has developed
investments in the number of divisions: Energy, which covers the
gas business, production and distribution of energy, transshipment
and storage of oil derivatives; Tourism, which offers hotel,
catering, wellness and congress services; Investments, which deals
with advertising, financial services and technical consulting;
Food, which markets food products, and Information Technology that
provides information support to the companies of the Istrabenz
Group.  As of December 31, 2008 Istrabenz Group comprised 77
companies.  The Company operates a number of subsidiaries,
including wholly owned Istrabenz Turizem dd and Istrabenz Marina
Invest doo.


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


ACRILIS GMBH: Creditors Must File Claims by July 16
---------------------------------------------------
Creditors of acrilis GmbH are requested to file their proofs of
claim by July 16, 2009, to:

         acrilis GmbH
         Baumgartenweg 4c
         4132 Muttenz
         Switzerland

The company is currently undergoing liquidation in Muttenz.  The
decision about liquidation was accepted at a shareholders' meeting
held on May 26, 2009.


KATEX GMBH: Claims Filing Deadline is July 16
---------------------------------------------
Creditors of katex GmbH are requested to file their proofs of
claim by July 16, 2009, to:

         Hansrudolf Buetler
         Winterhalde 4
         4451 Wintersingen
         Switzerland

The company is currently undergoing liquidation in Wintersingen
BL.  The decision about liquidation was accepted at a
shareholders' meeting held on May 19, 2009.


OELER + BERINGER: Creditors Must File Claims by July 16
-------------------------------------------------------
Creditors of Oeler + Beringer SG AG are requested to file their
proofs of claim by July 16, 2009 to:

         Jud Treuhand AG
         Fahrnstrasse 35
         9402 Moerschwil
         Switzerland

The company is currently undergoing liquidation in St. Gallen.
The decision about liquidation was accepted at a general meeting
held on December 10, 2007.


PHILENA AG: Creditors Must File Claims by July 17
-------------------------------------------------
Creditors of Philena AG are requested to file their proofs of
claim by July 17, 2009, to:

         Dr. Alex Fischer
         Liquidator
         Elisabethenstrasse 30
         4010 Basel
         Switzerland

The company is currently undergoing liquidation in Basel.  The
decision about liquidation was accepted at an extraordinary
general meeting held on May 15, 2009.


ROMARK GMBH: Claims Filing Deadline is July 16
----------------------------------------------
Creditors of Romark GmbH are requested to file their proofs of
claim by July 16, 2009, to:

         Manuel C. Frick
         Bubenbergplatz 5
         3001 Bern
         Switzerland

The company is currently undergoing liquidation in Bern.  The
decision about liquidation was accepted at a shareholders' meeting
held on June 24, 2008.


* SWITZERLAND: Corporate Bankruptcies Up 32% in First Half of 2009
------------------------------------------------------------------
Xinhua News Agency, citing the official Swissinfo.ch news Web
site, reports that the number of Swiss companies going bankrupt
rose 32% in the first six months of the year to 2,455.

Xinhua says the number of insolvencies was particularly high in
May and June, climbing 51% and 70% respectively compared with
2008.  Citing the Web site, Xinhua discloses small traders, hotels
and craft workshops were particularly affected.


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


AVERS BUD: Creditors Must File Claims by July 16
------------------------------------------------
Creditors of LLC Avers Bud Com (code EDRPOU 36039818) have until
July 16, 2009, to submit proofs of claim to:

         V. Shelupets
         Insolvency Manager
         F. Kon str. 5
         Donetsk
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on June 4, 2009.  The case is docketed under
Case No. B18/077-09.

The Court is located at:

         The Economic Court of Kiev
         Komintern Str. 16
         01032 Kiev
         Ukraine

The Debtor can be reached at:

         LLC Avers Bud Com
         Yunosti Str. 14
         Ukrainka
         Obukhov District
         08720 Kiev
         Ukraine


CASTION LLC: Creditors Must File Claims by July 16
--------------------------------------------------
Creditors of LLC Castion (code EDRPOU 34126678) have until
July 16, 2009, to submit proofs of claim to:

         V. Rabushko
         Insolvency Manager
         Fuchik Str. 14
         Melitopol
         72319 Zaporozhye
         Ukraine

The Economic Court of Zaporozhye commenced bankruptcy proceedings
against the company.  The case is docketed under Case No.
19/117/09.

The Court is located at:

         The Economic Court of Zaporozhye
         Shaumian Str. 4
         69600 Zaporozhye
         Ukraine

The Debtor can be reached at:

         LLC Castion
         Office 110
         Kirov Str. 51
         Melitopol
         72300 Zaporozhye
         Ukraine


INDUSTRIAL RESOURCE: Creditors Must File Claims by July 16
----------------------------------------------------------
Creditors of LLC Trading House Industrial Resource (code EDRPOU
25397955) have until July 16, 2009, to submit proofs of claim to:

         V. Loboychenko
         Insolvency Manager
         Office 27
         Anischenko Str. 5
         Kiev
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company on June 9, 2009.  The case is docketed under
Case No. B-19/79-09.

The Court is located at:

         The Economic Court of Kharkov
         Svoboda Square 5
         61022 Kharkov
         Ukraine


INFORM-CONSULTING LLC: Creditors Must File Claims by July 16
------------------------------------------------------------
Creditors of LLC Inform-Consulting (code EDRPOU 32961045) have
until July 16, 2009, to submit proofs of claim to:

         S. Kitsul
         Insolvency Manager
         Office 15
         Leskovskaya str. 28
         02097 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on May 20, 2009.  The case is docketed under
Case No. 50/352.

