TCREUR_Public/090720.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 20, 2009, Vol. 10, No. 141

                            Headlines

A U S T R I A

AUSTRIAN AIRLINES: Lufthansa Submits New Antitrust Concessions
CSC COMPUTER: Creditors Must File Claims by July 27
ELEGANTVERFLIESUNGEN CH. BROD: Claims Filing Deadline is July 27
LOACKER OFFICE: Claims Filing Deadline is July 27
PMT REALKANZLEI: Creditors Must File Claims by July 27


F I N L A N D

M-REAL CORP: Restructuring Won't Affect S&P's 'CCC+' Rating
UPM-KYMMENE CORP: Restructuring Won't Affect S&P's 'BB+' Rating


F R A N C E

FCC SPARC: S&P Withdraws 'BB' Rating on Class D Notes
NEW FABRIS: Renault to Buy Parts Inventory
RENAULT SA: To Acquire Parts Inventory of New Fabris
SOCIETE GENERALE: S&P Cuts Ratings on EUR10 Mil. Notes to 'B'


G E R M A N Y

ARCANDOR AG: Restructuring Adviser Quits
ESCADA AG: Insolvency More Likely; Bondholders Snub Bond Swap
GENERAL MOTORS: Buyers Have Until Today to Submit Final Opel Bids
WADAN YARDS: May Secure Big Orders, Owner Says


I R E L A N D

ASHFIELD COLLEGE: Court Appoints Liquidator Following Insolvency
LARAGAN DEVELOPMENTS: Faces Liquidation; Survival Scheme Rejected
WHITE'S HOTEL: Goes Into Receivership; KPMG Named as Receiver


I T A L Y

RISANAMENTO SPA: Board to Meet Today to Assess Financial Situation


K A Z A K H S T A N

AKJOL TRANS: Creditors Must File Claims by July 24
AVANGARD COMPANY: Creditors Must File Claims by July 24
BURABAI JSC: Creditors Must File Claims by July 24
FORMAT STROY: Creditors Must File Claims by July 24
MTS BIRLIK: Creditors Must File Claims by July 24

NURMANS LLP: Creditors Must File Claims by July 24
NURS SERVICE: Creditors Must File Claims by July 24
REGION TECH: Creditors Must File Claims by July 24
SOAP LLC: Creditors Must File Claims by July 24
SVSK OIL: Creditors Must File Claims by July 24


K Y R G Y Z S T A N

CROWN TRADING: Creditors Must File Claims by July 31
MAZGIL LLC: Creditors Must File Claims by July 31


N E T H E R L A N D S

NEPTUNO CLO II: S&P Confirms 'BB-' Rating on Class sE Notes
NEPTUNO CLO III: S&P Confirms 'BB-' Rating on Class E Notes


R U S S I A

CHEBOKSARSKIY STROITEL: Creditors Must File Claims by July 26
IC VTB: Fitch Assigns 'BB' Insurer Financial Strength Rating
INTER-AVIA LLC: Creditors Must File Claims by July 26
STROY-SITI LLC: Creditors Must File Claims by July 26
VOLGO-STROY LLC: Creditors Must File Claims by July 26


S W I T Z E R L A N D

ARCHITEKTUR ENZO: Creditors Must File Claims by July 24
BANQUE DE COMMERCE: Fitch Affirms Long-Term IDR at 'BB+'
BLAUER OZEAN: Claims Filing Deadline is July 23
ESSOASE GMBH: Claims Filing Deadline is July 23
EURAG AG: Claims Filing Period Ends July 24

EXIM INVEST: Creditors Must File Claims by July 23
FC FUTURES: Claims Filing Deadline is July 24
GUIDE COMPANY: Claims Filing Deadline is July 23
TAXI-A, FUX: Claims Filing Period Ends July 23
TROTTMANN TECHNIK: Claims Filing Deadline is July 24


U K R A I N E

CONCERN INTERNATIONAL: Creditors Must File Claims by July 24
EUROSERVICE-TOUR LLC: Creditors Must File Claims by July 24
FEMIDO LLC: Creditors Must File Claims by July 24
ICEBERG LLC: Creditors Must File Claims by July 24
VAMARIYA LLC: Creditors Must File Claims by July 24


U N I T E D   K I N G D O M

CHESTER ASSET: S&P Puts Low-B Rated Class C Notes on Watch Dev
EMI GROUP: Terra Firma May Issue High-Yield Bond to Repay Debts
LLOYDS BANKING: To Cut 1,200 Jobs in Cost-Saving Drive
MIDWAY NEWCASTLE: In Administration; 70 Jobs Affected
VIRGIN MEDIA: Fitch Affirms 'BB-' Long-Term Issuer Default Rating

WEST BROMWICH: Former CEO Got GBP520,600 Pay-Off Last Year

* Fitch Says European Auto Industry Outlook Remains Negative

* BOND PRICING: For the Week July 13 to July 17, 2009


                         *********



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


AUSTRIAN AIRLINES: Lufthansa Submits New Antitrust Concessions
--------------------------------------------------------------
Gerrit Wiesmann at The Financial Times reports that Deutsche
Lufthansa AG on Thursday offered new antitrust concessions to the
European Commission in a bid to secure approval of its takeover
of Austrian Airlines AG before the end of July.

The FT relates the Commission confirmed receiving a new offer from
Lufthansa, but declined to comment on the contents.  Lufthansa's
spokesman also refused to say on which routes the airline was
offering concessions, the FT notes.

According to the FT, Lufthansa can walk away from its proposed
takeover of the troubled airline if the Commission fails to give
the nod by month's end.

                         Capital Injection

As reported in the Troubled Company Reporter-Europe on July 16,
2009, the FT said Austrian Airlines on Tuesday warned it would
need EUR1 billion (US$1.4 billion) in new funds if a takeover
proposed by Lufthansa fails as the result of the row between the
German airline and the European Commission over the terms of the
deal.  The FT disclosed Peter Malanik, Austrian Airline's co-chief
executive, warned that the failure of the deal would result in the
need for a huge capital injection and be followed by a radical
downsizing of the airline -- which would then still need a strong
partner.  According to the FT, Peter Michaelis, chairman of
Austrian Airline, told the carrier's shareholder meeting that if
the transaction failed the company would need "more than twice"
the EUR500 million pledged by the government in Vienna as part of
the purchase by Lufthansa.  Austrian Airlines, the FT said, lost
more than EUR400 million last year and increased its debt to
EUR1 billion, although half of this would in effect be absorbed by
Vienna.

On February 9, 2009, the Troubled Company Reporter-Europe reported
that Reuters said Austrian state holding company and key Austrian
Airlines shareholder OeIAG warned the Austrian flag carrier could
go insolvent if a planned takeover by Germany's Lufthansa falls
through.

Austrian Airlines AG -- http://www.austrianairlines.co.at/deu/--
is an Austria-based holding company of Austrian Airlines Group,
operating in the air transportation sector.  The Group is
comprised of Austrian Airlines, an operator of scheduled passenger
flights; Lauda Air, which is engaged in the charter flight sector,
and Tyrolean Airways, which operates as a short-haul carrier under
the consumer brand Austrian arrows.  The Company divides its
activities into three segments: scheduled services, charter and
complementary services.  The scheduled flights of the Group
operate under the brands of Austrian and Austrian arrows, while
charter flights are handled under the Lauda Air brand.  The
Company has six affiliated companies and six wholly owned
subsidiaries, including Lauda Air Luftfahrt GmbH, Austrian
Airlines Lease & Finance Company Ltd., AUA Beteiligungen GmbH,
Austrian Airlines Technik Marketing GmbH, Austrian Airlines
Technik Bratislava sro and Tyrolean Airways TirolerLuftfahrt GmbH.


CSC COMPUTER: Creditors Must File Claims by July 27
---------------------------------------------------
Creditors of CSC Computer Service Components GmbH have until
July 27, 2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for August 3, 2009 at 10:30 a.m.

For further information, contact the company's administrator:

         Dr. Wilfried Aichinger
         Italienerstrasse 13/5
         9500 Villach
         Austria
         Tel: 04242/29992
         Fax: 04242/27666
         E-mail: office@abp-law.com


ELEGANTVERFLIESUNGEN CH. BROD: Claims Filing Deadline is July 27
----------------------------------------------------------------
Creditors of Elegantverfliesungen Ch. Brod OG have until July 27,
2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for August 3, 2009 at 10:00 a.m.

For further information, contact the company's administrator:

         Dr. Klaus Mitzner
         Hans-Gasser-Platz 3
         Second Floor
         9500 Villach
         Austria
         Tel: 04242/21223
         Fax: 04242/21223-33
         E-mail: mitzner.krautzer@utanet.at


LOACKER OFFICE: Claims Filing Deadline is July 27
-------------------------------------------------
Creditors of Loacker Office GmbH have until July 27, 2009, to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for August 6, 2009 at 9:30 a.m.

For further information, contact the company's administrator:

         Dr. Bernhard Ess
         Hirschgraben 14
         6800 Feldkirch
         Austria
         Tel: 05522/79090
         Fax: 05522/79090-7
         E-mail: rechtsanwalt-feldkirch@aon.at


PMT REALKANZLEI: Creditors Must File Claims by July 27
------------------------------------------------------
Creditors of PMT Realkanzlei Immobilien GmbH have until July 27,
2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for August 6, 2009 at 9:40 a.m.

For further information, contact the company's administrator:

         Dr. Christoph Ganahl
         Schwefel 93/7
         6850 Dornbirn
         Austria
         Tel: 05572/890890
         Fax: 05572/890890-8
         E-mail: kanzlei@ganahl.cc


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F I N L A N D
=============


M-REAL CORP: Restructuring Won't Affect S&P's 'CCC+' Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services said that the ratings and
outlook on Finland-based forest product company M-real Corp.(CCC+/
Negative/C) are unaffected at this stage by a proposed ownership
restructuring of assets in pulp company Botnia (30% owned by M-
real) announced on July 15, 2009.

