TCREUR_Public/090727.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Monday, July 27, 2009, Vol. 10, No. 146



PAUL ECKARDT: Claims Filing Period Ends August 5
PICHLER & SOHN: Creditors Must File Claims by August 5
TEBAU HOCHBAU: Claims Filing Deadline is August 4


GENERAL MOTORS: China's BAIC Dropped from Opel Bidding Race
HYPO REAL: May Have to Compensate Shareholders for Late Disclosure
PORSCHE AUTOMOBIL: Agrees to Merger Deal with VW; CEO to Resign


CELF LOAN: Moody's Downgrades Rating on Class E Notes to 'Ca'
DANUBE DELTA: S&P Junks Ratings on Class D-1 and D-2 Notes
INDEPENDENT NEWS: Sells 18% Cashcade Stake to PartyGaming
LYNCH HOTELS: Enters Examinership to Restructure Business
O'BRIEN'S SANDWICH: Gets Nine Expressions of Interest


F-E GOLD: Moody's Lowers Rating on Class C Notes to 'Ba1'
FIAT SPA: Seeks to Raise EUR1.25 Billion in Bond Sale
FIAT SPA: S&P Retains CreditWatch Negative on 'BB+' Corp. Rating
MYAIR.COM: Is Insolvent; May Face Bankruptcy Petition
RISANAMENTO SPA: Creditors Propose EUR500MM Restructuring Plan


AVANGARD CAPITAL: Creditors Must File Claims by July 31
SULU TAU: Creditors Must File Claims by July 31
TRISTAN OIL: Fitch Maintains Negative Watch on 'CC' Long-Term IDR


STINS COM: Creditors Must File Claims by July 31


LOGWIN AG: Moody's Downgrades Corporate Family Rating to 'B3'


NXP BV: S&P Affirms 'CCC' Long-Term Corporate Credit Ratings


TOWARZYSTWO UBEZPIECZEN: Fitch Cuts Insurer Finan'l Rating to 'BB'


FORD MOTOR: European Division Posts US$138 Mln Q2 Pre-Tax Profit


ACS REISEN: Claims Filing Deadline is July 31
BKH BEAT: Claims Filing Period Ends July 31
COFERSA COMMODITIES: Creditors Must File Claims by July 31
MAINSTATION GASTRO: Creditors Must File Claims by July 31
SWISS LIFE: Fitch Cuts Long-Term Issuer Default Rating to 'BB+'

U N I T E D   K I N G D O M

BRITISH AIRWAYS: Talks With Unite on Job Cuts and Pay Freeze Fail
CORSAIR NO 4: Moody's Cuts Rating on Series 4 Notes to 'Ba2'
GREAT HALL: S&P Cuts Ratings on Class Ea and Eb Notes to 'B-'
SHINY MEDIA: In Administration; Assets Sold to Shiny Digital
TOWERGATE PARTNERSHIP: Moody's Lifts Corp. Family Rating to 'B2'

VEDANTA RESOURCES: Fitch Affirms 'BB+' Ratings on Two Bonds

* BOND PRICING: For the Week July 20 to July 24, 2009



PAUL ECKARDT: Claims Filing Period Ends August 5
Creditors of Paul Eckardt & Comp. GmbH have until August 5, 2009,
to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for August 19, 2009 at 10:30 a.m.

For further information, contact the company's administrator:

         Mag. Clemens Richter
         Esteplatz 4
         1030 Wien
         Tel: 712 33 30
         Fax: DW 30

PICHLER & SOHN: Creditors Must File Claims by August 5
Creditors of Pichler & Sohn GmbH have until August 5, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for August 19, 2009 at 12:45 p.m.

For further information, contact the company's administrator:

         Dr. Heinz Pichler
         Burggasse 61
         8750 Judenburg
         Tel: 03572-82372
         Fax: 03572-82372-19

TEBAU HOCHBAU: Claims Filing Deadline is August 4
Creditors of TEBAU Hochbau 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 11:35 a.m.

For further information, contact the company's administrator:

         Mag. Daniel Lampersberger
         Esteplatz 4
         1030 Wien
         Tel: 712 33 30-0
         Fax: 712 33 30 30


GENERAL MOTORS: China's BAIC Dropped from Opel Bidding Race
Brian Parkin at Bloomberg News reports that Beijing Automotive
Industry Holding Co. has been excluded from bidding for General
Motors Co.'s Opel unit in Europe, leaving Canadian car-parts maker
Magna International Inc. and Belgian investment company RHJ
International SA in the race.

Bloomberg relates that following talks in Berlin on Wednesday, GM
negotiators and aides from Chancellor Angela Merkel's government
agreed to drop BAIC from the Opel race.

"We have agreed to continue detailed talks with both Magna and
RHJI to secure Opel's future," Bloomberg quoted John Smith, GM's
chief negotiator for the sale of Opel, as saying in a July 23

Beatrix Brodkorb, a spokeswoman for the Berlin-based Economy
Ministry, confirmed BAIC's exclusion in a July 23 interview, but
didn't say why the Chinese carmaker was rejected, Bloomberg

On July 24, 2009, the Troubled Company Reporter-Europe, citing
BBC News, reported the German government said that after initial
evaluations of the three bids for Opel, it still favors a deal
with Magna.

                            BAIC's Bid

Cathy Chan at Bloomberg News reports that BAIC may have its
success to blame for the failure to buy GM's Opel unit.

"Beijing Auto is on the rise and GM has no interest in
strengthening a rival in China," Bloomberg quoted Zhu Xuedong, an
analyst at Industrial Securities in Shanghai, as saying.  "The
center of gravity in the industry is shifting to China."

Bloomberg says BAIC's bid for Opel offered more cash and asked for
less government aid than those of Magna and RHJ.  BAIC, Bloomberg
discloses, offered EUR660 million (US$940 million) for a 51
percent stake of Opel.  The bid required EUR2.64 billion in
government loan guarantees, 40 percent less than Magna's,
Bloomberg notes.  According to Bloomberg, a transfer of Opel's
technology to BAIC could heighten competition for GM in China,
where it is the largest overseas automaker.

Headquartered in Detroit, Michigan, General Motors Corp.
(NYSE: GM) -- 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,

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'

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.
( 215/945-7000)

HYPO REAL: May Have to Compensate Shareholders for Late Disclosure
Karin Matussek at Bloomberg News reports that Judge Matthias
Ruderisch said at a Munich court hearing on Thursday that
Hypo Real Estate Holding AG may be liable for compensating
shareholders for its failure to inform the markets earlier
about the risks its subprime holdings presented.

Bloomberg relates Judge Ruderisch said Hypo, which disclosed
EUR390 million (US$554.5 million) in writedowns on the group's
collateralized-debt obligations on Jan. 15, 2008, needs to explain
why it didn't inform the markets earlier.  The judge, Bloomberg
says, asked Hypo's lawyers to provide written documentation on how
and when the lenders calculated the impairments and how the
company leadership was informed.

According to Bloomberg, shareholders have sued Hypo, which almost
collapsed in September after its Irish Depfa unit failed to get
short-term funding amid the credit crunch, and are seeking about
EUR3.6 million in damages.  The judge, as cited by Bloomberg, said
only shareholders who bought the stock from November 26, 2007
through Jan. 15, 2008, could claim damages.  Bloomberg states an
Oct. 29 ruling is scheduled.

"We think the suits are unfounded," Bloomberg quoted Hypo
spokesman Oliver Gruss as saying in an e-mail.  "We still think we
complied with the disclosure requirements."

                         About Hypo Real Estate

Germany-based Hypo Real Estate Holding AG (FRA:HRXG) -- is a German holding company for
the Hypo Real Estate Group.  It is an international real estate
financing company, combining commercial real estate financing
products with investment banking.  The Company divides its
operations into three business units: Commercial Real Estate,
which provides real estate financing on the international and
German market; Public Sector & Infrastructure Finance, and Capital
Markets & Asset Management.  Hypo Real Estate Group operates
through a number of subsidiaries, including, among others, Hypo
Real Estate Bank International AG that focuses on Pfandbrief-based
commercial real estate financing in all international markets, and
offers large-volume investment banking and structured finance
transactions; Hypo Real Estate Bank AG that focuses on the
commercial real estate financing and refinancing business in
Germany, and DEPFA Bank plc in Dublin, Ireland, which is a
provider of public finance.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on July 6,
2009, Fitch Ratings affirmed Hypo Real Estate Holding AG's
individual rating at 'F'.

PORSCHE AUTOMOBIL: Agrees to Merger Deal with VW; CEO to Resign
Andreas Cremer and Chris Reiter at Bloomberg News report that
Volkwagen AG on Thursday agreed to combine with Porsche Automobil
Holding SE.

According to Bloomberg, a Qatar fund will acquire 17 percent of
VW, becoming the third-largest investor in the Wolfsburg-based
company.  Citing a person familiar with the situation, Bloomberg
says Qatar will receive the 17 percent VW stake as part of a
transaction with Porsche to take over options that can be
converted into VW shares.

Bloomberg notes a person, who asked not to be named because the
discussions are private, said the Persian Gulf state will at the
same time provide a EUR750-million loan to Porsche.  Bloomberg
states that at a meeting of Porsche's supervisory board, directors
supported the sports-car maker's plan for a capital increase of at
least EUR5 billion.

                             CEO Quits

Bloomberg relates Wendelin Wiedeking agreed on Thursday to step
down after 16 years as chief executive officer of Porsche.
Michael Macht will succeed Wiedeking as head of Porsche's
carmaking operations, Bloomberg discloses.  Daniel Schafer at The
Financial Times reports that the board agreed to pay Mr. Wiedeking
EUR50 million.  Citing people close the situation, The FT says the
sports carmaker's family owners had originally offered
Mr. Wiedeking EUR140 million, but the plan to pay one of the
biggest compensation packages in the world was thwarted by the
employee representatives on the board.


Porsche, controlled by the Piech and Porsche families, owns about
51 percent in VW, Europe's No. 1 carmaker, while the German state
of Lower Saxony is the second-largest shareholder with a 20
percent stake.

According to the FT, VW and Porsche plan to decide on the
structure of the combined group by August 13.  Citing people close
the situation, the FT discloses the families are aiming to take a
stake of more than 50 per cent in VW but could end up with less
than 40 per cent.  The FT notes a spokesman said the state of
Lower Saxony would keep special voting rights that gave it a
blocking minority on big decisions.  The families, the FT says,
have agreed to codify rights for shareholders with a stake of at
least 20 per cent of the combined group.

                             Net Debt

Frances Robinson at Bloomberg News reports Porsche said its net
debt is about EUR10 billion (US$14 billion).  According to
Bloomberg, company spokesman Frank Gaube on Saturday said
Porsche's debt by investment from the State of Qatar and a capital
increase.  Bloomberg discloses that Der Spiegel magazine, citing
unidentified bankers, reported Deutsche Bank AG's Chief Executive
Officer Joseph Ackermann has contacted Porsche Chairman Wolfgang
Porsche to discuss the company's debt levels.  Bloomberg notes
according to the magazine, Mr. Ackermann said that a capital
increase wouldn't be enough, and that the families which control
the company should consider urgently injecting their own capital
into the company.

