TCREUR_Public/090724.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

             Friday, July 24, 2009, Vol. 10, No. 145

                            Headlines

A R M E N I A

PROMETEY BANK: Moody's Assigns 'E+' Bank Financial Strength Rating


A U S T R I A

F.M. HAMMERLE: Claims Filing Deadline is August 3
KOT-TRANS GMBH: Creditors Must File Claims by August 3
LASA HANDEL: Claims Filing Deadline is August 3
LEHAS GMBH: Creditors Must File Claims by August 3
MODERN TEX: Creditors Must File Claims by August 4


C Y P R U S

SL CAPITAL: S&P Assigns 'CCC+' Long-Term Counterparty Rating


C Z E C H   R E P U B L I C

KONGRESOVE CENTRUM: Faces Bankruptcy, CBW Says


D E N M A R K

AMAGERBANKEN A/S: Moody's Reviews 'D-' BFSR for Possible Downgrade
RADIO 100: On the Brink of Bankruptcy; Investor Withdraws Support


F R A N C E

CHRISTIAN LACROIX: Bernard Krief to Lodge Bid on Monday


G E R M A N Y

ARCANDOR AG: Bondholder Group Hires Ashurst LLP as Counsel
CB MEZZCAP: Moody's Junks Ratings on Three Classes of Notes
GENERAL MOTORS: German Gov't Still Favors Magna Bid for Opel
SEB AG: Moody's Affirms 'D+' BFSR with Negative Outlook
VEM VERMOEGENSVERWALTUNG: Merckle May Tap Adviser on Phoenix Sale

VIVACON AG: Gets EUR85 Mln From Sale of Two Developments

* GERMANY: Gov't Rules Out Forced Capitalization of Banks


I R E L A N D

NOSTRUM CONSUMER: Fitch Affirms 'BB' Rating on Class E Notes


I T A L Y

FIAT SPA: Posts EUR179 Mln 2Q09 Net Loss; Mulls Auto Unit Spin-Off


K A Z A K H S T A N

ARTIS INVEST: Creditors Must File Claims by July 31
ASTANA NEFTE Creditors Must File Claims by July 31
BAZIS INT'L: Seeks Replacement Financing for C$46 Mln Loan
EURO ASIAN: Creditors Must File Claims by July 31
OKTAN GAS: Creditors Must File Claims by July 31


K Y R G Y Z S T A N

EURO STROY: Creditors Must File Claims by July 31


L U X E M B O U R G

SAMSON EHF: Files Lawsuit Against Owners' Luxembourg Company


N E T H E R L A N D S

JUBILEE CDO: S&P Lowers Rating on Class D Notes to 'BB'


P O L A N D

GDANSK SHIPYARD: Commission Approves EUR251 Million State Aid


P O R T U G A L

BANCO PRIVADO: Moody's Withdraws 'E' Bank Strength Ratings


R U S S I A

CB RENAISSANCE: Fitch Affirms LT Issuer Default Rating at 'CCC'


S L O V E N I A

ISTRABENZ D.D.: Creditor Banks Agree on Out-of-Court Settlement


S W E D E N

SWEDBANK AB: Posts US$257MM 2Q09 Net Loss; Mulls Job Cuts


S W I T Z E R L A N D

ARABERPFERDE ZUCHT: Claims Filing Deadline is July 30
BIB BUCHHALTUNG: Creditors Must File Claims by July 29
C'EST CA: Claims Filing Deadline is July 29
E & B MOBILITATS: Creditors Must File Claims by July 30
ELEKTRO OBI: Creditors Must File Claims by July 29

FG-BETEILIGUNGS AG: Claims Filing Deadline is July 29
GEBR. BRUNNER : Claims Filing Deadline is July 29
NEW COMPANY: Claims Filing Deadline is July 29
PHOTO HOPPE: Creditors Must File Claims by July 29


U K R A I N E

BANK STOLYTSYA: NBU Appoints Temporary Administrator
GENERALI GARANT: Moody's Confirms 'Ba1' Local Currency Rating


U N I T E D   K I N G D O M

LONDON WELSH: Bought of Out of Administration by Red Dragon Rugby
NATIONAL EXPRESS: Receives Takeover Bid From a "Third Party"
WINDERMERE XI: Loan In "Material Default", Hatfield Says
WINDERMERE XII: Bondholders Wants to Protect Deal from Insolvency

* CLEPA Calls for Emergency Funding for European Auto Suppliers

* BOOK REVIEW: Distressed Investment Banking - To the Abyss and


                         *********



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A R M E N I A
=============


PROMETEY BANK: Moody's Assigns 'E+' Bank Financial Strength Rating
------------------------------------------------------------------
Moody's Investors Service assigned a bank financial strength
rating of E+ to Armenia's Prometey Bank, as well as B1 long-term
and Not Prime short-term global local currency deposit ratings and
B1 long-term and Not Prime short-term foreign currency deposit
ratings.  The outlook on all ratings is stable.

According to Moody's, Prometey's E+ BFSR -- which maps to a
Baseline Credit Assessment of B1 -- reflects the fact that,
although the bank currently enjoys ample capitalisation, it faces
a number of credit challenges.  Firstly, it recently initiated a
potentially capital-consuming transformation process with the aim
of expanding its operations and improving its ranking within its
domestic market.  In the absence of a material customer base or
identifiable niche, the bank's rapid growth also poses additional
risks.  Moody's further cautions that Prometey's currently robust
asset-quality indicators are unsustainable, in light of both the
deteriorating operating environment and the expansion of its loan
book in the medium term.  Like all Armenian banks, Prometey is
also vulnerable to the landlocked country's domestic and regional
political risk.

Prometey's rating is also constrained by: (i) its lack of
geographic diversification; (ii) the concentration on both the
asset and liability sides of the balance sheet; (iii) some
corporate governance weaknesses; and (iv) Moody's assessment that
the bank will struggle to maintain its good margins and
profitability in view of deteriorating market conditions and
rising costs related to its expansion strategy.

Prometey is 92.25% owned by Zakneftegazstroy Prometey (ZNGS-
Prometey), which is majority controlled by Mr. Vasken Gevorkian
and his family (the remaining 7.75% is directly held by Mr.
Gevorkian).  ZNGS-Prometey is one of the largest oil and gas
pipeline construction companies in Russia, but Prometey Bank
represents a minor investment of the parent group.

As the bank does not represent a major undertaking for its parent
and remains of limited systemic importance due to its small size,
Prometey's global local currency deposit ratings of B1/Not Prime
do not enjoy any uplift from either systemic or parental support
assessments and are thus at the same level as the bank's
standalone Baseline Credit Assessment.

Prometey's B1/Not Prime foreign currency deposit ratings are at
the same level as the GLC deposit ratings and would move in tandem
with the latter up to the level of Armenia's foreign currency
deposit ceiling (which is currently Ba3/Not Prime).

Headquartered in Yerevan, Prometey Bank reported total assets of
AMD18.6 billion (US$61 million) as at March 2009.


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


F.M. HAMMERLE: Claims Filing Deadline is August 3
-------------------------------------------------
Creditors of F.M. Hammerle Nfg GmbH have until August 3, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for August 13, 2009 at 10:00 a.m.

For further information, contact the company's administrator:

         Dr. Karl Ruemmele
         Marktstrasse 18 a
         6850 Dornbirn
         Austria
         Tel: 05572/28580
         Fax: 05572/28580-4
         E-mail: kanzlei@ruemmele-breinbauer.at


KOT-TRANS GMBH: Creditors Must File Claims by August 3
------------------------------------------------------
Creditors of KOT-Trans GmbH have until August 3, 2009, to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for August 17, 2009 at 9:45 a.m.

For further information, contact the company's administrator:

         Mag. Martin Honemann
         Oelzeltgasse 4
         1030 Wien
         Austria
         Tel: 713 61 92
         Fax: 713 61 92-22
         E-mail: martin.honemnann@kosesnik-langer.at


LASA HANDEL: Claims Filing Deadline is August 3
-----------------------------------------------
Creditors of LASA Handel GmbH have until August 3, 2009, to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for August 17, 2009 at 10:00 a.m.

For further information, contact the company's administrator:

         Mag. Beate Holper
         Gonzagagasse 15
         1010 Wien
         Austria
         Tel: 533 28 55
         Fax: 533 28 55-28
         E-mail: office@anwaltwien.at


LEHAS GMBH: Creditors Must File Claims by August 3
--------------------------------------------------
Creditors of Lehas GmbH have until August 3, 2009, to file their
proofs of claim.

A court hearing for examination of the claims has been scheduled
for August 17, 2009 at 10:15 a.m.

For further information, contact the company's administrator:

         Dr. Brigitte Stampfer
         Stadlergasse 27
         1130 Wien
         Austria
         Tel: 877 33 30 Serie
         Fax: 877 33 30-33
         E-mail: ra-stampfer@utanet.at


MODERN TEX: Creditors Must File Claims by August 4
--------------------------------------------------
Creditors of modern tex 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 11:25 a.m.

For further information, contact the company's administrator:

         Dr. Andrea Fruhstorfer
         Seilerstatte 17
         1010 Wien
         Austria
         Tel: 512 57 76
         Fax: 512 57 76-50
         E-mail: a.fruhstorfer@fg-lawyers.at


===========
C Y P R U S
===========


SL CAPITAL: S&P Assigns 'CCC+' Long-Term Counterparty Rating
------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'CCC+' long-term and 'C' short-term counterparty credit ratings to
Cyprus-based S.L. Capital Services Ltd.  The outlook is stable.

"The ratings reflect S.L. Capital's very high dependence on its
parent for business, operational support, funding, and financial
continuity," said Standard & Poor's credit analyst Sergey
Voronenko.

"They also reflect its very limited business and client base,
single name concentration in its proprietary portfolio, and the
inherently high volatility of its financial results due to market
shifts," Mr. Voronenko added.

The ratings are constrained by high market and business risk
related to S.L. Capital's trading of Russian stocks.  These
factors are mitigated by parental financial and operating support,
the company's relationship-driven niche customer and funding
profile, and a limited business base that to some extent, shelters
the company from adverse market developments.

S.L. Capital is a 100%-subsidiary of Russia-based commercial bank
Aljba Alliance (B-/Negative/C).  The long-term counterparty rating
on S.L. Capital is one notch above S&P's assessment of the
company's stand-alone credit profile, reflecting a moderate
probability that the parent will continue to provide operating,
funding, and capital support.  S&P classify S.L. Capital as a non-
strategic subsidiary of Aljba and are unlikely to equalize the
ratings on S.L. Capital with those on Aljba or increase the
notching of the rating above S&P's assessment of the SACP.

With capital of $6.6 million as at May 31, 2009, S.L. Capital is a
Cyprus-based Aljba group vehicle and booking center for
proprietary securities investments and client-driven brokerage and
underwriting operations.

Single-name proprietary issuer concentrations are high, with the
three largest, albeit fairly liquid, issuer investments
representing 66% of the portfolio or 88% of the adjusted total
equity at the end of April 2009.  Securities investments
represented 76% of ATE as at May 31, 2009, but are likely to grow
when the market recovers, pressuring capitalization.  The ratio
of ATE to assets was over 35% on May 31, 2009, providing a
reasonable cushion in the ongoing market downturn.

Despite reduced business volumes in the currently tough operating
environment and a cautious investment policy, S.L. Capital is
maintaininging good balance-sheet liquidity, with cash placements
(mostly with the parent bank) accounting for 34% of its total
assets as of May 31, 2009.

The stable outlook balances market volatility against continued
parental support.


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


KONGRESOVE CENTRUM: Faces Bankruptcy, CBW Says
----------------------------------------------
Czech Business Weekly reports that Prague's Town Hall said on
Monday that Kongresove centrum Praha is facing bankruptcy after
failing to pay its debts.

The company owns and operates the congress center in the Vysehrad
district of Praguie.


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D E N M A R K
=============


AMAGERBANKEN A/S: Moody's Reviews 'D-' BFSR for Possible Downgrade
------------------------------------------------------------------
Moody's Investors Service placed on review for possible downgrade
the bank financial strength ratings and/or long-term ratings of
seven Danish banks: Amagerbanken A/S, Nykredit Bank A/S, Nordea
Bank Danmark A/S, Jyske Bank A/S, Ringkjobing Landbobank A/S, Spar
Nord Bank A/S and Sydbank A/S.