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 Inform-Consulting
         Baggovutovskaya Str. 8/10
         04107 Kiev
         Ukraine


INTERNATIONAL EXECUTIVE: Creditors Must File Claims by July 16
--------------------------------------------------------------
Creditors of LLC International Executive Systems (code EDRPOU
32564745) have until July 16, 2009, to submit proofs of claim to:

         E. Sevostianov
         Insolvency Manager
         Office 78
         Tukhachevsky Str. 7
         Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company on June 10, 2009.  The case is docketed under
Case No. B-24/52-09.

The Court is located at:

         The Economic Court of Kharkov
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         LLC International Executive Systems
         Office 317
         Tobolskaya Str. 42
         61072 Kharkov
         Ukraine


INTERNATIONAL INFORMATION: Creditors Must File Claims by July 16
----------------------------------------------------------------
Creditors of Concern International Information and Marketing
Center (code EDRPOU 34189811) have until July 16, 2009, to submit
proofs of claim to:

         S. Kitsul
         Insolvency Manager
         Office 15
         Leskovskaya Str. 28
         02097 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on May 13, 2009.  The case is docketed under
Case No. 50/315.

The Court is located at:

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

The Debtor can be reached at:

         Concern International Information and Marketing Center
         Office 4
         Khreschatik Str. 44a
         01001 Kiev
         Ukraine


LEKS LLC: Creditors Must File Claims by July 16
-----------------------------------------------
Creditors of LLC Leks (code EDRPOU 32231159) have until
July 16, 2009, to submit proofs of claim to Pension Fund of
Ukraine Department in Irpen, the company's insolvency manager.

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on January 28, 2009.  The case is docketed
under Case No B11/001-09.

The Court is located at:

         The Economic Court of Kiev
         Komintern Str. 16
         01032 Kiev
         Ukraine

The Debtor can be reached at:

         LLC Leks
         Lenin Str. 33
         Gostomel
         08290 Kiev
         Ukraine


LEON-MOKOM LLC: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------
The Economic Court of Dnepropetrovsk commenced bankruptcy
supervision procedure on LLC Leon-Mokom (code EDRPOU 20288055).

The Insolvency Manager is:

         J. Leleko
         Office 214
         Semafornaya Str. 36
         49124 Dnepropetrovsk
         Ukraine

The Court is located at:

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

The Debtor can be reached at:

         LLC Leon-Mokom
         Sholokhov Str. 7
         49080 Dnepropetrovsk
         Ukraine


LUGANSKOYE LLC: Creditors Must File Claims by July 16
----------------------------------------------------
Creditors of Luganskoye LLC have until July 16, 2009, to submit
proofs of claim to V. Prikhodko, the company's insolvency manager.

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company on May 21, 2009.  The case is docketed under
Case No. 42/171b.

The Court is located at:

         The Economic Court of Donetsk
         Artem Str. 157
         Donetsk
         Ukraine

The Debtor can be reached at:

         Luganskoye LLC
         Lazo Str. 1
         Luganskoye
         Donetsk
         Ukraine


MB GALS: Creditors Must File Claims by July 16
----------------------------------------------
Creditors of LLC MB Gals (code EDRPOU 19413880) have until
July 16, 2009, to submit proofs of claim to Pension Fund of
Ukraine Department in Irpen, the company's insolvency manager.

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on January 14, 2009.  The case is docketed
under Case No. B11/351-08.

The Court is located at:

         The Economic Court of Kiev
         Komintern Str. 16
         01032 Kiev
         Ukraine

The Debtor can be reached at:

         LLC MB Gals
         Mechnikov Str. 48
         Irpen
         08200 Kiev
         Ukraine


MEDICAL CONSULTING: Creditors Must File Claims by July 16
---------------------------------------------------------
Creditors of LLC Medical Consulting Group (code EDRPOU 30700374)
have until July 16, 2009, to submit proofs of claim to Pension
Fund of Ukraine Department in Irpen, the company's insolvency
manager.

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on January 14, 2009.  The case is docketed
under Case No. B11/350-08.

The Court is located at:

         The Economic Court of Kiev
         Komintern Str. 16
         01032 Kiev
         Ukraine

The Debtor can be reached at:

         LLC Medical Consulting Group
         Buchanskoye Highway 3
         Gostomel
         08290 Kiev
         Ukraine


MOEK INTERNATIONAL: Creditors Must File Claims by July 16
---------------------------------------------------------
Creditors of LLC Moek International (code EDRPOU 34759510) have
until July 16, 2009, to submit proofs of claim to O. Barbarov, the
company's insolvency manager.

The Economic Court of Chernigov commenced bankruptcy proceedings
against the company on March 30, 2009.  The case is docketed under
Case No. 9/67-b.

The Court is located at:

         The Economic Court of Chernigov
         Mir Avenue 20
         14000 Chernigov
         Ukraine

The Debtor can be reached at:

         LLC Moek International
         Tolstoy Str. 147
         14014 Chernigov
         Ukraine


OLYMPIC ENTERTAINMENT: Initiates Liquidation of Ukrainian Casinos
-----------------------------------------------------------------
Olympic Entertainment Group Company has begunn liquidating its
subsidiaries Olympic Casino Ukraine TOV, Ukraine Leisure Company
and Eldorado Leisure Company.

OEG said due to "Ukrainian gaming activities suspension" law,
which was issued by Ukrainian parliament on May 15 and is in force
since the moment of publication on June 25, all casino operations
in Ukraine are impossible for an unspecified period.

