TCREUR_Public/090723.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

           Thursday, July 23, 2009, Vol. 10, No. 144

                            Headlines

A U S T R I A

P & P TREU.BER: Creditors Must File Claims by August 4
PAPST GUENTER: Claims Filing Deadline is August 5
STRUZ ADELHEID: Creditors Must File Claims by August 5
TEBAU HOCHBAU: Claims Filing Deadline is August 4
TRACIN WERBE: Claims Filing Deadline is August 4


G E R M A N Y

ARCANDOR AG: May Be Broken Up, Handelsblatt Says
CONTINENTAL AG: Schaeffler Says Merger Valuations Undecided
ESCADA AG: Seeks to Raise EUR20MM; Issues Insolvency Warning
HSH NORDBANK: S&P Corrects Rating; Assigns 'BB+' Rating on Debt
ROSENTHAL GMBH: Acquired by Italy's Sambonet Paderno Industrie


G R E E C E

DRYSHIPS INC: To Release Q2 2009 Results on July 30


I T A L Y

NEW INTERLINE: Commission Seeks Recovery of Illegal State Aid
RISANAMENTO SPA: Creditors Reject Rescue Plan; CEO Resigns


K A Z A K H S T A N

AKTOBE SYSTEM: Creditors Must File Claims by July 31
KAZ NEFTE: Creditors Must File Claims by July 31
METRO LOGISTICS: Creditors Must File Claims by July 31
TEPLO VODO: Creditors Must File Claims by July 31
VESTA LTD: Creditors Must File Claims by July 31


K Y R G Y Z S T A N

AVVA EN: Creditors Must File Claims by July 31


L U X E M B O U R G

BERNARD MADOFF: Oddo to Appeal UBS Repayment Ruling


N E T H E R L A N D S

CADOGAN SQUARE: Moody's Cuts Rating on Class E Notes to 'Ca'


P O L A N D

ELEKTRIM SA: Bingham Secures EUR185MM Damage Award for Bondholders


R U S S I A

BRIK-MASH LLC: Creditors Must File Claims by August 3
MEGA-STROY LLC: Creditors Must File Claims by August 3
MECHEL OAO: Signs Deal to Refinance US$2.6 Bln Credit Facilities
NIZHNETAGILSKIY HEAT: Creditors Must File Claims by August 3
OMZ: S&P Raises Long-Term Corporate Credit Rating to 'B-'

SAMARA OIL: Creditors Must File Claims by August 3
SEVERSTAL OAO: Fitch Cuts Long-Term Issuer Default Rating to 'B+'
UC RUSAL: Oleg Derispaka Challenges Venue of Michael Cherney Case


S W I T Z E R L A N D

CONLTECH GMBH: Creditors Must File Claims by July 27
FENNER IMMOBILIEN: Claims Filing Deadline is July 27
MUELLER-BERTUCCI DATA: Claims Filing Deadline is July 27
MY DEAL: Creditors Must File Claims by July 27
NYCOMED A/S: Eyes Solvay's Pharmaceutical Unit; Mulls IPO

TRIAMEC AG: Creditors Must File Claims by July 27
W. SCHOLL: Claims Filing Deadline is July 27
ZES INTERNATIONAL: Creditors Must File Claims by July 31


T U R K E Y

ANADOLU EFES: EBI Buyout Won't Affect Fitch's Low-B Ratings


U K R A I N E

CARBIDE PLANT: Creditors Must File Claims by July 31
CHARODEYKA LLC: Creditors Must File Claims by July 31
MAGMA-DNIPRO LLC: Creditors Must File Claims by July 31
NAFTOGAZ UKRAINY: Taps Ernst & Young to Conduct Monthly Audits
OFMTS-AGROCONVERS LLC: Creditors Must File Claims by July 31


U N I T E D   K I N G D O M

BLACKS LEISURE: Like-for-Like Sales Down 1.6 Percent
BRITISH AIRWAYS: Appoints Reynolds to Find Buyer for OpenSkies
CABLE & WIRELESS: 21.3% of Shareholders Reject Pay Policy
CAPITOL INSURANCE: Creditors Must File Proofs of Claim by Oct. 15
CEVA LTD: S&P Raises Long-Term Corporate Credit Rating to 'CCC+'

EPIC PLC: Recent Transaction Won't Affect Fitch's Low-B Ratings
NETHERMOOR HOUSE: In Administration; Vantis Appointed
SILVERDALE CARE: In Administration; Vantis Appointed
TITAN EUROPE: S&P Cuts Ratings on Two Classes of Notes to Low-B
URVASCO LIMITED: BBVA Appoints Receivers to Foster & Partners

* UK: Banks Mull Transfer of Commercial Property Loans Into REITs
* UK: Fees Paid by Gov't to Investment Banks Up 62% Over Bailout
* UK Business Failures Up 2.2% in 2nd Qtr. 2009, Equifax Says
* UK: Tenon Says About 3,000 Companies Will Fail in October
* PwC Research Shows Scottish Corporate Insolvencies Up 32%

* Roland Berger Research Says 22% of UK Firms Face Cash Crisis
* Insolvency-Related AIM Delistings Up 183%, Research Says
* UK: Lovetts Says Action on Foreign Debt Up 19% in 1st Qtr. 2009
* UK: FPB Says Banks Deny Credit to Pubs on Fears Over Viability

* Upcoming Meetings, Conferences and Seminars


                         *********



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


P & P TREU.BER: Creditors Must File Claims by August 4
------------------------------------------------------
Creditors of P & P TREU.BER GmbH have until August 4, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for August 11, 2009 at 9:00 a.m.

For further information, contact the company's administrator:

         Mag. Hannes Arneitz
         10.Oktober Strasse Nr.13/DG
         9500 Villach
         Austria
         Tel: 04242/24 074
         Fax: 04242/23622-22
         E-mail: office@diekanzlei.co.at


PAPST GUENTER: Claims Filing Deadline is August 5
-------------------------------------------------
Creditors of Papst Guenter have until August 5, 2009, to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for August 20, 2009 at 2:15 p.m.

For further information, contact the company's administrator:

         Dr. Alexander Isola
         Marburgerkai 47
         8010 Graz
         Austria
         Tel: 0316/833777
         Fax: 0316/833777-33
         E-mail: isola@gmp.at


STRUZ ADELHEID: Creditors Must File Claims by August 5
------------------------------------------------------
Creditors of Struz Adelheid have until August 5, 2009, to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for August 20, 2009 at 2:30 p.m.

For further information, contact the company's administrator:

         Mag. Peter Handler
         Hauptplatz 33
         8530 Deutschlandsberg
         Austria
         Tel: 03462/4141
         Fax: 03462/414141
         E-mail: office@handler.at


TEBAU HOCHBAU: Claims Filing Deadline is August 4
-------------------------------------------------
Creditors of TEBAU Hochbau GmbH & Co KG have until August 4, 2009,
to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for August 18, 2009 at 11:45 a.m.

For further information, contact the company's administrator:

         Mag. Daniel Lampersberger
         Esteplatz 4
         1030 Wien
         Austria
         Tel: 712 33 30-0
         Fax: 712 33 30 30
         E-mail: kanzlei@engelhart.at



TRACIN WERBE: Claims Filing Deadline is August 4
------------------------------------------------
Creditors of Tracin Werbe GmbH have until August 4, 2009, to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for August 18, 2009 at 10:45 a.m.

For further information, contact the company's administrator:

         Dr. Christian Bachmann
         Opernring 8
         1010 Wien
         Austria
         Tel: 512 87 01-Serie
         Fax: 513 82 50
         E-mail: bachmann.rae@aon.at


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


ARCANDOR AG: May Be Broken Up, Handelsblatt Says
------------------------------------------------
Holger Elfes at Bloomberg News reports Handelsblatt newspaper said
people close to the retail industry expect Arcandor AG to be
broken up, making a rescue becoming less likely.

Bloomberg relates Gerd Koslowski, a spokesman for Arcandor, said
the company hasn't decided on whether to split off the Thomas Cook
Group Plc tourism unit.  Mr. Koslowski told Bloomberg a new
restructuring plan will be ready by the middle of August and may
or may not include Arcandor's 53 percent stake in the tour
operator.

Bloomberg says Arcandor's lenders, which control most of its
almost 53 percent stake in Thomas Cook, may sell the asset after
the German retailer failed to pay back loans last month.
Bloomberg discloses Rembert Euling, chief executive officer of
Rewe Touristik GmbH, said the company is "unlikely" to make an
offer for Arcandor's stake in Thomas Cook unless the price is
right.  According to Bloomberg, Arcandor's stake has a market
value of about GBP958 million (US$1.57 billion), based on Monday's
closing share price.

Christiaan Hetzner at Reuters reports a spokesman for court-
appointed administrator Klaus Hubert Goerg said on Saturday that a
committee of Arcandor's biggest creditors discussed at their first
meeting whether the insolvent German tourism and retail group
should talk to investment banks about a break-up.  The spokesman,
as cited by Reuters, said no preliminary decision had been made on
the matter at Friday's meeting, adding that he did "not know any
names" of specific banks being considered.

On July 21, 2009, Troubled Company Reporter-Europe, citing The
Financial Times, reported that Horst Piepenburg, Arcandor's
restructuring adviser, had quit, blaming the company's main
shareholder for lack of support.  The FT disclosed 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 said 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 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.


CONTINENTAL AG: Schaeffler Says Merger Valuations Undecided
-----------------------------------------------------------
Chris Reiter at Bloomberg News reports that Schaeffler Group said
valuations related to its potential merger with Continental AG
haven't been discussed.

"The figure, determined by an investment bank, has nothing to do
with the value Schaeffler could bring" to a merger, Bloomberg
quotes Schaeffler as saying.

Bloomberg relates Schaeffler said in a statement on Tuesday that
it values itself at about EUR10 billion (US$14.2 billion).
Bloomberg notes a report by Bild cited unidentified supervisory
board members as saying the valuation may complicate negotiations
about a combination.  Citing people familiar with the situation,
Bloomberg discloses lenders holding about half of Continental's
EUR11 billion in debt intend to challenge a merger with Schaeffler
because of concerns that borrowing for the combined company would
be too high.

                          Capital Increase

As reported in the Troubled Company Reporter-Europe on July 22,
2009, The Financial Times said Continental is considering a EUR1
billion (US$1.4 billion) capital increase.  The FT disclosed
people close to the situation said Karl-Thomas Neumann, chief
executive of Continental, aims at a supervisory board meeting next
week to table a proposal for a capital increase as an alternative
to a merger with Schaeffler, which took over more than 90 per cent
of the shares of the German car parts supplier a year ago.
According to the FT, Continental, which has EUR800 million in debt
maturing in August and another EUR3.5 billion maturing next year,
needs a quick merger or a capital increase.

Continental, Bloomberg says, is holding a supervisory board
meeting on July 30.

                       About Continental AG

Hanover, Germany-based Continental AG (OTC:CTTAY) --
http://www.conti-online.com/-- is an automotive industry
supplier.  The Company focuses its activities on the development,
production and distribution of products that improve driving
safety, driving dynamics and ride comfort.  It operates in six
divisions.  Chassis and Safety provides active and passive driving
safety, safety and chassis sensor systems, as well as chassis
components.  Powertrain focuses on engine systems, hybrid electric
drives, injection technology, and sensors and actuators, among
others.  Interior manufactures information management modules and
wireless mobile devices.  Passenger and Light Truck Tires provides
tires for passenger cars, motorcycles and bicycles. Commercial
Vehicle Tires offers tires for trucks, as well as industrial and
off-the-road vehicles.  ContiTech specializes in the rubber and
plastics technology, offering parts, components and systems for
the automotive industry and other sectors.  In January 2009,
Schaeffler KG acquired 49.9% interest in the Company.

                           *     *     *

On June 12, 2009, the Troubled Company Reporter-Europe reported
that, Standard & Poor's Ratings Services said it placed its 'BB'
long-term corporate credit rating on German automotive supplier
Continental AG on CreditWatch with negative implications.
At the same time, the 'B' short-term rating was affirmed.

As reported in the Troubled Company Reporter-Europe on June 4,
2009, Moody's Investors Service downgraded Continental AG's
corporate family rating to Ba3 from Ba2.  Moody's said the outlook
remains negative.