In addition, the issuer ratings of three mortgage credit
institutions -- BRFkredit a/s, Nykredit Realkredit A/S and DLR
Kredit A/S -- and one specialised lender -- Danmarks Skibskredit
A/S -- were placed on review for possible downgrade.  At the same
time, the rating agency affirmed the ratings of Danske Bank A/S
and P/F Foroya Banki.

Moody's also notes that all the ratings of FIH Erhvervsbank A/S
remain on review for possible downgrade, the review having been
initiated on 25 March 2009.

Moody's expects to conclude its reviews on the majority of these
entities within a few weeks.

The rating agency anticipates that in most cases downgrades of the
long-term debt and deposit ratings will be limited to one or two
notches.  Although Moody's expects the banks' BFSRs to come under
increasing pressure, it believes that banks in highly rated
countries are likely to receive support, depending on their level
of systemic importance.  This should in general result in a more
limited impact on the debt and deposit ratings than the BFSRs.

The rating actions on the BFSRs were prompted by Moody's
expectation that Danish banks will experience increasing
deterioration in asset quality over the coming quarters.  This is
likely to lead to higher credit-related write-downs than
previously anticipated in the ratings, exerting adverse pressure
on profitability and capitalization.  The anticipated
deterioration in asset quality derives from the economic weakness
in the corporate sector especially, but Moody's also cautions that
Danish households are suffering from a very high level of
indebtedness.  Although the economic slowdown in Denmark started
earlier than in the other Nordic countries, GDP contraction is
expected to continue into 2010 and unemployment is increasing,
albeit from a very low level.

Moody's has recently described the assumptions behind its
framework for estimating Nordic banks' credit losses in a special
comment entitled "Moody's Approach to Estimating Nordic Banks'
Credit Losses" published on 16 July 2009.

In this context, those Danish banks whose ratings have been placed
on review for downgrade are those whose key credit drivers Moody's
views as being the most vulnerable to weaker performance in their
BFSR rating categories, under its anticipated (base) and worse-
than-expected (stressed) scenarios.  Among the key credit drivers,
Moody's focus is in particular on current capital adequacy levels
in relation to the banks' specific asset composition and their
respective anticipated loss levels.  The rating agency's expected
macroeconomic scenario, referenced in the preceding paragraph, is
used to establish its baseline expectations for a bank's
performance, while its worse-than-expected case helps to measure a
bank's potential vulnerability in the event of a shift to a more
adverse environment.

More specifically, the banks that are most likely to have their
BFSRs downgraded are those with lower capital adequacy levels
compared with their exposures to asset classes embedding the
highest expected losses, in accordance with Moody's published
assumptions in the aforementioned Special Comment.  These asset
classes include for example exposures to construction, shipping
and real estate.

The financial performance of Danish banks has been affected by the
deteriorating economic outlook for Denmark, which has been
particularly impacted by the performance of the corporate sector.
Bankruptcies have increased significantly, in particular in the
real estate sector.  Therefore, Moody's has in the past 12 months
taken certain rating actions on selected Danish banks with
significant exposure to the property sector.  In addition, the
rating agency notes that the downgrade of Danske Bank earlier this
year was prompted partly by deteriorating asset quality in its
exposures outside Denmark, including in Ireland and the Baltic
states.

            Review of Senior Debt and Deposit Ratings

In reviewing each bank's deposit and senior debt ratings, Moody's
will consider (i) the support currently available to the bank, as
well as the probability of support once stability returns to the
markets and the system, (ii) the systemic importance of the rated
institution, (iii) the bank's intrinsic financial strength rating,
(iv) other sources of external support, in particular parental
support, and (v) the long-term viability of the bank's franchise
and its ability to withstand the current financial crisis without
being permanently impaired.

            Review of Bank Financial Strength Ratings

Moody's review of the BFSRs will focus in particular on: (i) the
amount of capital the bank has available to absorb expected credit
losses on its risk assets; and (ii) the entity's internal capital
generation capacity to replenish its capital cushion in the
context of lower revenue growth in the deteriorating economic
environment.

Banks that would be more affected by the BFSR downgrades would be
the ones with lower capital adequacy levels and larger exposures
to asset classes embedding the highest expected losses, in
accordance with Moody's assumptions, including, for example, those
with exposures to construction, real estate, shipping and
agriculture.  Moody's notes that the majority of Danish banks and
credit institutions have applied for or already received hybrid
capital from the government and will take this into account in its
analysis.

Moody's BFSR methodology remains unchanged, although the weight
attached to certain rating considerations, particularly capital
and future earnings prospects, has been increased to better
reflect the present conditions.  The refinement to Moody's
approach to rating banks in this environment is discussed in a
Special Comment entitled "Calibrating Bank Ratings in the Context
of the Global Financial Crisis", which was published in February
2009.

             Reviews for Possible Downgrade of BFSRs
                 and/or Debt and Deposit Ratings

The rating action on Nordea Bank Danmark A/S and other Nordea
subsidiaries -- BFSR and long-term ratings placed on review for
possible downgrade -- is commented on a separate press release
together with its parent, Nordea Bank AB.

                        Amagerbanken A/S

Moody's placed Amagerbanken's D- BFSR and Baa2 long-term rating on
review for possible downgrade.  The review will focus on potential
losses on the loan portfolio; Moody's is particularly concerned
about the bank's commercial real estate exposures, which have
already resulted in significant provisions and the rating agency
cautions that the outlook for the sector remains negative.

These ratings of Amagerbanken were affected:

  -- D- BFSR on review for possible downgrade;

  -- Baa2 long-term deposit rating on review for possible
     downgrade;

  -- Prime-2 short-term deposit rating on review for possible
     downgrade.

Moody's last rating action on Amagerbanken was on 26 February 2009
when the BFSR was downgraded to D- and the deposit ratings to
Baa2/Prime-2.

                         Nykredit Bank A/S

Moody's placed Nykredit Bank's Aa3 long-term ratings on review for
possible downgrade.  The rating action reflects the fact that the
parent, Nykredit Realkredit A/S, was also placed on review.  The
C+ BFSR remains on review for possible downgrade.

These ratings of Nykredit Bank were affected:

  -- C+ BFSR remains on review for possible downgrade;

  -- Aa3 long-term debt and deposit ratings on review for possible
     downgrade;

  -- A1 subordinate ratings on review for possible downgrade;

  -- A2 junior subordinate ratings on review for possible
     downgrade;

  -- Prime-1 short-term ratings affirmed.

Moody's last rating action on Nykredit Bank was on 19 May 2009
when the BFSR was placed on review for possible downgrade
following the announcement that Forstaedernes Bank (unrated) will
be merged into Nykredit Bank over the next year.

                          Jyske Bank A/S

Moody's placed Jyske Bank's B- BFSR and Aa2 long-term ratings on
review for possible downgrade.  The review will focus on potential
losses on the bank's loan portfolio, especially in relation to its
exposures to agriculture and SMEs as well as its exposure to
structured investments and their impact on the bank's financial
fundamentals.  The rating agency says that the potential downgrade
of the ratings could be of several notches.

These ratings of Jyske Bank were affected:

  -- B- BFSR on review for possible downgrade;

  -- Aa2 long-term debt and deposit ratings on review for possible
     downgrade;

  -- A2 subordinate ratings on review for possible downgrade;

  -- A3 junior subordinate ratings on review for possible
     downgrade;

  -- Prime-1 short-term ratings affirmed.

Moody's last rating action on Jyske Bank was on 25 March 2009 when
the ratings of its subordinated and hybrid debt instruments were
downgraded.

                    Ringkjobing Landbobank A/S

Moody's placed Ringkjobing Landbobank's C+ BFSR and A1 long-term
rating on review for possible downgrade.  The review will focus on
potential losses on the loan portfolio, which exhibits high
exposure to the agricultural sector and SMEs, and the
sustainability of the bank's high earnings generation.

These ratings of Ringkjobing Landbobank were affected:

  -- C+ BFSR on review for possible downgrade;
  -- A1 long-term deposit rating on review for possible downgrade;
  -- Prime-1 short-term deposit rating affirmed.

Moody's last rating action on Ringkjobing Landbobank was on 22 May
2007 when the ratings were assigned.

                        Spar Nord Bank A/S

Moody's placed Spar Nord Bank's C BFSR and A1 long-term ratings on
review for possible downgrade.  The review will focus on potential
losses on the loan portfolio, which exhibits high exposure to the
agricultural sector and SMEs.

These ratings of Spar Nord Bank were affected:

  -- C BFSR on review for possible downgrade;

  -- A1 long-term debt and deposit ratings on review for possible
     downgrade;

  -- Baa1 subordinate ratings on review for possible downgrade;

  -- Prime-1 short-term ratings affirmed.

Moody's last rating action on Spar Nord Bank was on 25 March 2009
when its subordinate rating was downgraded.

                            Sydbank A/S

Moody's placed Sydbank's Aa3 long-term ratings on review for
possible downgrade.  The outlook on C+ BFSR was changed to
negative.  The review will focus on potential losses on the loan
portfolio, especially in relation to exposures to agriculture and
SMEs and their impact on the entity's financial strength and
potential transition risk in the event that the bank's financials
deteriorate beyond Moody's expectations.

These ratings of Sydbank were affected:

  -- C+ BFSR affirmed, outlook changed to negative;

  -- Aa3 long-term debt and deposit ratings on review for possible
     downgrade;

  -- A3 subordinate ratings affirmed, outlook changed to negative;

  -- Baa1 preferred stock ratings affirmed, outlook changed to
     negative;

  -- Prime-1 short-term ratings affirmed.

Moody's last rating action on Sydbank was on 25 March 2009 when
the ratings of its subordinated and hybrid debt instruments were
downgraded.

Please note that backed ratings assigned by Moody's under the Bank
Package I and Bank Package II are not affected by this rating
action.

         Reviews For Possible Downgrade Of Issuer Ratings

                           BRFkredit a/s

Moody's placed BRFkredit's A2 issuer rating on review for possible
downgrade.  The review will focus on potential losses in
BRFkredit's loan portfolio and their impact on the entity's
financial strength.  Moody's is particularly concerned about the
bank's exposure to commercial real estate where arrears have
increased significantly.

This rating of BRFkredit was affected:

  -- A2 long-term issuer rating on review for possible downgrade.

Moody's last rating action on BRFkredit was on 29 August 2003 when
the rating was assigned.

          Danmarks Skibskredit A/S (Danish Ship Finance)

Moody's placed Danish Ship Finance's Aa3 issuer rating and senior
unsecured ratings on review for possible downgrade.  The review
will focus on Moody's expectation of credit losses given the
significant deterioration of the shipping industry and its
potential impact on Danish Ship Finance's financial fundamentals
and overall creditworthiness.  Given the significant deterioration
in the global shipping industry combined with high credit
concentrations in the entity's loan portfolio, Moody's cautions
that any downgrade might not be limited to one notch.

These ratings of Danish Ship Finance were affected:

  -- Aa3 long-term issuer and senior unsecured ratings on review
     for possible downgrade.

Moody's last rating action on Danish Ship Finance was on 18
December 2006 when the Aa3 rating was confirmed.

                          DLR Kredit A/S

Moody's placed DLR Kredit's A1 issuer rating on review for
possible downgrade.  The review will focus on potential losses in
the loan portfolio, which is concentrated on agricultural lending
and also has exposure to commercial properties, and their impact
on the entity's financial strength.  In the review process, the
rating agency will also consider the financial strength of the
owner banks, which provide guarantees for the majority of loans
transferred to DLR Kredit.

These ratings of DLR Kredit were affected:

  -- A1 long-term issuer rating on review for possible downgrade;
  -- A3 preferred stock rating on review for possible downgrade.

Moody's last rating action on DLR Kredit was on 11 September 2003
when the rating was assigned.

                     Nykredit Realkredit A/S

Moody's placed Nykredit Realkredit's Aa3 issuer rating on review
for possible downgrade.  The review will focus on potential losses
in the loan portfolio, especially in light of the weaker outlook
for commercial property and agriculture in Denmark and the impact
on the entity's financial strength.