OEG is planning to demand investments compensation from the
Ukrainian state basing on investments propitiation and mutual
protection agreement signed between Estonian and Ukrainian
governments.  It is also considering turning to European
Commission together with other casino companies operating in
Ukraine.

Losses connected to Ukrainian subsidiaries liquidation are under
evaluation, their influence on OEG consolidated operating results
will be published as soon as possible.

Olympic Entertainment Group AS -- http://www.olympic-casino.com--
is an Estonia-based company principally engaged in the provision
of casinos and gaming services under the brand of Olympic Casino.
The Company operates slot and table casinos, as well as casino
bars.  Olympic Entertainment Group AS is the Group's ultimate
holding company, which deals with the Group's strategic management
and financing.  The Group's casinos are operated through such
subsidiaries as: Olympic Casino Eesti AS in Estonia, Olympic
Casino Latvia SIA in Latvia, Olympic Casino Group Baltija UAB in
Lithuania, Olympic Casino Ukraine TOV in Ukraine, Olympic Casino
Bel IP in Belarus, Casino Polonia-Wroclaw sp. z o.o. in Poland,
Olympic Casino Bucharest Srl in Romania and Olympic Entertainment
Slovakia Sro in Slovakia.  As of December 31, 2008, the Group had
133 casinos: 36 in Estonia, 33 in Latvia, 16 in Lithuania, 24 in
Ukraine, five in Belarus, nine in Poland, nine in Romania, and one
in Slovakia.


PALMIRA RUTA: Creditors Must File Claims by July 16
---------------------------------------------------
Creditors of LLC Joint Ukrainian and Russian Enterprise Palmira
Ruta (code EDRPOU 20013430) have until July 16, 2009, to submit
proofs of claim to:

         I. Sikorskaya
         Insolvency Manager
         Office 68
         Melchakov str. 3
         02002 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on June 10, 2009.

The Court is located at:

         The Economic Court of Kiev
         Komintern Str. 16
         01032 Kiev
         Ukraine

The Debtor can be reached at:

         LLC Joint Ukrainian and Russian Enterprise Palmira Ruta
         Sholudenko Str. 19
         Vishgorod
         07300 Kiev
         Ukraine


PK-VIP LLC: Creditors Must File Claims by July 16
-------------------------------------------------
Creditors of LLC PK-VIP (code EDRPOU 35084503) have until July 16,
2009, to submit proofs of claim to:

         LLC Invest-Eurostandard
         Insolvency Manager
         Kikvidze Str. 18
         01103 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on June 3, 2009.  The case is docketed under
Case No. 50/359.

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 PK-VIP
         Pavlovskaya str. 9
         01054 Kiev
         Ukraine


POBEDA-ZIBT LLC: Creditors Must File Claims by July 16
------------------------------------------------------
Creditors of LLC Firm Pobeda-Zibt (code EDRPOU 30942198) have
until July 16, 2009, to submit proofs of claim to Pension Fund of
Ukraine Department in Irpen, the company's insolvency manager.

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on January 14, 2009.  The case is docketed
under Case No. B11/353-08.

The Court is located at:

         The Economic Court of Kiev
         Komintern Str. 16
         01032 Kiev
         Ukraine

The Debtor can be reached at:

         LLC Firm Pobeda-Zibt
         III International Str. 152
         Irpen
         08200 Kiev
         Ukraine


POCHAYNA LLC: Creditors Must File Claims by July 16
----------------------------------------------------
Creditors of LLC Travel Firm Pochayna (code EDRPOU 16467556) have
until July 16, 2009, to submit proofs of claim to:

         S. Kitsul
         Insolvency Manager
         Office 15
         Leskovskaya Str. 28
         02097 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on June 4, 2009.  The case is docketed under
Case No. 44/247-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 Travel Firm Pochayna
         Smirnov-Lastochkin Str. 1-3
         04053 Kiev
         Ukraine


SHEVCHENKOVSKOYE AGRICULTURAL: Claims Filing Deadline is July 16
----------------------------------------------------------------
Creditors of Shevchenkovskoye Agricultural LLC (code EDRPOU
03791505) have until July 16, 2009, to submit proofs of claim to:

         S. Smilianets
         Insolvency Manager
         Gorky Str. 14
         Uman
         20300 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company on May 26, 2009.  The case is docketed under
Case No. 14/1047.

The Court is located at:

         The Economic Court of Cherkassy
         Shevchenko Boulevard 307
         18004 Cherkassy
         Ukraine

The Debtor can be reached at:

         Shevchenkovskoye Agricultural LLC
         Popudnia
         Monastirischensky
         Cherkassy
         Ukraine


TECHNOSVIT-SERVICE LLC: Creditors Must File Claims by July 16
-------------------------------------------------------------
Creditors of LLC Technosvit-Service (code EDRPOU 35945408) have
until July 16, 2009, to submit proofs of claim to:

         I. Sikorskaya
         Insolvency Manager
         Office 68
         Melchakov Str. 3
         02002 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on June 10, 2009.

The Court is located at:

         The Economic Court of Kiev
         Komintern Str. 16
         01032 Kiev
         Ukraine

The Debtor can be reached at:

         LLC Technosvit-Service
         Sholudenko Str. 19
         Vishgorod
         07300 Kiev
         Ukraine


UKRCAPBUD LLC: Creditors Must File Claims by July 17
----------------------------------------------------
Creditors of LLC Ukrcapbud (code EDRPOU 32183362) have until
July 17, 2009, to submit proofs of claim to:

         S. Babich
         Insolvency Manager
         Office 49
         Ogloblin Str. 1
         83058 Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company on June 10, 2009.  The case is docketed under
Case No. 45/89b.