ESCADA AG: Seeks to Raise EUR20MM; Issues Insolvency Warning
------------------------------------------------------------
Anousha Sakoui at The Financial Times reports that Escada AG on
Tuesday is considering raising EUR29 million (US$41 million) in a
rights issue as part of a plan to restructure its debts.

According to the FT, the capital raising is conditional on 80 per
cent of its bondholders -- which are due to be repaid in 2012 --
agreeing to its bond restructuring plan.  The FT relates two
shareholders owning nearly a quarter of Escada's stock said they
would back EUR20 million of the capital raising.

The FT notes a spokesman for Escada said that if a deal was not
reached, the company would file for insolvency because there was
no alternative plan.  The company believes it only has enough
liquidity for the month of August, the FT states.

                           Bond Exchange

On July 20, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that only about 37% of Escada'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.  Bloomberg said 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.

The FT discloses Escada on Tuesday said that it was extending the
deadline by which bondholders had to tender their bonds from
July 31 to August 4.  Citing people who are familiar with the
situation, the FT says a group of holders of the outstanding
EUR200 million of bonds are seeking improved terms in the
restructuring and additional information about the company's
position.

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.


HSH NORDBANK: S&P Corrects Rating; Assigns 'BB+' Rating on Debt
---------------------------------------------------------------
Standard & Poor's Ratings Services corrected an error relating to
a debt issuance program of HSH Nordbank AG (BBB+/Negative/A-2). A
'BB+' rating was assigned to a junior subordinated debt type (Tier
3) facility through an administrative error.  HSH Nordbank had not
requested that its Tier 3 facility be rated.  S&P has not rated
any Tier 3 issuances under this program and have adjusted S&P's
database to reflect the change.

                           Ratings List

                            Not rated

                         HSH Nordbank AG

                                                To           From
                                                --           ----
  EUR5 bil. MTN program: jnr sub Tier 3         NR           BB+


ROSENTHAL GMBH: Acquired by Italy's Sambonet Paderno Industrie
--------------------------------------------------------------
Associated Press reports that Rosenthal GmbH's bankruptcy
administrator, Volker Boehm, said Monday that the company has been
acquired by Italian cutlery maker Sambonet Paderno Industrie Spa.

Mr. Boehm gave no details of the price paid by Sambonet.  The
bankruptcy administrator, as cited by Associated Press, said
Sambonet intends to maintain all of Rosenthal's production sites
and make significant investments in the company over the coming
years.

Association Press recalls about 300 of the company's 1, 200
employees were laid off during the bankruptcy process.

As reported in the Troubled Company Reporter-Europe, Rosenthal
filed for insolvency on January 9, 2009.  The company did not
possess sufficient liquidity to carry on normal operations despite
being excluded from insolvency proceedings of Waterford Wedgwood
plc, its majority shareholder.

Headquartered Selb, Germany, Rosenthal --
http://www.int.rosenthal.de/-- manufactures fine china
predominantly for the German market.


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


DRYSHIPS INC: To Release Q2 2009 Results on July 30
---------------------------------------------------
DryShips Inc. will release its results for the second quarter and
six months ended June 30, 2009, after the market closes in New
York on Thursday, July 30, 2009.

DryShips' management team will host a conference call the
following day on Friday, July 31, 2009, at 8:00 a.m. Eastern
Daylight Time to discuss the Company's financial results.

To join, participants should dial into the call 10 minutes before
the scheduled time using the following numbers: 1(866) 819-7111
(from the US), 0(800) 953-0329 (from the UK) or +(44) (0) 1452 542
301 (from outside the US).  Please quote "DryShips".

A replay of the conference call will be available until August 2,
2009.  The United States replay number is 1(866) 247-4222; from
the UK 0(800) 953-1533; the standard international replay number
is (+44) (0) 1452 550 000 and the access code required for the
replay is: 2133051#

There will also be a simultaneous live webcast over the Internet,
through the DryShips Inc. Web site -- http://www.dryships.com/
Participants to the live webcast should register on the Web site
approximately 10 minutes prior to the start of the webcast.

                        About DryShips Inc.

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

                           *     *     *

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

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


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


NEW INTERLINE: Commission Seeks Recovery of Illegal State Aid
-------------------------------------------------------------
The European Commission on July 15 decided to refer Italy to the
European Court of Justice (ECJ) under Article 88.2 of the EC
Treaty for failure to comply with a Commission Decision from April
2008.  The Decision ordered Italy to recover EUR2.75 million of
illegal and incompatible state aid from New Interline S.p.A., an
Italian producer of chairs located in the region of Basilicata.
To date, Italy has recovered no aid from the beneficiary.

Competition Commissioner Neelie Kroes commented: "The recovery of
illegal and incompatible aid is about restoring a fair playing
field in the Single Market.  The Commission is determined to take
all necessary legal steps to ensure that Member States comply with
their recovery obligations."

                               Facts

On April 16, 2008 the Commission found that Italy had granted a
state guarantee of EUR2.75 million in favor of New Interline
S.p.A., in breach of Article 88(3) of the EC Treaty.  In fact,
Italy had granted the rescue aid without prior approval by the
Commission and, after six months, it was neither ended nor
followed-up by a plan for a return to viability, as required by
the Commission's 2004 Guidelines on rescue and restructuring aid.
The Commission therefore requested Italy to recover the aid plus
interest from New Interline S.p.A.

More than one year after the adoption of the Decision, Italy has
not taken any action to recover the aid from New Interline S.p.A.
The Commission therefore requested the ECJ to confirm under
Article 88.2 of the EC Treaty that Italy has failed to implement
the Commission's decision of April 16, 2008.

                            Background

The Commission's firm approach towards Member States that fail to
recover illegal aid is fully in line with the State Aid Action
Plan presented in June 2005 and with the Notice on the
implementation of recovery decisions.


RISANAMENTO SPA: Creditors Reject Rescue Plan; CEO Resigns
----------------------------------------------------------
Armorel Kenna at Bloomberg News, citing Italian newspaper Il
Messaggero, reports that Risanamento SpA's creditor banks rejected
a plan for the company to borrow EUR340 million from four banks to
stave off bankruptcy.

Bloomberg relates the Italian newspaper said the banks, led by
UniCredit SpA, put forward a plan proposing new management, a
partner for the property company and other solutions to repay its
bonds.  According to Bloomberg, Risanamento has total debt of
EUR2.77 billion (US$3.9 billion).  At the end of last year, the
company's short-term loans totaled EUR740 million, Bloomberg
notes.

Bloomberg discloses Luigi Zunino on Tuesday resigned as
Risanamento's chairman and chief executive officer.

The company's shares traded on Tuesday for the first time since
they were suspended on July 16, Bloomberg says.

                         Bankruptcy Request

Risanamento, as cited by Bloomberg, said it was confident of
overturning a request by a Milan prosecutor last week that it be
declared bankrupt.  Vincent Boland at The Financial Times reports
a court in Milan has set a hearing for July 29 to enable the
company to respond to the prosecutor's request.  According to the
FT, bankers and analysts in Milan said its chances of avoiding
bankruptcy could be hampered by the banks' unwillingness to take
ownership of huge property developments that they had little
prospect of selling in the economic climate.

                       About Risanamento SpA

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
===================


AKTOBE SYSTEM: Creditors Must File Claims by July 31
----------------------------------------------------
Creditors of LLP Aktobe System Material Complect have until
July 31, 2009, to submit proofs of claim to:

         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan

The Specialized Inter-Regional Economic Court of Aktube commenced
bankruptcy proceedings against the company on May 8, 2009 after
finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Aktube
         Satpaev Str. 16
         Aktobe
         Aktube
         Kazakhstan


KAZ NEFTE: Creditors Must File Claims by July 31
------------------------------------------------
Creditors of LLP Kaz Nefte Mash have until July 31, 2009, to
submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Atyrau
         Satpaev Str. 3
         Atyrau
         Kazakhstan

The court commenced bankruptcy proceedings against the company on
May 29, 2009.


METRO LOGISTICS: Creditors Must File Claims by July 31
------------------------------------------------------
Creditors of LLP Metro Logistics Kasakhstan have until July 31,
2009, to submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Atyrau
         Satpaev Str. 3
         Atyrau
         Kazakhstan

The court commenced bankruptcy proceedings against the company on
May 29, 2009.


TEPLO VODO: Creditors Must File Claims by July 31
-------------------------------------------------
Creditors of OJSC Teplo Vodo Kanal have until July 31, 2009, to
submit proofs of claim to:

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

The court commenced bankruptcy proceedings against the company on
May 28, 2009.


VESTA LTD: Creditors Must File Claims by July 31
------------------------------------------------
Creditors of LLP Company Vesta Ltd have until July 31, 2009, to
submit proofs of claim to:

         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan

The Specialized Inter-Regional Economic Court of Aktube commenced
bankruptcy proceedings against the company on May 8, 2009, after
finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Aktube
         Satpaev Str. 16
         Aktobe
         Aktube
         Kazakhstan


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


AVVA EN: Creditors Must File Claims by July 31
----------------------------------------------
LLC Avva En Ltd is currently undergoing liquidation.  Creditors
have until July 31, 2009, to submit proofs of claim to:

Inquiries can be addressed to (0-773) 52-56-00.


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


BERNARD MADOFF: Oddo to Appeal UBS Repayment Ruling
---------------------------------------------------
Bate Felix at Reuters reports that French financial services group
Oddo said Friday it would take an appeal from a Luxembourg appeal
court decision ordering it to repay UBS Luxembourg EUR30 million
lost in the fraud by Bernard Madoff.

Reuters relates the court ordered that the money transferred to
Oddo in January following its initial ruling had to be transferred
back to the liquidators of Luxembourg-based and Madoff-exposed
LuxAlpha fund, of which UBS was a custodian.

"The Court of Appeal . . . declares the request by Oddo Asset
Management inadmissible and relieves UBS Luxembourg of all the
impositions against it," Reuters quoted the Luxembourg appeal
court as saying in a July 15 statement, overturning the earlier
court ruling.

Oddo, as cited by Reuters, said in a statement that it would
appeal against the decision with Luxembourg's highest court, the
Cour de Cassation.

In a July 15 report Bloomberg News disclosed Oddo argued that it
had requested the money from LuxAlpha before Mr. Madoff's arrest,
while UBS argued Oddo didn't have a contractual relationship with
the bank and should have sued LuxAlpha, which once had assets of
US$1.4 billion and invested 95 percent of its money with Bernard
L. Madoff Investment Securities LLC.

"UBS's appeal was legally inadmissible, because LuxAlpha was
dissolved and put in the hands of the liquidators," Bloomberg
quoted Arnaud Ploix, a spokesman for Oddo, as saying.  "UBS no
longer had any right to appeal."

                        About Bernard Madoff

Bernard L. Madoff Investment Securities LLC was a market maker in
U.S. stocks, including all of the S&P 500 and more than 350 Nasdaq
stocks.  The firm moved large blocks of stock for institutional
clients by splitting up orders or arranging off-exchange
transactions between parties.  It also performed clearing and
settlement services.  Clients included brokerages, banks, and
other financial institutions.  In addition, Madoff Securities
managed assets for high-net-worth individuals, hedge funds, and
other institutional investors.

The firm is being liquidated in the aftermath of a fraud scandal
involving founder Bernard L. Madoff.

As reported by the Troubled Company Reporter on December 15, 2008,
the Securities and Exchange Commission charged Mr. Madoff and his
investment firm with securities fraud for a multi-billion dollar
Ponzi scheme that he perpetrated on advisory clients of his firm.
The estimated losses from Mr. Madoff's fraud were allegedly at
least US$50 billion.

Also on December 15, 2008, the Honorable Louis A. Stanton of the
U.S. District Court for the Southern District of New York granted
the application of the Securities Investor Protection Corporation
for a decree adjudicating that the customers of BLMIS are in need
of the protection afforded by the Securities Investor Protection
Act of 1970.  Irving H. Picard, Esq., was appointed as trustee for
the liquidation of BLMIS, and Baker & Hostetler LLP was appointed
as counsel.

Judge Denny Chin of the U.S. District Court for the Southern
District of New York on June 29, 2009, sentenced Mr. Madoff to 150
years of life imprisonment for defrauding investors.


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


CADOGAN SQUARE: Moody's Cuts Rating on Class E Notes to 'Ca'
------------------------------------------------------------
Moody's Investors Service has downgraded its ratings of 8 classes
of notes issued by Cadogan Square CLO IV B.V.