These ratings of Nykredit Realkredit were affected:

-- Aa3 long-term issuer rating on review for possible downgrade;
-- A1 subordinate rating on review for possible downgrade;
-- A2 junior subordinate rating on review for possible downgrade;
-- Prime-1 short term issuer rating affirmed.

Moody's last rating action on Nykredit Realkredit was on 25 August
2004 when the rating was assigned.

Please note that this press release does not deal with the
possible implications for the covered bond ratings of Danish
mortgage credit institutions.

                      Affirmation of Ratings

Danske Bank A/S

Moody's affirmed Danske Bank's C BFSR and Aa3 ratings.  The
outlook on the BFSR remains negative and stable on the debt and
deposit ratings.

These ratings of Danske Bank were affirmed:

  -- C BFSR with negative outlook;

  -- Aa3 long-term debt, deposit and issuer ratings with stable
     outlook;

  -- A3 subordinate ratings with negative outlook;

  -- Baa1 junior subordinate ratings with negative outlook;

  -- Prime-1 short-term ratings.

Moody's last rating action on Danske Bank was on 25 March 2009
when the ratings of its subordinated and hybrid debt instruments
were downgraded.

                         P/F Foroya Banki

Moody's affirmed Foroya Banki's C- BFSR and A3 rating with stable
outlook.

These ratings of Foroya Banki were affirmed:

  -- BFSR of C- with stable outlook;
  -- A3 long-term deposit rating with stable outlook;
  -- Prime-2 deposit ratings.

Moody's last rating action on Føroya Banki was on 16 May 2008 when
it assigned first-time ratings to the bank.

Amagerbanken, headquartered in Copenhagen, Denmark, reported total
assets of DKK36 billion (EUR6.5 billion) at the end of March 2009.

BRFkredit a/s, headquartered in Lyngby, Denmark, reported total
assets of DKK234 billion (EUR31 billion) at the end of December
2008.

Danmarks Skibskredit A/S, headquartered in Copenhagen, Denmark,
reported total assets of DKK81.6 billion (EUR11 billion) at the
end of December 2008.

Danske Bank A/S, headquartered in Copenhagen, Denmark, reported
total assets of DKK3,344 billion (EUR449 billion) at the end of
March 2009.

DLR Kredit A/S, headquartered in Copenhagen, Denmark, reported
total assets of DKK131 billion (EUR17.5 billion) at the end of
March 2009.

FIH Erhvervsbank A/S, headquartered in Copenhagen, Denmark,
reported total assets of DKK127 billion (EUR17 billion) at the end
of March 2009.

Foroya Banki, headquartered in Tórshavn, Faroe Islands, reported
total assets of DKK10 billion (EUR1.3 billion) at the end of March
2009.

Jyske Bank A/S, headquartered in Silkeborg, Denmark, reported
total assets of DKK225 billion (EUR30 billion) at the end of March
2009.

Nykredit Bank A/S, headquartered in Copenhagen, Denmark, reported
total assets of DKK205 billion (EUR27.6 billion) at the end of
March 2009.

Nykredit Realkredit A/S, headquartered in Copenhagen, Denmark,
reported total assets of DKK938 billion (EUR126 billion) at the
end of March 2009.

Ringkjobing Landbobank A/S, headquartered in Ringkjobing, Denmark,
reported total assets of DKK18 billion (EUR2.4 billion) at the end
of March 2009.

Spar Nord Bank A/S, headquartered in Aalborg, Denmark, reported
total assets of DKK65 billion (EUR8.8 billion) at the end of March
2009.

Sydbank A/S, headquartered in Aabenraa, Denmark, reported total
assets of DKK161 billion (EUR21.7 billion) at the end of March
2009.


RADIO 100: On the Brink of Bankruptcy; Investor Withdraws Support
-----------------------------------------------------------------
The Copenhagen Post, citing Berlingske Tidende newspaper, reports
that Radio 100 is on the brink of bankruptcy after John de Mol,
one of its top investors, decided to withdraw his support for the
Danish radio station.

According to the report, Mr. de Mol has lost more than DKK300
million on Radio 100 since 2003.

"As I see it we have three possibilities," the report quoted Jim
Receveur, Radio 100’s managing director, as saying. "John de Mol
can change his mind and continue to invest in us, we can find new
investors, or another company takes over the station."

The report relates Mr. Recevur said the station may also consider
filing for bankruptcy.

The station, the report discloses, owed DKK1 million in royalty
payments to performing artist and record company representative
Gramex.  It is not known how many more of Radio 100’s recent
invoices have not yet been paid, the report notes.


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


CHRISTIAN LACROIX: Bernard Krief to Lodge Bid on Monday
-------------------------------------------------------
Scheherazade Daneshkhu at The Financial Times reports that Bernard
Krief Consulting will submit an offer for French fashion house
Christian Lacroix SNC next week.

According to the FT, the privately held investment business said
it would lodge its bid for Christian Lacroix, which made a loss of
EUR10 million (US$14 million) in 2008, on Monday, the deadline for
offers for the company which is in administration after filing for
protection against creditors in May.  Louis Petiet, chairman of
Bernard Krief, told the FT that the bid would be for the whole
company, including the haute couture line.

The FT notes Falic Group, Lacroix's Florida-based owner has said
that if no suitable offers are received by the end of July, it
will propose a restructuring plan that would lead to the loss of
the haute couture line and reduce the workforce from 124 people to
12.

On June 4, 2009, the Troubled Company Reporter-Europe, citing AFP,
reported a commercial court in Paris placed Christian Lacroix SNC
into administration.  AFP said the company declared insolvency in
May, blaming "the sharp downturn of the luxury market."


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


ARCANDOR AG: Bondholder Group Hires Ashurst LLP as Counsel
----------------------------------------------------------
Holger Elfes at Bloomberg News reports that holders of EUR179
million (US$255 million) worth of Arcandor AG's convertible bonds
hired Ashurst LLP to represent their interests ahead of next
month's creditor meeting.

Ashurst's David von Saucken, one of the law firm's lawyers, told
Bloomberg "The bondholders we are advising are mainly based in the
U.S. and London".  Mr. von Saucken declined to name the
bondholders.

Arcandor, Bloomberg discloses, is holding a meeting for the owners
of the convertible debt on Aug. 10 at Frankfurt's airport.
Bloomberg relates Gerd Koslowski, a spokesman for the insolvent
German retailer, said "Arcandor is willing to talk to the
bondholders and discuss all items".

                         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.


CB MEZZCAP: Moody's Junks Ratings on Three Classes of Notes
-----------------------------------------------------------
Moody's Investors Service has downgraded its ratings of five
classes of notes issued by CB MezzCap Limited Partnership.  This
transaction is a static cash flow CDO backed by two types of
profit participations issued by German small and medium-sized
corporates.  The transaction has a scheduled maturity of January
2013.

The obligations in the portfolio have certain features of equity
including subordination and linkage of payments to financial
performance of the obligor such as interest deferral features and
contingent coupon components.  A portion of the obligations can be
written down depending on financial performance of the obligor and
may extend redemption up to the legal final maturity of the
transaction which is 22 years after its scheduled maturity date.
Obligations which have not redeemed at par plus accrued interest
by the legal maturity of the transaction will expire and lead to a
loss for CB MezzCap Limited Partnership.  Moody's captures the
additional risks associated with these obligations in its
analysis.

According to Moody's, the rating actions taken on the notes are
the result of credit deterioration of the underlying portfolio.
The transaction has experienced EUR48 million of insolvencies
since closing in April 2006.  The issuer has achieved proceeds of
less than EUR10 million from distressed sales with a par amount of
EUR15 million.  The original portfolio was exposed to 35 profit
participations, totalling EUR199.5 million, out of which currently
27, totalling EUR148.5 million, remain performing.  This reduction
includes the defaults and one early redemption at par.

In addition, the average credit quality of the remaining portfolio
has deteriorated, as reflected in an increased average rating of
the underlying obligors from Ba2 to Ba3.  Furthermore, five
obligors in an amount of EUR24.5 million are flagged in the
investor report as being in breach of contractual covenants.
There is a high potential that the issuer will incur losses on
these assets.  Moody's has factored the significant uncertainty
about the resolution of these assets in breach of contractual
covenants into its analysis by means of alternative stress
scenarios including treating these assets with a rating of Caa2.

Due to non-granularity of the portfolio and larger exposures to
weak sectors various other stress scenarios were also run.  These
stress scenarios include notching a portion of the large exposures
in the portfolio and stressing those assets belonging to sectors
which are viewed as particularly vulnerable in the current
economic environment such as Automobile, Buildings and Real Estate
as well as Chemicals, Plastics and Rubber.

As a consequence of the defaults and credit deterioration the
three most junior classes have become under-collateralized and the
credit enhancement to the senior classes has severely declined.
In reflection of the defaults and portfolio deterioration
discussed above the cumulative amount of principal deficiency
events has increased to EUR51 million of which approximately
EUR19 million has been cleared from available funds.  This amount
and EUR3 million from one redemption has been used to redeem Class
A in part.  Due to the reduced asset balance, the level of excess
spread has considerably diminished and it is not expected that
sufficient amounts of excess spread will be available going
forward to reduce the principal deficiency ledger and thereby
support the ratings of the senior classes.

The rating actions also reflect Moody's revised assumptions with
respect to default probability and correlation as described in the
press release dated February 4, 2009, titled "Moody's updates key
assumptions for rating CLOs."  The revised default probability
assumptions have been applied to all assets in the underlying
portfolio by notching the ratings to levels consistent with the
revised assumptions.  The performing assets which are not in
breach of covenants have been notched down half a notch to reflect
these assumption changes for default probability.  Correlation
levels between the assets have been increased to reflect Moody's
revised correlation assumptions.

Moody's also notes that the collateral pool consists entirely of
debt obligations issued by obligors whose credit quality has been
assessed through estimates derived from the Moody's KMV RiskCalc
model.  These estimates have been mapped to Moody's alphanumeric
scale.  As such estimates do not carry credit indicators, such as
ratings reviews and outlooks and lack cyclical adjustments they
were stressed by one notch.  The credit estimates are computed
based on financial statement data of the borrowers predominantly
dating from 2007 and 2008 and a further half notch stress for the
time lag of this data has been applied.

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 below:

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

  -- Moody's Approach to Rating CDOs of SMEs in Europe (February
     2007)

  -- Refining the ABS SME Approach (March 2009)

  -- Moody's RISKCALC(TM) for Private Companies: The German Model
     (November 2001)

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 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.

The rating actions are:

CB MezzCap Limited Partnership:

(1) EUR137,800,000 Class A Floating Rate Notes due 2013

  -- Current Rating: Ba2

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

  -- Prior Rating Date: 13 March 2009, Aaa placed on review for
     possible downgrade

(2) EUR20,000,000 Class B Fixed Rate Notes due 2013

  -- Current Rating: Ca

  -- Prior Rating: A2, on review for possible downgrade

  -- Prior Rating Date: 13 March 2009, A2 placed on review for
     possible downgrade

(3) EUR10,500,000 Class C Floating Rate Notes due 2013

  -- Current Rating: Ca

  -- Prior Rating: Ba1, on review for possible downgrade

  -- Prior Rating Date: 13 March 2009, Ba1 placed on review for
     possible downgrade

(4) EUR14,500,000 Class D Fixed Rate Notes due 2013

  -- Current Rating: C

  -- Prior Rating: B2, on review for possible downgrade

  -- Prior Rating Date: 13 March 2009, B2 placed on review for
     possible downgrade

(5) EUR7,700,000 Class E Fixed Rate Notes due 2013

  -- Current Rating: C

  -- Prior Rating: Caa2, on review for possible downgrade

  -- Prior Rating Date: 13 March 2009, Caa2 placed on review for
     possible downgrade


GENERAL MOTORS: German Gov't Still Favors Magna Bid for Opel
------------------------------------------------------------
BBC News reports the German government has said that after initial
evaluations of the three bids for General Motors Corp.'s European
unit, Opel, it still favors a deal with Canadian car parts maker
Magna International Inc.

The government initially supported Magna's bid in May.

According to BBC, a buyer for Opel, which includes Vauxhall in the
UK, is expected to be chosen by the end of July.  BBC says a final
deal could then be agreed by the end of October.

"We have indicated that we see the Magna concept as a sustainable
one," BBC News quoted Chancellor Angela Merkel as saying.