The transaction could support M-real's liquidity position and
ability to meet 2010 maturities by means of cash disposal proceeds
and debt deconsolidation if closed, as envisaged, in the fourth
quarter of 2009.  However, the transaction is still in its early
stages, the final conditions are partly unclear, and approval is
pending.  S&P will revisit the impact on M-real's liquidity
position, credit quality, and recovery prospects once S&P obtain
more clarity on the transaction and certainty that it will
proceed.  S&P believes that the impact on M-real's business risk
is negative given that cost competitiveness and asset diversity is
impaired, but that this is not likely to be a key rating driver
given S&P's focus on M-real's vulnerable liquidity position.

The proposed transaction would split Botnia's current operations
into two parts: a Finland based operation owned 53% by Metsälitto
(not rated, 60% owner of M-real), 30% by M-real, and 17% by UPM-
Kymmene Corp. (BB+/Negative/B); and the Uruguay pulp mill to be
100% owned by UPM-Kymmene.  As a consequence of the transaction
making Metsälitto the direct majority owner of Botnia, M-real
would move to equity accounting from an proportionate
consolidation of Botnia.  This would reduce reported debt by
EUR250 million according to M-real (S&P understands this to be
mainly medium to longer term debt).  Furthermore, the announcement
said that M-real would receive a cash payment of EUR300 million as
part of the transaction.  The funding and timing of these cash
transfers are partly unclear to us at this stage.

Should the transaction proceed, S&P notes the possibility of a
recovery and issue rating revision as a result of revised
assumptions about the hypothetical path to default, valuation, and
capital structure.  The likelihood and direction of such a change
is unclear at present.


UPM-KYMMENE CORP: Restructuring Won't Affect S&P's 'BB+' Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said that the rating and
outlook on Finland-based forest product company UPM-Kymmene Corp.
(BB+/Negative/B) is unaffected at this stage by a proposed
restructuring of the company's stake in pulp producer Botnia
announced on July 15, 2009.  On the basis of available
information, S&P currently views the impact on UPM-Kymmene's
credit quality as neutral.

S&P believes there will be a slight negative financial impact from
accumulating an additional EUR140 million in debt at a time when
cash preservation would support credit quality.  However, this is
balanced, in S&P's view, by a positive impact on business risk
resulting from increased control of and access to low-cost South
America-based pulp-production while reducing dependence on higher-
cost pulp production based in Finland, in line with company
strategy.  The transaction is still in its early stages pending
ordinary approval, and is expected to close during the fourth
quarter of 2009.  S&P might revisit its position as the
transaction moves closer to closure and with more detailed
information.

The transaction with Finland-based forest product company
Metsäliitto (not rated) would make UPM-Kymmene the 100% owner of
Botnia's 1.1 million ton Uruguay pulp-mill, while reducing the
company's stake in the remaining Botnia group (focusing on Finland
based pulp production) to 17% from 47%.  UPM-Kymmene would also
acquire 1.2% of the shares in Finland-based power company PVO Oy
from Botnia.  Including a cash proportion of EUR90 million, the
transaction is said by UPM-Kymmene to increase reported net debt
by EUR400 million.  S&P already includes about EUR270 million of
proportionately consolidated Botnia debt when calculating UPM-
Kymmene's adjusted debt.  Given the low cost position, S&P
envisages that the cash flow contribution in terms of funds from
operations is higher than the EUR125 million currently
consolidated by us on an annual basis, with proportionately better
free operating cash flow generation given low capital expenditure
needs.


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


FCC SPARC: S&P Withdraws 'BB' Rating on Class D Notes
-----------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'BB' rating on the
class D notes issued by FCC SPARC Europe (Junior).

In conjunction with the annual reset process, the notes redeemed
yesterday and thus S&P is withdrawing the rating.  S&P will
maintain S&P's ratings in the FCC SPARC Europe (Senior)
transaction.

FCC SPARC Europe (Junior) involves the securitization of the
payments related to four quota share reinsurance agreements with
reinsurer Nexgen Reinsurance Ltd.  The agreements cover the risk
on a defined individual motor insurance policy book in four
countries: Belgium, Germany, Italy, and Spain.


NEW FABRIS: Renault to Buy Parts Inventory
------------------------------------------
Adam Mitchell at Dow Jones Newswires reports that Renault SA
Thursday said it will buy the parts inventory of its newly
liquidated subcontractor New Fabris.

The company didn't say how much it intends to pay.

                            Pay Row

On July 14, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that fired workers at bankrupt French
auto-industry supplier New Fabris threatened to blow up their
factory along with parts for Renault SA and PSA Peugeot Citroen
worth millions of euros if the carmakers don’t meet demands for
severance pay.  Bloomberg disclosed Guy Eyermann, the plant's
works-council secretary and an official of the Confederation
Generale du Travail union, said the employees were occupying the
factory and planned to ignite gas canisters at the plant in
Chatellerault, western France, if its two main clients failed to
pay EUR30,000 (US$42,000) by July 31 to each of the 366 workers.
The CGT, Bloomberg said, was pressing each carmaker to pay EUR5.5
million to cover the severance demands.

                          About Renault

Renault SA -- http://www.renault.com/-- is a France-based company
primarily engaged in the manufacture of automobiles and related
services.  The Company has two main areas of business activity:
the Automobile division, which handles the design, manufacture and
marketing of passenger cars and commercial vehicles, under
Renault, Renault Samsung Motors and Dacia brands, and the Sales
Financing division, which provides financial and commercial
services related to the Company's sales activities, and is
comprised of RCI Banque and its subsidiaries.  The Company
operates worldwide via a group of subsidiaries and dependant
companies, including wholly owned Renault SAS, 99.43%-owned Dacia,
44.3%-owned Nissan Motor and 20.7%-owned AB Volvo, among others.

                          About New Fabris

Based in Chatellerault, France, New Fabris supplies a wide range
of parts to Peugeot and Citroen.  It was declared bankrupt on June
16.  Fabris, founded in 1947 by brothers Eugene and Quentin
Fabris, used to make sewing machine parts.  It branched out into
the auto sector, employing up to 800 workers in the 1990s.



RENAULT SA: To Acquire Parts Inventory of New Fabris
----------------------------------------------------
Adam Mitchell at Dow Jones Newswires reports that Renault SA
Thursday said it will buy the parts inventory of its newly
liquidated subcontractor New Fabris.

The company didn't say how much it intends to pay.

                            Pay Row

On July 14, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that fired workers at bankrupt French
auto-industry supplier New Fabris threatened to blow up their
factory along with parts for Renault SA and PSA Peugeot Citroen
worth millions of euros if the carmakers don't meet demands for
severance pay.  Bloomberg disclosed Guy Eyermann, the plant's
works-council secretary and an official of the Confederation
Generale du Travail union, said the employees were occupying the
factory and planned to ignite gas canisters at the plant in
Chatellerault, western France, if its two main clients failed to
pay EUR30,000 (US$42,000) by July 31 to each of the 366 workers.
The CGT, Bloomberg said, was pressing each carmaker to pay EUR5.5
million to cover the severance demands.

                    About New Fabris

Based in Chatellerault, France, New Fabris supplies a wide range
of parts to Peugeot and Citroen.  It was declared bankrupt on June
16.  Fabris, founded in 1947 by brothers Eugene and Quentin
Fabris, used to make sewing machine parts.  It branched out into
the auto sector, employing up to 800 workers in the 1990s.

Renault SA -- http://www.renault.com/-- is a France-based company
primarily engaged in the manufacture of automobiles and related
services.  The Company has two main areas of business activity:
the Automobile division, which handles the design, manufacture and
marketing of passenger cars and commercial vehicles, under
Renault, Renault Samsung Motors and Dacia brands, and the Sales
Financing division, which provides financial and commercial
services related to the Company's sales activities, and is
comprised of RCI Banque and its subsidiaries.  The Company
operates worldwide via a group of subsidiaries and dependant
companies, including wholly owned Renault SAS, 99.43%-owned Dacia,
44.3%-owned Nissan Motor and 20.7%-owned AB Volvo, among others.

                             *     *     *

As reported in the Troubled Company Reporter-Europe on June 23,
2009, Standard & Poor's Ratings Services said that it has lowered
its long- and short-term corporate credit and debt ratings on
Renault S.A. to the speculative-grade level of 'BB/B', from 'BBB-/
A-3'.  S&P said the outlook is stable.


SOCIETE GENERALE: S&P Cuts Ratings on EUR10 Mil. Notes to 'B'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'B' from 'BB',
removed from CreditWatch negative, and then withdrew its credit
ratings on the EUR10 million Giverny floating-rate credit-linked
notes series 6719/04-09 issued by SGA Societe Generale Acceptance
N.V.

S&P recently received notification from the arranger of the early
termination of the notes.  The downgrade taken before the rating
withdrawal reflects S&P's assessment of the credit deterioration
of the assets in the transaction's underlying reference portfolio.
S&P has lowered the rating to the level that, in S&P's view, is
commensurate with the available credit enhancement for the notes.

S&P placed the notes on CreditWatch negative on April 30, because
the notes had a synthetic rated overcollateralization below 100%
at a rating of 'BB' but an SROC of above 100% under the scenario
that projects the existing portfolio 90 days forward, assuming
that there is no asset rating migration in the portfolio.
Therefore, in accordance with S&P's existing surveillance policy,
S&P maintained the ratings at 'BB', but placed the notes on
CreditWatch negative.

The SROC of the notes is above 100% at a rating of 'B'.
Therefore, before withdrawing the rating, S&P decided to resolve
the CreditWatch status by lowering the rating to the rating level
at which it currently passes SROC.