As reported in the Troubled Company Reporter-Europe on June 18,
2009, Bloomberg News said Porsche's net debt tripled after the
company increased its stake in VW to 50.8 percent at the beginning
of this year from a 42.6 percent holding in October.

Headquartered in Stuttgart, Germany, Porsche Automobil Holding SE
-- is a holding company engaged in
the car manufacture industry.  The Company's core products are
sports cars and all-terrain vehicles.  The Porsche sports car
range includes the Boxster, the Cayman, the 911 and the Carrera
GT.  The Boxster and the Boxster S are contemporary
reinterpretations of the Company's original roadsters, the 356/1
and the 550 Spyder.  There are several varieties of the 911,
representing the model's continuous evolution.  The Carrera GT has
the race-derived chassis construction and minimum weight.  The
Company's all-terrain models, Cayenne, Cayenne S, Cayenne Turbo
and Cayenne Turbo S are balanced, four-wheel drive vehicles for
on-road and off-road use.  Porsche Automobil Holding SE also
offers financing services, spare parts and accessories for new and
classic models, as well as an approved used car service.


CELF LOAN: Moody's Downgrades Rating on Class E Notes to 'Ca'
Moody's Investors Service has downgraded its ratings of nine
classes of notes issued by CELF Loan Partners III Plc.  The senior
most tranche remains unchanged at Aaa

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

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

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

The rating actions are also a result of credit deterioration of
the underlying portfolio.  This is observed in, among other
measures as per Trustee Report dated June 22, 2009, a decline in
the average credit rating as measured through the weighted average
rating factor (currently 2844), an increase in the amount of
defaulted securities (currently 2.3% of the portfolio), an
increase in the proportion of securities from issuers rated Caa1
and below (currently 15.89% of the portfolio), and the failure of
Class C, D and E Par Value Tests.  Moody's also performed a
sensitivity analysis, including amongst others, a further decline
in portfolio WARF quality combined with a decrease in the expected
recovery rates.

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

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

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

  -- EMEA CLO Monitoring Methodology (June 2009)

  -- Structured Note Methodology to Rate Combo-Notes (February

The rating actions are:

CELF Loan Partners III PLC:

EUR52,000,000 Class A-2 Senior Secured Floating Rate Notes due 1
November 2023

  -- Current Rating: A1
  -- Prior Rating: Aaa placed on review for possible downgrade
  -- Prior Rating Date: 4 Mar 2009

EUR28,000,000 Class B-1 Senior Secured Deferrable Floating Rate
Notes due 1 November 2023

  -- Current Rating: Baa2
  -- Prior Rating: Aa2 placed on review for possible downgrade
  -- Prior Rating Date: 4 Mar 2009

EUR8,000,000 Class B-2 Senior Secured Floating Rate Notes due 1
November 2023

  -- Current Rating: Baa2
  -- Prior Rating: Aa2 placed on review for possible downgrade
  -- Prior Rating Date: 4 Mar 2009

EUR31,500,000 Class C Senior Secured Floating Rate Notes due 1
November 2023

  -- Current Rating: Ba3
  -- Prior Rating: Ba1 placed on review for possible downgrade
  -- Prior Rating Date: 19 Mar 2009

EUR29,000,000 Class D Senior Secured Floating Rate Notes due 1
November 2023

  -- Current Rating: Caa2
  -- Prior Rating: B2 placed on review for possible downgrade
  -- Prior Rating Date: 19 Mar 2009

EUR19,500,000 Class E Senior Secured Floating Rate Notes due 1
November 2023

  -- Current Rating: Ca
  -- Prior Rating: Caa3 placed on review for possible downgrade
  -- Prior Rating Date: 19 Mar 2009

EUR11,000,000 Class R Combination Notes due 1 November 2023

  -- Current Rating: Baa3
  -- Prior Rating: A3 placed on review for possible downgrade
  -- Prior Rating Date: 4 Mar 2009

EUR6,000,000 Class S Combination Notes due 1 November 2023

  -- Current Rating: Baa3
  -- Prior Rating: Aa2 placed on review for possible downgrade
  -- Prior Rating Date: 4 Mar 2009

EUR3,000,000 Class V Combination Notes due 1 November 2023

  -- Current Rating: Caa2
  -- Prior Rating: Baa3 placed on review for possible downgrade
  -- Prior Rating Date: 4 Mar 2009

DANUBE DELTA: S&P Junks Ratings on Class D-1 and D-2 Notes
Standard & Poor's Ratings Services said that it lowered its credit
ratings on the class A-1VFN, A-2VFN, A-3VFN, C-1, C-2, D-1, D-2,
and M-1 combination notes, co-issued by Danube Delta Corp. and
Danube Delta PLC.

These rating actions follow S&P's assessment of the credit
deterioration of the assets whose cash flows ultimately provide
for the payments of the notes.  About 31% of the total portfolio
is currently on CreditWatch negative.  In S&P's analysis, in line
with the application of S&P's revised assumptions for the
treatment of structured finance assets that have ratings on
CreditWatch negative and are currently held within CDOs, S&P
lowered its ratings on these assets by at least three notches.
According to S&P's analysis, about 13% of the portfolio is
currently rated 'CCC+' and below, with about 8% rated 'CC' (this
includes adjustments to the ratings on assets on CreditWatch

The assets to which the co-issuers are ultimately exposed consist
of U.S. and European structured finance assets.  The assets are
divided according to their issue currency into three pools: a euro
pool (around 39%), a sterling pool (around 10.50%) and a U.S.
dollar pool (around 50.5%).  The cash flows from each pool provide
funds for the payments due to the corresponding notes denominated
in the same currency.

The transaction has been structured to include interest coverage
(i/c) and collateral coverage (o/c) tests at both the pool and the
transaction level.  While the reported o/c ratios for the sterling
and euro notes exceed their respective triggers, the o/c ratios
for the U.S. dollar notes are substantially below 100%.

S&P's analysis indicates that, at a transaction level, the o/c
ratios for classes A, C, and D are below 100%.  The breach of the
o/c ratios has led to a diversion of proceeds to redeem the class
A-1, A-2 and A-3 VFN notes using first available proceeds in the
same currency to redeem the class A VFN note denominated in that
currency, followed by currency conversions of available proceeds
from the other currency pools.  As a result, the class C and D
notes are currently deferring their interest payments.

S&P's analysis shows that the 8% of the total portfolio rated 'CC'
are assets denominated in US$.  In addition, the majority of
assets on credit watch negative are also in the US$ denominated
portfolio.  In S&P's view, proceeds generated by the euro and
sterling pools are not sufficient to compensate for the declining
credit quality of the U.S. dollar pool.  As a result, the existing
ratings on the class A-1, A-2, A-3 VFNs, C-1, C-2, D-1, and D-2
notes are in S&P's opinion no longer commensurate with the
available credit enhancement.  S&P has therefore lowered its
ratings on these notes.  The class A-1, A-2, A-3, C-1, and C-2
notes remain on CreditWatch negative due to the high percentage of
assets in the portfolio currently on CreditWatch negative.

As per the information provided to us by the manager, the class M-
1 composite notes have been exchanged into its corresponding
components.  In addition, as has been reported by the manager,
following this exchange, the class M-1 notes have been cancelled.
S&P is therefore withdrawing the ratings on the M-1 composite

The most recent rating action on Danube Delta Corp. and Danube
Delta PLC took place on April 3, when S&P placed all rated classes
on CreditWatch negative.

                           Ratings List

                Danube Delta Corp./Danube Delta PLC

    Up to EUR265 Million Variable-Funding Notes, EUR6 Million
   and US$6 Million Senior Secured Deferrable Floating-Rate Notes,
   EUR6 Million and US$6 Million Secured Deferrable Floating-Rate
                Notes, US$10 Million Composite Notes,
       and EUR9 Million and US$21 Million Subordinated Notes

      Ratings Lowered and Remaining on CreditWatch Negative

        Class        To                    From
        -----        --                    ----
        A-1 VFN      BBB/Watch Neg         AA/Watch Neg
        A-2 VFN      BBB/Watch Neg         AA/Watch Neg
        A-3 VFN      BBB/Watch Neg         AA/Watch Neg
        C-1          BB-/Watch Neg         A/Watch Neg
        C-2          BB-/Watch Neg         A/Watch Neg

      Ratings Lowered and Removed From Credit Watch Negative

        Class        To                    From
        -----        --                    ----
        D-1         CCC-                   BBB/Watch Neg
        D-2         CCC-                   BBB/Watch Neg

Ratings Lowered, Removed From Credit Watch Negative and Withdrawn

        Class        To                    From
        -----        --                    ----
        M-1         B                      BBB/Watch Neg
        M-1         NR                     B

INDEPENDENT NEWS: Sells 18% Cashcade Stake to PartyGaming
Mark Sweney at reports that Independent News and
Media plc has sold its 18 per cent stake in Cashcade to digital
gambling group PartyGaming plc for EUR15.3 million (GBP13.2

INM, as cited by, said that the sale of its
Cashcade stake was part of its "de-leveraging" strategy as it
attempts to negotiate a debt restructuring with investors during a
financial "standstill" period.

According to, the sale of the stake is part of a
buyout of the entire Cashcade operation by PartyGaming in a deal
worth GBP95.9 million.  The deal,, says comprises
GBP71.9 million in cash and a further GBP24 million depending on
future profit performance.

Cashcade owns brands including Foxy Bingo, Think Bingo, GetMinted,
Foxy Flutter and free-to-play Web site Cheeky Bingo.

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

LYNCH HOTELS: Enters Examinership to Restructure Business
David Labanyi at The Irish Times reports that Co-Clare based Lynch
Hotels has voluntarily entered examinership to restructure its

Michael McAteer at Grant Thornton, Dublin, has been appointed to
conduct the examinership proceedings, the report discloses.

According to the report, the group, which owns six hotels and
operates a seventh, said all pre-booked events are secured and
will proceed as planned.

Established in 1968, Lynch Hotels is owned by Ennis-based
businessman Michael Lynch.  The group's hotels are based in the
west of Ireland and include the George Hotel in Limerick city and
Breaffy House Hotel in Castlebar, Co Mayo. It has 530 employees.

O'BRIEN'S SANDWICH: Gets Nine Expressions of Interest
The Irish Times reports that O'Brien's Irish Sandwich Bars Ltd.
has received nine "expressions of interest" since an interim
examiner was appointed two weeks ago.

Mr. Justice Brian McGovern on Wednesday confirmed Paul McCann of
Grant Thornton as examiner and directed the examiner report back
to the court on Sept.  4, the Irish Times relates.