On July 22, 2009, the Troubled Company Reporter-Europe, citing The
Financial Times, reported that GM said on Monday that it had
received three final bids for its European business.  The FT
disclosed Magna and OAO Sberbank entered bids alongside Belgium's
RHJ International SA and China's Beijing Automotive Industry
Holding Co for a controlling stake in Opel/Vauxhall.  GM, as cited
by the FT, said it would now analyze and compare the bids before
reviewing them with Germany and other affected governments, the
European Commission, and the Opel/Vauxhall Trust Board.  Citing a
person close to the deal, the FT disclosed Magna and Sberbank
revised their final bid to give each a 27.5 per cent for
a combined 55 per cent stake.  Their earlier offer would have seen
the Russian bank taking a larger, 35 per cent stake and Magna 20
per cent, the FT said.

                          Loan Guarantees

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

                        About General Motors

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

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

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

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

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

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

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


SEB AG: Moody's Affirms 'D+' BFSR with Negative Outlook
-------------------------------------------------------
Moody's Investors Service placed on review for possible downgrade
the bank financial strength ratings and long-term debt and deposit
ratings of these Swedish banks or financial institutions: Nordea
Bank AB, Svenska Handelsbanken AB, Landshypotek AB and Volvofinans
Bank AB.  Together with Nordea Bank AB, Moody's has also placed on
review for possible downgrade the BFSR and long-term ratings of
Nordea's banking subsidiaries in Denmark, Norway and Finland.  In
addition, the short-term deposit ratings of Landshypotek AB and
Volvofinans Bank AB were placed on review for possible downgrade.
Moody's expects to conclude its reviews of the majority of these
entities within a few weeks.

Moody's also notes that all the ratings of Swedbank AB, its
Swedish subsidiary Swedbank Mortgage and its Baltic subsidiary
Swedbank AS (Estonia) remain on review for possible downgrade, the
review having been initiated on 27 April 2009.

At the same time, the rating agency affirmed the BFSRs and long-
term ratings of Skandinaviska Enskilda Banken AB and its fully
owned German subsidiary SEB AG, Lansforsakringar Bank AB and The
Swedish Housing Finance Corporation, SBAB.

Moody's expects the downgrades of the senior debt and deposit
ratings to be limited to one or possibly two notches.  Although it
expects the banks' BFSRs to come under increasing pressure,
Moody's believes that banks in highly rated countries are likely
to receive support depending on their level of systemic
importance.  This should result in a more limited impact on the
debt and deposit ratings than the BFSRs following the conclusion
of the review process for these four banks.

The rating actions on the BFSRs were prompted by Moody's
expectation that Swedish banks will experience increasing
deterioration in asset quality over the coming quarters.  This is
likely to lead to higher credit-related write-downs than
previously anticipated in the ratings, exerting adverse pressure
on profitability and capitalization.  The anticipated
deterioration in asset quality reflects the increasing weakness of
Sweden's highly export-driven economy.  Swedish GDP is forecast to
contract by around 4% in 2009 and is likely to stagnate in 2010,
coupled with an increase in unemployment levels.  Moody's has
recently described the assumptions behind its framework for
estimating Nordic banks' credit losses in a special comment
entitled "Moody's Approach to Estimating Nordic Banks' Credit
Losses", published on 16 July 2009.

In this context, those Swedish banks whose ratings have been
placed on review for downgrade are those whose key credit drivers
Moody's views as being the most vulnerable to weaker performance
in their BFSR rating categories, under its anticipated (base) and
worse-than-expected (stressed) scenarios.  Among the key credit
drivers, Moody's focus is in particular on current capital
adequacy levels in relation to the banks' specific asset
composition and their respective anticipated loss levels.  The
rating agency's expected macroeconomic scenario, referenced in the
preceding paragraph, is used to establish its baseline
expectations for a bank's performance, while its worse-than-
expected case helps to measure a bank's potential vulnerability in
the event of a shift to a more adverse environment.

More specifically, the banks that are most likely to have their
BFSRs downgraded are those with lower capital adequacy levels
compared with their exposures to asset classes embedding the
highest expected losses, in accordance with Moody's published
assumptions in the aforementioned Special Comment.  These asset
classes include, for example, exposures to construction, shipping
and real estate.

To date, thanks to robust and stable domestic franchises and
historically good financial fundamentals, the financial
performance of Swedish banks has been only moderately affected by
the ongoing global financial and economic crisis.  Therefore,
rating actions since 2007 have been mostly limited to those banks
that are particularly exposed to the rapidly and severely
deteriorating economies of the Baltic countries.

            Review of Senior Debt and Deposit Ratings

In reviewing each bank's deposit and senior debt ratings, Moody's
will consider (i) the support currently available to the bank, as
well as the probability of support once stability returns to the
markets and the system, (ii) the systemic importance of the rated
institution, (iii) the bank's intrinsic financial strength rating,
(iv) other sources of external support, in particular parental
support, and (v) the long-term viability of the bank's franchise
and its ability to withstand the current financial crisis without
being permanently impaired.

            Review of Bank Financial Strength Ratings

Moody's review of the BFSRs will focus in particular on: (i) the
amount of capital the bank has available to absorb expected credit
losses on its assets and (ii) the entity's internal capital
generation capacity to replenish their capital cushions in the
context of lower revenue growth in the deteriorating economic
environment.

Moody's BFSR methodology remains unchanged, although the weight
attached to certain rating considerations, particularly capital
and future earnings prospects, has been increased to better
reflect the present conditions.  The refinement to Moody's
approach to rating banks in this environment is discussed in a
Special Comment entitled "Calibrating Bank Ratings in the Context
of the Global Financial Crisis", which was published in February
2009.

                       Rating Affirmations

In addition to the banks placed on review, Moody's affirmed the
long-term debt and deposit ratings and BFSRs of SEB AB (rated
A1/Prime-1/C-; negative outlook on A1 and C- ratings) and its
German fully owned subsidiary SEB AG (rated Baa1/Prime-2/D+;
negative outlook on Baa1 and D+ ratings ), Lansforsakringar Bank
AB (rated A2/Prime-1/C; stable outlook) and SBAB (A1/Prime-1;
negative outlook on A1 rating), believing that these institutions
can absorb a level of stress beyond its anticipated loss
assumptions and remain appropriately capitalised at their current
rating levels.

Moody's has taken these rating actions:

                         Nordea Bank AB

Moody's placed Nordea Bank AB's BFSR of B on review for possible
downgrade.  Nordea Bank AB comprises its Danish, Finnish and
Norwegian banking subsidiaries and also encompasses the group's
banking franchise in Sweden.  Almost 50% of its lending is to
Nordic households.

The bank's recently improved capital adequacy levels could,
however, come under pressure considering the bank's exposure to
commercial real estate (around 15% of its total loan portfolio is
in Sweden, Finland and Norway).  In past banking crises, this
segment has resulted in substantial losses in these markets and it
continues to be volatile.  Moody's is also concerned about the
bank's exposures to the shipping sector, the Baltic states and
lending to private equity companies even though these segments
combined account for less than 15% of the overall portfolio.

At the same time, the BFSRs of Nordea Bank Denmark (B-), Nordea
Bank Norway (B-) and Nordea Bank Finland (B) were placed on review
for possible downgrade.  For the Danish subsidiary, Moody's review
will mainly focus on its exposure to the Danish farming industry
(around 10% of the loan book) and retail mortgages in light of the
longer-than-expected downturn in the Danish economy (which
accounts for around 35% of the loan book).  For Nordea Norway, the
review will centre on the shipping portfolio (less than 15%) and
its commercial real estate exposure (less than 20%) and, for
Nordea Finland, the review will focus on the entity's commercial
real estate exposure (more than 10%).

The possible downgrade of the BFSRs of Nordea and its subsidiaries
could have an adverse effect on the bank's long-term debt and
deposit ratings, which were also placed on review for possible
downgrade, although these ratings would continue to incorporate a
very high degree of systemic support given the Nordea banking
group's leading positions in the Nordic and Swedish markets.
Moody's therefore placed the bank's Aa1 long-term debt and deposit
ratings on review for possible downgrade.

                      Svenska Handelsbanken

Moody's placed Svenska Handelsbanken's B BFSR on review for
possible downgrade.  Despite the bank displaying satisfactory
capital levels, of particular concern to the rating agency is
Svenska Handelsbanken's relatively high borrower and sector
concentration, in particular property management companies.  In
addition, Moody's notes the bank's very limited exposure to the
overheated real estate market in the UK.

Moody's will take into account the organisation's traditional low-
risk culture and its solid underwriting criteria, as demonstrated
by its track record of strong asset quality indicators.  The
possible downgrade of the BFSR could have an impact on the bank's
long-term ratings, which were also placed on review for possible
downgrade, although these ratings will continue to incorporate a
very high degree of systemic support given the leading position of
Handelsbanken in the Swedish market.  Moody's therefore also
placed the bank's Aa1 long-term debt and deposit ratings on review
for possible downgrade.

                          Landshypotek AB

Moody's placed Landshypotek's C+ BFSR on review for possible
downgrade. Despite an overall modest risk profile given that the
company mainly focuses on agricultural lending to private
individuals, Moody's notes Landshypotek's very low level of
profitability, total reliance on market funding and focus on a
single business line.  The possible downgrade of the BFSR would
have a direct impact on the entity's long-term deposit rating, as
this rating does not benefit from any uplift from its standalone
financial strength as a result of systemic support.  Moody's
therefore also placed the A2/Prime-1 deposit ratings on review for
possible downgrade.

                        Volvofinans Bank AB

Moody's placed Volvofinans Bank AB's C- BFSR on review for
possible downgrade.  The review will focus on the impact of
potential losses in the bank's auto consumer, leasing and credit
card lending portfolio; of particular concern to Moody's is the
difficult operating environment, notably the rapid decline in new
car and truck sales in Sweden and the consequent expected adverse
effects on Volvofinans Bank's profitability.

In addition, Moody's also notes that Volvo dealers' financial
profiles are likely to be impacted by the negative car market
conditions, which could in turn affect the bank given that the
dealers guarantee the credit risk of the majority of Volvofinans
Bank's lending portfolio.

Moody's says that the BFSR could be downgraded by more than one
notch, which would likely result in a downgrade of the long-term
rating of more than one notch.  Any downgrade of the BFSR would
have a direct impact on the entity's long-term deposit rating, as
this rating does not benefit from any uplift from the entity's
standalone financial strength as a result of systemic support.
Moody's therefore also placed Volvofinans Bank AB's Baa1/Prime-2
deposit ratings on review for possible downgrade.

                    Rating Actions in Summary

Swedish banks with one or more ratings affected by the current
review are:

Nordea Bank AB

  -- B BFSR on review for possible downgrade;

  -- Aa1 long-term deposit and senior unsecured ratings on review
     for possible downgrade;

  -- Aa2 subordinated debt rating on review for possible
     downgrade;

  -- Aa3 hybrid debt rating on review for possible downgrade;

  -- Prime-1 short-term deposit and other short-term debt ratings
     affirmed.

Moody's last rating action on Nordea Bank AB was on April 2007,
when its new Joint Default Analysis and BFSR methodologies were
implemented.

                     Svenska Handelsbanken

  -- B BFSR on review for possible downgrade;

  -- Aa1 long-term deposit and senior unsecured ratings on review
     for possible downgrade;

  -- Aa2 subordinated debt rating on review for possible
     downgrade;

  -- Aa3 hybrid debt rating on review for possible downgrade;

  -- Prime-1 short-term deposit and other short-term debt ratings
     affirmed.

Moody's last rating action on Svenska Handelsbanken AB was on
April 2007, when its new JDA and BFSR methodologies were
implemented.

                          Landshypotek AB

  -- C+ BFSR on review for possible downgrade;

  -- A2 long-term deposit rating on review for possible downgrade;

  -- Prime-1 short-term deposit rating on review for possible
     downgrade.

Moody's last rating action on Landshypotek AB was on April 2007,
when its new JDA and BFSR methodologies were implemented.

                       Volvofinans Bank AB

  -- C- BFSR on review for possible downgrade;

  -- Baa1 long-term deposit rating on review for possible
     downgrade;

  -- Prime-2 short-term deposit rating on review for possible
     downgrade.