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


ARCANDOR AG: Restructuring Adviser Quits
----------------------------------------
Gerrit Wiesmann at The Financial Times reports that Horst
Piepenburg, Arcandor AG's restructuring adviser, has quit, blaming
the company's main shareholder for lack of support.

The FT relates Mr. Piepenburg said the management's plans to
revive the company were "without foundation" as there was "no
support from Arcandor's main shareholder Sal. Oppenheim," the
German private bank.  Citing a person familiar with the situation,
the FT discloses the bank's partners had declined a request for
more capital.

According to the FT, Mr. Piepenburg's departure increases the
chances that Arcandor's Karstadt department store unit and its
Primondo mail-order business will be restructured and sold off in
parts, or liquidated altogether in the coming months.

                         About Arcandor AG

Germany-based Arcandor AG (FRA:ARO) -- http://www.arcandor.com/--
formerly KarstadtQuelle AG, is a tourism and retail group.  Its
three core business areas are tourism, mail order services and
department store retail.  The Company's business areas are covered
by its three operating segments: Thomas Cook, Primondo and
Karstadt.  Thomas Cook Group plc is a tour operator with
operations in Europe and North America, set up as a result of a
merger between MyTravel and Thomas Cook AG.  It also operates the
e-commerce platform, Thomas Cook, supporting travel services.
Primondo has a portfolio of European universal and specialty mail
order companies, including the core brand Quelle.  Karstadt
operates a range of department stores, such as cosmopolitan
stores, including KaDeWe (Kaufhaus des Westens), Karstadt
Oberpollinger and Alsterhaus; Karstadt brand department stores;
Karstadt sports department stores, offering sports goods in a
variety of retail outlets, and a portal, karstadt.de that offers
online shopping, among others.

As previously reported in the The Troubled Company
Reporter-Europe, on June 9, 2009, Arcandor filed for bankruptcy
protection after the German government turned down its request for
loan guarantees.  On June 8, 2009, the government rejected two
applications for help by the company, which employs 43,000 people.
The retailer sought loan guarantees of EUR650 million (US$904
million) from Germany's Economy Fund program as debt came due this
week.  It also sought a further EUR437 million from a state-owned
bank.


ESCADA AG: Insolvency More Likely; Bondholders Snub Bond Swap
-------------------------------------------------------------
John Glover and Benedikt Kammel at Bloomberg News report that only
about 37% of Escada AG's bondholders agreed to exchange their
bonds for a combination of cash and two new notes valued at 40
cents on the euro, leaving the company at greater risk of
insolvency.

According to Bloomberg, the company needs backing from at least 80
percent of bondholders to win support from UniCredit SpA for a
EUR13 million (US$18.3 million) loan, and trigger a capital
increase of at least EUR29 million backed by its main
shareholders.

"Insolvency looks somewhat more likely now," Bloomberg quoted
Jonathan Moore, an analyst at Evolution Securities Ltd., as saying
in a telephone interview.  "They're going to have to come back
with revised terms in the offer.  Investors are voting with their
feet."

Escada, Bloomberg discloses, extended a cash bonus to the end of
July for investors that back the swap.  Bloomberg relates Bruno
Saelzer, the company's chief executive officer, said it decided to
extend the cash incentive period because not all investors were
able to decide in time to secure the bonus by the previous expiry
date on July 14.  The company, Bloomberg notes, offers bonus of
EUR25 per EUR1,000 of notes exchanged.

ESCADA AG -- http://www.escada.com/-- is a Germany-based fashion
group engaged in women's designer fashion.  The Company is
structured into two segments: ESCADA and PRIMERA.  Under its core
brand ESCADA, the Company sells women's designer fashions for
daytime, evening, business, leisure, wellness and special
occasions, as well as couture.  The fashion range is supplemented
with accessories like handbags, shoes and small leather goods.
Fragrances, eyewear, kids wear and jewelry from licensed partners
are also sold under the ESCADA brand.  The Company also offers the
ESCADA Sport product line with clothes and accesoires.  Through
its wholly owned subsidiary, PRIMERA AG, the Company additionally
sells the mid-priced brands apriori, BiBA, cavita and Laurel.  As
of October 31, 2008, ESCADA AG operated 182 own shops and 225
franchise shops in more than 60 countries.  Its manufacture
capacities are mainly outsourced to partner operations, located in
Germany, Italy, Eastern Europe and Asia.


GENERAL MOTORS: Buyers Have Until Today to Submit Final Opel Bids
-----------------------------------------------------------------
Jeff Green and Chris Reiter at Bloomberg News report that Magna
International Inc., RHJ International SA and Beijing Automotive
Industry Holding Co. have until today, July 20, to submit final
offers for General Motors Corp.'s European unit Opel.

Bloomberg relates GM said in a statement that once received, the
final bids and GM's preliminary findings will be reviewed with the
government in Germany and with other countries affected, as well
as with the EU Commission and the Opel/Vauxhall Trust Board, set
up by Germany as part of the agreement for government bridge
loans.  Citing one of the people with knowledge of the plans,
Bloomberg discloses GM will present the Opel trust board with
preliminary analysis by Wednesday, July 22.  According to
Bloomberg, GM intends to have a recommendation by the following
week to present to its board of directors and the U.S. Treasury.
Bloomerg notes the person said the recommendation, if approved,
could come back to the Opel trust board for review that same week.
The trust board must approve any bid before a deal is signed,
Bloomberg says.

                         Loan Guarantees

As reported in the Troubled Company Reporter-Europe on July 17,
2009, The Wall Street Journal said the German government on
Wednesday warned GM that, if it sells its European car business to
anyone other than Magna, then Germany might withdraw its offer to
provide state aid.  The WSJ disclosed German politicians, facing
national elections September 27, pledged to support Magna's plan
with EUR4.5 billion (US$6.3 billion) in loan guarantees.  German
officials pointed out GM couldn't complete a deal without
Germany's aid and approval, the WSJ said.  According to the WSJ,
German states that host Opel factories, and which are contributing
to EUR1.5 billion of interim loans to keep Opel alive, also said
Wednesday that an alternative buyer would have to renegotiate
state aid.

                          About General Motors

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

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

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

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  The Honorable Robert E. Gerber presides over the
Chapter 11 cases.  Harvey R. Miller, Esq., Stephen Karotkin, Esq.,
and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP,
assist the Debtors in their restructuring efforts.  Al Koch at AP
Services, LLC, an affiliate of AlixPartners, LLP, is the Debtors'
restructuring officer.  GM is also represented by Jenner & Block
LLP and Honigman Miller Schwartz and Cohn LLP as counsel.

Cravath, Swaine, & Moore LLP is providing legal advice to the GM
Board of Directors.  GM's financial advisors are Morgan Stanley,
Evercore Partners and the Blackstone Group LLP.

General Motors changed its name to Motors Liquidation Co.
following the sale of its key assets to a company 60.8% owned by
the U.S. Government.

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


WADAN YARDS: May Secure Big Orders, Owner Says
----------------------------------------------
Arno Schuetze and Aleksandras Budrys at Reuters report that Wadan
Yards MTW GmbH is expected to secure big orders that may help
stave off its collapse.

Reuters relates a spokesman of Andrey Burlakov, the Russian
investor who controls Wadan, said on Wednesday that Norilsk Nickel
was likely to order ten ships and marine oil and gas platforms,
although the Russian metals firm said it has no such plans.

"Burlakov also anticipates that Gazprom (GAZP.MM: Quote, Profile,
Research) subsidiary Gazflot will order several ships for
transporting liquefied natural gas", Reuters quoted Mr. Burlakov's
spokesman as saying.

Mr. Burkalov, who is Chairman of Wadan, was also in negotiations
with U.S. based Global Water Solutions about supplying ships
specialized in the desalination of sea water, Reuters notes.

                              Stena

As reported in the Troubled Company Reporter-Europe on July 15,
2009, the Financial Times said that Marc Odebrecht, the insolvency
manager for Wadan Yards' German facilities, failed to reach
agreement with Sweden's Stena Line on completing two vessels
currently under construction.  Stena is one the yard's largest
customers.

                       Bankruptcy Financing

The FT disclosed Mr. Odebrecht, who has been in charge of the
Wismar and Warnemuende yards since they sought bankruptcy
protection in June, said Friday that he had secured EUR190 million
(US$266 million) of bankruptcy financing to allow work on the
remaining uncompleted ships to continue, with 90 per cent of the
money guaranteed by Germany's federal government and the remainder
by banks.

Wadan Yards MTW GmbH is a unit of Wadan Yards Group AS --
http://www.wadanyards.com/-- a multinational maritime engineering
and construction group comprising leading German and Ukrainian
ship yards.  The group specializes in advanced marine solutions
for hydrocarbon exploration, production and transportation,
particularly for Arctic conditions.

As reported in the Troubled Company Reporter-Europe on
June 9, 2009, Wadan Yards MTW GmbH filed for insolvency in the
District Court in Schwerin, Germany, putting 2,500 jobs at the
shipyards in Wismar and Rostock at risk.


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


ASHFIELD COLLEGE: Court Appoints Liquidator Following Insolvency
----------------------------------------------------------------
Genevieve Carbery at The Irish Times reports that the High Court
appointed a liquidator to Ashfield College Ltd. after being told
it has "no possibility of survival as a going concern".

The Irish Times relates the court heard the Dublin school has a
deficit of some EUR1.1 million and is insolvent.  Some 35 staff,
many of whom were part time, were let go over two weeks ago and
the terms of redundancy are being dealt with by the liquidator,
director Ian Redmond told The Irish Times.

The Irish Times discloses the petition to have the college wound
up was moved by Dawn Maye of Belarmine Park, Stepaside, Co Dublin.


LARAGAN DEVELOPMENTS: Faces Liquidation; Survival Scheme Rejected
-----------------------------------------------------------------
The Irish Times reports that Laragan Developments Ltd. is facing
liquidation after the High Court refused to approve a scheme of
arrangement which was suggested to offer the company a reasonable
prospect of survival.