On July 13, 2009, the Troubled Company Reporter-Europe, citing The
Irish Times, reported the Irish Times, O'Brien's, which employs
800 people at its 85 Irish stores, has debts exceeding EUR4
million, including EUR3.4 million it owes Bank of Ireland.

The Irish Times discloses Rossa Fanning, for the company, whose
directors are Brody Sweeney and Mark O'Neill, told the court on
Wednesday that the majority of the company's franchisees are
supportive of the examinership process, while eight to 10 of the
landlords involved had already orally agreed to reduce rents.
According to the Irish Times, Brian Kennedy, for the examiner,
said negotiations with major trade creditors as well as
franchisees were ongoing and the company's cash flow position
meant it would be able to meet its liabilities during

The Irish Times notes Mr. Fanning said there would be a deficiency
of some EUR4.1 million to creditors at the moment and this would
increase to EUR6.3 million if the company was wound up.

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


F-E GOLD: Moody's Lowers Rating on Class C Notes to 'Ba1'
Moody's Investors Service has taken these rating actions on notes
issued by F-E Gold S.r.l.:

-- Class A2 Asset Backed Floating Rate Notes due July 2025,
    Downgraded to Aa2 from Aaa; previously on 31 May 2006 Assigned

-- Class B Asset Backed Floating Rate Notes due July 2025,
    Downgraded to Baa1 from A1; previously on 31 May 2006 Assigned
    A1; and

-- Class C Asset Backed Floating Rate Notes due July 2025,
    Downgraded Ba1 from A3; previously on 31 May 2006 Assigned A3.

Moody's review has been prompted by the worse-than-expected
collateral performance.  As of April 2009 reporting date, the
transaction has reported a cumulative gross default rate of 3.9%
of the total securitized pool (original pool balance plus
replenishments) whereas Moody's initial mean default assumption
was 3.9% of securitized pool balance over the life of the
transaction.  The pool factor stands at 49%.  The debt service
reserve that provides liquidity and credit support to the
transaction has not suffered any drawing and currently stands at
its target amount of Euro 31.6 million (4.8% of current
outstanding balance).

Moody's has revised its default assumption for the portfolio.  The
mean lifetime default assumption is now 8.6% of total securitized
pool balance.  In order to derive the revised default assumption
Moody's assessed historical delinquency, default and redemption
rates over the life of a transaction.  Although all three sub-
pools -- auto, equipment and real estate -- experienced level of
defaults higher than Moody's initially expected, large leases in
the real estate pool have mainly contributed to the increase in
defaults.  The volatility of the default rate was 62% at closing
versus 41% to date.  Further, the recovery rate has been revised
downwards to 50% compared to 70% at closing.  The revised mean
default as a percentage of original balance expresses Moody's
expectations of future defaults including defaults already
experienced so far.  The revised recovery rate reflects the
current recoveries experienced including Moody's recovery rate
expectations for the future.

Moody's also tested the sensitivity of the notes' ratings to
stress scenarios on the mean default rate up to 9% of the total
securitised portfolio balance.  The sensitivity analysis concluded
that the ratings on the notes were not affected by a change in
these assumptions within the specified range.

F-E Gold S.r.l. is the third securitization originated and
serviced by Fineco Leasing S.p.A. now part of UniCredit S.p.A.
(Aa3, P-1).  The securitized portfolio includes receivables
derived from auto, equipment and real estate lease contracts
(excluding the relative residual value component of the
contracts).  In general, the transaction should benefit from
growing excess spread as the interest component associated with
the residual value is passed on to the SPV.  This is due to the
fact that as the principal component amortizes on each lease, the
interest component is always calculated on the remaining principal
including residual value.

As of the April 2009 reporting date, the real estate pool
represented 80.1% of the pool, compared to 65.9% at closing, the
auto pool 13.8%, compared to 26.7% and the equipment pool 6.1%
compared to 7.4%.  The top ten debtors accounted for 2.9% compared
to 2.5% at closing.

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

FIAT SPA: Seeks to Raise EUR1.25 Billion in Bond Sale
Caroline Hyde and Morwenna Coniam at Bloomberg News report that
Fiat SpA is raising EUR1.25 billion (US$1.8 billion) from a sale
of three-year bonds in its first debt issue since 2007.

Citing people involved in the transaction, Bloomberg discloses
Fiat is offering investors a yield of 9.25 percent on the notes,
less than initial guidance of 9.75 percent.  Bloomberg relates the
people, who declined to be identified before the sale is
completed, said Banca IMI SpA, Barclays Capital, Calyon and
UniCredit SpA are managing the issue.  Fiat Finance & Trade Ltd.
SA is issuing the debt, Bloomberg notes.

"The coupon is definitely attractive," Bloomberg quoted Pierre
Bergeron, a credit analyst at Societe Generale SA in Paris, as
saying.  "We have a decent set of quarterly results which were
better than expected so it's clear the situation is improving for

                            About Fiat SpA

Headquartered in Turin, Italy, Fiat SpA (BIT:F) -- 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.

FIAT SPA: S&P Retains CreditWatch Negative on 'BB+' Corp. Rating
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.  The 'B' short-term corporate credit
rating, which is not on CreditWatch, remains unchanged.

The long-term rating remains on CreditWatch pending S&P's analysis
of the impact on the ratings of Fiat's 2009 first-half results and
its proposed bond issue (not rated).

"The negative CreditWatch status reflects S&P's view of Fiat's
liquidity profile, which S&P classified as "weak" at end-March
2009," said Standard & Poor's credit analyst Barbara Castellano.

It also acknowledges the risks S&P sees for Fiat's
creditworthiness as a result of S&P's opinion of the management
team's high level of engagement in the new entity Chrysler Group
LLC (not rated); Fiat's CEO is now the CEO of Chrysler.

Furthermore, the negative CreditWatch implications reflect--albeit
to a lesser extent—Standard & Poor's uncertainty about the future
of the group's structure given Fiat's stated interest in new
alliances or mergers to enlarge its auto business.  The last point
remains an event risk that S&P cannot specifically factor into the
ratings; if, for example, Fiat were to enlarge its auto
activities, it might then spin them off from the group.

On July 22, 2009, Fiat reported 2009 first-half results.
Notwithstanding the extremely tough trading conditions for the
auto, truck, and equipment businesses, the group reported a
positive trading profit for each of these three main businesses.
At the auto division, the effect of car-buying incentive schemes
supported Fiat Group Automobile's unit sales in the second
quarter.  In the first half, this division (including also Ferrari
and Maserati) reported a EUR254 million operating profit before
restructuring charges.  Agricultural and construction machinery
manufacturer CNH Global N.V. (BB+/Watch Neg/--) suffered in the
first half from weak demand, with total revenues down 17.4% year
on year during the period, and operating profit down about 70%.
The truck business, Iveco, saw unit sales decrease 56.1%, but its
trading profit turned positive, by EUR6 million, after the
negative first-quarter figure.  Overall, the group reported
EUR136 million of free operating cash flow for the half.  Reported
net debt was EUR5.7 billion, down from EUR6 billion at year-end

Generally speaking, prospects for the markets where Fiat operates
remain gloomy in S&P's opinion.  In this environment, Fiat has
confirmed its 2009 targets of EUR1 billion of operating profit and
about EUR1 billion in debt reduction.

At end-June, Fiat reported EUR6.4 billion of cash and marketable
securities, versus EUR3.9 billion at year-end 2008.  Debt
maturities in the next 12 months total EUR5.5 billion.  S&P
understands that these maturities are currently covered, but there
is still no headroom under the group's available committed bank
line.  The group has announced the launching of a bond, which S&P
believe could help strengthen its liquidity profile; the profile
showed improvement at the end of June, but continues to be tight
in S&P's view.

"We believe that the Fiat group's ability to once again use all
financing channels -- bank lines, ABS, bonds, and the like --
could represent a step toward restoring a more solid liquidity
position," said Ms. Castellano.

S&P's resolution of the CreditWatch listing will focus on these:

* Fiat's capacity to generate cash and fulfill its financial

* Fiat's ability to strengthen its liquidity profile and sustain
  it in light of continuing weak demand in the three main

* The evolution of the Fiat group's operating performance in the
  current difficult market environment; and

* S&P's opinion of the prospective effect of the Chrysler alliance
  on Fiat's business and financial profile. Notwithstanding an
  initial 20% ownership stake, S&P believes Fiat's involvement in
  and control of the direction of Chrysler will be more

"We aim to solve the CreditWatch listing in the next couple of
weeks," said Ms. Castellano.  "Any downgrade is likely to be
limited to one notch."

MYAIR.COM: Is Insolvent; May Face Bankruptcy Petition
Avionews reports that the Italian financial police (GDF) has
concluded is insolvent after reviewing the company's
financial status.

The report relates the provincial command of the GDF said the
airline lost more than EUR100 million in 2008.  According to the
report, the Italian general attorney is planning to file a
bankruptcy petition against

Italian Civil Aviation Authority has revoked the Italian carrier's
license, the report discloses. -- is a low-cost airline based
in Milan, Italy.  It operates scheduled services linking a dozen
Italian cities and international flights to France, Romania,
Bulgaria, Turkey, Morocco, Spain, Belgium and The Netherlands.
Its main base is Orio al Serio Airport, Bergamo, near Milan.

RISANAMENTO SPA: Creditors Propose EUR500MM Restructuring Plan
Marco Bertacche at Bloomberg News, citing Ansa, reports that
Risanamento SpA's creditor banks proposed a EUR500-million (US$710
million) restructuring plan for the real-estate company.

According to Bloomberg, the news agency, citing a banker involved
in the situation, said creditors led by Intesa Sanpaolo SpA and
UniCredit SpA would buy new shares in a EUR150-million capital
increase and convert EUR350 million in credits into a five-year
convertible bond.  Bloomberg notes Ansa said Luigi Zunino's stake
in the company would drop to about 30 percent after the share

Bloomberg relates Ansa said Risanamento's board will meet to
approve the plan and appoint a new chief executive officer and
chairman today, July 27.

As reported in the Troubled Company Reporter-Europe on July 23,
2009, Bloomberg News, citing Italian newspaper Il Messaggero, said
that Risanamento creditor banks rejected a plan for the company to
borrow EUR340 million from four banks to stave off bankruptcy.
Bloomberg disclosed Risanamento has total debt of EUR2.77 billion
(US$3.9 billion).  At the end of last year, the company's short-
term loans totaled EUR740 million, Bloomberg noted.

Mr. Zunino on Tuesday resigned as Risanamento's chairman and chief
executive officer, Bloomberg said.

                        Bankruptcy Request

In the July 23 TCR-Europe report The Financial Times said a court
in Milan has set a hearing for July 29 to enable the company to
respond to a request by a Milan prosecutor that it be declared
bankrupt.  According to the FT, bankers and analysts in Milan said
its chances of avoiding bankruptcy could be hampered by the banks'
unwillingness to take ownership of huge property developments that
they had little prospect of selling in the economic climate.