Moody's last rating action on Volvofinans Bank AB was on 17
October 2008 when the long-term deposit and senior debt ratings
were downgraded to Baa1 from A3 and the BFSR was downgraded to C-
from C.

The non-Swedish subsidiaries with one or more ratings affected by
the current review are:

                     Nordea Bank Finland Plc

  -- B BFSR on review for possible downgrade;

  -- Aa1 long-term deposit and senior unsecured ratings on review
     for possible downgrade;

  -- Aa2 subordinated debt rating on review for possible
     downgrade;

  -- Prime-1 short-term deposit and other short-term debt ratings
     affirmed.

Moody's last rating action on Nordea Bank Finland Plc was on April
2007, when its new JDA and BFSR methodologies were implemented.

                     Nordea Bank Danmark A/S

  -- B- BFSR on review for possible downgrade;

  -- Aa1 long-term deposit and senior unsecured ratings on review
     for possible downgrade;

  -- Prime-1 short-term deposit and other short-term debt ratings
     affirmed.

Moody's last rating action on Nordea Bank Danmark A/S was on April
2007, when its new JDA and BFSR methodologies were implemented.

                      Nordea Bank Norge ASA

  -- B- BFSR on review for possible downgrade;

  -- Aa1 long-term deposit and senior unsecured ratings on review
     for possible downgrade;

  -- Aa2 subordinated debt rating on review for possible
     downgrade;

  -- Prime-1 short-term deposit and other short-term debt ratings
     affirmed.

Moody's last rating action on Nordea Bank Norge ASA was on April
2007, when its new JDA and BFSR methodologies were implemented.

Banks with current ratings affirmed are:

                              SEB AB

C- BFSR affirmed with a negative outlook.  However, the C- BFSR
now maps to a Baseline Credit Assessment of Baa2, from Baa1
previously.  This reflects Moody's opinion that the bank's BFSR
has weakened within the C- category due to the continuing severe
deterioration of macro-economic conditions in the Baltic states
and its expectation of higher related impairments than previously
forecast.  In addition, the rating agency notes the worsened
macro-economic outlook in SEB's other operating markets -- Germany
and the other Nordic countries;

  -- A1 long-term bank deposit rating affirmed with a negative
     outlook;

  -- A1 issuer rating and senior unsecured debt rating affirmed
     with a negative outlook;

  -- A2 subordinated debt rating affirmed with a negative outlook;

  -- A3 hybrid debt rating affirmed with a negative outlook;

  -- Prime-1 short-term deposit and other short-term debt ratings
     affirmed.

Moody's last rating action on SEB AB was on 7 April 2009 when the
long-term deposit and senior debt ratings were downgraded to A1
from Aa2 and the BFSR was downgraded to C- from B-.

                              SEB AG

  -- D+ BFSR (mapping to a BCA of Ba1) affirmed with a negative
     outlook;

  -- Baa1 long-term bank deposit rating affirmed with a negative
     outlook;

  -- Prime-2 short-term bank deposit rating affirmed.

Moody's last rating action on SEB AG was on 7 April 2009 when the
long-term deposit and senior debt ratings were downgraded to Baa1
from A1 and the BFSR was downgraded to D+ from C-.

                     Lansforsakringar Bank AB

  -- BFSR of C (mapping to a BCA of A3) affirmed with a stable
     outlook;

  -- A2 long-term deposit and senior unsecured ratings affirmed
     with a stable outlook;

  -- Prime-1 short-term deposit and other short-term debt ratings
     affirmed.

Moody's last rating action on Lansforsakringar Bank AB was on
April 2007, when its new JDA and BFSR methodologies were
implemented.

                               SBAB

  -- A1 issuer rating and senior unsecured debt rating affirmed
     with a negative outlook;

  -- A2 subordinated debt rating affirmed with a negative outlook;

  -- A3 hybrid debt rating affirmed with a negative outlook;

  -- Stand-alone BCA lowered to the range of 7-9 from 5-7 (on a
     scale of 1 to 21, where 1 represents the lowest credit risk).
     The lower BCA for SBAB reflects Moody's heightened concerns
     regarding SBAB's exposure to the real estate sector,
     particularly rising (although limited) commercial lending and
     its modest profitability

  -- Prime-1 short-term deposit and other short-term debt ratings
     affirmed.

Moody's last rating action on SBAB was on February 5, 2008 when
the long-term issuer and senior debt ratings were downgraded to A1
(negative outlook) from Aa3.

Headquartered in Stockholm, Sweden, Nordea Bank AB reported total
consolidated assets of EUR476 billion as of June-end 2009.

Headquartered in Copenhagen, Denmark, Nordea Bank Danmark A/S
reported total consolidated assets of EUR121 billion as of
December 31, 2008.

Headquartered in Helsinki, Finland, Nordea Bank Finland Plc
reported total consolidated assets of EUR207 billion as of
June-end 2009.

Headquartered in Oslo, Norway, Nordea Bank Norge ASA reported
total consolidated assets of EUR59 billion as of June-end 2009.

Headquartered in Stockholm, Sweden, Svenska Handelsbanken AB
reported total consolidated assets of SEK2,155 billion
(EUR198 billion) as of June-end 2009.

Headquartered in Stockholm, Sweden, Landshypotek AB reported total
consolidated assets of SEK54 billion (EUR4.9 billion) as of
March 31, 2009

Headquartered in Gothenburg, Sweden, Volvofinans Bank AB reported
total consolidated assets of SEK25 billion (EUR2.3 billion) as of
March 31, 2009.


VEM VERMOEGENSVERWALTUNG: Merckle May Tap Adviser on Phoenix Sale
-----------------------------------------------------------------
Nadja Brandt at Bloomberg News, citing Financial Times
Deutschland, reports that Germany's Merckle family may decide on
an adviser for the sale of drug wholesaler Phoenix Pharmahandel
AG, in the coming days.

Bloomberg relates the newspaper, citing unidentified people, said
the Merckle family may tap Deutsche Bank AG to advise on the
transaction.

As reported in the Troubled Company Reporter-Europe on Jan. 27,
2009, Bloomberg News said Phoenix Pharmahandel may be put up for
sale for as much as EUR6 billion (US$7.8 billion) to settle debts
of its holding company, VEM Vermoegensverwaltung GmbH.  Bloomberg
disclosed the German drug wholesaler's holding company amassed
about EUR5 billion in debt.  Its owner-founder, the Merckle
family, agreed to sell assets as part of an agreement with lenders
consisting more than 30 banks.

                   About Phoenix Pharmahandel AG

Phoenix Pharmahandel AG a.k.a Phoenix Pharmahandel
Aktiengesellschaft & Co KG -- http://www.phoenix-ag.de/-- is a
pharmaceutical wholesaler in Germany and in Europe, with a
presence in more than 20 countries.  It delivers some 100,000
products through around 150 offices across the continent.  The
company earns about half of its revenues in Europe.  The company
also provides pharmacy management services and runs an online
ordering system.  The company is majority-owned by Germany-based
Merckle Group, a pharmaceutical conglomerate.

                 About VEM Vermoegensverwaltung GmbH

VEM Vermoegensverwaltung GmbH is a manufacturer of construction
materials based in Dresden Germany.


VIVACON AG: Gets EUR85 Mln From Sale of Two Developments
---------------------------------------------------------
Claudia Rach at Bloomberg News reports that Vivacon AG has
received EUR85 million (US$121 million) from the sale of two
developments to Peach Property AG.

Bloomberg relates the Swiss luxury housing company agreed earlier
this year to buy five projects from Vivacon to gain access to the
German market.  According to Bloomberg, the sale of the five
projects will generate cash of EUR345 million and has to be
approved by banks.  The Swiss company, as cited by Bloomberg, said
ownership of the three remaining properties hasn’t been
transferred yet the purchase will be completed in August.

As reported in the Troubled Company Reporter-Europe on June 22,
2009, Vivacon Immobilienportfolio XVI./2006 GmbH & Co. KG, Vivacon
Immobilienportfolio III./2007 GmbH & Co. KG, Vivacon
Immobilienportfolio V./2007 GmbH & Co. KG and Vivacon
Immobilienportfolio VII./2007 GmbH & Co. KG. filed for insolvency
at the local court in Cologne, citing illiquidity.   There was
liquidity gap, which could not be bridged in the short time
according to current forecast of the management.   The liquidity
gap resulted from high vacancy rates of the real estate assets due
to the location.  The four subsidiaries were only focused on
residential properties in Salzgitter and Kassel.  Affected were
almost 4,000 residential units of approximately 10,000 residential
units of the Vivacon group.  The insolvency was filed in the
context of the current restructuring efforts and serve to
safeguard liquidity of the Vivacon group.

Vivacon AG -- http://www.vivacon.de/-- is a Germany-based holding
company of the Vivacon Group, engaged in the real estate sector.
The Vivacon Group focuses on the acquisition and management of
rentable properties, dealing in housing portfolios, asset
management and other real estate-related services, leasing
properties held in the proprietary real estate portfolio, property
development for restored listed housing and designer properties.
The Company's activities are divided into three business sectors:
Investment Management, Asset Management, and Development.  The
Company has representative offices in Hamburg, Berlin, Hannover,
Frankfurt and Munich, Germany.  The Vivacon Group operates through
a number of subsidiaries in Germany and Luxembourg, as well as
through Vivacon CEE in the Czech Republic.  As of July 1, 2008,
the Company sold a residential real estate portfolio with a total
area of more than 130,000 square meters in Western Germany in the
form of a sale of shares in special purpose vehicles.


* GERMANY: Gov't Rules Out Forced Capitalization of Banks
---------------------------------------------------------
Rainer Buergin at Bloomberg News reports that the German
government on Monday said it wasn't considering forcing banks to
increase capital.

The government, Bloomberg discloses, dismissed a report in the
Sueddeutsche Zeitung newspaper that it was considering requiring
banks to accept state aid to boost lending and avert a credit
crunch in the fall.  Bloomberg relates the newspaper, without
saying where it got the information, said the government would
boost the banks' core capital base using public funds and become a
major shareholder in the banks, the newspaper said without saying
where it got the information.

"The federal government is not thinking about a forced
capitalization of banks," Bloomberg quoted ministry spokeswoman
Jeanette Schwamberger as saying in an e-mail.  Ms. Schwamberger,
as cited by Bloomberg, said the government has "made available an
extensive set of tools to stabilize" the banking sector that banks
can avail themselves of if they have to.


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


NOSTRUM CONSUMER: Fitch Affirms 'BB' Rating on Class E Notes
------------------------------------------------------------
Fitch Ratings has upgraded Nostrum Consumer Finance plc's class B
and C notes and affirmed the transaction's remaining classes, as
detailed below.  Nostrum is a securitization of consumer loans/ABS
transaction originated by Caixa Geral de Depositos S.A. (rated
'AA-'/'F1+'/Outlook Stable) in Portugal.

  -- EUR38.91 million class A floating-rate notes
    (ISIN XS0178584750): affirmed at 'AAA'; Outlook Stable

  -- EUR15.6 million class B floating-rate notes
    (ISIN XS0178585054): upgraded to 'AAA' from 'AA+'; Outlook
     Stable


  -- EUR12.4 million class C floating-rate notes
    (ISIN XS0178585138): upgraded to 'A+' from 'A'; Outlook
     Positive

  -- EUR10 million class D floating-rate notes
    (ISIN XS0178585484): affirmed at 'BBB'; Outlook revised to
     Stable from Positive

  -- EUR2.4 million class E floating-rate notes
    (ISIN XS0178585641): affirmed at 'BB'; Outlook revised to
     Stable from Positive

The Fitch delinquency ratio during the amortization phase has
shown an increasing trend, which is partly explained by the
amortization of the pool.  Since inception, the Fitch cumulative
gross default ratio and cumulative net default ratio have
performed better than the agency's base case expectations set at
closing.  As of May 2009, the CGDR stood at 0.94% against a base
case of 2.42% and the CNDR was 0.63% compared to a base case of
1.58%.  Since closing, the cash reserve has been fully funded at
the target level and was EUR2 million at end-May 2009.

At end-May 2009 all the gross defaults, representing 50% of the
defaulted loans and 100% of the written-off receivables,
experienced since the closing date (EUR9.54 million) have been
fully covered by excess spread in the transaction.  As such, no
balance remains outstanding in the PDL (Principal Deficiency
Ledger).  As of June 2009, despite the increasing trend in the
principal loss rate, the transaction is still generating excess
spread after defaults (0.46%).