The Court is located at:

         The Economic Court of Donetsk
         Artem Str. 157
         Donetsk
         Ukraine

The Debtor can be reached at:

         LLC Ukrcapbud
         Schors Str. 24
         83055 Donetsk
         Ukraine


ZATISHOK LLC: Creditors Must File Claims by July 16
---------------------------------------------------
Creditors of LLC Building Firm Zatishok (code EDRPOU 35378280)
have until July 16, 2009, to submit proofs of claim to:

         V. Shelupets
         Insolvency Manager
         F. Kon Str. 5
         Donetsk
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on June 4, 2009.  The case is docketed under
Case No. B18/078-09.

The Court is located at:

         The Economic Court of Kiev
         Komintern Str. 16
         01032 Kiev
         Ukraine

The Debtor can be reached at:

         LLC Building Firm Zatishok
         Vokzalnaya Str. 2
         Glevakha
         Vasilkov
         08631 Kiev
         Ukraine


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


BRADFORD & BINGLEY: Non-Payment of Interest Triggers CDS Payout
---------------------------------------------------------------
Ed Hammond at The Financial Times reports that the International
Swaps and Derivatives Association ruled on Thursday that
institutions that insured investors against a default by Bradford
& Bingley plc will have to pay out on the credit default contracts
after the government refused to pay the interest on the bank's
debt.

According to the FT, the decision by the ISDA that a credit
default had occurred triggered a so-called "credit event".
The FT discloses the ruling by ISDA was requested by Morgan
Stanley and means credit default swap contracts, which provide
protection against bond defaults, covering around US$416 million
of B&B's debt will have to be settled.  The FT says an auction
will take place during the next few weeks to determine how much
the issuers of subordinated CDS on the nationalized bank will have
to pay out.

On May 29, 2009, the Troubled Company Reporter-Europe, citing
Telegraph.co.uk, reported B&B said it would not make interest
payments on GBP150 million of floating rate subordinated notes due
on June 30, GBP125 million of 6.625pc notes due on
June 16, and GBP50 million of 11.625pc bonds due on July 20.

The FT relates traders said a grace period had expired on the
first payment.

                    About Bradford & Bingley

Headquartered in Bingley, United Kingdom, Bradford & Bingley plc
-- http://www.bbg.co.uk/-- offers residential mortgages, and
focus on a range of areas providing mortgages for individuals.  It
focuses on its savings business and provides a range of
savings products through 197 branches and network of 140 third-
party branch-type agents, by phone, post and Online.

B&B was nationalized last September after retail savers withdrew
tens of millions of pounds over growing uncertainty concerning its
financial stability.


BRITISH AIRWAYS: Moody's Cuts Corporate Family Rating to 'Ba3'
--------------------------------------------------------------
Moody's has lowered the Corporate Family and Probability of
Default Ratings of British Airways plc to Ba3; the senior
unsecured and subordinate ratings have been lowered to B1 and B2,
respectively.  The outlook is stable.

The rating action primarily reflects Moody's view that the
combination of weakening demand in the industry, particularly in
the premium segment, and higher fuel prices than earlier in the
year, are likely to further weaken metrics in this financial year
versus FY2009 (to March).  While the company expects fuel costs to
be lower than last year, Moody's do not believe that this will be
sufficient to offset the negative impact on profits of lower
demand.  Moody's notes also that metrics in FY09 were impacted by
a pension adjustment, reflecting the significant fall in asset
values during the year.

In Moody's view, BA's liquidity remains satisfactory over the
medium term, but has weakened, as the balance of cash and
equivalents fell to GBP1.4 billion as of March 2009 from GBP1.9
billion a year earlier.  BA further reported undrawn committed
facilities of GBP3 billion, the majority of which are earmarked
for specific capex requirements.  Moody's note, however, the
company's commitment to retain a minimum cash balance of GBP1
billion, as well as its recent decision to further reduce capital
expenditure this year to GBP580 million (from GBP725 million
originally), mainly by postponing various aircraft deliveries.

The one-notch difference between the Corporate Family Rating and
the B1 senior unsecured rating and the rating of the GBP250
million notes due 2016 continues to reflect the effective
subordinated position of unsecured bondholders behind a material
amount of secured debt, primarily bank loans, capital leases and
hire purchase agreements.  The EUR300 million preferred stock
issued by British Airways Finance (Jersey) L.P. and guaranteed by
British Airways Plc. are rated B2 to reflect their subordination
to other liabilities within the capital structure.

Moody's believes that an eventual recovery in demand will be
protracted, and particularly in the premium segment.  Therefore,
given that metrics are expected to remain weak for the new rating
category at least for the remainder of the year, the stable
outlook is supported primarily by the maintenance of a solid
liquidity profile beyond a 12-month horizon, and the likelihood
that the company can rebuild metrics to levels consistent with the
current Ba3 rating in the intermediate term.  The rating could
come under further pressure if there are no signs of a general
industry recovery in coming quarters, or if concerns were to
develop about liquidity.  Over the longer-term, for the current
rating Moody's would expect gross leverage to be reduced to below
6 times and for RCF/net debt to be maintained in the low teens on
a continued basis, although these metrics are not expected to be
met in the current fiscal year.