                       About Risanamento SpA

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


AVANGARD CAPITAL: Creditors Must File Claims by July 31
JSC Avangard Capital is currently undergoing liquidation.
Creditors have until July 31, 2009, to submit proofs of claim to:

         Masanchi Str. 23

SULU TAU: Creditors Must File Claims by July 31
LLP Mining Company Sulu Tau is currently undergoing liquidation.
Creditors have until July 31, 2009, to submit proofs of claim to:

         Jeltoksan Str. 166-74

TRISTAN OIL: Fitch Maintains Negative Watch on 'CC' Long-Term IDR
Fitch Ratings has maintained the Rating Watch Negative on Tristan
Oil Ltd.'s Long-term foreign currency Issuer Default Rating of
'CC'.  The agency has simultaneously affirmed the senior unsecured
debt rating of 'C' for Tristan's 2012 Eurobond and removed it from
Rating Watch Evolving.  At the same time, Fitch has revised the
Recovery Rating applied to the Eurobond to 'RR6' from 'RR5'.

Fitch has reviewed the documents pertaining to Tristan's recent
debt issuance transaction.  The agency notes that some ambiguity
remains regarding the transaction's structure, notably the
beneficiaries involved in the transaction and the overall
rationale for the structure.  The documents confirm the unusual
nature of the transaction, which will see two operating companies,
that guarantee Tristan's Eurobonds, also guaranteeing a loan
raised by a third party (Laren Holdings Ltd.).  The raised funds
will be used by Laren, in part, to purchase unsecured bonds issued
by Tristan at a 73% discount (nominal value US$111.11 million,
purchased for US$30 million).  Given that Laren is a special
purpose entity with no other demonstrable source of income, there
is a high level of doubt as to the ability of Laren to repay this
credit facility to its lenders before its maturity in December
2009, particularly as amortizations under the facility begin in
October 2009.  As the current transaction has been characterized
as an expensive, but necessary mechanism to source near-term
liquidity for Tristan, the liquidity risk on Laren's credit
facility also poses a threat to Tristan, as the operating entities
are the facility's guarantors.   As the credit facility granted to
Laren also benefits from a pledge over the equity of the holding
companies, which own the operating entities, the potential also
exists that equity in the latter may be realized as collateral on
the loan.

Although the clauses regarding the subordinated nature of the
guarantees provided by the operating companies to the credit
facility in the current subordinated guarantee document appear
contradictory, the company has confirmed that these guarantees are
subordinated.  The level of subordination of these guarantees is
of relevance in determining recoveries given the potential default
for unsecured bondholders at Tristan.  Given the increased
leverage and pledge of collateral, Fitch believes that this
transaction will lead to a further deterioration in recovery
prospects should a default occur, and has thus revised the
Recovery Rating on Tristan's bonds to 'RR6' from 'RR5'.  The low
instrument ratings acknowledge the existence of a change of
control clause in Tristan's existing Eurobond, which provides a
put option for bondholders should the operating companies be sold.
However, given the multiple economic and legal challenges
currently facing Tristan, Fitch believes any estimate of sale
proceeds in such a scenario to be subject to a high degree of

Following the receipt of the transaction-related documentation,
the RWE on the senior unsecured rating has been resolved.  At the
same time, the RWN remains applicable to the Long-term foreign
currency IDR, pending the resolution of separate challenges facing
the issuer.  Tristan is facing the possibility that the Kazakh
authorities could revoke its license and the issuer has also
stated that it is facing a criminal investigation in relation to
the other operating company.  While Tristan has indicated its
interest in selling the operating entities, execution risks and
the complexities of the new transaction structure indicate that
the possibility for rating improvement through such a sale, in
Fitch's view, is not material at this time.


STINS COM: Creditors Must File Claims by July 31
LLC Stins Com is currently undergoing liquidation.  Creditors have
until July 31, 2009, to submit proofs of claim to:

         Tolstoy Str. 10/1
         Tel: (+996 312) 59-52-68


LOGWIN AG: Moody's Downgrades Corporate Family Rating to 'B3'
Moody's Investors Service has downgraded Logwin AG's Corporate
Family Rating and Probability of Default Rating to B3 from B2 and
the senior subordinated rating on the EUR130 million notes due in
2012 to Caa2 from Caa1.  The outlook on all ratings is stable.
The action was prompted by Moody's expectations that ongoing
difficult market conditions are likely to challenge the company to
maintain credit metrics in line with a B2 rating over the short to
medium term.

"The rating actions reflects the ongoing difficulties in the
broader logistic industries and the rating agency concerns that
weak trading volumes and fierce competition in certain of key
Logwin segments, like Automotive, Retail and Media, are likely to
result in further negative pressure on the company's profitability
over the coming months", said Paolo Leschiutta a Moody's Vice
President - Senior Analyst and responsible for Logwin.  "In
Moody's view the company's thin operating margin, at 2.4% on a
reported EBITDA basis as at FYE December 2008, allows for modest
headroom to absorb further possible deterioration in the market.

Moody's recognises management effort and progress in increasing
the flexibility of the company to challenging operating
environment, including the reduction of fixed costs and a strict
control on cash generation.  However, certain measures, including
the recently launched realignment of the Road + Rail and Solution
divisions, will take time to produce tangible benefits.  As a
result, Moody's would expect EBIT interest cover to drop below 1x
and financial leverage, measured as Debt to EBITDA adjusted for
pension and operating leases, to increase further and remain above
the 6.0x guidance previously indicated by Moody's to maintain the

"The stable outlook reflects Moody's expectations that, despite
market conditions are likely to remain subdued over the short term
and that weak demand resulting in under utilisation of main Logwin
warehouses is likely to result in weakening profitability, credit
metrics deterioration is in any case expected to be only limited".
Negative pressure on the ratings could develop in case of any
deterioration in the company's liquidity profile of if market
conditions or the company's operating margins and/or cash flow
generation deteriorate further.  The rating could also be
downgraded in the case of deterioration in Moody's perception of
the potential recovery rate for debt holders in the case of a

Ratings downgraded are these:

  -- Logwin's Corporate Family Rating and Probability of Default
     Rating to B3 from B2;

  -- The Senior Subordinated rating on the EUR130 million notes
     due 2012 to Caa2 (LGD5, 89%) from Caa1;

The last rating action on Logwin was on November 24, 2008, when
Moody's affirmed the B2 Corporate Family Rating and changed the
outlook from stable to negative.

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

Based in Luxembourg, Logwin AG (ex Thiel Logistik A.G.) is a
medium-sized provider of specialist and traditional logistics
services, operating primarily in Germany and Austria but also in
Eastern Europe and Asia (mainly China).  The group specialises in
providing entire supply chain logistics services and solutions,
including (1) overland road, rail, air transportation and sea
freight services; (2) warehousing and supply chain management; and
(3) design and execution of customized logistics solutions.


NXP BV: S&P Affirms 'CCC' Long-Term Corporate Credit Ratings
Standard & Poor's Ratings Services said that it affirmed its 'CCC'
long-term corporate credit ratings on Dutch semiconductor
manufacturer NXP B.V.  The outlook is negative.

At the same time S&P is lowering, and placing on CreditWatch with
negative implications, the issue ratings on NXP and subsidiary NXP
Funding LLC's senior unsecured and senior secured notes.  These
issues have been subject to several exchanges by NXP, which
qualify as distressed under S&P's criteria.  On completion of the
latest exchange, which NXP has said could occur on July 23,
2009, S&P expects to lower the ratings on these debt issues to 'D'
(default).  Shortly thereafter, S&P expects to raise the issue
ratings on these debt issues back to 'CC', reflecting the risk S&P
see that there may be further exchange offers.  All other issue
ratings are affirmed and are not placed on CreditWatch.

"The ratings primarily reflect S&P's assessment of NXP's capital
structure and financial risk profile as highly leveraged following
NXP's recent distressed exchanges for its senior unsecured and
senior secured notes," said Standard & Poor's credit analyst
Patrice Cochelin.

Some of these exchange offers have been completed, others have
been announced and completion is pending

S&P calculates that the latest exchanges should have a net
US$26 million negative impact on NXP's cash balances.  In total,
excluding currency impacts and including a US$600 million revolver
draw, S&P estimates that NXP has reduced its gross debt burden by
18% through its various exchanges.  NXP has not ruled out further
debt exchanges or buybacks in the future.

The CreditWatch placement on NXP's senior unsecured and senior
secured notes reflects S&P's expectation that the ratings on these
notes will be lowered to 'D' (default) on completion of NXP's
exchange.  NXP has indicated that it expects the exchange to
complete on July 23, 2009.  Shortly thereafter, S&P expects to
raise the ratings on the senior secured notes and senior unsecured
notes to 'CC' to reflect the risk of further exchange offers, in
line with S&P's criteria for distressed exchanges.


TOWARZYSTWO UBEZPIECZEN: Fitch Cuts Insurer Finan'l Rating to 'BB'
Fitch Ratings has downgraded the respective Insurer Financial
Strength ratings of Towarzystwo Ubezpieczen EUROPA SA and
Towarzystwo Ubezpieczen na Zycie EUROPA SA, its wholly-owned
subsidiary, to 'BB' from 'BBB-'.  Fitch has simultaneously
downgraded both companies' National IFS ratings to 'BBB(pol)' from
'A(pol)'.  The Outlooks for the IFS ratings have been revised to
Negative from Stable.  The two companies form the Polish-based

The downgrade reflects the substantial increase in the
concentration of the investment portfolio and counterparty credit
risk since the rating was first assigned, due to the increased
share of the Group's investment portfolio being invested in bank
deposits of two related banks, Getin Bank (Getin, rated
'BB'/Outlook Negative) and Noble Bank.  The downgrade has
equalised EUROPA's ratings with the ratings of its sister bank,
Getin, primarily due to EUROPA's high level of exposure to Getin
through its investment portfolio.  Fitch also notes the close ties
that exist between the two entities, with Getin recently taking a
minority ownership in EUROPA, and because of EUROPA's high
reliance on Getin for distribution of its products.  The revision
of the Outlook to Negative reflects the Negative Outlook assigned
to Getin, which is in turn driven by the difficult operating
conditions in Poland's banking sector.

The ratings are supported by the companies' good operating
performance, with 2008 results showing continuing strong growth in
premiums (62% growth of net earned premiums) accompanied by solid
profitability, with net income for EUROPA increasing 36% to PLN108
million.  Shareholders' funds grew by 21% through retained
earnings, after the payment of PLN57 million in dividends.  Strong
growth in shareholder funds compares well to the performance of
peers, and reflects good underwriting profitability and the solid
performance of investments.  Fitch considers capitalization to be
consistent with the rating level, and sufficient in relation to
the mortgage-related risks the Group is exposed to.  Fitch views
the investment portfolio's low exposure to market risk positively,
with less than 10% invested in equities and bonds, and the
majority of invested assets allocated to cash and bank deposits.
However, the substantial increase in the concentration of the
investment portfolio is a negative rating factor.  At end Q109,
over 85% of bank deposits were held in Getin and Noble (2007:
57%), which represents over 70% of all invested assets (2007:
28%).  At the current levels of concentration, Fitch considers
that any changes to Getin's ratings would be rating drivers for
EUROPA's ratings.  This dependence on Getin's ratings may decline
with a substantial reduction in concentration levels of the
investment portfolio.