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

According to Moody's, the rating actions taken on the notes are a
result of credit deterioration of the underlying portfolio.  This
is observed in, among other measures as per trustee report dated
June 22, 2009, a decline in the average credit rating as measured
through the weighted average rating factor (currently 2929), an
increase in the amount of defaulted securities (currently 7% of
the portfolio), an increase in the proportion of securities from
issuers rated Caa1 and below (currently 13% of the portfolio), and
a failure of all par value tests except for the most senior one.
Moody's also performed a sensitivity analysis, including amongst
others, a further decline in portfolio WARF quality.

The rating actions also reflect Moody's revised assumptions with
respect to default probability and the calculation of the
Diversity Score as described in the press release dated
February 4, 2009, titled "Moody's updates key assumptions for
rating CLOs."  These revised assumptions have been applied to all
corporate credits in the underlying portfolio, the revised
assumptions for the treatment of ratings on "Review for Possible
Downgrade", "Review for Possible Upgrade", or with a "Negative
Outlook" being applied to those corporate credits that are
publicly rated.  Moody's also notes that a material proportion of
the collateral pool consists of debt obligations whose credit
quality has been assessed through Moody's Credit Estimates.  As
credit estimates do not carry credit indicators such as ratings
reviews and outlooks, a stress of a quarter notch-equivalent
assumed downgrade was applied to each of these estimates.

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

Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology and its supplements
for cash flow CLOs as described in Moody's Special Reports and
press releases below:

  -- Moody's Approach to Rating Collateralized Loan Obligations
     (December 2008)

The rating actions are:

  -- Class A, Downgraded to A1; previously on June 1, 2007, Aaa
     Rated

  -- Class B-1, Downgraded to Ba1; previously on March 4, 2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Class B-2, Downgraded to Ba1; previously on March 4, 2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Class C, Downgraded to B2; previously on March 18, 2009
     Downgraded to Ba1 and Left Under Review for Possible
     Downgrade

  -- Class D, Downgraded to Caa2; previously on March 18, 2009
     Downgraded to B2 and Left Under Review for Possible Downgrade

  -- Class E, Downgraded to Ca; previously on March 18, 2009
     Downgraded to Caa3 and Left Under Review for Possible
     Downgrade

  -- Class W Combination, Downgraded to B2; previously on March 4,
     2009 A3 Placed Under Review for Possible Downgrade

  -- Class X Combination, Downgraded to Caa2; previously on
     March 4, 2009 Baa3 Placed Under Review for Possible Downgrade


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


ELEKTRIM SA: Bingham Secures EUR185MM Damage Award for Bondholders
------------------------------------------------------------------
The High Court on July 20 awarded the bondholders of Elektrim S.A.
damages and interest in the sum of EUR185 million in relation to
Elektrim's obligation to pay the continent payment.  Bingham
McCutchen's London office represented the ad hoc committee of
bondholders of Elektrim S.A. and appeared for the Representative
Bondholder in the litigation.

The ruling comes after several years of extensive multi-
jurisdictional litigation and enforcement action in England,
Poland, the Netherlands, the United States and Germany.  Bingham
has to date secured more than 10 successful judgments before the
English High Court, including the decision of the House of Lords
in Law Debenture Trust v. Elektrim Finance B.V. and others [2005]
UKHL 27.

"The High Court's ruling is an important decision for the
bondholders of Elektrim," said Bingham litigation partner Natasha
Harrison, who led the Bingham legal team in London.  "This has
been an extremely complex litigation, and we are pleased to be
able to achieve such a significant judgment for the bondholders."
The bonds were restructured in 2002 and then accelerated in
January 2005, following a number of events of default.  Summary
judgment was obtained against Elektrim in September 2005 in the
English High Court.  The ad hoc committee initiated a series of
proceedings in Poland and England and undertook other measures to
protect the interests of bondholders and recover the amount due
under the bonds.  Elektrim made a payment of EUR525 million in
October 2006, but the payment was insufficient to redeem the bonds
in full.

Elektrim entered composition bankruptcy proceedings in August 2007
and negotiations restarted with Elektrim's bankruptcy receiver to
secure payment of the shortfall required to redeem the bonds.

Associate Daniel Cohen and trainee solicitor Amy Lee joined
Harrison on the Bingham legal team representing the bondholders.

With approximately 1,000 lawyers in 12 offices spanning the United
States, United Kingdom and Asia, Bingham focuses on serving
clients in cross-border restructurings and insolvencies; complex
securities and financial regulatory matters; high-stakes
litigation; environmental issues; government affairs; and
sophisticated corporate, financing and technology transactions.

                           About Elektrim

Headquartered in Warsaw, Poland, Elektrim S.A. --
http://www.elektrim.pl/-- is a holding company with subsidiaries
engaged in energy and telecommunication services.


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


BRIK-MASH LLC: Creditors Must File Claims by August 3
-----------------------------------------------------
Creditors of LLC Brik-Mash (TIN 7804147528) (Construction
Materials) have until August 3, 2009, to submit proofs of claims
to:

         O. Kasyanov
         Temporary Insolvency Manager
         Post User Box 10680
         614097 Perm
         Russia
         Tel: (342) 236-39-33.

The Arbitration Court of Saint-Petersburg will convene at 10:20
a.m. on Aug. 20, 2009, to hear bankruptcy supervision procedure on
the company.  The case is docketed under Case No. ?56–19339/2008.

The Debtor can be reached at:

         LLC Brik-Mash
         Svetlanovskiy prospect 42V
         195427 Saint-Petersburg
         Russia


MEGA-STROY LLC: Creditors Must File Claims by August 3
------------------------------------------------------
Creditors of LLC Mega-Stroy (TIN 5903070086, PSRN 1065903029565)
(Construction) have until August 3, 2009, to submit proofs of
claims to:

         N. Glebov
         Temporary Insolvency Manager
         Svyazistov Str. 24-71
         614094 Perm
         Russia

The Arbitration Court of Permskiy will convene on October 23,
2009, to hear bankruptcy supervision procedure on the company.
The case is docketed under Case No. ?50–8173/09.

The Debtor can be reached at:

         LLC Mega-Stroy
         Kostycheva Str. 42
         Perm
         Russia


MECHEL OAO: Signs Deal to Refinance US$2.6 Bln Credit Facilities
----------------------------------------------------------------
Mechel OAO has signed a deal to refinance its short-term credit
facilities totaling US$2.6 billion raised to purchase assets in
Yakutia and Oriel Resources Ltd.

As was announced earlier, negotiations with syndicates of banks
that provided Mechel with credit facilities for acquisition of
Yakutugol Holding Company OAO and Elgaugol OAO in October, 2007
and Oriel Resources Ltd. (Great Britain) in April, 2008, resulted
in signing the agreement on refinancing of these facilities in the
period of up to 3.5 year on July 10, 2009.

On Friday, July 17, 2009, Mechel signed all its refinancing
operations documentation.  Currently the bridge loan which was
taken for Oriel Resources acquisition is fully repaid.

A total of 27 banks were participants of the deal.  Mechel's legal
adviser on the deal was Gide Loyrette Nouel company.

On July 14, 2009, the Troubled Company Reporter-Europe, citing Dow
Jones, reported Mechel in June said it wouldn't be able to
survive unless its creditors agreed to restructure its loans.

Mechel OAO (Mechel Steel Group OAO) (NYSE:MTL) --
http://www.mechel.com/-- is a Russia-based vertically integrated
mining and metals company.  The Company's business comprises two
segments, mining and steel.  The mining segment includes the
production and sale of coal, iron ore and nickel, while the steel
business covers the production and sale of semi-finished steel
products, carbon and stainless flat products as well as value
added downstream metal products, such as hardware, stampings and
forgings.  In addition, Mechel OAO owns and operates two trade
ports, a railway and an energy company.  It has production
facilities located in Russia, Romania and Lithuania.  The Company
has 22 subsidiaries, of which 12 are wholly owned.  Numerous
representative offices located worldwide, allow the Company to
offer its products on both domestic and
international markets.


NIZHNETAGILSKIY HEAT: Creditors Must File Claims by August 3
------------------------------------------------------------
The Arbitration Court of Sverdlovskaya commenced bankruptcy
supervision procedure on CJSC Nizhnetagilskiy Heat-Insulating
Goods.  The case is docketed under Case No. ?60-17353/2009-S11.

Creditors have until August 3, 2009, to submit proofs of claims
to:

         Ye.Rokhlin
         Temporary Insolvency Manager
         Office 25
         Prospect Mira 22
         Nizhniy Tagil
         622034 Sverdlovskaya
         Russia


OMZ: S&P Raises Long-Term Corporate Credit Rating to 'B-'
---------------------------------------------------------
Standard & Poor's Ratings Services reinstated its ratings on
Russia-based heavy-engineering holding company OMZ.  At the same
time, the long-term corporate credit and Russia national scale
ratings on OMZ were raised to 'B-' and 'ruBBB', from 'CCC+' and
'ruBB', where S&P rated the company before S&P suspended the
ratings on Dec. 23, 2008.  The outlook is stable.

The reinstatement follows OMZ's publication of its audited
financial statements for fiscal 2007 and 2008.

"The rating action reflects OMZ's favorable profitability and cash
flow performance over the last year and the resulting improvement
in credit measures," said Standard & Poor's credit analyst Varvara
Nikanorava.  "We also view the likely cooperation of its majority
shareholder, Gazprombank, in helping it manage its liquidity
situation very positively."

S&P's ratings on OMZ reflect what S&P considers to be its "weak"
business risk profile and "highly leveraged" financial risk
profile, according to S&P's criteria.  The ratings also reflect
S&P's view of OMZ's liquidity position, which S&P classifies as
"very weak.  The company has a highly leveraged financial
structure resulting from a string of primarily debt-financed
acquisitions over past years.  These frequent acquisitions and
disposals have resulted in a complex organizational structure.
The company's exposure to the cyclical oil and gas and mining and
equipment end-markets, as well as the high capital intensity of
its business and Russia country risks, represent further rating
constraints.

These negative factors are tempered to some extent by the apparent
willingness of Gazprombank (BB+/Watch Neg/B; Russia national scale
ruAA+/Watch Neg), to provide funding support, and OMZ's leading
position in nuclear power equipment and large and extra-large
semifinished metallurgical products in Russia and the Commonwealth
of Independent States.  OMZ enjoys a meaningful market share
domestically, where it generates the majority of its earnings. On
December 31, 2008, the company reported total debt of
US$510.2 million.

The outlook is stable because S&P believes that OMZ will be able
to refinance or roll over its short-term debt maturities as they
come due, despite the current credit market difficulties.
Furthermore, S&P believes that in these difficulties, the company
will carefully manage its future strategic investments and adjust
financial policies to prevent sharp increases in the group's
consolidated financial leverage.  S&P also assume that OMZ will
manage to protect its market positions and prevent its operating
margins from declining sharply.

S&P might lower the ratings if OMZ fails to arrange funding to
fulfill its obligations on bond put options in September and
December 2009 or if OMZ fails to refinance or roll over its short-
term maturities as they become due.  Further possible triggers for
a negative rating action include significant deterioration of its
operating cash flows, or diminished willingness by Gazprombank to
provide timely support.  Adverse developments in Russia's
transitional regulatory and administrative environment could also
pressure the ratings.

"Ratings upside is unlikely in the near term," said
Ms. Nikanorava.


SAMARA OIL: Creditors Must File Claims by August 3
--------------------------------------------------
Creditors of CJSC Samara Oil Company (TIN 6319105834) have until
August 3, 2009, to submit proofs of claims to:

         N. Ershova
         Temporary Insolvency Manager
         Post User Box 3222
         443052 Samara
         Russia

The Arbitration Court of Samarskaya will convene at 1:10 p.m. on
August 5, 2009, to hear bankruptcy supervision procedure on the
company.  The case is docketed under Case No. ?55–6576/2009.

The Court is located at:

         The Arbitration Court of Samarskaya
         Courtroom 327
         Avrory Str. 148
         443045 Samara
         Russia

The Debtor can be reached at:

         CJSC Samara Oil Company
         Pobedy Str. 105-49
         443009 Samara
         Russia


SEVERSTAL OAO: Fitch Cuts Long-Term Issuer Default Rating to 'B+'
-----------------------------------------------------------------
Fitch Ratings has downgraded Russia-based metals and mining
company OAO Severstal's Long-term Issuer Default Rating and senior
unsecured rating to 'B+' from 'BB-'.  At the same time, the agency
has downgraded the company's National Long-term rating to 'A(rus)'
from 'A+(rus)'.  The ratings remain on Rating Watch Negative.  The
Short-term IDR is affirmed at 'B'.  The Recovery Rating for the
senior unsecured debt is 'RR4'.