According to the Irish Times, Mr. Justice Frank Clarke turned down
the scheme on grounds including his concern about the relationship
between Laragan and Alan Hanly, of the Hanly group, and that
Laragan was a "vehicle of convenience" for Mr. Hanly.

Laragan, part of the Hanly group of construction and quarrying
companies, has liabilities of EUR147 million and assets worth
EUR2.35 million, the Irish Times discloses.  The court, the Irish
Times relates, heard EUR101 million of Laragan's liability is owed
to Alan Hanly.  Other main creditors include Anglo Irish Bank, a
secured creditor, AIB, and the Revenue Commissioners, the Irish
Times notes.

                        Survival Scheme

The Irish Times states under the survival scheme proposed by Paul
McCann, a partner with Grant Thornton who was appointed examiner
to Laragan last March, creditors were to receive between 30 per
cent and 1 per cent of what they were owed, while trade creditors
were to get a minimum of 6.4 per cent of what was due.  As
reported in the Troubled Company Reporter-Europe on July 16, 2009,
RTE Business said 95 home buyers, who paid either EUR15,000 or
EUR20,000, as deposits for apartments in Santry and Carrickmines
in Dublin would have lost 99% of their money under the scheme,

Laragan Developments Ltd. is part of the Hanly Group --
http://www.hanlygroup.com/-- which comprises six autonomous firms
specializing in six different areas of quarrying and construction.


WHITE'S HOTEL: Goes Into Receivership; KPMG Named as Receiver
-------------------------------------------------------------
BreakingNews.ie reports that White's Hotel in Wexford has gone
into receivership after running into financial difficulties as a
result of the economic downturn.

Kieran Wallace of KPMG has been appointed receiver to the hotel,
the report discloses.  According to the report, the hotel will
continue to trade as normal during the receivership process.
The receiver hopes to be in a position to announce a new operator
shortly.

Whites Hotel Wexford -- http://www.whitesofwexford.ie/-- is a
4-star hotel located in Wexford, Ireland.


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


RISANAMENTO SPA: Board to Meet Today to Assess Financial Situation
------------------------------------------------------------------
Vincent Boland at The Financial Times reports that Risanamento SpA
is set to hold an emergency meeting today, July 20, after a court
asked it to respond to a prosecutor's request that it be declared
bankrupt.

The FT relates Risanamento, controlled by the property tycoon
Luigi Zunino, said in a statement its board would meet to "assess
the situation and take the necessary decisions" following the
setting of a court hearing for July 29 to examine the company's
financial position following a prosecutor's request that it be
declared bankrupt.

According to the FT, Risanamento, which has a property portfolio
of 2.5m square meters with a value of EUR5 billion, is struggling
to manage some EUR2.8 billion (US$3.9 billion) in net debt, owed
to mainly Italian banks.  The FT notes bankers in Milan said the
chances of reaching an agreement with creditors would be
complicated by the banks' reluctance to write down asset values as
they seek to maintain and improve their own capital reserves.
Lorenzo Totaro at Bloomberg News reports that Il Messaggero said
the company may agree to borrow EUR340 million (US$479.5 million)
from four banks to stave off bankruptcy. Bloomberg relates Il
Messaggero, without saying where it got the information, reported
Intesa Sanpaolo SpA, UniCredit SpA, Banca Popolare di Milano Scrl
and Banca Monte dei Paschi di Siena SpA may provide the funds
under a plan prepared by adviser Leonardo & Co.  The plan will be
discussed by Risanamento's board in today's emergency meeting.

The FT recalls shares in Risanamento were suspended on the Milan
bourse last week.  The FT discloses a slump in the Italian
property market due to the credit crisis has left the company's
Santa Giulia development -- a huge housing and office complex on
the outskirts of Milan -- unfinished.

Headquartered in Milan, Italy, Risanamento SpA --
http://www.risanamentospa.it-- is a company engaged in the real
estate sector.  It is a part of the Zunino Group.  Its main
activities are real estate investments, real estate promotion and
development.  The Company provides its services through numerous
subsidiaries and associated companies, such as Milano Santa Giulia
SpA, Etoile ST. Florentin Sarl, Risanamento Europe Sarl and RI
Investimenti Srl. Risanamento operates in the real estate
promotion and development, and real estate investments sectors.
The Company's main projects are the creation of the new Milano
Santa Giulia district, and the redevelopment of the former Falck
area in Sesto San Giovanni.


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


AKJOL TRANS: Creditors Must File Claims by July 24
--------------------------------------------------
Creditors of LLP Akjol Trans have until July 24, 2009, to submit
proofs of claim to:

         Abai Str. 40-17
         Petropavlovsk
         North Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of North Kazakhstan
commenced bankruptcy proceedings against the company on April 29,
2009, after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Brusilovsky Str. 60
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


AVANGARD COMPANY: Creditors Must File Claims by July 24
-------------------------------------------------------
Creditors of LLP Avangard Company have until July 24, 2009, to
submit proofs of claim to:

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

The court commenced bankruptcy proceedings against the company on
May 4, 2009.


BURABAI JSC: Creditors Must File Claims by July 24
--------------------------------------------------
JSC Passanger Leasing Carriage Company Leasing Burabai's branch is
currently undergoing liquidation.  Creditors have until July 24,
2009 to submit proofs of claim to:

         Novaya Promyvka
         Kurort-Borovoye
         Shuchinsk
         Akmola region
         Kazakhstan
         Tel: 8 (71636) 6-60-73


FORMAT STROY: Creditors Must File Claims by July 24
---------------------------------------------------
Creditors of LLP Format Stroy have until July 24, 2009, to submit
proofs of claim to:

         Abai Str. 40-17
         Petropavlovsk
         North Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of North Kazakhstan
commenced bankruptcy proceedings against the company on April 30,
2009, after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Brusilovsky Str. 60
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


MTS BIRLIK: Creditors Must File Claims by July 24
-------------------------------------------------
Creditors of LLP MTS Birlik have until July 24, 2009, to submit
proofs of claim to:

         Micro district Molodejny, 43-52
         Taldykorgan
         Almaty
         Kazakhstan

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on April 14, 2009,
after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Tauelsyzdyk Str. 53
         Taldykorgan
         Almaty
         Kazakhstan


NURMANS LLP: Creditors Must File Claims by July 24
--------------------------------------------------
Creditors of LLP Nurmans have until July 24, 2009, to submit
proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Mangistau
         Building of former kindergarten 51
         Micro District 27
         Aktau
         Mangistau
         Kazakhstan

The court commenced bankruptcy proceedings against the company on
May 8, 2009.


NURS SERVICE: Creditors Must File Claims by July 24
---------------------------------------------------
Creditors of LLP Nurs Service have until July 24, 2009, to submit
proofs of claim to:

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

The court commenced bankruptcy proceedings against the company on
May 5, 2009.


REGION TECH: Creditors Must File Claims by July 24
--------------------------------------------------
Creditors of LLP Region Tech Resoursy have until July 24, 2009, to
submit proofs of claim to:

         Nurmahanov Str. 31
         Micro District Taugul 3
         Almaty
         Kazakhstan

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

The Court is located at:

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


SOAP LLC: Creditors Must File Claims by July 24
-----------------------------------------------
Creditors of LLP Manufacturing Commercial Firm Soap have until
July 24, 2009, to submit proofs of claim to:

         Masanchi Str. 98b-42
         Almaty
         Kazakhstan
         Tel: 8 777 214 52-28

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

The Court is located at:

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


SVSK OIL: Creditors Must File Claims by July 24
-----------------------------------------------
LLP SVSK Oil Company is currently undergoing liquidation.
Creditors have until July 24, 2009, to submit proofs of claim to:

         Mahambetov Str. 28-1
         Aktobe
         Aktube
         Kazakhstan


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


CROWN TRADING: Creditors Must File Claims by July 31
----------------------------------------------------
LLC Crown Trading is currently undergoing liquidation.  Creditors
have until July 31, 2009, to submit proofs of claim to:

         Logvinenko Str. 37-17
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 38-66-74


MAZGIL LLC: Creditors Must File Claims by July 31
-------------------------------------------------
Joint Kyrgyz Chinese LLC Mazgil is currently undergoing
liquidation.  Creditors have until July 31, 2009 to submit proofs
of claim .

Inquiries can be addressed to (+996 312) 65-66-87.


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


NEPTUNO CLO II: S&P Confirms 'BB-' Rating on Class sE Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services has confirmed its credit
ratings on the outstanding notes issued by Neptuno CLO II B.V.,
following amendments made to the transaction documents.

S&P has received information from the investment manager, Caja de
Ahorros y Monte de Piedad de Madrid, that on June 23, the
noteholders agreed to the amendments requested by the issuer,
investment manager, trustee, and other transaction parties.

                Certain Amendments Made on June 23

The amended eligibility criteria allow the collateral manager to
purchase unsecured senior loans and investment-grade bonds.
Changes to the portfolio profile tests include, but are not
limited to, the increase in the manager's ability to purchase
unsecured senior loans, mezzanine obligations, second-lien loans,
and high-yield bonds (increase of the combined bucket to a maximum
of 25% from a maximum of 15%).  A combined bucket for mezzanine
obligations, second-lien loans, and high-yield bonds has been
added with a maximum of 15%.  This limit was not documented at
closing.

The senior secured loans bucket decreased to a minimum of 75% from
a minimum of 85%.

Other amendments addressed the removal of the maximum discount
obligations limitations and the increase of the 'CCC' securities
bucket to a maximum of 7.5% compared with 5.0% at closing.

The amended discount obligation definition lowered the threshold
for an asset to qualify as discounted, compared with the threshold
at closing.  This threshold level is specific to each type of
underlying asset.  In addition, a set of conditions need to be
satisfied for a limited number of discounted assets to be carried
at their par value to calculate the coverage tests.