The credit enhancement percentage levels have risen mainly due to
amortization of the class A notes.  This is expected to continue
as a result of the sequential amortization of the transaction.
There is a 10% clean-up call feature in the transaction that might
be exercised in approximately two years time.

The Outlooks for the class D and E notes have been revised due to
the deterioration of the macroeconomic environment in Portugal,
which is reflected in the increasing unemployment rate.

Fitch will continue to closely monitor the transaction.


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


FIAT SPA: Posts EUR179 Mln 2Q09 Net Loss; Mulls Auto Unit Spin-Off
------------------------------------------------------------------
Vincent Boland at The Financial Times reports that Fiat SpA
incurred a net loss of EUR179 million (US$254 million) for the
three months to June 30, 2009, compared with a net profit of
EUR646 million in the same period last year.

The FT says the Italian carmaker attributed the loss to the slump
in the global car industry caused by the credit crisis.  "The
global economic crisis continued to have a significantly negative
impact on demand levels for all of the Group's businesses, but
with signs of improvement in certain markets compared with Q1
levels," the FT quoted Fiat as saying in a statement on Wednesday
accompanying the results.

According to the FT, revenues fell 22.5 per cent to EUR13.2
billion, the group made a trading profit of EUR310 million
compared with EUR1.13 billion in 2008, and net industrial debt
decreased to EUR5.7 billion from EUR6.6 billion at the end of the
first quarter.

                            Spin-off

John Reed Vincent Boland at the Financial Times reports that
Sergio Marchionne, Fiat chief executive, said on Wednesday he was
still considering potential car-making partners and looking at
spinning off Fiat's auto division, in spite of being rebuffed in
his bid to create a new car group including Opel.  Mr. Marchionne
would not say on Wednesday which carmakers he was talking to, and
denied he was on a "hunting mission looking for partners", the FT
notes.

The FT recalls in May, Mr. Marchionne proposed separating Fiat
Auto from its Iveco trucks, CNH farm and construction-equipment
unit, and other divisions to create a new publicly traded carmaker
that would include Opel and be as big as Volkswagen.

In connection with Chrysler LLC's bankruptcy filing, Chrysler
reached an agreement with Fiat SpA, the U.S. and Canadian
governments and other key constituents regarding a transaction
under Section 363 of the Bankruptcy Code that would effect an
alliance between Chrysler and Italian automobile manufacturer
Fiat. Under the terms approved by the Bankruptcy Court, the
company formerly known as Chrysler LLC on June 10, 2009, formally
sold substantially all of its assets, without certain debts and
liabilities, to a new company that will operate as Chrysler Group
LLC.  Fiat has a 20 percent equity interest in Chrysler Group.

                           About Fiat SpA

Headquartered in Turin, Italy, Fiat SpA (BIT:F) --
http://www.fiatgroup.com/-- is principally engaged in the design,
manufacture and sale of automobiles, trucks, wheel loaders,
excavators, telehandlers, tractors and combine harvesters.
Through its subsidiaries, Fiat operates mainly in five business
areas: Automobiles, including sectors led by Maserati SpA, Ferrari
SpA and Fiat Group Automobiles SpA, which design, produce and sell
cars under the Fiat, Alfa Romeo, Lancia, Fiat Professional,
Abarth, Ferrari and Maserati brands; Agricultural and Construction
Equipment, which is led by Case New Holland Global NV; Trucks and
Commercial Vehicles, which is led by Iveco SpA; Components and
Production Systems, which includes the sectors led by Magneti
Marelli Holding SpA, Teksid SpA, Comau SpA and Fiat Powertrain
Technologies SpA, and Other Businesses, which includes the sectors
led by Fiat Services SpA, a publishing house Editrice La Stampa
SpA and an advertising agency Publikompass SpA.  With operations
in over 190 countries, the Group has 203 plants, 118 research
centers, 633 companies and more than 198,000 employees.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on
June 16, 2009, Standard & Poor's Ratings Services said that its
'BB+' long-term corporate credit rating on Italian industrial
group Fiat SpA remains on CreditWatch with negative implications,
where it was placed on Jan. 22, 2009.  At the same time, the 'B'
short-term corporate credit rating was affirmed.


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


ARTIS INVEST: Creditors Must File Claims by July 31
---------------------------------------------------
JSC Artis Invest is currently undergoing liquidation.  Creditors
have until July 31, 2009, to submit proofs of claim to:

         Kabanbai batyr Str. 77
         Almaty
         Kazakhstan


ASTANA NEFTE Creditors Must File Claims by July 31
--------------------------------------------------
Creditors of LLP Astana Nefte Gas have until July 31, 2009, to
submit proofs of claim to:

         Mirzoyan Str. 6-22
         Astana
         Kazakhstan

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


BAZIS INT'L: Seeks Replacement Financing for C$46 Mln Loan
----------------------------------------------------------
Joe Schneider at Bloomberg News reports that Bazis International
Inc. said it will seek replacement financing for a C$46 million
loan to pay lenders who attempted to force its hotel-condominium
tower project in Toronto into receivership.

Bloomberg relates Bazis, which planned to build an 80-story tower
that would include retailers and a Sofitel hotel, denied it was
required by a judge to sell the property at 1 Bloor Street.

Ontario Superior Court Judge Herman Wilton-Siegel deferred until
Aug. 18 a hearing on the lenders' request to appoint a receiver to
sell the property.

As reported in the Troubled Company Reporter-Europe on July 22,
2009, National Post said Bazis has not made payments since
December on the C$46-million loan.  According to National Post,
Bazis's North American chief Michael Gold reportedly blamed the
poor economy for his defaulting on the loans, and said he was
being brought to court by three businessmen who are using private
information he gave them to take control of the land.  National
Post disclosed Mr. Gold's creditors, a numbered company listed in
the statement of claim, are demanding repayment of the initial
loan, plus US$1.2-million in structuring fees and accrued
interest.  His creditors are looking to appoint a receiver who
will auction off the assets, estimated at around US$50million, to
repay the loan.

Based in Almaty, Kazakhstan, Bazis International Inc. --
http://www.bazisinternational.com/-- is a building development
and architectural company.


EURO ASIAN: Creditors Must File Claims by July 31
-------------------------------------------------
JSC Euro Asian Foods' Petropavlovsk Branch is currently undergoing
liquidation.  Creditors have until July 31, 2009, to submit proofs
of claim to:

         Bytovaya Str. 20
         Karaganda
         Kazakhstan


OKTAN GAS: Creditors Must File Claims by July 31
------------------------------------------------
A branch of F LLP Oktan Gas Ltd. is currently undergoing
liquidation.  Creditors have until July 31, 2009, to submit proofs
of claim to:

         Severnoye Koltso Str. 41a
         Almaty
         Kazakhstan


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


EURO STROY: Creditors Must File Claims by July 31
-------------------------------------------------
LLC Euro Stroy is currently undergoing liquidation.  Creditors
have until July 31, 2009, to submit proofs of claim to:

         Panfilov Str. 207-7
         Bishkek
         Kyrgyzstan


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


SAMSON EHF: Files Lawsuit Against Owners' Luxembourg Company
------------------------------------------------------------
Omar R. Valdimarsson at Bloomberg News, citing Reykjavik-based
daily Morgunbladid, reports that the bankrupt estate of Samson
ehf, a private holding company that was owned by entrepreneur Thor
Bjorgolfsson and his father Bjorgolfur Gudmundsson, has filed a
lawsuit against a Luxembourg-based holding company owned by the
two men for GBP109.5 million (US$155.4 million).

The lawsuit is one of five being filed by the bankrupt estate
against companies owned by Messrs. Bjorgolfsson and Gudmundsson or
against Gudmundsson personally, Morgunbladid said, according to
Bloomberg.

Bloomberg relates the daily, citing the subpoenas, said the money
owed by the Luxembourg company stems from a subordinated revolving
credit facility given by Samson before its bankruptcy.


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


JUBILEE CDO: S&P Lowers Rating on Class D Notes to 'BB'
-------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on the class C and D notes
issued by Jubilee CDO III B.V.  At the same time, S&P removed from
CreditWatch negative and affirmed its ratings on the class B notes
and combination R and S notes, and affirmed the class A-1 and A-2
notes.

On June 18, S&P placed on CreditWatch negative five tranches,
including two combination notes, in this collateralized debt
obligation transaction following S&P's preliminary review.  The
review indicated that, in S&P's opinion, there had been
deterioration in the credit quality of the collateral portfolio
and par value losses following the default of portfolio holdings.

S&P's analysis of the transaction indicates that par value losses
due to the defaults of corporate obligors have affected the credit
enhancement levels available to the class C and D notes.  As a
result, S&P's cash flow analysis shows a decrease in the break-
even default rates.  In S&P's opinion, the break-even default
rates are no longer commensurate with the ratings on the class C
and D notes, resulting in the downgrades.

As recently announced, S&P is reviewing its criteria for rating
cash flow CDOs.  This may affect S&P's ratings on the notes issued
by Jubilee CDO III.  The rating actions are unrelated to these
proposed changes.

                           Ratings List

                       Jubilee CDO III B.V.
EUR359.6 Million Floating-Rate and Deferrable Floating-Rate Notes

      Ratings Lowered and Removed From Creditwatch Negative

                              Rating
                              ------
            Class        To              From
            -----        --              ----
            C            BBB-            BBB/Watch Neg
            D            BB              BB+/Watch Neg

                         Ratings Affirmed

                       Class        Rating
                       -----        ------
                       A-1          AAA
                       A-2          AAA

          Ratings Removed From Creditwatch and Affirmed

                              Rating
                              ------
            Class        To              From
            -----        --              ----
            B            A               A/Watch Neg
            R Comb       BBB-            BBB-/Watch Neg
            S Comb       BBB-            BBB-/Watch Neg


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


GDANSK SHIPYARD: Commission Approves EUR251 Million State Aid
-------------------------------------------------------------
Following an in-depth investigation opened in June 2005, the
European Commission has authorised under EC Treaty state aid rules
various support measures worth EUR251 million, spread over several
years and extending into the future, in favor of the Gdansk
Shipyard in Poland.  Privatized in 2007, the yard recently
presented a restructuring plan that will to a large extent be
financed from private resources raised by the yard and its owner.
The Commission concluded that the plan will ensure the viability
of the yard and that the distortions of competition, caused by
years of subsidised operations, will be adequately reduced by
production capacity closures.

Competition Commissioner Neelie Kroes commented: "This has been
one of the longest and most difficult cases I have had to deal
with but I am very pleased that we have now found a constructive
solution for this exceptional place and the people working there.
We have made a tremendous effort to make sure that the yard will
be viable for many years to come.  Genuine restructuring is the
only way to secure stable jobs for the yard's workers."

Since 2002, Gdansk Shipyard has benefitted from various aid
measures such as capital injections, guarantees, loans and tax
write-offs designed to keep it afloat.  Based on the notification
of restructuring aid to the yard by Poland in October 2004, the
Commission opened a formal investigation in June 2005 to
scrutinise in detail the restructuring plan.  In November 2007,
the yard was privatised and the new owner first attempted to merge
shipyards in Gdansk and Gdynia.  A plan for this common project
was rejected by the Commission, in the context of its decision on
state aid to Gdynia Shipyard of November 2008, mainly because it
was not sufficient to ensure a return of the yards to long-term
viability.

Subsequently, the owner of Gdansk Shipyard, Ukrainian industrial
group (ISD), submitted a stand-alone restructuring plan for this
yard.  The Commission is satisfied that the plan is in line with
the requirements of its Guidelines on rescue and restructuring
aid.  In particular, the plan proposes a sustainable business
strategy based on a diversification of the yard's activities and
synergies with other companies in the same group.

The Commission's decision authorizes state aid granted to Gdansk
Shipyard since 2004 when Poland entered the EU (EUR94 million) as
well as a further EUR35 million of aid still planned to finance
the yard's restructuring.  The decision also authorizes production
guarantees from the Polish Export Credit Insurance Corporation of
a nominal value of EUR122 million (EUR80 million already received
and EUR42 million planned in the period 2009-2012).  The decision
does not however cover the state aid received by the yard prior to
Poland's accession to the EU: between 2002 and 2004, the yard
received a further EUR36 million (which falls outside the scope of
Wednesday's decision).