The downgrade reflects Fitch's expectation that the current global
recession will have a significant negative impact on Severstal's
operating performance and credit metrics.  While Fitch rates
through commodity cycles the severity of the current downturn has
exceeded previous downturns, with the agency expecting a 15-20%
year-on-year fall in 2009 global steel demand and a weak recovery
thereafter.  Fitch now does not expect that Severstal will be able
to regain a "through-the-cycle" credit profile consistent with the
'BB' rating category within 18-24 months of the trough of the
current recession.  The RWN continues to reflect uncertainty
regarding the outcome of negotiations with lenders in respect of
potential covenant breaches under its various facilities.

Severstal's performance is in particular being impacted by the
under-performance of its US operations, which continue to struggle
with high operating costs and weak automotive and construction end
markets.  In Q109, Severstal's North America division reported an
EBITDA loss of US$243 million (negative EBITDA margin of 25%)
versus EBITDA of US$88 million (EBITDA margin of 7.6%) for its
Russian steel operations.  Also, while capacity utilization rates
have risen for the group's Russian operations, benefiting from
improved cost competitiveness due to the devaluation of the
Russian rouble, Fitch is concerned by weak overall trading
visibility and uncertainty over the sustainability of the
recovery.

Fitch's base case forecasts for FY09 incorporate a 45% year-on-
year fall in revenues and an EBITDA margin below 10%.  As a
result, net leverage is expected to deteriorate to around 6x-7x
(FY08: 0.9x), and funds from operations interest coverage is
forecast to fall to 1.5x-2x (FY08: 22.6x), both below the peer
group average in the 'BB' rating category.

Fitch considers Severstal's current liquidity position to be
adequate.  At end-Q109, Severstal had cash and short-term deposits
of US$2.7 billion, and undrawn committed facilities of US$645
million against a total debt of US$7.5 billion, of which US$1.4
billion is due during Q209-Q110 (approximately US$300 million was
re-classified as long-term debt during Q209).  The agency
understands that Severstal has also raised around US$200 million
of long-term financing and added US$300 million to unused
committed credit facilities in Q209.

Fitch expects to resolve the RWN within the next six months.  In
resolving the RWN, the agency will assess the success of measures
announced by management to reduce financial and operational risks,
including covenant waiver negotiations, and expected developments
in Severstal's key markets.


UC RUSAL: Oleg Derispaka Challenges Venue of Michael Cherney Case
-----------------------------------------------------------------
Michael Peel and Catherine Belton at The Financial Times report
that Oleg Deripaska is fighting a court ruling allowing Michael
Cherney to bring to England his case for a 13.2 per cent stake in
United Co. Rusal.

The FT relates Ali Malek QC, Mr. Deripaska's lawyer, told the
Court of Appeal in London that the High Court had "gone seriously
wrong" in an earlier ruling, which allowed Mr. Cherney to bring
the case in England because he risked being assassinated or
wrongly arrested if he pursued it in Russia.  According to the FT,
Mr. Malek told the appeal court that the earlier ruling ordering
proceedings to take place in England should be overturned, because
the links of the case there were "extremely thin" compared with
the "attractive logic" of holding it in Russia.

The FT discloses at the heart of the case is a March 2001
agreement that Mr. Cherney and Mr. Deripaska signed at
Lanesborough Hotel in London ahead of a merger of Sibal, the
aluminium company, with the metals empire of Roman Abramovich and
Mr. Berezovsky to form Rusal.  The FT states the first part of the
agreement sets out payment of US$250 million by Mr. Deripaska to
Mr. Cherney for 17.5 per cent in Sibal, while the second -- and
contested -- part appears to show Mr. Deripaska agreeing to hold a
20 per cent stake in the merged Rusal for Mr. Cherney for five
years, prior to paying him the value of the shares minus the
US$250 million.

                        Debt Restructuring

On July 21, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported Rusal said talks about debt restructuring
are almost complete.  "The negotiations on the terms and
conditions of the long- term debt restructuring are almost
finalized," Bloomberg quoted Rusal as saying in a statement.  The
company plans to sign an agreement with lenders "within the
validity period of the standstill agreement."  The Troubled
Company Reporter-Europe reported on June 12, 2009, that, according
to Bloomberg, the company said its creditors agreed to extend a
so-called standstill agreement on US$7.4 billion of debt until
July 28.  The previous deadline expired on June 11.

                            About Rusal

Headquartered in Moscow, Russia, United Co. RUSAL --
http://www.rusal.com/-- is among the world's top aluminum
producers, along with Rio Tinto Alcan and Alcoa.  Formed in 2000
from various parts of the old Soviet state apparatus, RUSAL
produces about 4 million tons of aluminum, 11 million tons of
alumina, and 6 million tons of bauxite.  Its aluminum business
include packaging and foil operations in addition to a network of
smelters.  Those Soviet spare parts were significantly augmented
in 2007 when the company merged with fellow Russian aluminum
producer Sual and Glencore's alumina unit.  RUSAL is majority
owned by Board member Oleg Deripaska, who had owned the company
completely prior to the merger.


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


CONLTECH GMBH: Creditors Must File Claims by July 27
----------------------------------------------------
Creditors of ConlTech GmbH are requested to file their proofs of
claim by July 27, 2009, to:

         ConlTech GmbH
         Reckholderenstrasse 117
         8154 Oberglatt
         Switzerland

The company is currently undergoing liquidation in Oberglatt.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on April 15, 2009.


FENNER IMMOBILIEN: Claims Filing Deadline is July 27
----------------------------------------------------
Creditors of Fenner Immobilien AG are requested to file their
proofs of claim by July 27, 2009, to:

         Fenner Immobilien AG
         Gewerbestrasse 10
         4450 Sissach
         Switzerland

The company is currently undergoing liquidation in Sissach.  The
decision about liquidation was accepted at a extraordinary general
meeting held on June 11, 2009.


MUELLER-BERTUCCI DATA: Claims Filing Deadline is July 27
--------------------------------------------------------
Creditors of Mueller-Bertucci Data GmbH are requested to file
their proofs of claim by July 27, 2009, to:

         Hans Mueller
         Liquidator
         Via San Gottardo 24B
         6900 Lugano
         Switzerland

The company is currently undergoing liquidation in St. Gallen.
The decision about liquidation was accepted at a shareholders'
meeting held on May 20, 2009.


MY DEAL: Creditors Must File Claims by July 27
----------------------------------------------
Creditors of My Deal GmbH are requested to file their proofs of
claim by July 27, 2009, to:

         Peter Odermatt
         Eichweg 21
         8302 Kloten
         Switzerland

The company is currently undergoing liquidation in Felben-
Wellhausen.  The decision about liquidation was accepted at a
shareholders' meeting held on September 24, 2007.


NYCOMED A/S: Eyes Solvay's Pharmaceutical Unit; Mulls IPO
---------------------------------------------------------
Angela Cullen and Poppy Trowbridge at Bloomberg News report that
Nycomed A/S is planning to buy the pharmaceutical unit of
Belgium's Solvay SA.

Citing two people familiar with the situation, Bloomberg discloses
Nycomed is considering a purchase as part of a revived plan to
sell shares in an initial public offering at a later date as a
larger, more diversified company.  According to Bloomberg, the
people said Solvay, controlled by Belgium's Solvay family, sought
offers of more than EUR5 billion (US$7 billion).

Bloomberg notes the people said Nycomed is prepared to take on
additional debt to acquire Solvay because it can recoup the funds
by saving on costs and selling a bigger company when stock markets
recover.

Headquartered in Zurich, Switzerland, Nycomed is a pharmaceutical
conglomerate that combines its traditional core marketing and
distribution capabilities with the R&D expertise of Altana Pharma
(acquired in 2007).

                         *     *     *

Nycomed continues to carry a 'B2' Corporate Family Rating and 'B3'
Probability of Default Rating from Moody's Investors Service with
negative outlook.  The ratings were affirmed by Moody's in
December 2008.


TRIAMEC AG: Creditors Must File Claims by July 27
-------------------------------------------------
Creditors of Triamec AG are requested to file their proofs of
claim by July 27, 2009, to:

         Urs Probst
         Industriestrasse 49
         6300 Zug
         Switzerland

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


W. SCHOLL: Claims Filing Deadline is July 27
--------------------------------------------
Creditors of W. Scholl AG are requested to file their proofs of
claim by July 27, 2009, to:

         Notariat Luescher & Manser
         Schloss-Strasse 1
         2560 Nidau
         Switzerland

The company is currently undergoing liquidation in Mörigen.  The
decision about liquidation was accepted at an extraordinary
general meeting held on April 7, 2009.


ZES INTERNATIONAL: Creditors Must File Claims by July 31
--------------------------------------------------------
Creditors of ZES International AG are requested to file their
proofs of claim by July 31, 2009, to:

         Kurt Stoller
         DLZ/Friedrichshafnerstrasse
         8590 Romanshorn
         Switzerland

The company is currently undergoing liquidation in Romanshorn.
The decision about liquidation was accepted at an extraordinary
general meeting held on May 14, 2009.


===========
T U R K E Y
===========


ANADOLU EFES: EBI Buyout Won't Affect Fitch's Low-B Ratings
-----------------------------------------------------------
Fitch Ratings says it expects no rating impact on Turkish brewer
Anadolu Efes Biracilik ve Malt Sanayii A.S. should the company
complete an intended buyout of minority interests in its
international beer subsidiary, Efes Breweries International.  Efes
is rated Long-term foreign currency Issuer Default 'BB' with
Stable Outlook, Long-term local currency IDR 'BB+' with Negative
Outlook and National Long-term 'AA+ (tur)' with Negative Outlook.

Efes is in the process of launching an offer to purchase, for up
to US$140 million, the 29.78% that it does not already own in EBI.
EBI is currently fully integrated into Efes operationally and an
intermediate holding for its eastern European beer operations,
mainly represented by its Russian business.  The minority buyout
generates limited operational synergies but would, according to
management, enhance the group's options in terms of financing.

"There is sufficient financial headroom within the current 'BB+'
rating to absorb the impact of the transaction barring any further
adverse movements in the exchange rates," said Giulio Lombardi,
Senior Director in Fitch's European Leisure and Consumer Products
Group.

Since the Outlook on the Long-term local currency IDR was changed
to Negative in February 2009, the company has so far delivered
results in line with management's guidance of stable-to-moderately
growing EBITDA and cash flow generation.  This in turn has
alleviated Fitch's concerns about possible heavy adverse effects
from reduced disposable income in Turkey and Russia, Efes' main
markets.

Also, in July 2009 the company has successfully extended by
another three years a US$300 million debt facility that matures in
September this year.  Finally, the Turkish lira has stabilized
against the US dollar and the euro, reducing the risk of adverse
effects on leverage arising from the company's currency mismatch
between its YTL and RUB cash flow and US dollar debt
(approximately 80% of total debt).

Fitch estimates that the consummation of the minority buyout at
the proposed conditions would increase net debt by approximately
0.2x-0.3x its FY09 EBITDA.  Efes's net debt (including put options
and excluding the subsidiary, Coca Cola Icecek)/EBITDA equalled
1.3x at FYE08 (FYE07: 1.2x).  Under various scenarios conducted by
Fitch, the agency believes that Efes's leverage is likely to
improve in FY09, although a resumption of YTL depreciation could
see the leverage weaken to as far as 2x -- a level that would be
incompatible with a 'BB+' rating.


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


CARBIDE PLANT: Creditors Must File Claims by July 31
----------------------------------------------------
Creditors of LLC Carbide Plant (code EDRPOU 32926382) have until
July 31, 2009, to submit proofs of claim to:

         Vladimir-Volinskaya Regional State Tax Inspection
         Insolvency Manager
         Kovelskaya str. 63
         Vladimir-Volinsky
         44700 Volin
         Ukraine

The Economic Court of Volin commenced bankruptcy proceedings
against the company on June 1, 2009.  The case is docketed under
Case No. 7/63-b.