The impact of the economic downturn on the Polish economy has been
felt by EUROPA this year, through a slowdown in previously strong
growth and deterioration in profitability of some lines of
business.  However, to date both companies remain profitable, and
Fitch has not seen any impact of the economic downturn on the
companies' performance which is out of line with the expectations
for the current ratings.  Fitch recently affirmed Poland's
sovereign rating at 'A-' with a Stable Outlook.  The agency
believes that EUROPA remains exposed to the macroeconomic trends
such as rising unemployment trends or mortgage defaults, and will
be monitoring the developments of these indicators and their
impact on EUROPA's performance.

Europa Group is 20% owned by Getin Bank and Noble Bank, with the
majority of the remainder owned by Getin Holding SA, a Polish
financial group quoted on the Warsaw Stock Exchange.  Polish
businessman Leszek Czarnecki holds 55.96% of Getin Holding SA.
Europa Group specialises in insurance products targeted at the
Polish financial sector (bancassurance), with a particular focus
on mortgage loan insurance and life savings products.


FORD MOTOR: European Division Posts US$138 Mln Q2 Pre-Tax Profit
Ford Motor Company reports that for the second quarter, Ford
Europe reported a pre-tax profit of US$138 million, compared with
a profit of US$582 million a year ago.  The decline was primarily
explained by lower industry volume, dealer stock reductions,
higher material cost and unfavorable mix, partly offset by
structural cost reductions, favorable net pricing and market share
improvement.  European pre-tax results improved by about US$700
million in the second quarter as compared to the first quarter of
2009.  This improvement primarily reflects higher industry
volumes, a smaller decrease in dealer stocks, lower costs and
favorable net pricing.  Second quarter revenue was US$7.2 billion,
down from US$11.5 billion a year ago.

For the second quarter, Volvo reported a pre-tax loss of US$231
million, compared with a loss of US$120 million a year ago.  The
decline primarily reflected lower volumes, partly offset by
continued progress on cost reductions and favorable exchange.
Second quarter revenue was US$2.9 billion, down from US$4.3
billion a year ago.  Volvo is reported as an ongoing operation.
The effects of "held-for-sale" accounting-related adjustments are
reported as special items.

For the second quarter of 2009, Ford's worldwide Automotive sector
reported a pre-tax operating loss of US$1 billion, compared with a
pre-tax loss of US$699 million a year ago.  The decline reflected
lower industry volumes, actions to reduce dealer stocks, higher
material costs and unfavorable exchange, largely offset by
structural cost reductions, favorable net pricing and improved
market share.

Worldwide Automotive revenue in the second quarter was US$24
billion, down from US$34.1 billion a year ago.  The decrease is
primarily explained by lower volumes and unfavorable exchange,
partly offset by favorable net pricing.  Total vehicle wholesales
in the second quarter were 1,172,000, compared with 1,562,000
units a year ago.

Automotive structural cost reductions in the second quarter
totaled US$1.8 billion, including US$1.2 billion in North America.
Manufacturing and engineering costs were US$1.1 billion lower,
largely reflecting the continued benefits of personnel actions in
North America and Europe.  Overall, Ford reduced Automotive
structural costs by US$3.6 billion in the first half.

Net pricing was about US$1.2 billion favorable, primarily
explained by higher pricing in the U.S., reflecting the success of
new products, including the Ford F-150, Ford Fusion and Ford
Mustang, and the continuation of its disciplined approach on

                    US$2.3-Bil. Net Income for Q2

Ford reported a pre-tax operating loss of US$424 million in the
second quarter of 2009, excluding special items -- a US$609
million improvement compared with the second quarter of last year
-- as cost reductions, net pricing, Ford Motor Credit Company
results and market share helped offset the continued impact of the
severe global economic downturn.  On an after-tax basis, excluding
special items, Ford posted an operating loss of US$638 million in
the second quarter, or US$0.21 per share, compared with a loss of
US$1.4 billion, or US$0.63 per share, a year ago.

Ford posted net income of US$2.3 billion, or US$0.69 per share.
The results compare with a net loss of US$8.7 billion, or US$3.89
per share, in the second quarter of 2008.  The results for the
second quarter 2009 include a special items net gain totaling
US$2.8 billion, or US$0.90 per share, which includes a US$3.4
billion gain related to Ford and Ford Credit's recent debt-
reduction actions.

Ford's second quarter revenue was US$27.2 billion, down US$11
billion from the same period a year ago.

                              On Track

Despite the severe global downturn, Ford said it continues to make
progress on all four pillars of its plan:

     -- Aggressively restructure to operate profitably at the
        current demand and changing model mix;

     -- Accelerate the development of new products that customers
        want and value;

     -- Finance the plan and improve the balance sheet; and

     -- Work together effectively as one team, leveraging Ford’s
        global assets.

Ford said it remains on track to achieve or exceed all of its 2009
financial targets and most of its operational metrics.

The company said it now expects full-year market share to improve
compared to 2008 in the U.S. and Europe, reflecting share
increases in the first half and strong reception to new product

Ford expects 2009 U.S. industry sales will be between 10.5 million
and 11 million units, consistent with the outlook previously
communicated by the company. Based on first half European industry
volume, Ford now expects that Europe’s full-year industry sales
will be in the range of 15 million to 15.5 million units, which is
higher than the previous outlook.

Ford expects third quarter 2009 production to be up, compared with
2008 and second quarter 2009 production.  This increase is largely
due to tightly controlled inventories and higher market demand for
our products.

Ford remains on track to exceed its US$4 billion Automotive
structural cost reduction target for 2009.  Second half cost
reductions will be less than the first half, reflecting the
significant cost reductions achieved during the third and fourth
quarters of 2008.

Ford expects Automotive operating-related cash flows in the second
half to improve from first half levels consistent with its current
planning assumptions. However, due to substantial improvements in
the second quarter, third quarter levels may not improve

A full-text copy of Ford's news statement and key financial
highlights is available at no charge at:


                         About Ford Motor

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

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

                          *     *     *

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

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


ACS REISEN: Claims Filing Deadline is July 31
Creditors of ACS Reisen Basel AG are requested to file their
proofs of claim by July 31, 2009, to:

         Automobil Club der Schweiz
         Sektion beider Basel
         Dufourstrasse 11
         4052 Basel

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

BKH BEAT: Claims Filing Period Ends July 31
Creditors of BKH Beat Koller Holding AG are requested to file
their proofs of claim by July 31, 2009 to:

         Beat Koller
         Eggstrasse 25
         4402 Frenkendorf

The company is currently undergoing liquidation in Muenchenstein.
The decision about liquidation was accepted at an extraordinary
general meeting held on June 5, 2009.

COFERSA COMMODITIES: Creditors Must File Claims by July 31
Creditors of Cofersa Commodities AG are requested to file their
proofs of claim by July 31, 2009, to:

         lic.iur. Iso Lenzlinger
         Alpenstrasse 12
         Mail Box 4662
         6304 Zug

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
general meeting held on May 22, 2009.

MAINSTATION GASTRO: Creditors Must File Claims by July 31
Creditors of Mainstation Gastro GmbH are requested to file their
proofs of claim by July 31, 2009, to:

         Gaemperle Sandro
         Taminserstrasse 41
         7012 Feslberg

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

SWISS LIFE: Fitch Cuts Long-Term Issuer Default Rating to 'BB+'
Fitch Ratings has downgraded Swiss Life Ltd. (Swiss Life) Insurer
Financial Strength rating to 'BBB' from 'BBB+' and Long-term
Issuer Default rating to 'BBB-' from 'BBB'.  The downgrade
reflects information in Swiss Life's recent market consistent
embedded value disclosure and weak 2008 results reported earlier
this year.

At the same time, the agency has downgraded Swiss Life Holding
AG's, the holding company of the Swiss Life group, Long-term IDR
to 'BB+' from 'BBB-'.  The Outlooks for all the ratings are
Negative.  The agency has also downgraded Swiss Life group's
various debt issue ratings, which are detailed below.

The Negative Outlook reflects Swiss Life's exposure to
unfavourable interest rate movements and the potential for the
economic downturn to impact negatively on sales and adverse
persistency developments to weaken future profits.

Swiss Life has previously reported the value of its future profits
on a traditional embedded value basis.  This does not quantify the
time value of options and guarantees on insurance business.  On
1 July 2009 the company published MCEV figures for the group for
the first time.  At 31 December 2008, the MCEV of covered business
(which excludes the IFRS equity of CHF2.8 billion from businesses
such as asset management and AWD) was only CHF3.6 billion,
compared with a TEV of CHF4.9 billion.  The difference was mostly
due to the significant cost of Swiss Life's investment guarantees
in the current low interest rate environment, with a TVOG of
CHF1.5 billion.

"The MCEV sensitivities also show that the future profits of the
company are highly sensitive to further interest rate drops and
losses on equity and property," says Clara Hughes, Associate
Director in Fitch's Insurance team.  A decrease of 100bp in
interest rates would reduce the MCEV on covered business by
CHF1.7 billion (49%) and a 10% drop in equity and property values
would reduce it by CHF1.1 billion (30%).

Swiss Life's 2008 results showed a net loss on continuing
operations of CHF1.1 billion.  All segments except asset
management showed sharp declines in profitability or operating
losses.  In particular the segment result of the Swiss business
showed a loss of CHF748 million, which demonstrates the
sensitivity of this business to investment returns.

Also contributing to the downgrade were lower capital, increased
leverage, and reduced interest coverage, as assessed by Fitch,
together with execution risks and operational challenges in AWD,
the European broker acquired last year, and the failed approach
toward the IFA business, MLP.  Fitch, however, recognizes that
limited net exposures to equities of 0.8%, reduced hedge fund
exposure and more effective use of hedging have reduced the
likelihood of further significant capital erosion in the short
term.  The company also has a strong statutory solvency of 180%
(as of end March 2009).

The Swiss Life Group is a market-leading life insurance group in
Switzerland with a 28% market share, providing long-term savings
and protection and life insurance, with businesses also in France
and Germany.  At FY08, the group had assets under management of
CHF120 billion and total equity of CHF6.7 billion.