The last rating action for British Airways was implemented on 28
May 2009, when the Corporate Family Rating was lowered to Ba2 with
a negative outlook.

British Airways, based in Harmondsworth, United Kingdom, is
EURope's third largest airline carrier with over 33 million
passengers in FY2009 (to March 31), and flying to over 150
destinations world-wide with a fleet of 245 aircraft at year-end.
In FY2009 the company reported revenues and an operating loss
(before restructuring) of GBP9 billion and GBP142 million,
respectively.


BRIXTON PLC: Fitch Gives Positive Watch; Affirms 'BB' Rating
------------------------------------------------------------
Fitch Ratings has revised Brixton Plc's Rating Watch to Positive
from Negative.  Brixton's Long-term Issuer Default Rating is 'BB',
while its senior unsecured rating is 'BB+' and its Short-term IDR
is 'B'.  The rating action follows the announcement earlier by
SEGRO plc (rated 'BBB+'/Outlook Negative) that it has made a firm
offer for Brixton.

SEGRO's all-share offer for Brixton consists of 1.75 SEGRO shares
for each Brixton share, valuing Brixton at GBP109.4 million.
SEGRO intends to raise GBP250 million of new equity (underwritten)
and upon the closing of the transaction (scheduled for end-August
2009) will inject the amount, as equity, into Brixton.  In
addition, inter-company loans of GPB445 million will be made
available to Brixton once it becomes a fully-owned subsidiary of
SEGRO.

The total recapitalization of Brixton will therefore amount to
GBP695 million and will be sufficient to prevent covenant breaches
for Brixton's bonds when tested in August 2009.  At SEGRO's
request, a waiver on the testing of covenants for Brixton's bank
facilities (recently extended until end-July 2009) has been agreed
until the earlier of September 15, 2009 and the date SEGRO
notifies the bank lenders that the transaction is not proceeding.

The recapitalization of Brixton and proposed cost savings of up to
GBP12 million as a result of the SEGRO offer will be positive for
Brixton bondholders.  Close to GBP480 million of combined asset
disposals by Brixton and SEGRO are also expected by the end of
2010, of which GBP254 million have already been taken place or are
under offer.  Should the transaction be completed as planned, with
new equity successfully raised, cost savings implemented and asset
disposals on track, Fitch expects to align Brixton's ratings with
SEGRO's before withdrawing all the former's ratings, with the
exception of its senior unsecured rating (as bonds will remain in
issue for this entity).

The RWP reflects Fitch's expectation that the transaction will be
completed by August.  However, execution risk remains and the
timetable for the transaction is tight.  In addition, a counter
bid for Brixton could also negatively affect the timetable.  In
the event of a material delay in SEGRO's bid or its withdrawal,
Fitch would expect to downgrade Brixton's ratings by at least one
notch reflecting the increased risk of a covenant breach and still
outstanding liquidity problems.

SEGRO has launched a tender offer for all Brixton's GBP275 million
2010 bonds and a GBP50 million partial offer for the 2015 and 2019
bonds, with an expiry deadline of the August 25, 2009.  The
gearing covenant on Brixton's 2010, 2015 and 2019 bonds (175%
maximum gearing) is tested at June 30, 2009 and further valuation
declines could put this covenant under pressure.  This is
particularly the case for the 2010 bonds, which include Brixton's
financial derivatives liability in its gearing covenant (142%
against a covenant of 175% at FYE08).  In terms of the bid
transaction and its timetable however, publication of Brixton's
balance sheet under the bond covenants is only required at the end
of 60 days from June 30 and there is an additional 30 day cure
period.  Hence under the bid timetable Brixton's balance sheet
recapitalization and any bond repurchases should be completed
before the bond gearing covenant long stop date of end September.

The agency had previously placed Brixton's ratings on RWN on
March 4, 2009 following unexpected management changes and
increasing concern over the lack of a communicated strategy for
addressing reduced covenant headroom, and debt maturities of
GBP380 million in 2010, including a GBP275 million bond.

As of December 31, 2008 (YE08), Brixton's gearing was 110%
(against bond and bank covenants of 175%) and its unsecured asset
cover was 1.86x (versus bank facility covenants at a minimum of
1.67x), leaving only enough headroom to absorb a further 10%
reduction in the company's property values before a breach occurs.
Consensus forecasts for reductions in UK industrial space values
are currently around 18.5% for 2009, and hence, in the absence of
the proposed SEGRO transaction, a breach of covenants could occur
as early as the June 2009 test date.


COFFEE REPUBLIC: 10 Stores Closed; 66 Jobs Affected
---------------------------------------------------
The joint administrators of Coffee Republic (UK) Ltd, Coffee
Republic Franchising Ltd and Goodbean Ltd said that 10 of the 20
Coffee Republic (UK) Ltd-owned coffee bars have now closed,
resulting in 66 redundancies.

The outlets which have ceased trading are:

    * York House, Manchester

    * Richmond

    * Staines

    * 33 Northgate Street, Chester

    * Canterbury

    * The Mall, Ealing

    * Canary Wharf

    * George Street, London

    * Rathbone Place, London

    * Great Marlborough Street, London

Coffee Republic (UK) Ltd's outlet in Gloucester Road, London
closed shortly before the appointment of administrators.

The remaining nine coffee bars continue to trade as normal.  The
70 outlets franchised through Coffee Republic Franchising Ltd and
97 concessions which operate within cinemas, retail outlets and
hotels throughout the UK, are not in administration and are also
continuing to trade as normal.