As the continuous subsidies for the yard's production since 2002
caused a significant distortion of competition on the shipbuilding
market, the yard's shipbuilding capacity has to be reduced
substantially.  According to the restructuring plan, the yard will
close two out of the three existing slipways . The yard has made a
commitment to operate with a single slipway or alternative
launching facility, with a maximum production of 100 000
compensated gross tonnage (CGT) annually.

                            About Gdansk

Headquartered in Gdansk, Poland, Gdansk Shipyard --
http://www.stocznia.gda.pl/En-- is one of the biggest shipyards
in Poland.  It was previously known as Lenin Shipyard during the
times of the People's Republic of Poland.  The site was the
birthplace of the country's Solidarity movement in September
1980.


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


BANCO PRIVADO: Moody's Withdraws 'E' Bank Strength Ratings
----------------------------------------------------------
Moody's Investors Service has withdrawn the B3/Not Prime deposit
ratings and E bank financial strength rating of Banco Privado
Portugues S.A. for business reasons.  The long-term deposit rating
was withdrawn while on review with direction uncertain as Moody's
did not receive any updated information from the institution with
which to conclude the review.

These ratings were withdrawn:

  -- BFSR of E;

  -- Long- and short-term local currency deposit ratings of B3 and
     Not Prime, respectively.

The last rating action on Banco Privado Portugues was on March 2,
2009, when Moody's downgraded the long-term bank deposit rating to
B3 from Ba2 and the BFSR to E from D.  The downgrade of the long-
term deposit rating was prompted by the downgrade of the BFSR,
although, as Moody's noted, it incorporated one notch of uplift
from the Caa1 baseline credit assessment (which maps directly from
the BFSR) to reflect the liquidity support for Banco Privado
Portugues from Bank of Portugal.  The short-term deposit rating
remained at Not Prime.  The BFSR carried a stable outlook, having
previously been on review for possible downgrade.  The long-term
deposit rating remained on review, but with direction uncertain,
having previously also been on review for downgrade.

Banco Privado Portugues is headquartered in Lisbon, Portugal.  At
the end of September 2008, its non-audited unconsolidated total
assets amounted to EUR2.9 billion.


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


CB RENAISSANCE: Fitch Affirms LT Issuer Default Rating at 'CCC'
---------------------------------------------------------------
Fitch Ratings has affirmed Moscow-based CB Renaissance Capital's)
Long-term Issuer Default Rating at 'CCC' with a Negative Outlook.

The rating action reflects the continued pressure on the bank's
liquidity position given significant near-term funding maturities,
limited prospects for refinancing debt issuance and a moderate
liquidity cushion, while the bank's cash generation capacity is
constrained by the business run off and asset quality problems.
At the same time, Fitch notes that immediate liquidity pressure
has eased after the large wholesale debt repayments in Q209 which
were financed by cash generated from the loan book and only
partially through utilisation of the bank's liquidity cushion.

The bank's highly liquid assets, comprising cash and equivalents
(all repoable securities have already been pledged with the
Central Bank of Russia), represented 11% of total assets, at mid-
July 2009, or 56% of the liabilities maturing in Q309, excluding
funding from the CBR.  At the same time, Fitch notes that CBRC is
in talks with a state-controlled bank about the at least partial
extension of a facility equal to 13% of liabilities, which is
maturing in Q309, while funding from corporate clients, most of
which is contractually short-term, has been reasonably stable to
date.  In addition, the bank forecasts that the loan book will
generate sufficient cash to cover liabilities, net of CBR funding,
maturing in Q309, which looks achievable given the amount
generated in Q209, but could be challenging given the reduced
portfolio and higher loan delinquencies.  Liabilities maturing in
Q409 and Q110, net of CBR funding, are currently moderate and
equal to 14% and 8% of liabilities, respectively, but are likely
to be increased by short-term debt rollovers.  A US$300 million
eurobond --  equal to 19% of liabilities, albeit partly already
repurchased --  matures in June 2010. Reliance on CBR funding (27%
of liabilities, at mid-July 2009) is high.  Affiliated companies
or shareholders may be able to lend CBRC some support, if needed;
related party funding represented less than 5% of end-H109
liabilities.

CBRC plans to restart lending in H209, although Fitch understands
that this will depend on the availability of new funding, in
particular the success of a newly launched retail deposit
programme.  The agency believes, however, that such a programme
could prove challenging to implement.  Asset quality has gradually
weakened during the first half of this year, with loans more than
90 days overdue reaching 14.1% at end-5M09 and restructured
facilities comprising a further 4.5%.  At the same time, Fitch
notes the bank's currently adequate capital levels (regulatory
capital ratio of 17.6% at end-H109) and significant loan loss
absorption capacity: at end-H109, the agency estimates that CBRC
could have increased the ratio of loan impairment reserves to
gross loans to 32.9% from an already solid 25.4% before the
regulatory capital ratio would have reached the 10% minimum level.

If liquidity or asset quality deteriorates notably without
external support being received, then CBRC's ratings may be
downgraded.  However, if the bank is successful in strengthening
its liquidity position through the extension of some of its
funding maturities and continued solid cash generation, then
positive rating action may be taken.  A contribution of new equity
from shareholders (a RUB3 billion injection is available,
according to the bank, but is expected to be made only if the
regulatory capital ratio falls closer to the minimum level) would
also be favourable for the bank's capital and liquidity positions.

CBRC is a specialist consumer finance bank which has been fully
operational since 2004.  At end-Q109, it was the 67th-largest bank
in Russia by total assets and one of the main players in the
consumer finance market.  CBRC is a part of the broader
Renaissance group, which also includes the Russia-headquartered
investment banking group, known as Renaissance Capital (the
holding company of the group, Renaissance Capital Holdings
Limited, is rated 'B-' with a Negative Outlook), the merchant
banking entity Renaissance Partners and asset manager Renaissance
Investment Management.

The rating actions with respect to CBRC are:

  -- Long-term IDR: affirmed at 'CCC'; Outlook Negative

  -- Senior unsecured debt: affirmed at 'CCC'; Recovery Rating
     'RR4'

  -- Short-term IDR: affirmed at 'C'

  -- Individual Rating: affirmed at 'E'

  -- Support Rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'No Floor'

  -- National Long-Term Rating; affirmed at 'B-(rus)'; Outlook
     Negative


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


ISTRABENZ D.D.: Creditor Banks Agree on Out-of-Court Settlement
---------------------------------------------------------------
Boris Cerni at Bloomberg News, citing Ljubljana-based newspaper
Delo, reports that some creditors of Istrabenz d.d. have agreed on
a partial recapitalization of the company and now favor an out-of-
court settlement.

Bloomberg relates the newspaper said the agreement was reached
among seven foreign-owned banks that have so far rejected a
voluntary settlement.

                           Receivership

On July 13, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that a court in Koper started
receivership proceedings against the company.  The court appointed
Boris Dolamic as the receiver and named a credit committee made up
of nine banks owed money by the company.

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

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


===========
S W E D E N
===========


SWEDBANK AB: Posts US$257MM 2Q09 Net Loss; Mulls Job Cuts
---------------------------------------------------------
Niklas Magnusson at Bloomberg News reports that Swedbank AB made a
net loss of SEK2.01 billion (US$257 million) compared with net
income of SEK3.6 billion a year earlier.

According to Bloomberg, the bank attributed the second-quarter net
loss to the rise in bad loans.  Bloomberg discloses the bank's
loan losses soared to SEK6.67 billion, from SEK423 million a year
earlier.  Bloomberg notes the Baltic countries are suffering the
deepest recession in the European Union amid the fallout from a
collapse in real estate prices and the global financial crisis,
boosting loan losses at Nordic banks.

                              Job Cuts

Bloomberg relates the Swedish lender said it plans to lower its
employee base by 3,600 people by the end of the second quarter
next year mainly in Estonia, Latvia and Lithuania and in Ukraine,
from the 21,000 employees it had at the end of 2008.

Headquartered in Stockholm, Sweden, Swedbank AB --
http://www.swedbank.com/-- is the parent company of Swedbank.
Swedbank consists of subsidiaries, associates and joint ventures.
The Company operates in six business segments: Swedish Banking,
Baltic Banking, International Banking, Swedbank Markets, Asset
Management and Insurance, and Shared Services and Group Staffs.
On January 1, 2008, Swedbank transferred its operations in Lerum
to Sparbanken Alingsas.  On January 1, 2008, Swedbank's seven
branches in the municipalities of Osby and Hassleholm were
transferred to Sparbanken.  On January 2, 2008, Swedbank Robur
completed the acquisition of Folksarn Fond AB.  In March 2008, the
Company completed the acquisition of ZAO OKO Capital Vostok, a
Russian corporate finance company from OKO Bank of Finland. In
November 2008, Swedbank AB has acquired two investment funds from
D. Carnegie & Co AB.  In March 2009, Sparbanken Nord acquired four
local branch offices, including offices in Kiruna, Pajala,
Overkalix and Overtornea, Sweden from Swedbank AB.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on June 22,
2009, Standard & Poor's Ratings Services said it lowered
the ratings on Swedbank AB's hybrid capital instruments lowered to
'BB', reflecting continued pressure on the bank's stand-alone
credit profile.


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


ARABERPFERDE ZUCHT: Claims Filing Deadline is July 30
-----------------------------------------------------
Creditors of Araberpferde Zucht Engadin GmbH are requested to file
their proofs of claim by July 30, 2009, to:

         Thomas Hess
         Liquidator
         Casa Sulegl
         7413 Fuerstenaubruck
         Switzerland

The company is currently undergoing liquidation in Samedan.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on May 7, 2009.


BIB BUCHHALTUNG: Creditors Must File Claims by July 29
------------------------------------------------------
Creditors of BIB Buchhaltung Inkasso Beratung GmbH are requested
to file their proofs of claim by July 29, 2009, to:

         Therese Kalbermatten
         Liquidator
         Polenstrasse 56
         3902 Glis
         Switzerland

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


C'EST CA: Claims Filing Deadline is July 29
-------------------------------------------
Creditors of C'est ça GmbH are requested to file their proofs of
claim by July 29, 2009, to:

         C'est ça GmbH
         Schoffelgasse 3
         8001 Zurich
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at a shareholders' meeting
held on May 8, 2009.


E & B MOBILITATS: Creditors Must File Claims by July 30
-------------------------------------------------------
Creditors of E & B Mobilitats GmbH are requested to file their
proofs of claim by July 30, 2009, to:

         Rolf Perren
         Brahmsweg 9
         3600 Thun
         Switzerland

The company is currently undergoing liquidation in Thun.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on June 2, 2009.


ELEKTRO OBI: Creditors Must File Claims by July 29
--------------------------------------------------
Creditors of Elektro Obi GmbH are requested to file their proofs
of claim by July 29, 2009, to:

         Bruno Obi
         Liquidator
         Garage Airport
         3920 Zermatt
         Switzerland

The company is currently undergoing liquidation in Zermatt.  The
decision about liquidation was accepted at a shareholders' meeting
held on June 10, 2009.


FG-BETEILIGUNGS AG: Claims Filing Deadline is July 29
-----------------------------------------------------
Creditors of FG-Beteiligungs AG Wil are requested to file their
proofs of claim by July 29, 2009, to:

         consis Treuhand AG
         Liquidator
         Gallusstrasse 17
         9500 Wil SG
         Switzerland

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


GEBR. BRUNNER : Claims Filing Deadline is July 29
-------------------------------------------------
Creditors of Gebr. Brunner AG are requested to file their proofs
of claim by July 29, 2009, to:

         Josef Brunner
         Liquidator
         Verenaweg 20
         6343 Rotkreuz
         Switzerland

The company is currently undergoing liquidation in Risch.  The
decision about liquidation was accepted at a general meeting held
on May 28, 2009.


NEW COMPANY: Claims Filing Deadline is July 29
----------------------------------------------
Creditors of The New Company AG are requested to file their proofs
of claim by July 29, 2009, to:

         Hausler Walter
         Liquidator
         Guetrain 2
         8274 Tagerwilen
         Switzerland

The company is currently undergoing liquidation in Tagerwilen.
The decision about liquidation was accepted at an extraordinary
general meeting held on May 28, 2009.