Swiss Life/ Rentenanstalt

  -- IFS downgraded to 'BBB' from 'BBB+'; Outlook Negative

  -- IDR downgraded to 'BBB-' from 'BBB'; Outlook Negative

  -- EUR350 million 5% perpetual notes -- fiduciary issue by J.P.
     Morgan Luxembourg S.A. to fund a loan made by it to Swiss
     Life/Rentenanstalt -- downgraded to 'BB+' from 'BBB-'

  -- EUR700 million 5.849% bonds due 2017 -- guaranteed by Swiss
     Life Holding on a subordinated basis - downgraded to 'BB+'
     from 'BBB-'

Swiss Life Holding

  -- Long-term IDR downgraded to 'BB+' from 'BBB-'; Outlook

  -- CHF317 million 0.625% convertible bonds due 2010 downgraded
     to 'BB' from 'BB+'

U N I T E D   K I N G D O M

BRITISH AIRWAYS: Talks With Unite on Job Cuts and Pay Freeze Fail
Times Online reports that talks between British Airways plc and
union Unite over the airline's plans to cut thousands of jobs and
freeze pay failed to reach an agreement.

According to the report, failure of the negotiations means that
both sides must now abide by a 14-day cooling off period during
which time there is no external communication.

On July 8, 2009, the Troubled Company Reporter-Europe, citing BBC
News, reported that BA's cabin crew workers rejected the airline's
proposals to reduce costs by cutting jobs and freezing pay.  BBC
disclosed workers instead backed a union plan, which officials
said could save between GBP100 million and GBP130 million.

According to BBC, Unite said it was prepared to consider a two-
year freeze on pay.  BBC recalled BA, which seeks to cut costs
after reporting a record annual loss of GBP401 million in May, had
set a deadline of June 30 to reach a deal on about 3,500 job cuts,
a pay freeze and other changes, but no agreement was made.

As reported in the Troubled Company Reporter-Europe on July 3,
2009, BBC said BA asked the conciliation service Acas to help it
reach a deal with unions in an attempt to avert the threat of an
industrial action.  In the same TCR-Europe report Dow Jones
Newswires said that Unite could strike if the airline tries to
impose permanent wage freezes and changes to work practices.

                       About British Airways

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

                           *     *     *

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

CORSAIR NO 4: Moody's Cuts Rating on Series 4 Notes to 'Ba2'
Moody's Investors Service has downgraded its rating of notes
issued by Corsair (Jersey) No.4 Limited under the Series 4
(Electric Lights Orchestra 2).

The transaction is a lightly managed synthetic CSO referencing
mainly US and European corporate names.  According to Moody's, the
rating action is the result of deterioration in the credit quality
of the transaction's reference portfolio, which includes but is
not limited to exposure to Freddie Mac, which was placed into the
conservatorship of the U.S. government on September 8, 2008; and
two Icelandic banks, specifically Kaupthing Bank hf and Glitnir
Banki hf.  The transaction also has a significant exposure to
other corporate names, including CIT Group Inc., which continue to
deteriorate in the current economic environment.

Moody's explained that the rating action taken is also the result
of the application of revised and updated key modelling parameter
assumptions that Moody's uses to rate and monitor ratings of
Corporate Synthetic CDOs.  The revisions affect key parameters in
Moody's model for rating Corporate Synthetic CDOs: default
probability, asset correlation, and other credit indicators such
as ratings reviews and outlooks.  Moody's announced the changes to
these assumptions in a press release titled "Moody's Updates its
Key Assumptions for Rating Corporate Synthetic CDOs," published on
January 15, 2009.

Moody's monitors this transaction using primarily the methodology
and its supplements for corporate synthetic CDOs as described in
Moody's Special Reports and press releases:

  -- Moody's Approach To Rating Corporate Collateralized Synthetic
     Obligations (December 2008)

  -- Moody's updates key assumptions for rating corporate
     synthetic CDOs (January 2009)

The rating action is:

Corsair (Jersey) No.4 Limited:

(1) Series 4 US$150,000,000 Floating Rate Secured Portfolio
    Credit-Linked Notes due 2016

  -- Current Rating: Ba2
  -- Prior Rating: Aaa
  -- Prior Rating Date: 25 October 2006, assigned Aaa

GREAT HALL: S&P Cuts Ratings on Class Ea and Eb Notes to 'B-'
Standard & Poor's Ratings Services took various rating actions on
three series issued by Great Hall Mortgages No. 1 PLC.
Specifically, S&P lowered and removed from CreditWatch negative
S&P's ratings on 13 tranches, affirmed and removed from
CreditWatch negative S&P's ratings on six tranches, and affirmed
nine tranches.

In series 2006-1 there was a reserve fund draw of GBP328,438 in
June 2009.  In S&P's opinion, this draw was due to losses of
GBP1.32 million in the quarter up to June.  Outstanding
repossessions decreased to 1.46% from 1.99% in March 2009.  With a
pool factor of 58%, the transaction has de-leveraged to an extent
that the credit enhancement for the class Ca, Cb, Da, and Db notes
is consistent with their current ratings.

S&P has downgraded the class Ea notes due to S&P's expectation of
higher loss severities for loans that ultimately default.

The downgrades in series 2007-1 and 2007-2 are due to S&P's
expectation of increased losses and higher loss severities.
Additionally, these transactions have built up less credit
enhancement, with pool factors of 74% and 85%, respectively.

The reserve funds in series 2007-1 and 2007-2 have been drawn in
the previous three quarters leaving the reserve funds at 73.01%
and 65.07% of the required amounts, respectively.  Cumulative
losses increased to 1.00% in June 2009 from 0.66% in March 2009 in
series 2007-1, and to 0.81% from 0.47% in series 2007-2.  Loss
severities as per the June investor reports were 30.88% in series
2007-1, and 29.63% in series 2007-2.

                           Ratings List

                 Great Hall Mortgages No. 1 PLC
       EUR280 Million And GBP275.2 Million Mortgage-Backed
                 Floating-Rate Notes Series 2006-1

       Rating Lowered and Removed From CreditWatch Negative

         Class      To                    From
         -----      --                    ----
         Ea         B                     B+/Watch Neg

      Ratings Affirmed and Removed From CreditWatch Negative

         Class      To                    From
         -----      --                    ----
         Ca         A-                    A-/Watch Neg
         Cb         A-                    A-/Watch Neg
         Da         BBB-                  BBB-/Watch Neg
         Db         BBB-                  BBB-/Watch Neg

                         Ratings Affirmed

                        Class      Rating
                        -----      ------
                        A2a        AAA
                        A2b        AAA
                        Ba         AA
                        Bb         AA

       GBP413.6 Million and EUR646.9 Million Mortgage-Backed
                 Floating-Rate Notes Series 2007-1

       Ratings Lowered And Removed From CreditWatch Negative

         Class      To                    From
         -----      --                    ----
         Ca         BBB+                  A-/Watch Neg
         Cb         BBB+                  A-/Watch Neg
         Da         BB+                   BBB-/Watch Neg
         Db         BB+                   BBB-/Watch Neg
         Ea         B-                    B/Watch Neg

      Ratings Affirmed and Removed From CreditWatch Negative

         Class      To                    From
         -----      --                    ----
         Ba         AA                    AA/Watch Neg
         Bb         AA                    AA/Watch Neg

                         Ratings Affirmed

                        Class      Rating
                        -----      ------
                        A2a        AAA
                        A2b        AAA

        GBP372.5 Million, US$600 Million and EUR110.1 Million
         Mortgage-Backed Floating-Rate Notes Series 2007-2

      Ratings Lowered and Removed From CreditWatch Negative

         Class      To                    From
         -----      --                    ----
         Ba         A+                    AA/Watch Neg
         Ca         BBB-                  A/Watch Neg
         Cb         BBB-                  A/Watch Neg
         Da         BB-                   BBB/Watch Neg
         Db         BB-                   BBB/Watch Neg
         Ea         B-                    B/Watch Neg
         Eb         B-                    B/Watch Neg

                         Ratings Affirmed

                        Class      Rating
                        -----      ------
                        Aa         AAA
                        Ab         AAA
                        Ac         AAA

SHINY MEDIA: In Administration; Assets Sold to Shiny Digital
Mark Sweney at reports that Shiny Media has gone
into administration after being hit by the downturn.

"Every effort was made to continue trading, including selling of
assets, redundancies, downsizing offices and, in the case of the
directors, substantial pay cuts," the report quoted co-founder
Chris Price as saying in a blog post on Paidcontent.

The report relates according to an email from Mr. Price most of
the assets of Shiny Media have been bought by a new venture, Shiny
Digital, which has shareholders including co-founders Ashley
Norris and Katie Lee, and Cansas Digital Ventures, a new
registered name for Shiny Media's venture capital funder,
Brightstation, which has backed the business since August 2007.

The report recalls Shiny Media in February laid off half of its
remaining staff, while Ms. Lee took redundancy.

Created in 2004, Shiny Media -- is a
new media company producing websites across a number of areas
including fashion, technology and TV/lifestyle.  Flagship titles
Catwalk Queen, Tech Digest and Shiny Shiny.

TOWERGATE PARTNERSHIP: Moody's Lifts Corp. Family Rating to 'B2'
Moody's Investors Service upgraded to B2 with a stable outlook the
Corporate Family Rating of Towergate Partnership Limited, a UK
based independent insurance intermediary.  This rating action
concludes the review process initiated on May 18, 2009.

Towergate is a non-listed intermediary currently consisting of
three main business divisions covering retail insurance broking,
insurance networks and underwriting services to insurers under
delegated underwriting authority agreements, controlling around
GBP 1.7bn of premiums in aggregate.  Moody's previously assigned a
B3 CFR to Towergate in May 2009 and, at the same time, placed it
under review for possible upgrade following the conclusion of its
banking covenants renegotiation and also pending the inclusion of
Paymentshield, an affiliated fee-generating business, into the
Towergate Group -- a process which has now been completed.

David Masters, Moody's lead analyst for Towergate, noted, "The
upgrade principally reflects the successful consolidation of
Paymentshield into Towergate, subsequent to the renegotiation of
the Group's banking covenants.  Further credit strengths relative
to the current B2 rating level include Towergate's strong market
position within the UK insurance intermediary space, together with
an excellent position within a number of niche underwriting
segments".  Conversely, Moody's notes that these strengths were
tempered by Towergate's financial leverage that whilst currently
remaining in excess of Moody's expectation for a single-B rated
broker (4-6x coverage on a Moody's basis), is expected to reduce
following the Paymentshield acquisition. Moody's also noted the
challenges of growing the business organically within the current
market environment.

The current B2 rating incorporates Moody's expectation of the
operating margin remaining consistently above 20% together with
some improvement in financial leverage and coverage metrics from
the current levels pre-acquisition.

Factors that could lead to an upgrade include adjusted free cash
flow exceeding 10% of debt, a debt-to-EBITDA ratio of less than
4.0 times and interest coverage exceeding 3.0 times (all on a
Moody's basis).  Whilst negative rating action is not considered
likely in the near term, a meaningful and unprofitable acquisition
strategy or a failure to improve leverage/coverage metrics from
the current (end 2008) levels could lead to a negative rating

For the year ended 31 December 2008, Towergate reported commission
and fee income of GBP 318m (2007: GBP278 million), EBITDA of
GBP112 million (2007: GBP109 million) and a net loss of
GBP19 million (2007: GBP15 million).