Richard Hill, KPMG partner and joint administrator said:
"Following our assessment of the Coffee Republic (UK) Ltd-owned
outlets we have had to take the decision to close those which are
no longer viable to leave the profitable parts of the business
remaining.  We are now in discussions with interested parties with
a view to selling the remaining business as a going concern.
There has been huge interest already from potential purchasers and
I remain confident of achieving a sale during the course of next
week."

Richard Hill and David Crawshaw of KPMG Restructuring were
appointed joint administrators of coffee bar and deli chains
Coffee Republic (UK) Ltd, Coffee Republic Franchising Ltd and
Goodbean Ltd on Tuesday, July 7, 2009.


EPIC PLC: Fitch Junks Ratings on Three Classes of Notes
-------------------------------------------------------
Fitch Ratings has downgraded Epic (Industrious) plc's commercial
mortgage-backed notes due April 2014:

  -- GBP299.7 million Class A XS0268560785: downgraded to 'BB'
     from 'AA'; placed on Rating Watch Negative (RWN)

  -- GBP49 million Class B XS0268561759: downgraded to 'B' from
     'A'; placed on RWN

  -- GBP19.4 million Class C XS0268562484: downgraded to 'CCC from
     'BBB'; assigned Recovery Rating 'RR3'

  -- GBP37.4 million Class D XS0268562641: downgraded to 'CCC'
     from 'BB'; assigned Recovery Rating 'RR6'

  -- GBP37.9 million Class E XS0268563615: downgraded to 'CC'
    (RR6) from 'B'; assigned Recovery Rating 'RR6'

  -- GBP29.2 million Class F XS0268564266: downgraded to 'CC' from
     'CCC';

  * Recovery Rating revised to 'RR6' from Distressed Recovery
    'DR5'

The rating action is driven by continuing deterioration in the
values of the properties within the underlying portfolio, the
failure of the borrower to service its securitized debt
obligations in full, as well as the opacity of events since the
borrower was placed into administrative receivership in September
2008.  As a result, the risk of a fire-sale of the properties,
which would exacerbate volatility in recovery proceeds, has been
factored into Fitch's analysis.

The portfolio securing the loan is made up of 121 secondary
industrial assets located around the UK.  It has continued to
suffer declines in value since the last review in February 2009,
when Fitch estimated a loan to value in excess of 100%. Fitch
expects the LTV is now in excess of 125%.

The borrowing group has been unable to meet its debt service
payments in full since October 2008 due to increasing costs and
vacancies.  To date GBP6.2 million of missed interest (including a
default margin of 2%) has been added to the outstanding loan
balance, which stands at GBP478.9 million.  It is expected that
net rental income will fall further over the coming months as a
result of projected increases in vacancy, which would increase the
rate at which interest is being capitalized.  Although note
interest payments continue to be met in their entirety, this is
only due to the synthetic nature of the transaction; only after a
loss event would this discontinue.

Fitch has been made aware that Ernst and Young, the joint
administrative receivers of the borrower, intend to auction 31 of
the assets within the portfolio on July 16, 2009.  The individual
property guide prices are at some discount to the values quoted in
the last publicly-available portfolio valuation, in June 2008,
although they are primarily advertised to generate investor
interest in the auction, and cannot be read to indicate market
value.  Fitch notes that it is difficult to determine the outcome
of this auction, which casts uncertainty over the proceedings.
With the operating income of the borrower likely to worsen before
it improves, and re-leveraging underway, Fitch believes the
administrative receivers will be keen to wind down the transaction
in as orderly a fashion as is possible.

Fitch estimates an exit debt yield of approximately 12% on the
Class A notes and 10% on the Class B notes; under normal
conditions, these levels would suggest high prospects of
repayment.  However, as described above, this transaction is
exposed to some major challenges, which, when coupled with the low
level of information available to third-parties (including Fitch)
and the lack of bondholder control over the work-out process, have
contributed to the severity of the negative rating action.

Fitch expects to resolve the RWN over coming months as more
information filters through on the actions taken by the receivers.

Fitch will continue to monitor the performance of the transaction.


VEDANTA RESOURCES: S&P Assigns 'BB' Rating on US$1.25 Bil. Bonds
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' rating to the
proposed US$1.25 billion convertible bond issue of Vedanta
Resources Jersey Ltd., a wholly owned subsidiary of London-based
metals and mining company Vedanta Resources PLC (foreign currency
BB/Watch Neg/--).  The bonds are guaranteed by Vedanta Resources
PLC (Vedanta), and represent a senior unsecured obligation of the
guarantor.  This is an indicative rating, subject to completion of
final documentation.

The CreditWatch listing on Vedanta reflects S&P's view that its
sizeable capital expenditure program and appetite for debt-funded
acquisitions in a severe industry downturn increases its risk.

The rating on Vedanta, the guarantor, reflects its exposure to
cyclical and volatile base metal prices, its continued aggressive
growth plans, its weak, although improving, cost position and its
complex holding company corporate structure.  These weaknesses are
partly offset by Vedanta's low-cost zinc and copper operations in
India, strong and increasing reserve base of zinc and iron ore,
sufficient liquidity, access to capital markets, and improving
business diversification.

Vedanta's assets are located in India, Australia, and Zambia. Due
to the nature of the metals and mining industry, Vedanta is
exposed to fluctuating base metal prices.  Due to significant fall
in base metal prices, Vedanta's operating cash flows for fiscal
2009 have deteriorated significantly.  S&P's price outlook for
base metals remains soft for the next two to three years.
Vedanta's capital expenditure plans, acquisitions, and subsidiary
consolidation may put pressure on its financial risk metrics.