S&P's rating confirmation addresses only the effect of the
proposed changes on S&P's current ratings.  It does not address
the effect of the proposed changes on the rights or interests of
the noteholders.

In S&P's opinion, the June 23 amendments have not had an adverse
effect on the ratings in this transaction.

On July 2, S&P placed the class C and D notes on CreditWatch
negative.  This CreditWatch placement was due to S&P's view of a
credit deterioration increase of the underlying portfolio and
unrelated to the June 23 document amendments.

                           Ratings List

                        Ratings Confirmed

                        Neptuno CLO II B.V.
        EUR450 Million Senior Secured Floating-Rate Notes

                 Class           Rating
                 -----           ------
                 A               AAA
                 B               AA
                 C               A/Watch Neg
                 D               BBB-/Watch Neg
                 sE               BB-


NEPTUNO CLO III: S&P Confirms 'BB-' Rating on Class E Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services has confirmed its credit
ratings on the outstanding notes issued by Neptuno CLO III B.V.,
following amendments made to the transaction documents.

S&P has received information from the investment manager, Caja de
Ahorros y Monte de Piedad de Madrid, that on June 23, the
noteholders agreed to the amendments requested by the issuer,
investment manager, trustee, and other transaction parties.

                Certain Amendments Made on June 23

The amended eligibility criteria allow the collateral manager to
purchase unsecured senior loans and investment-grade bonds.
Changes to the portfolio profile tests include, but are not
limited to, the increase in the manager's ability to purchase
unsecured senior loans, mezzanine obligations, second-lien loans
and high-yield bonds (increase of the combined bucket to a maximum
of 25% from a maximum of 12.5%).  A combined bucket for mezzanine
obligations, second-lien loans and high-yield bonds has been added
with a maximum of 15%.  This limit was not documented at closing.

The limitations for high-yield bonds was increased to a maximum
bucket of 10% from a maximum bucket of 5% at closing.  The senior
secured loans bucket decreased to a minimum of 75% from
minimum of 85%.

Other amendments addressed the removal of the maximum discount
obligations limitations and the increase of the 'CCC' securities
bucket to a maximum of 7.5% compared with 5% at closing.  The
amended discount obligation definition lowered the threshold for
an asset to qualify as discounted was compared with the threshold
at closing.  This threshold level is specific to each type of
underlying asset.  In addition, a set of conditions need to be
satisfied for a limited number of discounted assets to be carried
at their par value to calculate the coverage tests.

S&P's rating confirmation addresses only the effect of the
proposed changes on S&P's current ratings.  It does not address
the effect of the proposed changes on the rights or interests of
the noteholders.

In S&P's opinion, the June 23 amendments have not had an adverse
effect on the ratings in this transaction.

                           Ratings List

                         Ratings Confirmed

                       Neptuno CLO III B.V.
         EUR650 Million Senior Secured Floating-Rate Notes

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


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


CHEBOKSARSKIY STROITEL: Creditors Must File Claims by July 26
-------------------------------------------------------------
Creditors of OJSC Cheboksarskiy Stroitel (TIN 21273226328)
(Construction) have until July 26, 2009, to submit proofs of
claims to:

         G. Ignatyev
         Temporary Insolvency Manager
         Office 31
         Kalinina Str. 66
         428020 Cheboksary
         Russia

The Arbitration Court of Chuvashia will convene at 1:15 p.m. on
September 28, 2009, to hear bankruptcy supervision procedure on
the company.  The case is docketed under Case No. ?79–3994/2009.

The Debtor can be reached at:

         OJSC Cheboksarskiy Stroitel
         Petrova Str. 6
         428020 Cheboksary
         Chuvashia
         Russia


IC VTB: Fitch Assigns 'BB' Insurer Financial Strength Rating
------------------------------------------------------------
Fitch Ratings has assigned LLC IC VTB Insurance an International
Insurer Financial Strength rating of 'BB' and a National IFS
rating of 'AA-(rus)'.  The Outlooks on both ratings are Stable.

The ratings reflect support from the 100% shareholder, Bank VTB
('BBB'/Negative Outlook), the short track-record of VTBI's
operations, and adequate but declining capitalization.  They also
reflect VTBI's strong growth to date with good prospects and
improving underwriting profitability.  In addition, the ratings
benefit from a portfolio of good credit quality investments
relative to peers, experienced management team, access to a strong
distribution network through Russia's second largest bank, and a
good reinsurance program.

The ratings are constrained by the competitive market environment,
aggressive growth and profitability targets set by the parent, and
the lack of a track record of stable bottom line earnings.

The Stable Outlook reflects Fitch's view that the company should
remain relatively resilient to the current difficulties facing the
Russian insurance market and the volatility of investment markets.
VTBI's portfolio of business, focusing on voluntary health
insurance and motor damage, has shown improving underwriting
profitability, with stable loss ratios and improving expense
ratios as the business gains scale.  The company has a risk-averse
allocation of assets within its investment portfolio, which should
provide some stability in the face of continuing volatility of
Russian investment markets.  As at April 30, 2009, VTBI had
minimal exposure to equities and a relatively small bond portfolio
(26% of all investments) of fair quality, with 40% of bonds rated
'BB' or below.  Fitch views positively, from the credit risk point
of view, the high allocation (74%) to cash and deposits.  The good
credit quality of the banks where the deposits are held is also a
positive rating factor, with 97% of all cash and deposits held in
banks rated 'BBB' or 'BBB+'.

Fitch views positively the support provided to date to VTBI by VTB
Bank, in the form of capital injections in 2006 and 2008
(RUB395.5 million and RUB104.5 million respectively), strategic
guidance at Board level, as well as operational support to risk
management and investment functions.  However, Fitch does not
consider VTBI a core part of the VTB Group, due to its small scale
and lack of contribution to bottom line earnings.  The agency will
continue to monitor the level of VTB Bank's involvement in the
management of the company, and will view negatively any weakening
in the willingness or ability of the bank to support its
subsidiary.  Any changes in the level of the rating of VTB Bank
may have an impact on the rating of VTBI.

VTBI's capital adequacy, both on the regulatory basis and
according to Fitch's own calculations, has declined steadily since
2007 when the company began operations under its current ownership
structure.  The decline resulted from strong growth in premium
volumes, averaging 111% compound annual growth over 2007-2008.
Fitch expects growth to continue, albeit at a slower pace, but
will view negatively any further deterioration in capital adequacy
through continued volume growth or net losses.

As VTBI operations are newly established, earnings volatility is
significant and there is no track record, as yet, of stable
reliable profitability.  The company reported its first positive
net results in 1Q09 of RUB93 million, after accumulating an
aggregate loss of RUB175 million during its rapid expansion phase
of 2006-2008, driven by high expenses, low underwriting
profitability and low investment yield, due to the relatively
conservative nature of the investment portfolio.  The combined
ratio remains relatively high compared to Fitch-rated peers (2007:
99%, 2008: 98%), reflective of VTBI's position in the highly
competitive Russian insurance sector.

VTBI business is focused on voluntary and compulsory insurance in
both the retail and corporate segments, relying partly on the
bancassurance distribution model through the bank branches of its
parent bank.  Around 50% of GWP in 2008 were distributed through
bank branches of VTB in 2008.  The company has risen from 120th
position in the market in 2006 to rank 26th by GWP at end-Q109.
Its shareholder funds stood at RUB685 million in Q109, with total
assets of RUB2.55 billion.


INTER-AVIA LLC: Creditors Must File Claims by July 26
-----------------------------------------------------
Creditors of LLC Inter-Avia Airlines (TIN 5020029984, PSRN
1025002594385) have until July 26, 2009, to submit proofs of
claims to:

         V. Vakhnin
         Temporary Insolvency Manager
         Office 206
         Volodarskogo Str. 9
         440026 Penza
         Russia

The Arbitration Court of Moscow will convene at 10:00 a.m. on
December 17, 2009, to hear bankruptcy supervision procedure on the
company.  The case is docketed under Case No. ?40–20938/09–103-
58B.

The Debtor can be reached at:

         LLC Inter-Avia
         Profsoyuznaya Str. 57
         17420 Moscow
         Russia

The Court is located at:

         The Arbitration Court of Moscow
         Courtroom 9014
         B. Tulskaya Str. 17
         Moscow
         Russia


STROY-SITI LLC: Creditors Must File Claims by July 26
-----------------------------------------------------
Creditors of LLC Stroy-Siti (TIN 7726524511, PSRN 1057747520797)
(Construction) have until July 26, 2009, to submit proofs of
claims to:

         P. Shkuratovskiy
         Temporary Insolvency Manager
         B. Tishinskiy pereulok 38
         123557 Moscow
         Russia

The Arbitration Court of Moscow will convene at 10:45 a.m. on
August 13, 2009, to hear bankruptcy supervision procedure on the
company.  The case is docketed under Case No. ?40–68288/08–44-
232B.

The Debtor can be reached at:

         LLC Stroy-Siti
         Building 2
         Fruktovaya Str. 7
         117556 Moscow
         Russia


VOLGO-STROY LLC: Creditors Must File Claims by July 26
------------------------------------------------------
Creditors of LLC Volgo-Stroy-Materialy (TIN 3444111501, PSRN
1033400345439) (Construction Materials, Paint Manufacturing) have
until July 26, 2009, to submit proofs of claims to:

         O. Glukhov
         Temporary Insolvency Manager
         Post User Box 546
         450008 Ufa
         Russia

The Arbitration Court of Volgogradskaya will convene at 10:20 a.m.
on August 11, 2009, to hear bankruptcy supervision procedure on
the company.  The case is docketed under Case No. ? 12–6029/09.