This rating was upgraded with a stable outlook:

  -- Towergate Partnership Limited: B2 corporate family rating

The last rating action was on May 18, 2009, when the rating was
first assigned and placed on review for possible upgrade.

VEDANTA RESOURCES: Fitch Affirms 'BB+' Ratings on Two Bonds
Fitch Ratings has affirmed UK-based Vedanta Resources PLC's Long-
term Issuer Default Rating at 'BBB-' with Negative Outlook.  Fitch
has also affirmed the ratings on Vedanta's debt instruments:

-- US$1,250 million senior unsecured unsubordinated bonds issued
    in two tranches (US$500 million due January 2014 and
    US$750 million due July 2018): 'BB+';

-- US$600 million senior unsecured bonds due February 2010: 'BB+'

The ratings continue to reflect the company's comfortable
liquidity position, with cash balances in excess of US$4.8 billion
as at FYE09 (ended March 31, 2009), and low leverage with an
adjusted net debt of around US$0.36 billion and an adjusted net
debt/EBITDA of 0.2x, although total debt levels have risen sharply
since FYE08.  The ratings also reflect the funds raised by the
company in the form of the US$1.25 billion convertible bond in
June 2009, which will support liquidity at the Vedanta level.  The
US$1.5 billion of equity raised at subsidiary Sterlite Industries
India Ltd (Sterlite) -- US$1 billion from external sources and
US$500 million from Vedanta -- will further increase financial
flexibility.  Fitch has also factored in the US$1.7 billion
acquisition of Asarco LLC and the US$368 million acquisition of
Dempo (an Indian iron ore producer), although Fitch notes that the
Asarco acquisition awaits creditor and other approvals.  These
operating assets will be EBITDA-accretive for the company from the
date of acquisition, which would partly offset Fitch's concerns
over large cash outflows at Vedanta.

Vedanta's earnings and cash flows were severely impacted by a
sharp fall in metal prices, especially from H2FY09.  The company
reported its lowest quarterly earnings in the past three years in
Q3FY09, with an EBITDA of US$10.1 million (US$148.1 million
adjusting for one-time FX and inventory losses of US$138 million),
although this improved in Q4FY09 as base metal prices recovered.
The company shut down its high-cost, old technology Indian
aluminium smelters (at Balco and Malco), which became unviable at
current metal prices.  It also faced operating losses at its
Zambian copper operations (Konkola Copper Mines Plc or KCM).
Although KCM's new smelter has lowered costs, it is facing
problems in stabilization.  The company is undertaking large capex
in Zambia and in Balco (for a new smelter) which should reduce
production costs and increase capacities respectively, thereby
increasing resilience to adverse cyclical developments.  These
concerns are partly offset by operating cash flows from
competitive Sterlite, zinc and iron ore operations.  The company
is exposed to considerable execution risk of its US$7.2 billion of
organic capex scheduled for FY10-FY12.

The Negative Outlook reflects Fitch's concerns on Vedanta's high
total debt levels, and the execution risk of multiple, large capex
projects.  Vedanta had a gross debt/ EBITDA of 3.2x in FY09, and
Fitch believes it will remain within 3x-3.5x in FY10.  Although
these metrics are high in relation to Fitch's other 'BBB-' rated
entities, the agency draws comfort from the large liquid funds and
ensuing low net leverage.  Fitch is also concerned with Vedanta's
negative free cash flows in FY09, which are expected to continue
in FY10.

Fitch believes that total debt/EBITDA will peak in FY10, with the
majority of the capex being completed by H1FY11.  The major
investments are in greenfield projects i.e.  Vedanta Aluminium Ltd
(integrated aluminium project) and Sterlite Energy (2,400 MW
thermal power plant) and capex in the company's existing Indian
zinc and KCM operations.  Fitch notes that these projects will
start generating returns from FY11, in turn lowering leverage.
The ratings reflect the agency's expectation that Vedanta will
improve its leverage metrics at both the gross and net level from
FY11 onwards.

Over the longer term, if leverage returns to long-term average
levels by FY11, the Outlook could move back to Stable from
Negative.  However, the ratings could be downgraded if the
projects experience time and cost overruns or there is a delay in
realizing the company's cost-savings.  Any material increase in
the company's investments, thereby raising execution risk and
exacerbating negative free cash flows could also put downward
pressure on the ratings.  Fitch expects the company's gross
debt/EBITDA to remain under 2x on a sustained basis, with a
corresponding net leverage in the region of 1.25x-1.5x - higher
sustained leverage would likely act as a negative trigger.

Vedanta is a leading metals and mining company based in London,
and has operations spanning zinc, copper, iron ore and aluminium
in India, Zambia, Australia, and, if the Asarco acquisition is
completed as envisaged, the U.S. as well.  In FY09, the company
reported revenues of US$6.58 billion with a corresponding EBITDA
of US$1.6 billion and a net income (after minorities) of US$219
million. E BITDA margins were lower at 24.5% compared to 36.7% in
FY08; this in turn has lowered the funds from operations' return
on adjusted capital to 13.2% in FY09.

* BOND PRICING: For the Week July 20 to July 24, 2009

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

OESTER VOLKSBK           4.810    7/29/2025      EUR    63.19
OESTER VOLKSBK           5.270     2/8/2027      EUR    86.31
CONWERT IMMO INV         1.500   11/12/2014      EUR    66.30
ERSTE GROUP              8.000    8/31/2009      EUR    54.23
HTM SPORT FREIZE         8.500     2/1/2014      EUR    23.88
HTM SPORT FREIZE         8.500     2/1/2014      EUR    23.88
IMMOFINANZ               7.000   12/22/2011      EUR    70.50
IMMOFINANZ               1.250   11/19/2017      EUR    46.91
IMMOFINANZ IMMOB         2.750    1/20/2014      EUR    50.23
KOMMUNALKREDIT           0.500    3/15/2019      CAD    61.17

FORTIS BANK              8.750    12/7/2010      EUR    23.15

CZECH REPUBLIC           2.750    1/16/2036      JPY    48.30

INTERPIPE LTD            8.750     8/2/2010      USD    66.94

AIR FRANCE-KLM           4.970     4/1/2015      EUR    13.02
ALCATEL SA               4.750     1/1/2011      EUR    15.79
CALYON                   6.000    6/18/2047      EUR    40.40
CAP GEMINI SA            2.500     1/1/2010      EUR    51.52
CAP GEMINI SOGET         1.000     1/1/2012      EUR    42.27
CAP GEMINI SOGET         3.500     1/1/2014      EUR    40.11
CIE FIN FONCIER          3.875    4/25/2055      EUR    75.29
CLUB MEDITERRANE         4.375    11/1/2010      EUR    48.18
CMA CGM                  5.500    5/16/2012      EUR    42.23
CMA CGM SA               7.250     2/1/2013      USD    43.63
EUROPCAR GROUPE          8.125    5/15/2014      EUR    64.38
EUROPCAR GROUPE          8.125    5/15/2014      EUR    64.38
SOC AIR FRANCE           2.750     4/1/2020      EUR    19.01

DANSKE BANK              5.375    9/29/2021      GBP    80.28
DEUTSCHE BK LOND         3.000    5/18/2012      CHF    72.31
DEUTSCHE BK LOND         3.250    5/18/2012      CHF    47.04
DEUTSCHE BK LOND         1.000    3/31/2027      USD    42.61

CITY OF KYIV             8.250   11/26/2012      USD    56.49
DEPFA PFANDBRIEF         3.435    3/16/2011      EUR    98.28
DEPFA PFANDBRIEF         6.500     3/6/2012      HUF    74.70
DEPFA PFANDBRIEF         5.886    2/22/2019      EUR    65.81
ESCADA AG                7.500     4/1/2012      EUR    27.97
ESCADA AG                7.500     4/1/2012      EUR    26.38
GOTHAER ALLG VER         5.527    9/29/2026      EUR    55.31
GROHE HOLDING            8.625    10/1/2014      EUR    57.25
GROHE HOLDING            8.625    10/1/2014      EUR    58.67
HSH NORDBANK AG          4.375    2/14/2017      EUR    58.44
HT1 FUNDING GMBH         6.352    #N/A N Ap      EUR    48.06
HVB REAL ESTATE          6.570    3/18/2022      EUR    81.09
HYPO REAL ESTATE         5.440    4/13/2034      EUR    85.23
HYPOREAL INTL AG         4.050     2/8/2016      EUR    89.04
HYPOREAL INTL AG         4.560    3/28/2021      EUR    68.35
IKB DEUT INDUSTR         4.500     7/9/2013      EUR    65.63
IKB DEUT INDUSTR         5.670    2/27/2023      EUR    71.74
IKB DEUT INDUSTR         5.760    3/31/2023      EUR    72.35
IKB DEUT INDUSTR         4.080   12/20/2035      EUR    69.22
IWKA FINANCE             3.750    11/9/2011      EUR    73.41
WURTTEMBERGER HB         4.125    9/28/2012      EUR   100.27

FAGE DAIRY IND           7.500    1/15/2015      EUR    72.13
FAGE DAIRY IND           7.500    1/15/2015      EUR    72.13

GLITNIR BANKI HF         6.693    6/15/2016      USD     6.97

ALFA BANK                8.635    2/22/2017      USD    74.69
ALLIED IRISH BKS         7.875     7/5/2023      GBP    72.43
ALLIED IRISH BKS         5.250    3/10/2025      GBP    53.12
ALLIED IRISH BKS         5.625   11/29/2030      GBP    52.26
AIR BERLIN FINAN         1.500    4/11/2027      EUR    51.31
BANESTO FINANC           6.120    11/7/2037      EUR     6.12
BANK OF IRELAND          4.875    1/22/2018      GBP    65.03
BANK OF IRELAND          4.625    2/27/2019      EUR    76.66
DALI CAPITAL 29          4.799   12/21/2037      GBP    72.86
DEPFA ACS BANK           1.650   12/20/2016      JPY    94.14
DEPFA ACS BANK           2.375    2/15/2019      CHF    95.03
DEPFA ACS BANK           0.500     3/3/2025      CAD    32.25
DEPFA ACS BANK           5.250    3/31/2025      CAD    72.78
DEPFA ACS BANK           4.600    12/5/2025      EUR    74.01
DEPFA ACS BANK           3.250    7/31/2031      CHF    92.04
DEPFA ACS BANK           4.900    8/24/2035      CAD    68.84
DEPFA ACS BANK           5.125    3/16/2037      USD   103.87
DEPFA ACS BANK           5.125    3/16/2037      USD    64.02
FRESHWATER FIN           4.556     4/3/2036      GBP    70.56
FRESHWATER FIN           4.607   10/17/2036      GBP    74.77
GE CAP EUR FUND          4.625    2/22/2027      EUR    77.99
IRIDAL PLC               5.000     3/7/2035      GBP    74.64
IRISH NATIONWIDE         6.250    6/26/2012      GBP    62.02
IRISH NATIONWIDE         5.500    1/10/2018      GBP    24.44
IRISH PERM PLC           5.668    2/15/2035      EUR    39.53
UT2 FUNDING PLC          5.321    6/30/2016      EUR    46.68