The Court is located at:

         The Economic Court of Volin
         Volia Avenue 54-A
         43010 Lutsk
         Ukraine

The Debtor can be reached at:

         LLC Carbide Plant
         Central Str. 1
         Shelvov
         Lokachinsky
         Volin
         Ukraine


CHARODEYKA LLC: Creditors Must File Claims by July 31
-----------------------------------------------------
Creditors of LLC Charodeyka (code EDRPOU 19164945) have until
July 31, 2009, to submit proofs of claim to:

         Y. Gula
         Insolvency Manager
         Post Office Box 6615
         I. Franko Str. 9
         79005 Lvov
         Ukraine

The Economic Court of Volin commenced bankruptcy proceedings
against the company on May 21, 2009.  The case is docketed under
Case No. 7/59-b.

The Court is located at:

         The Economic Court of Volin
         Volia Avenue 54-A
         43010 Lutsk
         Ukraine

The Debtor can be reached at:

         LLC Charodeyka
         Druzhby narodov Str. 13A/73
         43017 Lutsk
         Ukraine


MAGMA-DNIPRO LLC: Creditors Must File Claims by July 31
-------------------------------------------------------
Creditors of LLC Magma-Dnipro (code EDRPOU 32298805) have until
July 31, 2009, to submit proofs of claim to:

         R. Talan
         Insolvency Manager
         Post Office Box 158
         49000 Dnepropetrovsk
         Ukraine

The Economic Court of Dnepropetrovsk commenced bankruptcy
proceedings against the company on June 11, 2009.  The case is
docketed under Case No. B24/166-09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Magma-Dnipro
         K. Marks Str. 17B
         49005 Dnepropetrovsk
         Ukraine


NAFTOGAZ UKRAINY: Taps Ernst & Young to Conduct Monthly Audits
--------------------------------------------------------------
Kateryna Choursina at Bloomberg News reports that NAK Naftogaz
Ukrainy asked the Ukrainian office of Ernst & Young LLP to conduct
monthly audits of its financial indicators for submission to the
International Monetary Fund.

Bloomberg relates Naftogaz said in an e-mailed statement on Monday
that the IMF and the Ukrainian government agreed that the company
would supply information on its finances on a monthly basis to the
IMF's mission in the country.

                  About NJSC Naftogaz of Ukraine

Headquartered in Kiev, Ukraine, NJSC Naftogaz of Ukraine --
http://www.naftogaz.com/-- processes gas, oil and condensate at
the Company's five gas processing plants, which produce LPG,
motor fuels and other types of petroleum products.  Over 97% of
the oil and gas in Ukraine is produced by the enterprises of the
Company.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on June 2,
2009, Moody's Investors Service downgraded to Caa1 from B2, the
foreign currency corporate family rating, and probability of
default and debt ratings of NJSC Naftogaz of Ukraine.  Moody's
said the outlook on the ratings was changed to negative.


OFMTS-AGROCONVERS LLC: Creditors Must File Claims by July 31
------------------------------------------------------------
Creditors of LLC OFMTS-Agroconvers (code EDRPOU 30425681) have
until July 31, 2009, to submit proofs of claim to:

         A. Tereschenko
         Insolvency Manager
         Office 1
         Frunze Str. 113-b
         36002 Poltava
         Ukraine

The Economic Court of Dnepropetrovsk commenced bankruptcy
proceedings against the company on May 6, 2009.  The case is
docketed under Case No. B29/77-08.

The Court is located at:

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

The Debtor can be reached at:

         LLC OFMTS-Agroconvers
         Yubileynoye
         Dnepropetrovsk
         Ukraine


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


BLACKS LEISURE: Like-for-Like Sales Down 1.6 Percent
----------------------------------------------------
Zoe Wood at guardian.co.uk reports that Blacks Leisure Group plc
said its like-for-like sales at its outdoor stores had declined
1.6% in the 19 weeks to July 11, 2009.

Blacks chief executive Neil Gillis, as cited by guardian.co.uk,
said the numbers reflected unpredictable trading and that the
performance had been "respectable" in the current climate.

guardian.co.uk relates the company told shareholders at its annual
meeting on July 15 that two of its non-executive directors, Claude
Littner and Andrew Mallett, had resigned to devote more time to
other business projects.

                             Talks

Blacks, guardian.co.uk discloses, is trying to renew its GBP35
million loan agreement with Lloyds Banking Group as well as tee up
an extra GBP10 million to fund the refurbishments of its stores.
According to guardian.co.uk, Mr. Gillis said talks with Lloyds
were at an "advanced" stage, adding he was confident the process
would be completed by the deadline.  The retailer, guardian.co.uk
notes, has not ruled out tapping investors for the extra GBP10
million if the banks will not oblige.

On June 2, 2009, the Troubled Company Reporter-Europe, citing The
Times, reported that the company was negotiating with banks to get
cash to transform its loss-making boardwear shops into its core
Millets and Blacks stores.  The Times disclosed the group secured
only a three-month extension to its banking facilities, which
expire at the end of August, prompting auditors to attach a "going
concern" warning to its results.  The Times said Mr. Gillis ruled
out placing the poorly performing stores into administration or
renegotiating leases with a company voluntary agreement.

In the June 2 TCR-Europe report Drapers disclosed the company's
losses increased by more than 50% to GBP14.4 million for the year
to February 28, stemming from the poor performance of the
boardwear division, including the Freespirit chain and the O'Neill
stores and wholesale business.  Drapers said sales at the outdoor
and boardsports group fell 9% to GBP267.6 million over the period.

Headquartered in Northampton, Blacks Leisure Group plc --
http://www.blacksleisure.co.uk/-- is the parent company of its
subsidiaries, which are engaged in the retail and wholesale of
clothing and camping equipment.  The Company comprises two
segments: Outdoor and Boardwear.  Outdoor trades under the fascias
Blacks and Millets.  The trade is from retail stores in the
British  Isles, and the associated direct sale Internet sites.
Boardwear holds the United Kingdom licenses for O'Neill and Mambo
products to trade as a wholesale operation and from retail stores.
The stores retail brands are Peter Storm and Eurohike.  Other
brands sold include Berghaus, North Face, Merrell, Coleman,
Karrimor, Hi-Tec, Columbia and Craghoppers.  The Company's
subsidiaries include Blacks Outdoor Division Ltd, The Outdoor
Group Ltd and Sandcity Ltd.


BRITISH AIRWAYS: Appoints Reynolds to Find Buyer for OpenSkies
--------------------------------------------------------------
Alistair Osborne at Telegraph.co.uk reports that British Airways
plc appointed investment banking advisers Reynolds Partners to
find a new buyer for its OpenSkies carrier flying from Paris and
Amsterdam to New York.

The report relates Reynolds was asked to assess all strategic
options for the loss-making upmarket airline that was launched in
June last year.  Mr. Reynolds, the report says, is thought to have
already informally sounded out potential investors, thought to be
largely financial rather than industry players.

According to the report, it is thought that BA's current preferred
option is the sale of a majority stake in OpenSkies to a third-
party investor -- though the UK flag-carrier has not ruled out an
outright sale.

The report discloses estimates of the OpenSkies carrier's value
range from GBP30 million to GBP70 million.

                       About British Airways

Headquartered in Harmondsworth, England, British Airways Plc
(LON:BAY) -- http://www.ba.com/-- is engaged in the operation of
international and domestic scheduled air services for the carriage
of passengers, freight and mail, and the provision of ancillary
services.  The Company's principal place of business is Heathrow.
The Company also operates a worldwide air cargo business with its
scheduled passenger services.  The Company operates international
scheduled airline route networks, comprising some 300 destinations
at March 31, 2008.  During the fiscal year ended March 31, 2008
(fiscal 2008), British Airways carried more than 33 million
passengers.  It carried 805,000 tons of cargo to destinations in
Europe, the Americas and worldwide.  At March 31, 2008, it had 245
aircraft in service.  In July 2008, British Airways plc completed
the purchase of French airline L'Avion.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on July 13,
2009, Moody's lowered the Corporate Family and Probability of
Default Ratings of British Airways plc to Ba3; the senior
unsecured and subordinate ratings have been lowered to B1 and B2,
respectively.  Moody's said the outlook is stable.


CABLE & WIRELESS: 21.3% of Shareholders Reject Pay Policy
---------------------------------------------------------
Andrew Parker at The Financial Times reports that some 21.3% of
Cable & Wireless plc's shareholders voted against the company's
pay policy at an annual meeting Friday last week.

According to the FT, 16.2 per cent of votes on the C&W
remuneration report abstained.

As reported in the Troubled Company Reporter-Europe on July 17,
2009, the FT said C&W wanted to extend the pay-out period for the
company's long-term incentive plan in a move that could increase
the cash going to its managers, led by John Pluthero, head of the
company’s UK business.  The FT disclosed the Association of
British Insurers, whose members account for almost 20 per cent of
investments in the UK stock market, objected to the proposed
extension of the long-term incentive plan to 2011.  The ABI, which
issued a "red top warning", objected to the fact that the share
awards have not been based on actual salaries this year, the FT
said.

The FT notes the long-term incentive scheme was due to pay out in
full next year, but following Friday's vote will be extended to
2011.  The company, the FT says, wanted to extend the scheme due
to capital market turmoil, which forced it to delay a demerger of
its UK and international operations.

Headquartered in London, Cable & Wireless plc --
http://www.cw.com/-- is an international telecommunications
company.  The Company offers mobile, broadband and domestic and
international fixed line services to homes, small and medium-sized
enterprises, corporate customers and governments.  It operates in
39 countries through four major operations in the Caribbean,
Panama, Macau and Monaco & Islands. It operates through two
businesses: International and Europe, Asia & US.  Its
International business operates full service telecommunications
companies through four major operations in the Caribbean, Panama,
Macau and Monaco and Islands.  Its Europe, Asia & US provides
enterprise and carrier solutions to the largest users of telecom
services across the United Kingdom, continental Europe, Asia and
the United States.  Its subsidiaries include Cable & Wireless UK,
Cable & Wireless Jamaica Ltd, Cable & Wireless Panama, SA, Cable &
Wireless (Barbados) Ltd and Monaco Telecom SAM.

                          *     *     *

Cable & Wireless plc continues to carry a 'Ba3' long-term
corporate family rating from Moody's Investors Service with stable
outlook.


CAPITOL INSURANCE: Creditors Must File Proofs of Claim by Oct. 15
-----------------------------------------------------------------
Creditors of Capitol Insurance Limited (in compulsory liquidation)
(formerly Providence Capitol Insurance (Channel
Islands) Limited) have until October 15, 2009 to submit proofs of
debt to:

         Robert Hutchinson
         Liquidator
         KPMG Channel Islands Limited
         PO Box 20
         St. Peter Port
         Guernsey GBY1 4AN

Mr. Hutchinson intends to make an application to the Royal Court
of Guernsey for the appointment of a Commissioner of the Court to
examine the accounts for the liquidation of the company and to
distribute the funds derived from the company's assets to the
creditors of the company four weeks after the last date for the
submission of proofs of debt.


CEVA LTD: S&P Raises Long-Term Corporate Credit Rating to 'CCC+'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had raised its
long-term corporate credit rating on CEVA, the holding company for
Netherlands-based contract logistics group CEVA Ltd., to 'CCC+'
from 'SD' (selective default).  The outlook is stable.

At the same time, the issue ratings on CEVA's senior unsecured
EUR505 million notes due 2014 and subordinated EUR225 million
notes due 2016 (the 2014 Notes and the 2016 Notes are collectively
termed the Notes) were raised to 'CCC' from 'D' and to 'CCC-' from
'D', respectively.  The recovery ratings on these notes are
unchanged at '5' and 6', respectively, indicating S&P's
expectations of modest (10%-30%) recovery at level '5', and
negligible (0%-10%) recovery at level '6'.

Furthermore S&P assigned a 'CCC' rating to CEVA's new second-
priority EUR210 million notes due 2014.  S&P assigned a recovery
rating to these notes of '5' indicating S&P's expectations of
modest (10%-30%) recovery in an event of payment default.

At the same time, S&P affirmed the 'B-' senior secured debt
ratings on CEVA's US$1.5 billion-equivalent bank facilities (Bank
Facilities) and the 'CCC' ratings on its US$400 million second-
priority senior secured notes (Second Priority Notes).  The
recovery ratings on the Bank Facilities and Second Priority Notes
are unchanged at '2' and '5', indicating S&P's expectation of
substantial (70%-90%) recovery at level '2', and modest (10%-30%)
recovery at level '5', in an event of payment default.