Vedanta has a superior cost position and strong reserve base for
its zinc and iron ore segment.  However, its cost position in its
aluminum business in India and copper business in Zambia was weak
in fiscal 2009.  Vedanta has taken some steps to improve its cost
structure but it remains uncertain if the cumulative effect of
these measures is sustainable.

Vedanta's access to capital markets remains good.  It recently
proposed to issue US$1.25 billion in convertible bonds.  It is
also in the process of completing the documentation for a project
finance debt from Indian banks of about US$2.4 billion.


* BOND PRICING: For the Week July 6 to July 10, 2009
----------------------------------------------------

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

AUSTRIA
-------
CONWERT IMMO INV        1.500  11/12/2014    EUR   64.35
OESTER VOLKSBK          4.810   7/29/2025    EUR   63.89
OESTER VOLKSBK          5.270    2/8/2027    EUR   93.37
RAIFF CENTROBANK       12.000   7/17/2009    EUR   61.36
REPUBLIC OF AUST        3.124  10/10/2025    EUR   67.43

CZECH REPUBLIC
--------------
CZECH REPUBLIC          2.750   1/16/2036    JPY   54.83

DENMARK
-------
DANSKE BANK             5.375   9/29/2021    GBP   77.98

FRANCE
------
AIR FRANCE-KLM          4.970    4/1/2015    EUR   12.38
ALCATEL SA              4.750    1/1/2011    EUR   15.41
CALYON                  6.000   6/18/2047    EUR   42.36
CAP GEMINI SA           2.500    1/1/2010    EUR   51.44
CAP GEMINI SOGET        1.000    1/1/2012    EUR   40.72
CAP GEMINI SOGET        3.500    1/1/2014    EUR   38.06
CIE FIN FONCIER         2.500   2/24/2031    CHF   73.83
CIE FIN FONCIER         3.875   4/25/2055    EUR   73.32
CLUB MEDITERRANE        4.375   11/1/2010    EUR   47.94
CMA CGM                 5.500   5/16/2012    EUR   42.22
CMA CGM                 5.500   5/16/2012    EUR   44.88
DEXIA MUNI AGNCY        4.680    3/9/2029    CAD   67.26
ESSILOR INT'L           1.500    7/2/2010    EUR   69.99
SOC AIR FRANCE          2.750    4/1/2020    EUR   18.77

GERMANY
-------
BAYERISCHE LNDBK        4.500    2/7/2019    EUR   73.36
CITY OF KYIV            8.250  11/26/2012    USD   57.07
COMMERZBANK AG          4.125   9/13/2016    EUR   74.57
COMMERZBANK AG          6.625   8/30/2019    GBP   77.11
DEUTSCHE BK LOND        3.000   5/18/2012    CHF   69.81
DEUTSCHE BK LOND        1.000   3/31/2027    USD   42.70

IRELAND
-------
ALFA BANK               8.625   12/9/2015    USD   79.58
ALFA BANK               8.635   2/22/2017    USD   74.68
ALLIED IRISH BKS        7.875    7/5/2023    GBP   71.97
ALLIED IRISH BKS        5.250   3/10/2025    GBP   52.89
ALLIED IRISH BKS        5.625  11/29/2030    GBP   52.96
BANESTO FINANC          6.120   11/7/2037    EUR    6.12
BANK OF IRELAND         4.875   1/22/2018    GBP   67.83
BANK OF IRELAND         4.625   2/27/2019    EUR   71.67
DALI CAPITAL 29         4.799  12/21/2037    GBP   74.36
DEPFA ACS BANK          1.650  12/20/2016    JPY   94.75
DEPFA ACS BANK          2.375   2/15/2019    CHF   93.84
DEPFA ACS BANK          0.500    3/3/2025    CAD   36.69
DEPFA ACS BANK          5.250   3/31/2025    CAD   73.57
DEPFA ACS BANK          4.600   12/5/2025    EUR   73.33
DEPFA ACS BANK          3.250   7/31/2031    CHF   88.82
DEPFA ACS BANK          4.900   8/24/2035    CAD   70.64
DEPFA BANK PLC         11.000    2/7/2011    BRL   67.39
UT2 FUNDING PLC         5.321   6/30/2016    EUR   37.55

ITALY
-----
CIR SPA                 5.750  12/16/2024    EUR   67.84
COMUNE DI MILANO        4.019   6/29/2035    EUR   70.02

LUXEMBOURG
----------
BANK OF MOSCOW          6.807   5/10/2017    USD   72.18
BREEZE                  4.524   4/19/2027    EUR   88.86
CIRSA FIN LUX SA        8.750   5/15/2014    EUR   73.00
CIRSA FIN LUX SA        8.750   5/15/2014    EUR   73.60
CODERE FIN LUX          8.250   6/15/2015    EUR   59.25
CODERE FIN LUX          8.250   6/15/2015    EUR   60.21
COFINIMMO LUXEM         5.250   7/15/2014    EUR   66.31
CRC BREEZE              5.290    5/8/2026    EUR   62.98
GLOBUS CAPITAL          8.500    3/5/2012    USD   49.43