CIR SPA                  5.750   12/16/2024      EUR    67.88
COMUNE DI MILANO         4.019    6/29/2035      EUR    67.69

BANK OF MOSCOW           6.807    5/10/2017      USD    73.10
BREEZE                   4.524    4/19/2027      EUR    89.42
CERRUTI FINANCE          6.500    7/26/2004      EUR     8.49
CIRSA FIN LUX SA         8.750    5/15/2014      EUR    79.42
CODERE FIN LUX           8.250    6/15/2015      EUR    67.00
CODERE FIN LUX           8.250    6/15/2015      EUR    67.42
COFINIMMO LUXEM          5.250    7/15/2014      EUR    73.09
CRC BREEZE               5.290     5/8/2026      EUR    66.11
EUROHYPO SA LUX          2.500    8/29/2025      CHF    87.66
GLENCORE FINANCE         7.125    4/23/2015      EUR    94.20
GLENCORE FINANCE         6.500    2/27/2019      GBP    78.26
GLOBUS CAPITAL           8.500     3/5/2012      USD    49.43
HELLAS III               8.500   10/15/2013      EUR    59.90

ABN AMRO BANK NV         3.375    8/15/2031      CHF    95.84
ABN AMRO BANK NV         6.000    3/16/2035      EUR    57.36
ABN AMRO BANK NV         7.540    6/29/2035      EUR    54.20
ALB FINANCE BV           9.000   11/22/2010      USD    21.98
ALB FINANCE BV           7.875     2/1/2012      EUR    22.49
ASTANA FINANCE           7.875     6/8/2010      EUR    19.00
ASTANA FINANCE           9.000   11/16/2011      USD    19.47
ATF CAPITAL BV           9.250    2/21/2014      USD    76.26
BK NED GEMEENTEN         0.500    6/27/2018      CAD    67.31
BK NED GEMEENTEN         0.500    2/24/2025      CAD    40.73
CEMEX FIN EUROPE         4.750     3/5/2014      EUR    64.50
CENTERCRDT INTL          8.625    1/30/2014      USD    71.47
CLONDALKIN BV            8.000    3/15/2014      EUR    69.69
CLONDALKIN BV            8.000    3/15/2014      EUR    68.25
EM.TV FINANCE BV         5.250     5/8/2013      EUR     3.19
GIVAUDAN NEDER           5.375     3/1/2010      CHF    66.20
GMAC INTL FIN BV         5.750    5/21/2010      EUR    92.42
HALYK SAVINGS BK         7.250     5/3/2017      USD    63.85
HEIDELCEMENT FIN         5.625     1/4/2018      EUR    70.63
ING BANK NV              4.200   12/19/2035      EUR    67.56
ING VERZEKERING          6.375     5/7/2027      EUR    82.24
INTERGAS FIN BV          6.375    5/14/2017      USD    78.25
IVG FINANCE BV           1.750    3/29/2017      EUR    46.70
JSC BANK GEORGIA         9.000     2/8/2012      USD    77.06
KBC IFIMA NV             6.004     2/7/2025      USD    52.50
MAGYAR TELECOM          10.750    8/15/2012      EUR    72.63
MAGYAR TELECOM          10.750    8/15/2012      EUR    72.63
TURANALEM FIN BV         7.125   12/21/2009      GBP    22.50
TURANALEM FIN BV         7.875     6/2/2010      USD    24.49
TURANALEM FIN BV         6.250    9/27/2011      EUR    19.01
TURANALEM FIN BV         7.750    4/25/2013      USD    21.95
TURANALEM FIN BV         8.000    3/24/2014      USD    21.05
TURANALEM FIN BV         8.500    2/10/2015      USD    22.43
TURANALEM FIN BV         8.250    1/22/2037      USD    22.19

EKSPORTFINANS            0.500     5/9/2030      CAD    30.88

BUCHAREST                4.125    6/22/2015      EUR    77.74

GAZPROM                  7.230    2/12/2014      RUB    71.93

AYT CEDULAS CAJA         3.750    6/30/2025      EUR    76.07
BALEAR GOV'T             4.063   11/23/2035      EUR    70.79
BANCAJA                  4.375    2/14/2017      EUR    68.40
COMUN AUTO CANAR         3.900   11/30/2035      EUR    68.19
COMUN AUTO CANAR         4.200   10/25/2036      EUR    71.85
XUNTA DE GALICIA         4.025   11/28/2035      EUR    70.64

CYTOS BIOTECH            2.875    2/20/2012      CHF    42.91

3I GROUP PLC             6.875     3/9/2023      GBP    76.09
3I GROUP PLC             5.750    12/3/2032      GBP    61.78
ALPHA CREDIT GRP         2.940     3/4/2035      JPY    71.87
AMDOCS LIMITED           0.500    3/15/2024      USD    74.00
AMLIN PLC                6.500   12/19/2026      GBP    71.04
ANGLIAN WAT FIN          2.400    4/20/2035      GBP    49.88
ARSENAL SEC              5.142     9/1/2029      GBP    72.87
AVIVA PLC                6.875    5/20/2058      GBP    77.77
ASPIRE DEFENCE           4.674    3/31/2040      GBP    70.45
ASPIRE DEFENCE           4.674    3/31/2040      GBP    70.45
BANK OF SCOTLAND         2.928    6/10/2020      USD    49.31
BANK OF SCOTLAND         2.000    2/22/2021      JPY    73.73
BANK OF SCOTLAND         2.860   12/13/2021      CHF    71.50
BANK OF SCOTLAND         2.189    3/12/2022      JPY    73.47
BANK OF SCOTLAND         2.340   12/28/2026      JPY    68.24
BANK OF SCOTLAND         2.408     2/9/2027      JPY    68.40
BANK OF SCOTLAND         2.359    3/27/2029      JPY    65.27
BARCLAYS BK PLC         11.650    5/20/2010      USD    46.38
BARCLAYS BK PLC          7.610    6/30/2011      USD    49.91
BL SUPER FINANCE         5.578    10/4/2025      GBP    69.92
BLT FINANCE BV           7.500    5/15/2014      USD    51.50
BRADFORD&BIN BLD         7.625    2/16/2010      GBP     4.00
BRADFORD&BIN BLD         5.500    1/15/2018      GBP     5.99
BRADFORD&BIN BLD         2.750   10/16/2018      CHF    98.57
BRADFORD&BIN BLD         5.750   12/12/2022      GBP     5.08
BRADFORD&BIN PLC         6.625    6/16/2023      GBP     5.99
BRADFORD&BIN BLD         3.500    7/16/2027      CHF    97.27
BRADFORD&BIN BLD         2.875   10/16/2031      CHF    86.23
BRADFORD&BIN BLD         4.910     2/1/2047      EUR    56.16
BRIT INSURANCE           6.625    12/9/2030      GBP    59.14
BRITANNIA BLDG           5.750    12/2/2024      GBP    62.94
BRITANNIA BLDG           5.875    3/28/2033      GBP    62.25
BRITISH LAND CO          5.357    3/31/2028      GBP    74.05
BRITISH LAND CO          5.357    3/31/2028      GBP    74.57
BRITISH LAND CO          5.264    9/24/2035      GBP    68.41
BRITISH LAND CO          5.264    9/24/2035      GBP    70.48
BRITISH TEL PLC          5.750    12/7/2028      GBP    76.06
BRIXTON PLC              5.250   10/21/2015      GBP    73.67
BRIXTON PLC              6.000    9/30/2019      GBP    72.75
BROADGATE FINANC         4.999    10/5/2031      GBP    70.36
BROADGATE FINANC         5.098     4/5/2033      GBP    61.49
BROADGATE FINANC         4.821     7/5/2033      GBP    74.41
CATTLES PLC              7.875    1/17/2014      GBP    16.25
CGNU PLC                 6.125   11/16/2026      GBP    73.84
CITY OF KIEV             8.000    11/6/2015      USD    55.61
CJSC FIRST UKRAI         9.750    2/16/2010      USD    53.48
CLERICAL MED FIN         6.450     7/5/2023      EUR    72.93
CONNECT M77/GSO          5.404    3/31/2034      GBP    71.83
CO-OPERATIVE BNK         5.625   11/16/2021      GBP    68.41
DAILY MAIL & GEN         5.750    12/7/2018      GBP    61.59
DAILY MAIL & GEN        10.000     4/9/2021      GBP    75.00
DAILY MAIL & GEN         6.375    6/21/2027      GBP    56.22
EFG HELLAS PLC           2.760    5/11/2035      JPY    52.11
ENTERPRISE INNS          6.500    12/6/2018      GBP    73.53
ENTERPRISE INNS          6.875    2/15/2021      GBP    69.40
ENTERPRISE INNS          6.875     5/9/2025      GBP    66.70
ENTERPRISE INNS          6.375    9/26/2031      GBP    61.87
EXIM OF UKRAINE          8.400     2/9/2016      USD    65.06
F&C ASSET MNGMT          6.750   12/20/2026      GBP    57.82
GREENE KING FIN          5.106    3/15/2034      GBP    68.85
GREENE KING FIN          5.702   12/15/2034      GBP    62.67
HAMMERSON PLC            6.000    2/23/2026      GBP    70.93
HANSON LTD               6.125    8/15/2016      USD    75.50
HBOS PLC                 4.500    3/18/2030      EUR    57.48
HBOS PLC                 6.000    11/1/2033      USD    57.47
HBOS PLC                 6.000    11/1/2033      USD    57.47
HSBC BANK PLC            4.750    3/24/2046      GBP    76.90
INEOS GRP HLDG           7.875    2/15/2016      EUR    37.28
INEOS GRP HLDG           7.875    2/15/2016      EUR    36.13
INEOS VINYLS FIN         9.125    12/1/2011      EUR    39.00
INEOS VINYLS FIN         9.125    12/1/2011      EUR    39.00
INVESTEC FINANCE         7.750     3/1/2016      GBP    69.67
ITV PLC                  5.375   10/19/2015      GBP    71.99
JAZTEL PLC               5.000    4/29/2010      EUR    64.52
NBG FINANCE PLC          2.755    6/28/2035      JPY    69.77
PRUDENTIAL BANK          6.875   12/29/2021      GBP    59.48
UNIQUE PUB FIN           7.395    3/28/2024      GBP    58.74
UNIQUE PUB FIN           5.659    6/30/2027      GBP    69.97
UNIQUE PUB FIN           6.464    3/30/2032      GBP    51.49


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

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  Go to 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,
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                 * * * End of Transmission * * *