The Debtor can be reached at:

         LLC Volgo-Stroy-Materialy
         Office 514
         Marshala Chuykova Str. 65
         400005 Volgograd
         Russia

The Court is located at:

         The Arbitration Court of Volgogradskaya
         7-ya Gvardeyskaya Str. 2
         400005 Volgograd
         Russia


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


ARCHITEKTUR ENZO: Creditors Must File Claims by July 24
-------------------------------------------------------
Creditors of Architektur Enzo Ponato GmbH are requested to file
their proofs of claim by July 24, 2009 to:

         Enzo Ponato
         Liquidator
         Weihergasse 5
         3005 Bern
         Switzerland

The company is currently undergoing liquidation in Bern.  The
decision about liquidation was accepted at an extraordinary
general meeting held on May 25, 2009.


BANQUE DE COMMERCE: Fitch Affirms Long-Term IDR at 'BB+'
--------------------------------------------------------
Fitch Ratings has affirmed Switzerland-based Banque de Commerce et
de Placements' ratings at Long-term Issuer Default 'BB+',
Short-term IDR 'B', Individual 'C' and Support '4'.  The Outlook
on BCP's Long-term IDR is Stable.

The IDRs and the Individual rating, while held back by the bank's
moderate size, are based on its operations in the niche markets of
trade finance and correspondent banking, and management's
demonstrated expertise in these, the bank's thus far resilient and
sound profitability, excellent asset quality and good
capitalization with a growing capital base.  The ratings also
reflect BCP's exposure to emerging markets (19% of risk assets at
end-2008), to operational risk in its generally well managed trade
finance and foreign exchange trading activities and concentration
in both its loan book and funding profile.  There is a high
proportion of short-term interbank funding but Fitch understands
that this is not used to fund the bank's core business.

Despite the volatility in commodity prices and a less favorable
global trade climate in 2008 and the first half of 2009, BCP has
maintained its profitability with gross revenue from trade finance
and correspondent banking increasing 46% in 2008, aided by strong
volume growth as well as inflation in commodity prices in H108.
Foreign exchange trading also contributed to 2008 results, as did
private banking operations.  Operating and credit costs were well-
contained in 2008, resulting in improved and sound cost/income
(41.5%) and operating return on average equity (25.5%) ratios.

Reflecting its business model, counterparty credit risk in its
loan and interbank books is, in Fitch's opinion, BCP's main risk.
Its loan book (20% of assets at end-2008) is relatively
concentrated although this is, to some extent, mitigated by the
short-term and revolving nature of BCP's lending, the availability
of collateral and often long-standing customer relationships.  The
bank's interbank assets (68% of assets at end-2008) are
predominantly short-term and, as with emerging market banks, often
collateralised.  BCP's asset quality is excellent despite a small
increase in the bank's impaired loans ratio to 0.16% at end-2008
(from 0.02% at end-2007).

BCP is moderately exposed to market risk due to mostly currency
related proprietary trading positions and closely matched assets
and liabilities, both in maturity and currency.  Interest-rate
risk is low and well-controlled.  Although the bank's capital base
remains small in absolute terms, BCP has increased equity
markedly, and its Tier 1 ratio (under Basel II) at end-2008 was
sound at 15.1%.

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


BLAUER OZEAN: Claims Filing Deadline is July 23
-----------------------------------------------
Creditors of Blauer Ozean GmbH are requested to file their proofs
of claim by July 23, 2009, to:

         Lukas Rohr
         Liquidator
         Am Bach 8
         5502 Hunzenschwil
         Switzerland

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


ESSOASE GMBH: Claims Filing Deadline is July 23
-----------------------------------------------
Creditors of Essoase GmbH are requested to file their proofs of
claim by July 23, 2009, to:

         Ruth Bartschi
         Oberthalstrasse 14
         3532 Zaziwil
         Switzerland

The company is currently undergoing liquidation in Kirchdorf BE.
The decision about liquidation was accepted at a shareholders'
meeting held on June 2, 2009.


EURAG AG: Claims Filing Period Ends July 24
-------------------------------------------
Creditors of Eurag AG are requested to file their proofs of claim
by July 24, 2009, to:

         Peter Forster
         Kasionstrasse 30
         5000 Aarau
         Switzerland

The company is currently undergoing liquidation in Engelberg.  The
decision about liquidation was accepted at an extraordinary
general meeting held on June 10, 2009.


EXIM INVEST: Creditors Must File Claims by July 23
--------------------------------------------------
Creditors of EXIM INVEST AG are requested to file their proofs of
claim by July 23, 2009, to:

         Mandataria Treuhand AG
         Bahnhofstrasse 23
         6301 Zug
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at a general meeting held
on May 25, 2009.


FC FUTURES: Claims Filing Deadline is July 24
---------------------------------------------
Creditors of FC Futures Consulting GmbH are requested to file
their proofs of claim by July 24, 2009, to:

         Virtue Trustees (Switzerland) AG
         Liquidator
         Wengistrasse 1
         8004 Zurich
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at a shareholders' meeting
held on May 4, 2009.


GUIDE COMPANY: Claims Filing Deadline is July 23
------------------------------------------------
Creditors of The Guide Company AG are requested to file their
proofs of claim by July 23, 2009, to:

         The Guide Company AG
         Thurgauerstrasse 40
         8050 Zurich
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
general meeting held on May 19, 2009.


TAXI-A, FUX: Claims Filing Period Ends July 23
----------------------------------------------
Creditors of Taxi-A, Fux Louis GmbH are requested to file their
proofs of claim by July 23, 2009, to:

         Fux Louis
         Riedbachstrasse 23
         3900 Brig
         Switzerland

The company is currently undergoing liquidation in Brig-Glis.  The
decision about liquidation was accepted at a shareholders' meeting
held on March 23, 2009.


TROTTMANN TECHNIK: Claims Filing Deadline is July 24
----------------------------------------------------
Creditors of Trottmann Technik GmbH are requested to file their
proofs of claim by July 24, 2009, to:

         Willi E. Trottmann
         Liquidator
         Kirchrain 5
         5504 Othmarsingen
         Switzerland

The company is currently undergoing liquidation in Othmarsingen.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on May 29, 2009.


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


CONCERN INTERNATIONAL: Creditors Must File Claims by July 24
------------------------------------------------------------
Creditors of Concern International Information and Marketing
Center (code EDRPOU 34189811) have until July 24, 2009, to submit
proofs of claim to:

         S. Kitsul
         Insolvency Manager
         Office 6
         V. Kosniatin Str. 1, b. 1
         Sniatin
         Ivano-Frankovsk
         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. 44-a
         01001 Kiev
         Ukraine


EUROSERVICE-TOUR LLC: Creditors Must File Claims by July 24
-----------------------------------------------------------
Creditors of LLC Euroservice-Tour (code EDRPOU 24728657) have
until July 24, 2009, to submit proofs of claim to:

         S. Diachenko
         Insolvency Manager
         Bauman Str. 4
         Irpen
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on May 13, 2009.  The case is docketed under
Case No. 50/319.

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 Euroservice-Tour
         Turgenevskaya Str. 17
         04050 Kiev
         Ukraine


FEMIDO LLC: Creditors Must File Claims by July 24
-------------------------------------------------
Creditors of LLC Femido (code EDRPOU 32253319) have until
July 24, 2009, to submit proofs of claim to:

         S. Gritsay
         Insolvency Manager
         Office 50
         Heroes of Sevastopol Str. 12
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on May 13, 2009.  The case is docketed under
Case No. 50/317.

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 Femido
         Glibochetskaya Str. 33-37
         04050 Kiev
         Ukraine


ICEBERG LLC: Creditors Must File Claims by July 24
----------------------------------------------------
Creditors of LLC Iceberg (code EDRPOU 31455371) have until
July 24, 2009, to submit proofs of claim to:

         S. Gritsay
         Insolvency Manager
         Office 50
         Heroes of Sevastopol Str. 12
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on May 13, 2009.  The case is docketed under
Case No. 50/318.

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 Iceberg
         Melnikov Str. 12
         04050 Kiev
         Ukraine


VAMARIYA LLC: Creditors Must File Claims by July 24
----------------------------------------------------
Creditors of LLC Vamariya (code EDRPOU 32211813) have until
July 24, 2009, to submit proofs of claim to:

         S. Gritsay
         Insolvency Manager
         Office 50
         Heroes of Sevastopol Str. 12
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on May 13, 2009.  The case is docketed under
Case No. 50/320.

The Court is located at:

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

The Debtor can be reached at:

         LLC Vamariya
         Glibochetskaya Str. 28
         04050 Kiev
         Ukraine


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


CHESTER ASSET: S&P Puts Low-B Rated Class C Notes on Watch Dev
--------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch
developing its credit ratings on the class B and C notes issued by
various Chester Asset Receivables Dealings PLC (Cards Trust I and
II) transactions.  At the same time, S&P kept on CreditWatch
negative its ratings on the class A notes issued in these
transactions.

The rating actions follow worsening performance of the MBNA Bank
Europe-originated U.K. credit card receivables that act as
collateral in these asset-backed securities transactions.

S&P has placed the notes on CreditWatch developing or kept them on
CreditWatch negative while S&P conduct ongoing discussions with
Bank of America, MBNA Bank Europe's parent company.  S&P
understands that Bank of America is currently evaluating
alternatives to mitigate the risk associated with the worsening
collateral performance.

In the Cards Trust I transactions, charge-offs increased to 10.83%
from 6.68% between November 2008 and May 2009, while the same loss
figure in Cards Trust II is 11.65%, up from 7.48% over the same
six-month period.

So far S&P has no firm details on any action Bank of America may
take due to the worsening collateral performance.  As a result,
S&P kept on CreditWatch negative S&P's ratings on the class A
notes.  If Bank of America takes no steps, or S&P consider the
steps it takes to be insufficient, S&P would likely downgrade the
notes in line with S&P's credit card criteria.