"The ratings primarily reflect S&P's assessment of CEVA's capital
structure and financial risk profile as highly leveraged following
recently completed private exchange offers for the notes," said
Standard & Poor's credit analyst Eve Greb.

As at March 31, 2009, CEVA reported consolidated gross debt of
EUR2.7 billion.

According to CEVA, the exchange offers will reduce CEVA's debt by
approximately EUR140 million, resulting in a cut in annual
interest charges equivalent to approximately EUR7 million.
Although the exchange offers will moderately improve CEVA's debt
leverage ratio, S&P continues to assess its financial risk profile
as highly leveraged due to CEVA Ltd.'s weak operating performance
and high leverage.

The stable outlook reflects S&P's view that CEVA's liquidity
buffer provides some scope for CEVA's leveraged financial profile
to withstand the weak trading environment.  However, S&P believes
that a prolonged market downturn could threaten CEVA's liquidity
position in 2010.  CEVA's credit measures are extremely weak and,
in S&P's view, unlikely to improve over the next 12 months.


EPIC PLC: Recent Transaction Won't Affect Fitch's Low-B Ratings
---------------------------------------------------------------
Fitch Ratings notes that while sales prices achieved at the recent
auction of 31 assets in the Epic (Industrious) plc portfolio were
in excess of the guide prices, they are lower than the allocated
loan amounts -- which represent the proportion of the overall loan
secured by each asset -- and will therefore result in an increase
in the leverage of the loan.  However, there is no impact on the
transaction's ratings in the immediate term, as the rating action
taken on July 9, 2009 reflected Fitch's expectation of such an
auction outcome.

The loan securitized in the single-borrower transaction has been
in default since September 2008, when it breached its loan-to-
value covenant.  At the same time, the borrower was placed into
administrative receivership at the request of its Directors.  The
loan is secured by 121 industrial properties located across the
UK.

Thirty-one properties (representing 14% of the total portfolio
market value according to the last publicly available valuation in
June 2008) were sold at auction on  July 16, 2009 by King Sturge,
at the request of Ernst and Young in its role as administrative
receiver.  The assets were sold for a total value GBP43.3 million,
which implies a weighted average yield of 12%.  While the total
sales price is 14% higher than the guide prices set prior to the
auction process, it is approximately 40% lower than the reported
MVs and approximately one third lower than the ALAs.  Assuming
that all the proceeds will be applied to repay the notes, the sale
of the properties below the ALAs will result in an increase in the
LTV to 96% from 91%.  As the proceeds are likely to first be
applied to repay capitalized interest, swap breakage costs and
other senior expenses, on which there is little clarity at the
moment, the effective LTV after the sales proceeds have been
applied will be even higher.

Assuming a comparable discount to the June 2008 valuation on the
remaining portfolio suggests a total recovery value of
GBP315 million.  Although this figure is in excess of the class A
balance of GBP300 million and therefore does not imply a loss, it
does not reflect any deductions for senior expenses, which could
be substantial.  In addition, a number of the remaining assets are
significantly larger than any of those sold at auction and may
well see steeper discounts.

The outcome of the auction reinforces Fitch's view of the
deteriorating creditworthiness of the transaction and, in
particular, of the class A and B notes, which were downgraded to
'BB' and 'B', respectively (from 'AA' and 'A') on July 9, 2009.
The Rating Watch Negative assigned to these note classes reflects
the continued uncertainty with respect to potential asset sale
proceeds and also the consequent size of eventual note repayments
extracted from these sales.

The value of the remainder of the portfolio will vary depending on
the strategy of the administrative receiver and the timing and
manner of any future asset sales, which at this point is unclear.
Although the sales prices achieved provide some information on
potential recoveries on the entire portfolio in the event of
wholesale liquidation, this remains difficult to estimate.


NETHERMOOR HOUSE: In Administration; Vantis Appointed
-----------------------------------------------------
Two nursing homes entered into administration on July 6, 2009,
namely Nethermoor House Care Limited and Silverdale Care Home
Limited.  Chris Stevens and Ian Vickers, Client Partners of Vantis
Business Recovery Services (BRS), a division of Vantis, the UK
accounting, tax and business advisory group, were appointed Joint
Administrators to both.

Care for residents continues at the highest level.  No staff
redundancies are planned at either Nethermoor House Care Limited
in Rugeley (with 17 residents) or Silverdale Care Home Limited, in
Birkenhead (with 16 residents).

With extensive residential care home advisory experience, Chris
Stevens said: "It is life as usual at both homes and we are
working closely with a care agency to continue trading both
businesses while seeking a purchaser as a going concern."


SILVERDALE CARE: In Administration; Vantis Appointed
----------------------------------------------------
Two nursing homes entered into administration on July 6, 2009,
namely Nethermoor House Care Limited and Silverdale Care Home
Limited.  Chris Stevens and Ian Vickers, Client Partners of Vantis
Business Recovery Services (BRS), a division of Vantis, the UK
accounting, tax and business advisory group, were appointed Joint
Administrators to both.

Care for residents continues at the highest level.  No staff
redundancies are planned at either Nethermoor House Care Limited
in Rugeley (with 17 residents) or Silverdale Care Home Limited, in
Birkenhead (with 16 residents).

With extensive residential care home advisory experience, Chris
Stevens said: "It is life as usual at both homes and we are
working closely with a care agency to continue trading both
businesses while seeking a purchaser as a going concern."

PwC appointed receivers to 5-star hotel and luxury apartments
being built on The Strand, London


TITAN EUROPE: S&P Cuts Ratings on Two Classes of Notes to Low-B
---------------------------------------------------------------
Standard & Poor's Rating Services lowered and removed from
CreditWatch negative its credit ratings on all classes of notes
issued by Titan Europe 2007-1 (NHP) Ltd.

S&P initially placed the class E notes on CreditWatch negative on
December 3, 2008, following S&P's assessment of the increased
uncertainty about the borrower's ability to repay the loan.  S&P
placed all the other notes on CreditWatch negative on May 29,
2009, as part of S&P's ongoing review of all European CMBS
transactions.

The collateral for this transaction is a loan secured by 294
health care and nursing homes and three residential properties
across the U.K., with an outstanding whole-loan balance of
GBP1,172.0 million.  The securitized loan portion, with a reported
balance of GBP638.0 million, is senior to the other portions of
the whole loan.  Intercreditor agreements govern the relationships
between the various lenders.

The rating actions are a result of the significant deterioration
of the loan-to-value ratio metrics in this transaction. This is
due to S&P's assessment of material market value declines for the
assets in the portfolio.  While S&P believes that a principal loss
for the rated notes based on property value declines alone is
unlikely, this factor indicates that the risk for the notes has
materially increased in S&P's opinion.  However, a principal loss
may arise in S&P's view if the assets are sold quickly, as such
sales and subsequent loan repayments would trigger swap breakage
costs of approximately GBP106.8 million, as stated in the investor
report dated May 14.

As part of S&P's analysis, S&P considered the valuation of the
portfolio as of October and December 2008, which show an open
market value of GBP929.776 million and GBP863.304 million
respectively, compared with GBP1,333 million at closing in 2007.
This significant value decline results in a whole LTV ratio (based
on the December 2008 valuation) of 135.76%% and an LTV ratio for
the securitized loan of 73.90% (up from 47.80% at closing).  The
interest coverage ratio, on the other hand, remains healthy in
S&P's opinion, at 1.44x for the securitized loan.

Given that the current rental income should be sufficient to pay
interest on the securitized loan portion, the servicer may, in
S&P's opinion, consider a hold strategy as preferable to a sale
strategy.  In S&P's view, if the servicer were to defer asset
sales, the transaction would benefit from additional amortization
(loan proceeds in excess of senior loan interest and other costs
are to be used according to the transaction documents to
sequentially amortize the outstanding debt).

In addition, and more significantly, a hold strategy would likely
avoid the material swap breakage fees that the transaction would
bear upon early asset sales and a swap termination before 2017.

S&P understands that the interest shortfall for the class E notes
that occurred in error at the January 2009 interest payment date
(IPD) has been rectified by the servicer and cash manager at the
July 2009 IPD.

                           Ratings List

                  Titan Europe 2007-1 (NHP) Ltd.
       GBP638.1 Million Commercial Mortgage-Backed Variable-
                     And Floating-Rate Notes

      Ratings Lowered And Removed From CreditWatch Negative

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


URVASCO LIMITED: BBVA Appoints Receivers to Foster & Partners
-------------------------------------------------------------
Three partners from PricewaterhouseCoopers LLP, Russell Downs,
Barry Gilbertson and Mark Shires, have been appointed by Banco
Bilbao Vizcaya Argentaria, S.A. as joint fixed charge receivers
over the Foster & Partners designed 336-337 Strand, London WC2R
1HB.

The buildings, which were the site of the former Marconi Building
and later Citibank House, are owned by Urvasco Limited (the
company), a subsidiary of the Spanish company Grupo Hotelero
Urvasco, S.A.

Mark Shires, joint fixed charge receiver and partner at
PricewaterhouseCoopers LLP, said: "Urvasco Limited was formed to
progress the development of a 5-star hotel and 79 luxury
apartments on the site of a listed building.  The Hotel was
intended to be managed by the company under the Silken hotel
brand, and the apartments were being developed for sale."

PricewaterhouseCoopers' specialist real estate and construction
partner, Barry Gilbertson outlined the receivers' strategy:

"As work on the construction of the site stopped in late 2008, our
first task is to take stock of the part-built construction, to
understand the quality and condition of the structure, which may
have deteriorated after being exposed to the weather through last
winter.  Following this, we will carry out significant due
diligence to put together a detailed information memorandum for
sale.  It was incorrectly rumored earlier this year, that the
developers had gone into administration, and we were inundated
with enquiries from potential purchasers.

"If the green shoots of recovery really are pushing up through the
streets of tourist London, then we expect that there will be very
strong demand to take over this development to build out the
hotel, with its stunning marble pyramidal atrium, and the
apartments which are in a fantastic location right in the heart of
London's theatreland midway between the West End and the City."

Interested parties should contact Sam Kempe by email at
samantha.kempe@uk.pwc.com


* UK: Banks Mull Transfer of Commercial Property Loans Into REITs
-----------------------------------------------------------------
Chris Bourke at Bloomberg News reports that UK banks are
considering transferring commercial property loans into real
estate investment trusts to purge their balance sheets of debt and
avoid future writedowns.

Bloomberg relates options being considered include the creation of
new REITs that both the bank and borrower could agree to sell
properties to.  David Ryland, a partner at law firm SJ Berwin LLP
who helped develop the U.K. REIT legislation that took effect in
2007, as cited by Bloomberg, said banks could waive some of their
debt in return for a share of any gains a borrower makes through a
listed company.  Bloomberg says another possibility is the
transfer of loan books into mortgage REITs, which the U.K. doesn’t
yet allow.

Citing a research by De Montfort University in Leicester, England,
Bloomberg discloses banks are saddled with GBP227 billion (US$371
billion) of loans against U.K. shops, offices and warehouses after
funding the real estate boom that ended in 2007.  Bloomberg notes
according BNP Paribas, about GBP100 billion of the loans expire in
the next three years.


* UK: Fees Paid by Gov't to Investment Banks Up 62% Over Bailout
----------------------------------------------------------------
Andrew MacAskill at Bloomberg News reports that the U.K.
government paid GBP11.5 million (US$19 million) of fees to
investment bankers so far this year, 62 percent more than all of
2008.

Bloomberg relates the Treasury said Credit Suisse Group AG
received GBP9.6 million and Citigroup Inc. got GBP1.9 million in
the first half of 2009.  The Treasury, as cited by Bloomberg, said
it paid for advice on valuing assets held by Royal Bank of
Scotland Group Plc and Lloyds Banking Group Plc's that would be
covered by the government's GBP585-billion asset protection plan.

According to Bloomberg, in all, the U.K. has committed as much as
GBP1.4 trillion to aid the nation's banking system through the
plan, direct investments and loan underwriting.