NETHERLANDS
-----------
ABN AMRO BANK NV        3.375   8/15/2031    CHF   92.71
ABN AMRO BANK NV        7.412   6/29/2035    EUR   52.45
AIR BERLIN FINAN        1.500   4/11/2027    EUR   39.38
ALB FINANCE BV          9.750   2/14/2011    GBP   18.49
ALB FINANCE BV          8.750   4/20/2011    USD   20.98
ALB FINANCE BV          7.875    2/1/2012    EUR   18.48
ALB FINANCE BV          9.250   9/25/2013    USD   20.95
ALFA BK UKRAINE         9.750  12/22/2009    USD   75.47
ASTANA FINANCE          7.875    6/8/2010    EUR   17.50
ASTANA FINANCE          9.000  11/16/2011    USD   16.47
ATF CAPITAL BV          9.250   2/21/2014    USD   74.69
BK NED GEMEENTEN        0.500   6/27/2018    CAD   67.66
BK NED GEMEENTEN        0.500   2/24/2025    CAD   41.30
CEMEX FIN EUROPE        4.750    3/5/2014    EUR   64.81
CENTERCRDT INTL         8.625   1/30/2014    USD   70.94
CLONDALKIN BV           8.000   3/15/2014    EUR   62.84
CLONDALKIN BV           8.000   3/15/2014    EUR   63.28
JSC BANK GEORGIA        9.000    2/8/2012    USD   73.98
TURANALEM FIN BV        7.875    6/2/2010    USD   23.49
TURANALEM FIN BV        6.250   9/27/2011    EUR   19.48
TURANALEM FIN BV        7.750   4/25/2013    USD   21.45
TURANALEM FIN BV        8.000   3/24/2014    USD   21.94
TURANALEM FIN BV        8.500   2/10/2015    USD   21.93
TURANALEM FIN BV        8.250   1/22/2037    USD   19.39
TURANALEM FIN BV        8.250   1/22/2037    USD   19.45

ROMANIA
-------
BUCHAREST               4.125   6/22/2015    EUR   77.68

SPAIN
-----
AYT CEDULAS CAJA        3.750   6/30/2025    EUR   73.73
BALEAR GOV'T            4.063  11/23/2035    EUR   71.45
BANCAJA                 4.375   2/14/2017    EUR   61.15
CAJA MADRID             4.125   3/24/2036    EUR   77.96
COMUN AUTO CANAR        3.900  11/30/2035    EUR   69.30
COMUN AUTO CANAR        4.200  10/25/2036    EUR   73.04

SWITZERLAND
-----------
CYTOS BIOTECH           2.875   2/20/2012    CHF   42.25

UNITED KINGDOM
--------------
ALFA-BANK CJSC          9.250   7/26/2010    USD   71.93
ALLIANC&LEIC BLD        5.250    3/6/2023    GBP   75.63
ALPHA CREDIT GRP        2.940    3/4/2035    JPY   57.68
AMLIN PLC               6.500  12/19/2026    GBP   69.73
ANGLIAN WAT FIN         2.400   4/20/2035    GBP   51.14
ARSENAL SEC             5.142    9/1/2029    GBP   71.05
ASPIRE DEFENCE          4.674   3/31/2040    GBP   69.88
ASPIRE DEFENCE          4.674   3/31/2040    GBP   70.14
AVIVA PLC               5.250   10/2/2023    EUR   75.78
AVIVA PLC               6.875   5/22/2038    EUR   70.75
AVIVA PLC               6.875   5/20/2058    GBP    71.3
AZOVSTAL                9.125   2/28/2011    USD   77.32
BARCLAYS BK PLC        11.650   5/20/2010    USD   46.38
BARCLAYS BK PLC         7.610   6/30/2011    USD   49.91
BL SUPER FINANCE        5.578   10/4/2025    GBP   70.84
BRADFORD&BIN BLD        7.625   2/16/2010    GBP    4.00
BRADFORD&BIN BLD        5.500   1/15/2018    GBP    3.99
BRADFORD&BIN BLD        5.750  12/12/2022    GBP   12.17
BRADFORD&BIN BLD        4.910    2/1/2047    EUR   58.70
BRIT INSURANCE          6.625   12/9/2030    GBP   58.80
BRITANNIA BLDG          5.750   12/2/2024    GBP   63.04
BRITANNIA BLDG          5.875   3/28/2033    GBP   62.26
BRITISH AIRWAYS         8.750   8/23/2016    GBP   73.73
BRITISH LAND CO         5.264   9/24/2035    GBP   71.34
BRITISH LAND CO         5.264   9/24/2035    GBP   70.78
BRITISH TEL PLC         5.750   12/7/2028    GBP   72.84
BRIXTON PLC             5.250  10/21/2015    GBP   74.57
BRIXTON PLC             6.000   9/30/2019    GBP   71.02
BROADGATE FINANC        4.999   10/5/2031    GBP   71.54
BROADGATE FINANC        5.098    4/5/2033    GBP   59.98
CATTLES PLC             7.875   1/17/2014    GBP    9.48
CATTLES PLC             8.125    7/5/2017    GBP   13.25
CGNU PLC                6.125  11/16/2026    GBP   70.82
CITY OF KIEV            8.000   11/6/2015    USD   53.74
CLERICAL MED FIN        6.450    7/5/2023    EUR   73.08
CONNECT M77/GSO         5.404   3/31/2034    GBP   71.78
CO-OPERATIVE BNK        5.625  11/16/2021    GBP   68.71
DAILY MAIL & GEN        5.750   12/7/2018    GBP   60.57
DAILY MAIL & GEN        6.375   6/21/2027    GBP   54.75
DELAMARE FINANCE        6.067   2/19/2029    GBP   72.48
PRUDENTIAL BANK         6.875  12/29/2021    GBP   58.51

                            *********

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

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                 * * * End of Transmission * * *