While this downgrade risk also exists for the ratings on the class
B and C notes, S&P placed these ratings on CreditWatch developing
because S&P's analysis could deem the steps Bank of America takes
to be material enough to warrant an upgrade, or insufficient
enough to result in a downgrade.

Due the poor collateral performance, on April 15, 2009, S&P
downgraded Cards Trust I and II's class B and C notes.

S&P will monitor closely any detailed actions Bank of America
proposes and aim to resolve the CreditWatch placements in due
course.

                          Ratings List

             Ratings Placed on Creditwatch Developing

          Chester Asset Receivables Dealings No. 11 PLC
GBP60 Million And EUR730 Million Asset-Backed Floating-Rate Notes

                                     Rating
                                     ------
           Class         To                         From
           -----         --                         ----
           B             BBB+/Watch Dev             BBB+
           C             BB+/Watch Dev              BB+

          Chester Asset Receivables Dealings No. 12 PLC
         GBP300 Million Asset-Backed Floating-Rate Notes

                                     Rating
                                     ------
           Class         To                         From
           -----         --                         ----
           B             BBB+/Watch Dev             BBB+
           C             BB+/Watch Dev              BB+

           Chester Asset Receivables Dealings 2001-B PLC
          GBP250 Million Asset-Backed Floating-Rate Notes

                                     Rating
                                     ------
           Class         To                         From
           -----         --                         ----
           B             BBB/Watch Dev              BBB
           C             BB/Watch Dev               BB

           Chester Asset Receivables Dealings 2002-A PLC
         US$775.50 Million Asset-Backed Floating-Rate Notes

                                     Rating
                                     ------
           Class         To                         From
           -----         --                         ----
           B             BBB/Watch Dev              BBB
           C             BB/Watch Dev               BB

           Chester Asset Receivables Dealings 2003-B PLC
          GBP250 Million Asset-Backed Floating-Rate Notes

                                     Rating
                                     ------
           Class         To                         From
           -----         --                         ----
           B             BBB/Watch Dev              BBB
           C             BB/Watch Dev               BB

           Chester Asset Receivables Dealings 2003-C PLC
          EUR706 Million Asset-Backed Floating-Rate Notes

                                     Rating
                                     ------
           Class         To                         From
           -----         --                         ----
           B             BBB/Watch Dev              BBB
           C             BB/Watch Dev               BB

           Chester Asset Receivables Dealings 2004-1 PLC
          GBP500 Million Asset-Backed Floating-Rate Notes

                                     Rating
                                     ------
           Class         To                         From
           -----         --                         ----
           B             BBB/Watch Dev              BBB
           C             BB/Watch Dev               BB


      Chester Asset Receivables Dealings Issuer Ltd. 2004-C1
         EUR175 Million Asset-Backed Floating-Rate Notes

                                     Rating
                                     ------
           Class          To                         From
           -----          --                         ----
           C1             BB/Watch Dev               BB

      Chester Asset Receivables Dealings Issuer Ltd. 2006-C1
         GBP70 Million Asset-Backed Floating-Rate Notes

                                     Rating
                                     ------
           Class         To                         From
           -----         --                         ----
           C             BB/Watch Dev               BB


      Chester Asset Receivables Dealings Issuer Ltd. 2004-B1
         EUR125 Million Asset-Backed Floating-Rate Notes

                                     Rating
                                     ------
           Class          To                         From
           -----          --                         ----
           B1             BBB/Watch Dev              BBB

      Chester Asset Receivables Dealings Issuer Ltd. 2006-B1
         GBP50 Million Asset-Backed Floating-Rate Notes

                                     Rating
                                     ------
           Class          To                         From
           -----          --                         ----
           B1             BBB/Watch Dev              BBB


            Ratings Remaining on Creditwatch Negative

          Chester Asset Receivables Dealings No. 11 PLC
GBP60 Million And EUR730 Million Asset-Backed Floating-Rate Notes

                    Class         Rating
                    -----         ------
                    A             AAA/Watch Neg

          Chester Asset Receivables Dealings No. 12 PLC
         GBP300 Million Asset-Backed Floating-Rate Notes

                    Class         Rating
                    -----         ------
                    A             AAA/Watch Neg

          Chester Asset Receivables Dealings 2001-B PLC
         GBP250 Million Asset-Backed Floating-Rate Notes

                    Class         Rating
                    -----         ------
                    A             AAA/Watch Neg

          Chester Asset Receivables Dealings 2002-A PLC
        US$775.50 Million Asset-Backed Floating-Rate Notes

                    Class         Rating
                    -----         ------
                    A             AAA/Watch Neg

          Chester Asset Receivables Dealings 2003-B PLC
         GBP250 Million Asset-Backed Floating-Rate Notes

                    Class         Rating
                    -----         ------
                    A             AAA/Watch Neg

          Chester Asset Receivables Dealings 2003-C PLC
         EUR706 Million Asset-Backed Floating-Rate Notes

                    Class         Rating
                    -----         ------
                    A             AAA/Watch Neg

          Chester Asset Receivables Dealings 2004-1 PLC
         GBP500 Million Asset-Backed Floating-Rate Notes

                    Class         Rating
                    -----         ------
                    A             AAA/Watch Neg

      Chester Asset Receivables Dealings Issuer Ltd. 2004-A1
          GBP300 million asset backed floating rate notes

                    Class         Rating
                    -----         ------
                    A1            AAA/Watch Neg

      Chester Asset Receivables Dealings Issuer Ltd. 2004-A2
         GBP250 million asset backed floating rate notes

                    Class         Rating
                    -----         ------
                    A2            AAA/Watch Neg

      Chester Asset Receivables Dealings Issuer Ltd. 2006-A1
          GBP250 million asset backed floating rate notes

                    Class         Rating
                    -----         ------
                    A1            AAA/Watch Neg

      Chester Asset Receivables Dealings Issuer Ltd. 2008-A1
          EUR350 million asset backed floating rate notes

                    Class         Rating
                    -----         ------
                    A1            AAA/Watch Neg

      Chester Asset Receivables Dealings Issuer Ltd. 2008-A2
          GBP300 million asset backed floating rate notes

                    Class         Rating
                    -----         ------
                    A2            AAA/Watch Neg


EMI GROUP: Terra Firma May Issue High-Yield Bond to Repay Debts
---------------------------------------------------------------
Martin Arnold and Anousha Sakoui at The Financial Times report
that private equity group Blackstone is advising its rival Terra
Firma on a plan to issue high-yield bonds to repay Citigroup's
GBP2.6 billion of loans to EMI Group Ltd. at a discount of 20-40
per cent to face value.

According to the FT, the move would replace loans maturing in 2014
with longer-dated bonds with fewer covenants imposing strict
conditions on performance and financing.

                       Restructuring Talks

On July 14, 2009, the Troubled Company Reporter-Europe, citing the
FT, reported Terra Firma was in talks with Citi over a
restructuring of EMI.  The FT disclosed Guy Hands, head of Terra
Firma, is offering to inject up to GBP300 million of fresh equity
in EMI, while negotiating with Citi to write down a large chunk of
the music label's debt.

                             Options

The FT notes people familiar with Citi however said it would
prefer to sell the whole loan rather than taking a big writedown
and keeping exposure to EMI.  Citing people familiar with Terra
Firma's strategy, the FT relates that while buying Citi out of the
debt was a possibility being discussed, there were other options
on the table and a decision may not be taken until September.
The FT says another option being considered is to attract a new
investor, such as a big sovereign wealth fund or distressed debt
group, to buy out all of Citi's EMI loans.

London-based EMI Group Limited -- http://www.emigroup.com/--
houses recorded music segment EMI Music and EMI Music Publishing.
EMI Music distributes CDs, videos, and other formats primarily
through imprints Capitol Music Group, EMI Records, and Virgin, and
sports a roster of artists such as The Beastie Boys, Norah Jones,
and Lenny Kravitz.  EMI Music Publishing, the world's largest
music publisher, handles the rights to more than a million songs.
Private equity firm Terra Firma bought EMI for US$4.9 billion in
2007.


LLOYDS BANKING: To Cut 1,200 Jobs in Cost-Saving Drive
------------------------------------------------------
Jon Menon and Andrew MacAskill at Bloomberg News report that
Lloyds Banking Group Plc said it plans to cut a total of 1,200
jobs in its U.K. information technology and insurance units by the
end of March 2010.

Bloomberg relates Lloyds said 370 contract and agency employees
will be affected by the cuts, which will be partially offset by
the creation of 180 new posts in group operations.  Lloyds, as
cited by Bloomberg, said about 240 permanent jobs will go with the
merger of marketing, finance and sales operations within its
Scottish Widows and Clerical Medical insurance units.  The bank
said bank units in Edinburgh, Halifax and Southend will be
affected, Bloomberg notes.

Lloyds, 43 percent government-owned, is cutting jobs in an effort
to save more than GBP1.5 billion (US$2.5 billion) by 2011 as it
merges operations of HBOS Plc, acquired in January, Bloomberg
notes.  According to Bloomberg, the bank may have to sell branches
or units to win European Union approval for Britain's plans to
insure about GBP260 billion of its toxic and other assets.

                  About Lloyds Banking Group PLC

Lloyds Banking Group PLC (LON:LLOY) --
http://www.lloydsbankinggroup.com/-- formerly Lloyds TSB Group
plc, is United Kingdom-based financial services company, whose
businesses provide a range of banking and financial services in
the United Kingdom and a limited number of locations overseas.
The operations of Lloyds TSB Group in the United Kingdom were
conducted through over 2,000 branches of Lloyds TSB Bank, Lloyds
TSB Scotland plc and Cheltenham & Gloucester plc during the year
ended December 31, 2007.  Cheltenham & Gloucester plc (C&G) is the
Company's specialist mortgage arranger.  Following the transfer of
its mortgage lending and deposits to Lloyds TSB Bank, during 2007,
C&G arranges mortgages for Lloyds TSB Bank rather than for its own
account.  International business is conducted mainly in the United
States and continental Europe.  Lloyds TSB Group's services in
these countries are offered through branches of Lloyds TSB Bank.
In January 2009, the Company acquired HBOS plc.