* UK Business Failures Up 2.2% in 2nd Qtr. 2009, Equifax Says
-------------------------------------------------------------
Leading business information provider, Equifax, has released its
Business Failures Report for the second quarter of 2009.  As was
the case with Quarter One, the year on year comparison is stark,
with an overall increase in businesses going bust hitting nearly
40%.  But Neil Munroe, External Affairs Director, Equifax,
believes this does not tell the more relevant picture of how UK
businesses may be starting to recover from the sharp downturn
which kicked in from mid last year.

"While the year on year figures are pretty stark this is not
surprising in Quarter Two last year the downturn had only just
started to hit companies.  But I believe it is actually more
relevant to look at how businesses are faring quarter by quarter
this year.  Our figures show that overall there was only a 2.2%
increase in businesses going under in Quarter 2 compared to
Quarter 1 and a number of sectors and regions actually showed a
drop in failures for the period.

"Undoubtedly the recession is still having an enormous impact on
business fortunes with many organizations simply unable to survive
against the onslaught of falling sales and restricted access to
funding to cover the cash flow gaps.  But our figures seem to
suggest that we could have hit the bottom by the time we reached
the end of the second quarter and in some areas there is an
improvement, albeit small.

"Of course the next question has to be whether we are going to see
the sustained upturn of a V shaped recession or whether this is
just a small pre-summer blip and failures increase again, more
typical of W shaped recession."

Equifaxs latest Business Failures Report follows other signs that
the impact of the recession may be starting to lessen, with the
British Chambers of Commerce releasing a survey at the beginning
of the week that suggested an upturn in confidence amongst British
businesses.

                       The Regional Picture

The overall picture for Business Failures for Quarter 2 compared
to Quarter 1 suggests that while some regions are struggling,
overall the pace of failures has slowed considerably.  Indeed,
while although all regions apart from Scotland showed a year on
year increase in failures, when comparing the performance of
Quarter 2 to Quarter 1, 4 regions actually showed a decreases in
companies going under.  And no regions showed increases in numbers
of more than 10%.

In particular, the North East and Wales showed positive signs of
recovery with 14.4% and 10.3% drops in the number of failures for
Quarter 2 compared to Quarter 1, although these figures must be
put in the context that there were a relatively small number of
failing businesses in each region overall.  Yorkshire & Humberside
and the North West also saw drops in failures from Quarter to
Quarter of 5.3% and 3.5% respectively.

However, even in the regions where there were increases these were
considerably lower than in Quarter 1 compared to the end of 2008.
Both London and the West Midlands saw increases Quarter on Quarter
of 9.4%; failures in the South West rose by only 1.9% and in the
South East by 1.8%.

                Retail Sector Shows Positive Signs

The sectors that were hit the earliest and hardest in the
recession appear to be starting to turn the corner now, according
to Quarter on Quarter comparisons from the Equifax Business
Failures Report.

The Retail sector has shown the greatest improvement with an 11.8%
Quarter on Quarter drop in failures.  The Wholesale sector has
also improved Quarter on Quarter with a 5.1% drop in businesses
going under and a 4.1% drop in failures seems to suggest the
Construction sector is also starting to recover.  Transport &
Communications saw a 4% drop in failures Quarter on Quarter.

The only sectors which still seem to be struggling are Services
with a 10.9% increase in failures Quarter on Quarter and
Manufacturing at 2.9%.

It would be immensely dangerous to get carried away from one
quarters figures confirmed Mr. Munroe.  "But we firmly believe the
Equifax Business Failures Report continues to provide a useful
benchmark to watch in the coming months."

"It is also crucial that those businesses that are holding their
own take the right precautions to protect themselves from some of
the risks of these exceptionally tough trading conditions.  They
need to continue to use rigorous credit checks, alongside ongoing
monitoring of the financial status of their customers and
suppliers.  By operating best practice and harnessing the power of
the latest risk management solutions, firms can minimize the
threat of bad debt and secure the future of their business," Mr.
Munroe said.


* UK: Tenon Says About 3,000 Companies Will Fail in October
-----------------------------------------------------------
An estimated 3000 businesses will fail in October following the
post-holiday period, according to Tenon Recovery, showing an
increase of 43% on the same time last year.

The turnaround, restructuring and insolvency specialists have
identified entrepreneurs allowing problems to escalate over the
holiday period as the main reason for this post-summer surge in
insolvencies.

Sectors most at risk are property development, retail, leisure,
printing and manufacturing.

Carl Jackson, National Head of Tenon Recovery, said: "Owners
neglecting key issues combined with the difficult economic climate
could send the number of business failures spiralling to
unprecedented levels this autumn.

"Entrepreneurs who fail to deal with crucial business issues
before they go on holiday could return to a nasty surprise.
Ignored, these issues can escalate posing a serious threat to the
viability of that business.

                    SMEs Factor Eight Checklist

   1. Forecasting is vital

      Confirm that there will be no unexpected cashflow peaks that
      will not be covered by bank or ABL facilities during the
      holiday period.  Ensure that there is sufficient contingency
      headroom to avoid any significant problems.

   2. Authorize key payments in advance

      Ensure that any key payments that will need to be made
      during the holiday period are authorized prior to departure
      to retain the goodwill of creditors.

   3. Liaise with debtors to improve cashflow

      Improve cashflow by informing any large or key customers of
      planned holidays and negotiate early settlement of large
      invoices.

   4. Speak to key stakeholders

      Make key stakeholders creditors, bank managers, advisors
      aware of any absence so that negotiations and decisions can
      be postponed.


   5. Review continuity planning

      Ensure that appropriate staffing levels are in place and
      those in charge are empowered to run the business
      effectively for a protracted period in the event of
      unforeseen circumstances.

   6. Consider recent events

      Review recent performance and business actions to assess
      whether a holiday (a) is realistic at the present time and
      will not have a negative impact on the business; (b) will
      not be considered inappropriate by employees, customers and
      suppliers in light of poor business performance

   7. Check all contact details

      Provide emergency contact details to key staff; agree best
      times and means of communicating to keep in touch with any
      important issues that may need to be addressed.

   8. Clear the diary

      Clear time before and after a holiday in order to address
      any potential problems and catch-up on business performance.

"Tenons factor eight checklist addresses key issues that
entrepreneurs are likely to face during the summer months and
highlights actions that could be taken to minimize any threats to
the business."

Mr. Jackson added: "The next few months may well define how long
the downturn will last.  There are some 4.5 million SMEs in the
UK, making up a significant proportion of the UK economy a
considerable increase in the number of small business insolvencies
would be hugely detrimental and could prolong what has already
been a very painful recession.

"By developing a pre-holiday checklist, we hope to impress on
entrepreneurs the need to plan a proactive approach is vital in
this climate.  It could be the difference between survival and
collapse."


* PwC Research Shows Scottish Corporate Insolvencies Up 32%
-----------------------------------------------------------
The number of corporate insolvencies in Scotland has risen by 32%
year on year according to analysis by PricewaterhouseCoopers LLP.
A total of 1248 businesses in Scotland entered into corporate
insolvency between July 2008 and June 2009 compared to 944 the
previous year (July 2007 June 2008).

Current data may indicate that the UK recession may have bottomed
out in March 2009 with some signs of positive growth recorded in
April and May and there is some suggestion that the insolvency
numbers have also reached a plateau.  Only 318 corporate
insolvencies were registered between April to June 2009 compared
to the 342 during the previous quarter a decrease of 7%.  This
follows a 1.5% drop from the last three months of 2008 to the
first quarter of 2009.  However, PwC said there is normally a time
lag between actual corporate failures and the barometer of
economic indicators.

The industries hardest hit over the last six months have been
research and development, automotive and computing.  Meanwhile,
sectors such as hotel and leisure, transport, construction and the
rental market have recorded a drop in the number of corporate
insolvencies.  This backs industry reports that these sectors are
beginning to see a pick up in activity in the marketplace.

Bruce Cartwright, head of Business Recovery Services at
PricewaterhouseCoopers in Scotland, said: "It is important to
rebuild confidence and focus on growing those businesses that have
a clear agenda and direction and who have the ability to come out
of this recession in a stronger place.  However, it is simply too
early to say that we are out of the woods, as our long-term
recovery is more likely to be slower than the UK.

"With corporate revenues continuing to fall and the cash flow
impact increasing due to issues such as reducing levels of credit
insurance in the market, restructuring requires very radical
action on costs and cash to re-base businesses to the levels of
revenue achievable in current market conditions.  It is important
to note, however, that we are seeing some positive signs,
particularly in the ability of businesses to access credit. For
some businesses this has meant entering new terrain, with funding
arrangements often involving several individual lenders rather
than one main bank."

"Real estate development and construction, where revenues have
been particularly hard hit has unsurprisingly been a focus of
formal appointments, however, there are cautiously optimistic
signs that this is beginning to stablilize.  Over recent weeks we
have seen a number of major housebuilders such as Barrett and
Persimmon confirm stronger sales and price levels over the last
six months. We are, however, seeing an increasing number of
residential and commercial investment property casualties.

"The impact of inflexible high rents and the fall in consumer
spending on retail is reflected in the continuing high number of
casualties in this sector.  A new approach is clearly required to
keep the high street breathing and often the insolvency strategy
enables retailers to focus on reducing the size of the retail
estate back to a core of profitable outlets."

"Service sector businesses are particularly badly hit by
insolvency and find it difficult to survive independently after an
appointment. Once real revenues fall for a sustained period,
seeking early advice about restructuring both your balance sheet
and your cost base is critical in the current environment. Often
the only viable route to survival will be to find a trade buyer or
equity investor, both of whom will want to know how the business
either can or has right sized its cost base.

"The Scottish figures reflect a similar year-on-year position to
other UK regions such as Yorkshire & Lincolnshire (63.4%), London
(55.1%) and the South of England (54.8%). With the trend in
Scotland apparently easing from quarter one to quarter two, other
areas are also reporting a slow down in the number of corporate
insolvencies recorded including the West region (-0,6%), the West
Midlands (-5.5%) and the East Midlands (-14.6%).  The greatest
deceleration from the previous quarter appears to have taken place
in Wales (-25.8%) and South West England (- 20.3%)."

Mr. Cartwright continued: "Despite grabbing the headlines on an
almost daily basis over the last quarter, insolvency is not
necessarily viewed as the end of a business and businesses are
seeing that insolvency techniques can be used as a constructive
mechanism to salvage and revitalize ailing operations.  Used in
the right circumstances and with transparency, insolvency
procedures including pre-packaged administrations can help to
rescue a company, saving jobs, and preserving value for the
company and continuity for suppliers.

"Where rescue capital is a scarce commodity, it is obvious that
the sooner problems are recognized, a solution, inside or outside
an insolvency process, is more likely to be achievable."

                 About PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP -- http://www.pwc.co.uk/-- provides
industry-focused assurance, tax and advisory services.  It has
more than 16,000 partners and staff in offices around the UK.


* Roland Berger Research Says 22% of UK Firms Face Cash Crisis
--------------------------------------------------------------
Battle-damaged by a year of recession and plagued by poor
liquidity, the UKs largest firms will be unable to respond to the
economic upturn when it emerges, new research by Roland Berger
Strategy Consultants reveals.

Companies do not anticipate recovery until next year, but hit by
poor turnover, an ongoing credit shortage, late-paying customers
and pressure on interest cover, they will be unable to respond to
the upturn for a further 6 1/2 months after it commences.

A study among board-level managers and financial controllers at
major UK corporations, Roland Bergers Restructuring Survey 2009
also reveals that firms are failing to control costs effectively
in the face of these financial woes, and are dragging their feet
over urgently needed restructuring.

                         Weak Balance Sheets

UK senior managers predict that their current lack of liquidity
will put back their firms response to upturn by 6 1/2 months on
average.  Approaching half (43%) fear that it will seriously
damage their capability to capitalize on the recovery.

Nearly all (96%) firms involved in the study expect static or
falling turnover in 2009 year on year, while alarmingly, over a
fifth (22%) say they are on course for a cash crisis this year,
with 17% at risk of insolvency.

Nearly three quarters (71%) of leaders report pressure on their
firms interest cover ratios.  A minority (8%) of extreme cases
have experienced or expect a covenant breach this year.

However, UK firms are finding it difficult to improve their
situation, as approaching half (43%) complain that poor liquidity
is causing them to lose important business opportunities.

Klaus Kremers, Restructuring Partner at Roland Berger Strategy
Consultants commented: "Our study clearly demonstrates the extent
to which UK companies have been deeply scarred by a year of
recession.