PHOTO HOPPE: Creditors Must File Claims by July 29
--------------------------------------------------
Creditors of Photo Hoppe AG are requested to file their proofs of
claim by July 29, 2009, to:

         Photo Hoppe AG
         Dorfmarit 14
         3065 Bolligen
         Switzerland

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


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


BANK STOLYTSYA: NBU Appoints Temporary Administrator
----------------------------------------------------
Kateryna Choursina at Bloomberg News reports that Ukraine's
central bank Natsionalnyi Bank Ukrainy appointed independent
contractor Ihor Polkhovskyi as temporary administrator at lender
VAT Bank Stolytsya.

Bloomberg relates NBU said in a July 21 statement on its Web site
that Mr. Polkhovskyi will manage the lender for one year.

The central bank, Bloomberg discloses, imposed a six-month
moratorium for creditors, effective from July 20.

Bank Stolytsya is the 17th bank in Ukraine to be put under
temporary state management.

VAT Bank Stolytsya was ranked as the country's 122nd largest
lender by assets as of April 1, according to central bank data.


GENERALI GARANT: Moody's Confirms 'Ba1' Local Currency Rating
-------------------------------------------------------------
Moody's Investors Service has announced that it has confirmed its
Ba1 local currency and B1 foreign currency ratings on Ukrainian
insurer Generali Garant.  The Aaa.ua National Scale rating was
downgraded to Aa1 in line with the national scale mapping for a
Ba1 local currency rating as published in the special comment
"Mapping Moody's National Scale Ratings to Global Scale Ratings"
by Moody's on 29th December 2008. The ratings have a Negative
outlook, in line with the outlook on the Ukraine sovereign. The
ratings will be withdrawn due to inadequate information.

The rating confirmation mainly reflects Moody's expectations of
continued support for Generali Garant from Assicurazioni Generali
SpA (Aa3 IFSR, stable outlook).  Moody's rating withdrawal
reflects the fact that Generali Garant has not published IFRS
financial statements since the year ending December 2006, and the
IFRS statements published for December 2006 contained a qualified
audit opinion.  Generali Garant continues to publish audited
statements under Ukraine GAAP, however disclosure under local GAAP
is not so transparent in comparison with IFRS, and valuation of
some asset classes still differ from IFRS.  Generali Garant
reports to Assicurazioni Generali SpA through a modified form of
IFRS, which is used in the consolidated Generali accounts, but the
actual statements are not published.

The last rating action was on 22nd May 2009 when all ratings on
Generali Garant were downgraded following a rating action on the
Government of Ukraine.

Based in Kiev, Ukraine, Generali Garant is ultimately controlled
by Generali SpA.  In 2008, Generali Garant reported Gross Premiums
Written of UAH643.5 million compared to UAH527.8 million in 2007.
Shareholders' equity under local GAAP was UAH83.5 million as at
December 31, 2008.


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


LONDON WELSH: Bought of Out of Administration by Red Dragon Rugby
-----------------------------------------------------------------
Red Dragon Rugby Limited has bought London Welsh RFC out of
administration.

The club announced last week that it had entered administration,
and had enough money to survive for only one more month, the
report recounts.

"The acquisition had been subject to a number of conditions which
were: any new investor must prove it has the funds to support the
club for at least two years; potential new investors must provide
all information required by the RFU to satisfy them before they
can become involved with London Welsh; any creditors of London
Welsh, excepting shareholders and directors, must be paid; the
amateur and community components of London Welsh must continue to
be supported," the report quoted the RFU as saying in a July 20
statement.  "Red Dragon Rugby Limited has satisfied the RFU that
the conditions set have been met.  As a result, the administrator,
Tenon Recovery, applied to the courts this morning to release the
club from administration and London Welsh are once again solvent
and so will continue to play in the Championship in the upcoming
09/10 season."

The club, the report says, will still be penalized at the
beginning of next season.

London Welsh Rugby Club, founded in 1885 and now in the top six of
National Division One, has played a vital role both in the local
community and in British Rugby.  Around 177 Welsh international
players have played for the club and a further 43 of these went on
to join the British Lions squad.


NATIONAL EXPRESS: Receives Takeover Bid From a "Third Party"
------------------------------------------------------------
Jonathan Browning at Bloomberg News reports that National Express
Group plc received a possible takeover offer from a "third party"
after FirstGroup Plc Plc said Wednesday it would be
"inappropriate" to consider a formal offer for the company.

According to Bloomberg, FirstGroup said it decided not to make an
offer as there was "considerable uncertainty" about the future of
the National Express’ U.K. rail franchises.

Bloomberg relates National Express said in an e-mailed statement
that is no certainty that the new approach will lead to a firm
offer being made for the group, nor are there concrete terms on
which any offer might be made.

On July 3, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that U.K. Transport Secretary Andrew
Adonis said that the company's contract to run the East Coast rail
service between London and Scotland would be taken into public
ownership and might be subject of re-bidding in a year to 18
months.  Bloomberg disclosed the minister said Elaine Holt,
formerly managing direct of FirstGroup's First Capital Connect
unit, which operates commuter trains across central London, would
run the East Coast franchise, which the National Express won in
August 2007, once it's brought under state ownership.  Bloomberg
said National Express was also at risk of losing its East Anglia
franchise, which operates between London's Liverpool Street
station and Norwich, eastern England, and C2C, which runs commuter
trains to London Fenchurch Street from Essex.  "The government
believes it may have grounds to terminate those franchises,"
Bloomberg quoted Mr. Adonis as saying.

As reported in the Troubled Company Reporter-Europe on June 30,
2009, The Financial Times said National Express rejected an
unsolicited takeover bid from FirstGroup a week after the company
agreed a deal with bankers to ease restrictions on its GBP1.2
billion debt.  The FT recalled the Dft refused to renegotiate the
terms of the company's East Coast rail franchise between London
and Edinburgh, casting doubt on its future.  In the June 30
TCR-Europe report, Dominic O'Connell at The Times said the
recession -- and the cutback on Britons' travel -- has left the
company struggling to make money from the route.

National Express Group PLC -- http://www.nationalexpressgroup.com/
-- is the holding company of the National Express Group of
companies.  Its subsidiary companies provide mass passenger
transport services in the United Kingdom and overseas.  The
Company's segments comprise: UK Bus; UK Coach; UK Trains; North
American Bus; European Coach and Bus, and Central functions.  Its
subsidiaries include Tayside Public Transport Co Limited, Durham
School Services LP, Stock Transportation Limited, Dabliu
Consulting SLU, Tury Express SA, General Tecnica Industrial SLU
and Continental Auto SLU.  In June 2009, the Company announced the
completion of the sale of Travel London, its London bus business,
to NedRailways Limited, a subsidiary of NS Dutch Railways.


WINDERMERE XI: Loan In "Material Default", Hatfield Says
--------------------------------------------------------
Paul Armstrong at Bloomberg News reports that a loan packaged into
asset-backed bonds sold by Windermere XI CMBS plc is in "material
default".

Bloomberg relates Hatfield Philips International Ltd., the
servicer of the debt, said in a statement a loan made to Amadeus
(Holding) Investment Ltd. by Lehman Brothers Holdings Inc. on
April 20, 2007 has been designated as having a so-called servicing
transfer event, prompting the material default.  Hatfield Philips,
as cited by Bloomberg, said in the statement that the event “is
not likely to be cured by the borrower within 60 days of such
default".


WINDERMERE XII: Bondholders Wants to Protect Deal from Insolvency
-----------------------------------------------------------------
Esteban Duarte at Bloomberg News reports that investors in
EUR1.6 billion (US$2.3 billion) of bonds sold by Windermere XII
CMBS Plc are seeking to protect the deal from insolvency
proceedings.

Bloomberg relates EuroTitrisation, the manager of the Windermere
XII transaction, is submitting a draft "safeguard plan" to a
meeting of bondholders next week to sidestep a "second round" of
insolvency proceedings involving the loan backing the deal.
According to Bloomberg, the statement said bondholder meetings
will take place on July 27 in Paris.


* CLEPA Calls for Emergency Funding for European Auto Suppliers
---------------------------------------------------------------
Laurence Frost at Bloomberg News reports that the European
Association of Automotive Suppliers, known as CLEPA, is calling on
the European Union governments to back EUR3 billion (US$4.2
billion) in emergency funding from the European Investment Bank to
avert business failures resulting from an auto-production slowdown
and scant availability of commercial credit.

"We're running out of liquidity and will be facing a crisis
situation in September if nothing is done," Bloomberg quoted CLEPA
President Lars Holmqvist as saying in a telephone interview from
Brussels on Wednesday.  "Demand has dropped 30 percent and costs
have remained too high, so we're burning a lot of money."

According to Bloomberg, European Union governments are deciding
whether to back EIB lending to bridge delays averaging 90 days
between the delivery of components to carmakers and the settlement
of their bills.  Mr. Holmqvist, as cited by Bloomberg, said the
European fund would reimburse suppliers for parts deliveries upon
presentation of an invoice endorsed by the recipient carmaker.
Bloomberg notes the CLEPA president warned without the initiative,
300 to 500 of Europe's 5,000 component suppliers are unlikely to
survive a seasonal production lull that coincides with mounting
costs from vacation wages and severance pay.


* BOOK REVIEW: Distressed Investment Banking - To the Abyss and
              Back
---------------------------------------------------------------
Author: Henry T. Owsley and Peter S. Kaufman
Publisher: Beard Books
Hardcover: 231 pages
List Price: US$74.95
by Henry Berry

The authors head a consulting firm that they named the The Gordian
Group.  That name was chosen to imply that, like Alexander the
Great cutting through the Gordian knot of myth, their consulting
group can cut through the problems facing distressed companies.
Owsley and Kaufman accomplish this by contacting the various
stakeholders and investigating all relevant factors of the
problems facing a distressed company.  With this broad-ranging
approach, Owsley and Kaufman identify and isolate crucial problems
and provide experienced, practicable guidance for resolving them.
Or as the authors put it, "We seek not merely to unravel thorny
financial 'knots' . . . we seek to slice through them."

In this case, the name of the group is not just an inspired
marketing image.  As the text of the book and examples from the
firm's work with clients evidence, they have developed an approach
that deals with the knottiest of problems facing distressed
companies and do so to the satisfaction of a range of
stakeholders.  The premise of this approach is that "conflicts of
interest are intolerable, and that large investment banks cannot
help but have conflicts of interest when working in the distressed
patch."

As anyone familiar with this field knows, buying and selling a
distressed company commonly leaves big winners and big losers.
Certain groups, often top executives and the investment group
purchasing a distressed company, profit from the sale.  Other
groups, often stockholders and employees, lose out.  Of course,
avoiding or absolving conflicts of interest in the interest of
fairness to stakeholders at all levels and in all quarters is not
only desirable to allow a pending sale of a distressed company to
progress smoothly, but is also required by law.  However, as the
lopsided results of many sales demonstrate, equitable results do
not happen often.  The object of this book is to provide advice
and lessons to ensure that equitable results do happen more often
than not.

Owsley and Kaufman realize that, when it comes to resolving
problems with distressed companies, there is "no silver bullet
solution [to be] found that makes everyone wealthy and happy and
whole."  The situations of distressed companies have, in most
cases, been years in the making, often exacerbated by a corporate
culture that is "more likely to fiddle while a lot of other
people's money burns."  The key to increasing and insuring fairer
outcomes of distressed situations is communication with all
stakeholders.  This communication not only gets the varied
stakeholders involved in the process of dealing with the
distressed situation, but also brings their respective concerns,
ideas, resources, expectations, and hopes into the open so that no
one group such as top executives or an investment group can take
over the process for its exclusive ends.

What is unique about Owsley's and Kaufman's book is that it moves
the crux of considerations and related activities regarding
distressed corporations from the technicalities of financial
issues to the rightful interests of a network of stakeholders.
This does not mean that resolving disagreements will be any
different than they might be otherwise; nor will the amount of
cash involved in a distressed situation be different.  However,
the authors do offer invaluable advice on how to abet the process
by recognizing the necessity of an equitable distribution of the
sacrifices in distressed situations.

Principles of the Gordian Group consulting firm for distressed
companies, Henry Owsley and Peter Kaufman have been active in
varied parts of this business field for many years.  They are
authors of numerous books.

                            *********

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 * * *