MIDWAY NEWCASTLE: In Administration; 70 Jobs Affected
-----------------------------------------------------
virginmedia.com reports that Midway Newcastle, the studio behind
Wheelman and Necessary Force, has been put into administration,
resulting in the loss of 70 jobs.

The report relates Midway Newcastle, along with Midway San Diego,
were not included in Warner's recent acquisition of Midway,
leaving them seeking new funding in order to remain afloat.  The
report says attempts to find a buyer for the UK studio failed.

According to the report, an insolvency team will close the studio
as soon as possible.


VIRGIN MEDIA: Fitch Affirms 'BB-' Long-Term Issuer Default Rating
-----------------------------------------------------------------
Fitch Ratings has affirmed UK cable operator Virgin Media Inc.'s
Long-term Issuer Default Rating at 'BB-' with a Stable Outlook,
and its Short-term IDR at 'B'.  This follows the company's
announcement of a upcoming tap issue to the recently completed
US$750 million and EUR180 million Virgin Media Finance plc senior
notes due 2016.  The agency has also affirmed Virgin Media
Finance's and Virgin Media Investment Holdings Limited's existing
instrument ratings as detailed at the end of this comment.

The proposed senior note tap issue of approximately US$300 million
(GBP185 million equivalent) and application of proceeds in
prepayment of senior debt will, on completion, further reduce the
absolute quantum of Virgin Media's refinancing risk in 2012 by a
similar amount (net of fees and expenses).  "This is a further
example of Virgin Media's proactive approach in addressing its
refinancing risk, and although it does not solve the problem, each
gradual reduction in the amount of debt which falls due at that
time makes that risk a bit more manageable," said Michelle De
Angelis, Senior Director in Fitch's Leveraged Finance team.

Adjusting for a US$300 million issuance, Fitch estimates that
senior leverage at end-Q109 would be further reduced to 2.6x from
2.8x (taking into account the US$750 million and EUR180 million
senior note issuance completed in June 2009).  The overall amount
of net debt and total leverage would be broadly similar (other
than accounting for payment of any fees and any original issue
discount) at GBP5.9 billion and 4.6x operating cash flow.

The current consumer recession requires a cautious assessment of
near-term growth prospects for the business, but Virgin Media's
Q109 core residential cable results (in terms of ARPU, Revenue
Generating Units and churn) showed resilience to the effects of
the economic conditions, which is not unexpected for a
subscription telecoms business.  However, business revenues,
prepaid mobile and content can be more vulnerable in an economic
downturn.  Therefore, as signs of an economic recovery remain
tentative, Fitch believes it will be important for Virgin Media to
continue to demonstrate the resilience of its business model
through the coming quarters.

Virgin Media's position as a second incumbent in the UK market
confers on it a strong operational risk profile.  Although the UK
market remains highly competitive, the agency believes that as
time passes and broadband access speeds become increasingly
important to customers, Virgin Media has been and will be able to
differentiate itself from its competitors through its ability to
offer superior speeds.  This, together with a focus on de-
leveraging through free cash flow generation, should position the
company well in terms of its risk profile as it approaches its
refinancing point.  In addition, any further improvement in debt
and cash flow credit metrics, combined with a mitigation of the
remaining refinancing risk in 2012, could provide positive
momentum to the ratings.

The rating of the senior secured debt issued by Virgin Media
Investment Holdings Limited is affirmed at 'BB+', indicating
strong anticipated recoveries.  The ratings of the various
tranches of senior notes issued by Virgin Media Finance Plc are
not affected by the issuance of an additional US$300 million and
are affirmed at 'BB' -- one notch above the IDR, indicating
above-average recoveries for these junior instruments.  The tap
issue will have the same rating.


WEST BROMWICH: Former CEO Got GBP520,600 Pay-Off Last Year
-----------------------------------=----------------------
Philip Aldrick at Telegraph.co.uk reports that Stephen Karle,
former chief executive of West Bromwich Building Society,
got a GBP520,600 pay-off last year, including an GBP82,000 bonus,
despite steering the lender to the verge of bankruptcy after
loading it with risky commercial loans.

According to the report, when the results were published, West
Brom made a GBP48.8 million pre-tax loss after GBP66 million of
bad debts.  The society, the report says, was on the brink of
insolvency before the British government intervened at the
eleventh hour with a new financial instrument that allowed the
society to recapitalize.

The report discloses Mr. Karle, who left the company in October at
the height of the financial crisis, is also entitled to a
GBP95,000-a-year pension from the age of 65 after building up a
pot worth GBP1.3 million.  He was replaced by Robert Sharpe, the
former Portman boss.

"All payments were in accordance with external legal advice.  Only
the payments that the board were advised should be paid were
paid," the report quoted a West Brom spokesman as saying.

West Bromwich Building Society, along with its subsidiaries --
http://www.westbrom.co.uk-- operates in three business segments.
Retail lending is engaged in incorporating core society lending,
mortgage company lending, private customer savings and financial
services. Commercial is engaged in incorporating commercial
lending. Property is engaged in property rental.  Some of its
wholly owned subsidiaries include West Bromwich Mortgage Company
Limited, which holds and disposes debts secured on land and lend
money on the security of land; West Bromwich Commercial Limited,
which is engaged in commercial lending; MortgageForce Limited,
which is a franchised mortgage broker; WBBS Computer Finance
Limited, which is engaged in leasing and licensing computer
equipment, and West Bromwich Homes Limited, which is engaged in
investment in property for rental.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on June 17,
2009, Moody's Investors Service changed the outlook on the E+ bank
financial strength rating of West Bromwich Building Society to
stable from negative.  At the same time, Moody's affirmed West
Brom's Baa3/Prime-3 long- and short-term debt and deposit ratings
and Ca junior subordinated debt rating, and downgraded the
entity's subordinated debt rating to Ca from Caa3.


* Fitch Says European Auto Industry Outlook Remains Negative
------------------------------------------------------------
In advance of its forthcoming mid-year EMEA Industrials sector
outlook update, Fitch Ratings says the credit outlook for European
auto manufacturers and suppliers remains negative as the industry
continues to experience one of its deepest declines while facing
the prospect of anaemic global economic growth during 2010.

"Depressed consumer spending and confidence will likely pressure
new vehicle sales, impacting manufacturers' product mix, as
consumers increasingly opt to purchase cheaper vehicles which are
less profitable for manufacturers," said Emmanuel Bulle, Senior
Director in Fitch's Industrials group.  "Fitch is also concerned
about the strong potential for a 'pay-back effect' on new vehicle
sales when various incentive schemes stop, or when demand for
incentivised purchases declines," Mr. Bulle added.

Weak demand and lower sales will also exacerbate the general
overcapacity of Europe's auto industry, and could lead to forced
restructurings and strategic decisions.  Manufacturers' financial
structures have already been severely impacted and Fitch expects
further volatility of, and stress on, financial profiles (as
captured in its recent rating actions on the sector during March
2009), notably for profitability, cash generation and leverage.
Refinancing risk for European auto manufacturers is expected to
remain generally high due to their continuous funding needs and
the higher risk-awareness of banks and capital markets to the
sector.  However, near-term liquidity is considered adequate, as
all groups benefit from sufficient cash balances, credit
facilities, alternative sources of financing and potential public
support to cover anticipated negative free cash flow and short-
term debt requirement.  However, the role and possible support of
governments and European institutions for auto manufacturers still
remains uncertain.

Despite these immediate challenges the auto industry does still
benefit from strengths and opportunities, including long-term
growth prospects.  Worldwide growth in vehicle sales should be
supported by emerging markets demand, continuous demographic
expansion, and the lack of substitution products.  The significant
and pivotal importance of the auto industry in several countries
and regions from a strategic, economic, political and social
perspective provides further support to the auto sector as a
whole.

Issues affecting auto manufacturers also have a negative impact
down the supply chain on auto suppliers.  During H109 Fitch also
took further negative rating actions and expects the downturn to
further reduce profitability, cash flow generation and result in
significantly higher financial leverage.  "In particular, smaller
to medium-sized -- suppliers are exposed to severe financial
distress with the need for deep restructuring measures, and some
have already filed for insolvency," Mr. Bulle added.  Fitch
believes that default rates for these companies will continue to
remain above average levels, which will lead to accelerated
consolidation with the larger, financially better-positioned
players benefiting in the medium term.

The agency also remains concerned about the weak credit quality of
leveraged automotive credits.  As of June 2009, 69% of credits in
Fitch's portfolio of private shadow-rated European auto sector
names were rated 'B-*' (B minus) and below (compared with 65% as
of February 2009 and 55% at June 2008), with approximately half of
the portfolio consisting of distressed and defaulted borrowers.
Furthermore, the majority of performing companies in the portfolio
continue to carry a Negative Outlook.

While the liquidity profiles for many European suppliers
materially tightened in recent months, Fitch expects liquidity for
most of its publicly rated universe to remain adequate, supported
by existing longer-term financings and moderate debt maturity
profiles.  At the same time however the auto supply industry's
general refinancing risk remains high as a result of ongoing
constrained credit markets and more limited availability of bank
lending.

The full mid-year EMEA Industrials sector outlook update report
will be published during the week commencing July 20.


* BOND PRICING: For the Week July 13 to July 17, 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-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Valerie C. Udtuhan, Marites O. Claro, Rousel Elaine
C. Tumanda, Joy A. Agravante and Peter A. Chapman, Editors.

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

This material is copyrighted and any commercial use, resale or
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                 * * * End of Transmission * * *