Firms are still finding it very hard to ease liquidity issues
through refinancing or the deferral of interest payments with
covenant resetting the most likely available lever.

                Upturn Not Expected Until Mid 2010

The pain is set to continue, according to UK business leaders.
Despite the reported emergence of green shoots, the vast majority
(85%) do not expect recovery this year.

Over half of firms (57%) are not anticipating full upturn for at
least another year from now, while the largest proportion --
around a quarter (23%) -- foresee recovery in Q3 of 2010.

                  Cash Supplies Running dry

Liquidity issues are being exacerbated by late paying customers
and the ongoing difficult credit conditions.

Nearly all companies (94%) report a rise in late payment, and a
similar proportion (95%) expect customer payment behaviour to
worsen further in coming months.

Additionally, a third (33%) of firms have suffered a reduction of
credit lines to date, and a similar level (31%) are still
experiencing difficulty in obtaining new loans.  These latest
findings indicate the situation has barely improved since January
of this year, when a previous Roland Berger study revealed that
banks had withdrawn unused credit lines from 34% of firms.

              Wrong Priorities and a Lack of Urgency

Despite complaining of poor finances, and not expecting recovery
for some time, firms are still reluctant to place cost cutting at
the very top of their agenda, and are dragging their feet when it
comes to crucial restructuring initiatives.

Alarmingly, only 12% of firms are placing top priority on
improving liquidity management moving forward.

Only 45% of companies have implemented significant cost reduction
programs to date, and only 28% are planning to implement such
initiatives in the future, despite forecasting a prolonged
recession.

In terms of personnel overheads, for instance, UK firms are
planning a reduction of barely 6.7% in staff costs on average over
the next 5 quarters.

Additionally, the average restructuring response time -- the
period between identifying the need and commencing implementation
-- is a worrying 6 months, demonstrating a startling lack of
urgency among the UKs largest companies.

Bill Upton, Restructuring Partner at Roland Berger Strategy
Consultants commented: "With UK firms slow to implement
restructuring plans and still only planning modest cost
reductions, it is clear that the overcapacities in many markets
will remain unchecked.  Overcapacity is not a symptom of the
financial crisis but is clearly brought to light in this difficult
climate."

Management lacking experience of urgent restructuring situations
may not wish to be associated with cutting jobs.  But the longer
companies wait, the less room for manoeuvre there will be.

Restructuring must remain high on managements agenda as the
current situation is not going to get any better soon.

The International Picture

The UK Restructuring Survey 2009 is part of an annual
international study by Roland Berger, comparative highlights of
which include:

Turnover: 89% of US firms and 88% of Western European firms expect
static or falling turnover in 2009 year on year.  Asian firms are
significantly more positive at only 72%.

Credit: The level of reduced credit lines and difficulty in
obtaining new loans appears less prevalent in the UK than other
regions: 78% of US participants have suffered credit line
reductions, and 56% are experiencing difficulty in obtaining new
loans.

Recovery: The expected recovery of mid-2010 for UK companies is in
line with Western Europes expectations but about six months behind
expectations at more optimistic US and Asian firms.

Response: US firms have shown a far more rapid and serious
response to recession, with 100% having already implemented cost
reduction programs and 63% still planning future reductions.
Similarly, Western European firms are ahead of the curve compared
to the UK, with 78% having implemented and 72% planning further
significant cost cuts.


                         About the Study

The UK Restructuring Survey 2009 is based on interviews with a mix
of board level decision makers (CxO level) and Financial
Controllers at 100 of the UKs largest firms (turnover in excess of
250 million).  This research forms part of an annual international
study by Roland Berger Strategy Consultants the International
Restructuring Survey 2009.

                       About Roland Berger

Roland Berger Strategy Consultants, founded in 1967, is one of the
world's leading strategy consultancies.  With 36 offices in 25
countries, the company has successful operations in all major
international markets.  In 2008, it generated more than EUR 670
million in revenues with 2,100 employees.  The strategy
consultancy is an independent partnership exclusively owned by
more than 180 Partners.


* Insolvency-Related AIM Delistings Up 183%, Research Says
----------------------------------------------------------
The number of AIM listed companies that have delisted because of
financial stress or insolvency have jumped by 183% to 34 in the
last quarter (to end of June 2009) up from 12 in the preceding
quarter, a research from Trowers & Hamlins LLP, the City law firm,
and UHY Hacker Young, the leading accountancy group, revealed.

However, the research also suggested that the overall number of
AIM delistings may now be gradually subsiding from its high water
mark with the total number of AIM delistings falling in the last
quarter by 6% to 72 companies from 77 companies in the first
quarter of 2009.

AIM delistings hit a peak of 81 in the fourth quarter of 2008.
There were 71 delistings in the third quarter of 2008.

Charles Wilson, Partner, of City law firm Trowers & Hamlins,
commented: "You can't ignore the jump in AIM delistings created by
financial stress and insolvency but there are other positive signs
as well.  Companies are still delisting because they have to, but
less are delisting principally on account of wanting or needing to
cut costs or because they no longer have a nominated adviser
(nomad)."

Mr. Wilson pointed out that the number of companies that have said
they are delisting because of the costs and expenses of
maintaining an AIM listing halved in the last quarter from 20 in
Q1 2009 to just 10 in Q2 2009.  Also the number of companies that
said they are delisting because they do not have a nomad fell from
27 in Q1 2009 to 5 in Q2 2009.

Mr. Wilson explained: "Since the beginning of 2009 the AIM index
has risen by 29% and that may have dissuaded some companies that
were suffering from a very low market capitalization from
delisting."

Laurence Sacker, Partner of UHY Hacker Young, commented: "It is
far too early to break out the bunting but the credit crunch's
chokehold on the AIM market might be relaxing a little."

"Just as in the rest of the economy we shouldn't be too shocked to
see AIM continue to suffer from insolvencies.  However, commodity
prices have recovered from their lows and investor's willingness
to subscribe to secondary fundraisings on AIM has recovered. This
does suggest that AIM companies have a better chance of raising
further funding than they did just a couple of months ago."

399m was raised in secondary fundraisings on AIM in June which is
the highest level of secondary fundraisings since June 2008.

However, Mr. Sacker pointed out that five companies in Q2
specifically blamed their delisting on their inability to raise
new funds versus just two in the previous quarter.

Mr. Sacker added: "We would like to see tax breaks reintroduced
for investing in AIM and other smaller companies. Unfortunately
calls to allow VCTs more leeway to invest in AIM companies seem to
have been ignored by the Chancellor."

Trading in AIM shares have recovered strongly with an average
daily value of shares traded on AIM at 154m in June which is more
than twice the average daily value of shares traded in December
2008.

Delistings due to M&A activity also recovered in Q2 2009 with 16
companies delisting because of M&A activity versus just 9 in Q1.

Mr. Sacker said: "Last year's AIM bear market savaged the market
capitalization of even the most robust of AIM listed companies
sooner or later that is going to attract some opportunistic
takeover bids."

Mr. Wilson added: "We can expect to see more takeover activity as
there are still plenty of companies on AIM where their market
capitalization is significantly lower than the value of their
assets."


* UK: Lovetts Says Action on Foreign Debt Up 19% in 1st Qtr. 2009
-----------------------------------------------------------------
Legal action to secure payment from foreign debtors is on the rise
according to Lovetts, one of the UKs leading debt recovery law
firms.  The number of Letters Before Action (LBAs) being issued on
behalf of UK businesses to foreign debtors has increased 19% Q1
2009 vs Q1 2008.

Furthermore, there has been a 39% increase in LBAs being issued to
foreign companies on behalf of businesses in Eire during the same
period.  LBAs are used to secure payment, or to obtain a response
from a customer before the commencement of a legal claim.


* UK: FPB Says Banks Deny Credit to Pubs on Fears Over Viability
----------------------------------------------------------------
The Forum of Private Business urged banks not to deny credit to
its members simply because they run pubs or restaurants.

The small business support and lobby group believes some banks may
be automatically refusing loans to firms in the industry due to
misplaced fears over their viability.

The issue was given heightened exposure on July 16 when Business
Minister Ian Lucas admitted that he was well aware of the problem.
Mr Lucas made his remarks in response to Lib Dem MP Greg
Mulholland during oral questions in the Commons.  Mr. Mulholland
said pubs were not receiving credit from banks and asked Mr. Lucas
to look into it.

The FPB is concerned that the entire sector may have been classed
as high risk by certain lenders.  As a result, it is thought they
have effectively imposed a blanket policy of not providing pubs
and restaurants with loans, rather than looking into the viability
of each business on a case-by-case basis.

Several FPB members operating licensed premises have recently been
denied overdrafts and loans by their banks and believe the
decision was made purely because of the type of businesses they
operate.

FPB National Chairman Noel Guilford said he believed several major
banks had effectively imposed a blanket ban on lending to new
customers operating in the pub and restaurant sector.  He also
believes they are trying to reduce their exposure to existing
customers.

Business consultant Mr. Guilford warned that pubs and restaurants
provided many essential jobs which could be put at risk if banks
continued to deny the sector credit.

He said: "The banks' attitude to small businesses in the
hospitality sector is disgraceful.

"Most of these restaurant and pub businesses are viable and will
survive but need help over the next few months. We have evidence
that banks are taking a negative blanket approach to this sector
which is directly against what the Government is saying they
should do.

"I call for the Government to intervene as a matter of urgency to
avoid huge job losses in a sector that is vital to the economy."

FPB member Paul Bates is one of those affected.  Mr Bates
co-founded Northampton-based enterprise Rodizio Bar and Restaurant
in September 2008 and the highly successful business, based on a
type of traditional Brazilian steakhouse called a churrascaria,
has already expanded into three restaurants.

Currently employing around 70 people, Rodizio has a turnover of
GBP40,000 per week and Mr Bates wants to open even more sites.

He needs a loan of around GBP300,000 to fund the move but says a
representative from his bank told him that would not be possible
as it was not authorising any loans to businesses in the
restaurant and bar sector.

Mr Bates said he was 'infuriated' by what he was told and now
intends to make a complaint to the Financial Services Authority.

He said: "If you have a look at the business model, we started out
in September with one restaurant and now we've got three.

"If that's not successfully expanding, I don't know what is.
We're looking to expand further now because you're going to get
the best deals on property and building work you're probably going
to ever get at the moment.  And out of all those markets out
there, the leisure markets are actually doing well.

"I've also put GBP700,000 of my own cash into the business -- they
know all this, and yet they won't help because we're in the bar
and restaurant sector.  I just don't understand it at all and I'm
infuriated about it."

FPB spokesman Phil McCabe added: "We want all bank lending to
small businesses to be done on a case-by-case basis.
"We don't think it's right that everyone in a certain industry
should be tarred with the same brush and their applications for
credit automatically refused because they are perceived as high
risk."

                  About the Forum of Private Business

The Forum of Private Business (FPB) -- http://www.fpb.org/-- was
formed in 1977 and represents more than 25,000 small businesses.
It is recognized by the British Government as one of the six main
business support and lobby groups.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

July 29-Aug. 1, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Westin Hilton Head Island Resort & Spa,
       Hilton Head Island, S.C.
          Contact: http://www.abiworld.org/

Aug. 6-8, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Conference
       Hotel Hershey, Hershey, Pa.
          Contact: http://www.abiworld.org/

Sept. 10-11, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Complex Financial Restructuring Program
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Sept. 10-12, 2009
AMERICAN BANKRUPTCY INSTITUTE
    17th Annual Southwest Bankruptcy Conference
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Oct. 2, 2009
AMERICAN BANKRUPTCY INSTITUTE
    ABI/GULC "Views from the Bench"
       Georgetown University Law Center, Washington, D.C.
          Contact: http://www.abiworld.org/

Oct. 7-9, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Desert Ridge, Phoenix, Arizona
          Contact: 312-578-6900; http://www.turnaround.org/

Oct. 20, 2009
AMERICAN BANKRUPTCY INSTITUTE
    NCBJ/ABI Educational Program
       Paris Las Vegas, Las Vegas, Nev.
          Contact: http://www.abiworld.org/

Dec. 3-5, 2009
AMERICAN BANKRUPTCY INSTITUTE
    21st Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Michigan
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Ocean Edge Resort, Brewster, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Ritz-Carlton Amelia Island, Amelia, Fla.
          Contact: http://www.abiworld.org/

Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 6-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/

                            *********

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
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *