TCREUR_Public/090731.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Friday, July 31, 2009, Vol. 10, No. 150

                            Headlines

A U S T R I A

ASHJARIAN ALVANDI: Claims Filing Deadline is August 10
BEKUM MASCHINENFABRIK: Austrian Unit Insolvent; 184 Jobs at Risk
KRETZL TRANSPORT: Claims Filing Deadline is August 11
SPS INDUSTRIE-ELEKTRIK: Creditors Must File Claims by August 12


F R A N C E

CHRISTIAN LACROIX: French Gov't Backs Borletti Family's Bid
GROUPE RENCAST: GMD Takes Over Business Following Liquidation
RENAULT SA: Posts EUR2.7 Bln Net Loss in First Half 2009


G E R M A N Y

ARCANDOR AG: Taps Banks to Advise on Restructuring of Two Units
DEUTSCHES: Files for Insolvency at Hamburg Court
GENERAL MOTORS: May Clash With Germany Over Opel Buyer Selection
HYPO REAL: Got Investment From Bundesbank Despite Near Collapse


H U N G A R Y

INTEGRAL: Gyor Court of Appeal Appoints Liquidator


I R E L A N D

BALMAFORD LTD: Goes Into Liquidation Over Unpaid Debt
THOMAS READ: Gets Court Protection; KPMG Named Interim Examiner


I T A L Y

RISANAMENTO SPA: Hearing Extended; To Present Restructuring Plan


K A Z A K H S T A N

AVTO LES: Creditors Must File Claims by August 7
INTER FOOD: Creditors Must File Claims by August 7
MEJ STROY: Creditors Must File Claims by August 7


K Y R G Y Z S T A N

RUSSKY CONCERN: Creditors Must File Claims by August 15


L A T V I A

PAREX BANKA: European Commission to Probe Into Restructuring Plan


N E T H E R L A N D S

ING GROEP: Asian Assets Good Fit for ANZ, Daiwa Institute Says


R U S S I A

GRADO-STROY LLC: Creditors Must File Claims by August 10
IZHEVSKIY CONSTRUCTION: Creditors Must File Claims by August 10
NORMATIV-STROY LLC: Creditors Must File Claims by August 10
SILIKAT OJSC: Creditors Must File Claims by August 10


U K R A I N E

BUDTRANS PLUS LLC: Creditors Must File Claims by August 2
GLORIYA LLC: Creditors Must File Claims by August 2
INNOVATIVE TECHNOLOGIES LLC: Claims Filing Deadline is August 2
KINOTOUR-SERVICE LLC: Creditors Must File Claims by August 2
NAFTOGAZ UKRAINY: Ukraine In Debt Restructuring Talks with Lenders

TECHNICAL INDUSTRIAL: Creditors Must File Claims by August 2
YUNIK LLC: Creditors Must File Claims by August 2


S W I T Z E R L A N D

LU(IN)3 AG: Claims Filing Deadline is August 11
NIGIDIOS AG: Creditors Must File Claims by August 11
PIZALUN GASTRO: Claims Filing Deadline is August 10
TOP EVENTS: Claims Filing Period Ends August 10


U N I T E D   K I  N G D O M

ARTENIUS UK: In Administration; 137 Jobs Affected
BAA: Posts 1H09 GBP135.3MM Pre-Tax Loss; Gatwick Talks Continue
EMI GROUP: Terra Firma Investors Back Capital Injection Plans
GLOBAL TRADER: Declared In Default by FSCS
LIVERPOOL: Owners Secure Refinancing Deal on GBP290 Mln Debt

REXAM PLC: Confirms GBP351MM Rights Issue; Posts GBP30MM 1H09 Loss
ROYAL BANK: ANZ Nears Taiwan Unit Acquisition Deal

* BOOK REVIEW: Rupert Murdoch: Creator of a Worldwide Empire


                         *********



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


ASHJARIAN ALVANDI: Claims Filing Deadline is August 10
------------------------------------------------------
Creditors of Ashjarian Alvandi Pouya have until August 10, 2009,
to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for August 24, 2009 at 10:30 a.m.

For further information, contact the company's administrator:

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


BEKUM MASCHINENFABRIK: Austrian Unit Insolvent; 184 Jobs at Risk
----------------------------------------------------------------
European Plastics News reports that Bekum Maschinenfabrik's
Austrian subsidiary has filed for insolvency, putting 184 jobs at
risk.

According to the report, the unit, which makes blow molding
machines, has been hit by the slump in the automotive industry.
The report says insolvency administrator Alexander Klikovits must
now establish whether there is any chance of continuing the
Austrian operations and retaining its 184 employees.

The unit, the report discloses, has assets of around EUR4.15
million, while debt stood at EUR8.899 million.  It also faces
EUR4.8 million in restructuring costs after cutting over 100
employees, the report notes.


KRETZL TRANSPORT: Claims Filing Deadline is August 11
-----------------------------------------------------
Creditors of Kretzl Transport und Logistik GmbH have until
August 11, 2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for August 25, 2009 at 10:00 a.m.

For further information, contact the company's administrator:

         Mag. Dr. Ulrike Gruenling-Schopf
         Hauptplatz 14/3
         2700 Wiener Neustadt
         Austria
         Tel: 02622/841 41
         Fax: 02622/84141-24
         E-mail: office@hain-rechtsanwaelte.at


SPS INDUSTRIE-ELEKTRIK: Creditors Must File Claims by August 12
---------------------------------------------------------------
will convene a meeting of its creditors at 09.30 a.m. on August
19, 2009, at Ried im Innkreis, hall 101, 1st floor.

Creditors of have until August 12, 2009, to file their proofs of
claim.

A court hearing for examination of the claims has been scheduled
for August 12, 2009 at 9:30 a.m. at:

         Ried im Innkreis
         Hall 101
         First Floor

For further information, contact the company's administrator:

         Dr. Harald Schnoetzlinger
         Bahnhofstrasse 37a
         4910 Ried im Innkreis
         Austria
         Tel: 07752/71 700
         Fax: 0720/505 679
         E-mail: insolvenz@juranet.at


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


CHRISTIAN LACROIX: French Gov't Backs Borletti Family's Bid
-----------------------------------------------------------
Ladka Bauerova at Bloomberg News reports that the Borletti
family's bid for Christian Lacroix SNC is backed by the designer
and the French government, and Mr. Lacroix himself would become a
shareholder in the company.

"We've known each other for a long time," Bloomberg quoted
Mr. Lacroix as saying in an interview after meeting with Industry
Minister Christian Estrosi in Paris on Tuesday.  The minister, as
cited by Blooomberg, said the government will lend its support "in
any way it can."

On July 29, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported the Borletti family will compete against
Bernard Krief Consulting and two undisclosed investors in bidding
for the bankrupt fashion house.  Citing judicial administrator
Regis Valliot, who is in charge of evaluating bids for the
company, Bloomberg said the Borlettis want to keep 49 of Christian
Lacroix's 125 workers if the Paris business court accepts their
bid.  Mr. Valliot said that the business court will accept a bid
or rule to liquidate Christian Lacroix by September, at the
earliest.

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


GROUPE RENCAST: GMD Takes Over Business Following Liquidation
-------------------------------------------------------------
Metal Bulletin reports that Groupe Mecanique Decoupage has taken
over French diecaster Rencast, which went into liquidation in
March.

Citing French business newspaper Les Echos, MB discloses the
business tribunal of Lyon is understood to have approved GMD's
takeover of Rencast on July 9.

Headquartered in Bron, France, Groupe Rencast --
http://www.rencast.com/-- manufactures more than 18 million car
parts annually representing 35,000 tons of light alloys processed.
Rencast employs 1,200 persons in several sites and
has EUR166 million in annual revenues.


RENAULT SA: Posts EUR2.7 Bln Net Loss in First Half 2009
--------------------------------------------------------
John Reed at The Financial Times says Renault SA reported a net
loss of EUR2.7 billion in the first half of the year, compared
with a net profit of EUR1.6 billion in the first half of 2008.

The FT discloses Renault's first-half revenues fell 23.7% to
EUR15.59 billion due to sharply lower sales, abetted by
unfavorable exchange rates in Eastern Europe and Brazil.

According to the FT, the carmaker booked losses of EUR1.2 billion
for its stake in its Japanese alliance partner Nissan, EUR196
million for its 20 per cent stake in Volvo, and EUR182 million for
Avtovaz, of which it owns a 25 per cent stake.  The FT states
Renault's core autos division reported an operating loss of EUR869
million, down EUR1.5 billion on a year ago.

The FT relates Renault said its net debt at the end of the first
half was EUR7.24 billion, equivalent to 43.7 per cent of
shareholders' equity.  It said it had EUR3.4 billion of cash and
cash equivalents and EUR4.2 billion of undrawn credit lines, the
FT notes.

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

                             *     *     *

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


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


ARCANDOR AG: Taps Banks to Advise on Restructuring of Two Units
---------------------------------------------------------------
Alexander Huebner at Reuters reports that the insolvency
administrator of Arcandor AG said on Tuesday he had appointed two
banks to assess separate restructuring solutions for the units
Karstadt and Primondo.

According to Reuters, a spokesman for the administrator said the
move did not imply there would be a break-up of the German
retailer.

Citing three financial industry sources, Reuters discloses Merrill
Lynch had been chosen to look into possible options for the
department store unit Karstadt, while private bank Metzler had
been appointed to look at the mail-order business Primondo.
Reuters relates the sources also said that a consortium of
Arcandor's lenders led by German bank BayernLB had appointed UBS
to look into possible options for Arcandor's 53-percent stake in
Europe's second-largest tourism company Thomas Cook.

As reported in the Troubled Company Reporter-Europe on July 29,
2009, Bloomberg News said Arcandor is proposing the sale of its
Thomas Cook shares in a single package.  Bloomberg disclosed
company spokesman Gerd Koslowski said in a telephone interview
on Friday that a creditors' decision is expected at a meeting on
Aug. 10.  In a TCR-Europe report on July 23, 2009, Bloomberg said
Arcandor's lenders, which control most of its almost 53 percent
stake in Thomas Cook, may sell the asset after the German retailer
failed to pay back loans last month.

                     About Arcandor AG

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

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


DEUTSCHES: Files for Insolvency at Hamburg Court
------------------------------------------------
Joern Krieger at Rapid TV News reports that German health channel
Deutsches Gesundheitsfernsehen (DGF) has filed for insolvency at
Hamburg's district court.

Avantaxx, the majority owner of DGF, stressed that the parent
company is not affected by the channel's insolvency.

According to the report, Avantaxx has been looking for investors
for the main company or subsidiaries for some time.  It is also a
considering a sale of parts of the company, the report relates.


GENERAL MOTORS: May Clash With Germany Over Opel Buyer Selection
----------------------------------------------------------------
Tony Czuczka and Andreas Cremer at Bloomberg News report that
Chancellor Angela Merkel and General Motors Co. struggle to agree
on a buyer for the U.S. carmaker's Opel unit.

According to Bloomberg, while the Merkel government's preferred
buyer is Magna International Inc., a GM negotiator has said a
rival bid by RHJ International SA is the simpler solution.

Bloomberg relates Ulrich Wilhelm, Merkel's chief spokesman, warned
GM on Wednesday that no deal is possible without the German
government's approval.  Mr. Wilhelm, as cited by Bloomberg, said
the German government is committed to closing Opel's sale by the
fall.  Germany has agreed to provide EUR1.5 billion (US$2.1
billion) in short-term loans for the sale.

Bloomberg discloses in an online blog July 27, John F. Smith, the
GM's chief negotiator for the sale of Opel, said the U.S.
automaker hasn't specified a preference, although he wrote that
RHJ's bid "would represent a much simpler structure and would be
easier to implement".

RHJ, the Brussels-based investor, is bidding for a 51 percent
stake in Opel and is asking for EUR700 million less than Magna in
government aid to secure Opel's future, while Magna, which is
bidding for Opel with Moscow-based OAO Sberbank, would provide
EUR350 million of cash directly under an improved cash offer for
the unit, Bloomberg notes.

                     About General Motors

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

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

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

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

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

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

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


HYPO REAL: Got Investment From Bundesbank Despite Near Collapse
---------------------------------------------------------------
Andreas Cremer at Bloomberg News, citing Handelsblatt, reports
that Germany's Bundesbank invested about EUR2.3 billion (US$3.2
billion) in Hypo Real Estate Holding AG last September even as the
lender was facing collapse.

Bloomberg discloses the newspaper, citing a document from
Sept. 28, said the central bank's investment included EUR5 million
of funds of Germany's financial service regulator BaFin.

                              Probe

Karin Matussek at Bloomberg News reports that German Chancellor
Angela Merkel may be called to testify before a parliamentary
probe into the government's handling of Hypo Real Estate's near
collapse last year.

Bloomberg relates Gerhard Schick, the opposition Green Party's
main representative, told fellow panel members on Tuesday that the
investigative committee needs to call Ms. Merkel to explain how
she defended tax payers' interests in talks with banks on a first
rescue package for Hypo.  According to Bloomberg, Deutsche Bank AG
Chief Executive Officer Josef Ackermann told lawmakers that
Ms. Merkel stepped in at the last minute to negotiate a rescue
package for Hypo.

Bloomberg recalls Hypo Real Estate almost collapsed in September
when its Depfa unit failed to get short-term funding amid the
drying-up of inter-bank lending after Lehman Brothers Holdings
Inc.'s bankruptcy.  Hypo has since received a total of
EUR102 billion (US$144 billion) in debt guarantees and credit
lines.

Earth Times reports that Wolfgang Sprissler, who was chief
executive of Hypo Real Estate at the time, said that the bank's
failure would have created a new "epicentre" in Germany.  Earth
Times relates Mr. Sprissler, who was testifying to a parliamentary
commission of inquiry appointed two months ago, said "Absolute
chaos would have broken out on world financial markets" if it had
gone down too.  Mr. Sprissler, as cited by Earth Times, said the
consequences would have been worse than those triggered by the
Lehman collapse.

                       About Hypo Real Estate

Germany-based Hypo Real Estate Holding AG (FRA:HRXG) --
http://www.hyporealestate.com/-- 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'.


=============
H U N G A R Y
=============


INTEGRAL: Gyor Court of Appeal Appoints Liquidator
--------------------------------------------------
The Gyor Court of Appeal has appointed a liquidator to oversee the
winding up of Hungarian building firm Integral, realdeal.hu
reports citing hirtv.hu.

According to the report, a contractor filed a winding-up petition
against the company over HUF8 million of unpaid debt.

The report relates Integral, which in April still had some 350 on
staff, has been struggling to pay off debts to subcontractors
since last October and owes multiple months' of unpaid back wages
to employees.


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


BALMAFORD LTD: Goes Into Liquidation Over Unpaid Debt
-----------------------------------------------------
Suzanne Lynch at The Irish Times reports that Balmaford Ltd., the
company established to finance and administer the redevelopment of
Whites Hotel in Wexford between 2004 and 2006, has gone into
liquidation.

Julian Caplin of FGS was appointed liquidator in the High Court on
July 27, the Irish Times discloses.

According to the Irish Times, the liquidation proceedings were
initiated by building contractors Cleary Doyle, the main
contractors on the EUR42.1 million Whites Hotel redevelopment
project.

The Irish Times relates Clear Doyle last year secured a High Court
judgment against Balmaford in an uncontested case for payment of
EUR3,291,500 that was owed to them and 60 subcontractors and
suppliers.  Cleary Doyle, as cited by the Irish Times, said the
debt has still not been paid, prompting the company to take
further legal action.

The Irish Times notes Whites Hotel's receiver, Kieran Wallace of
KPMG, said the liquidation will have no impact on the operation of
the hotel.  "Although Balmaford is a subsidiary company of Whites
Hotel Limited, it was a special purpose-vehicle, set up for the
redevelopment of the hotel, and has nothing to do with the
operations of the hotel.  It is a separate legal entity," the
Irish Times quoted Mr. Wallace as saying.


THOMAS READ: Gets Court Protection; KPMG Named Interim Examiner
---------------------------------------------------------------
Simon Carswell and Mary Carolan at The Irish Times report that
Dublin hotelier Hugh O'Regan has secured court protection for
three of his companies -– Thomas Read Holdings, Dashaven and
Clubko.

According to the report, the application for court protection was
made on Sunday after state-owned Anglo Irish Bank sought to take
control of a number of properties associated with Mr. O'Regan and
his companies, Thomas Read Holdings and Clubko, arising from
outstanding loans.  The report discloses Mr. O'Regan and his
companies acted as landlords to several properties in which the
Thomas Read pubs were tenants.

The report relates Kieran Wallace of KPMG was appointed interim
examiner to the three companies at a special court sitting before
Mr. Justice Vivian Lavan on Sunday morning.  If the appointment of
an examiner is confirmed, it will give the companies breathing
space of 100 days, the report says.

Thomas Read Holdings is a holding company for a number of Hugh
O'Regan's companies.


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I T A L Y
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RISANAMENTO SPA: Hearing Extended; To Present Restructuring Plan
----------------------------------------------------------------
Tommaso Ebhardt and Sharon Smyth at Bloomberg News report that a
Milan court has postponed a hearing to enable Risanamento SpA
to respond to prosecutor's statement that it has failed until
Sept. 22.

According to Bloomberg, Laura Pedio, one of two Milan prosecutors
who made the original bankruptcy statement, said in a phone
interview that she opposed the company's request to suspend the
action.

Bloomberg relates Vincenzo Mariconda, chairman of Risanamento,
told reporters after a hearing in Milan that the company must
present to the court a restructuring plan, that may include asset
sales, by Sept. 1.

Bloomberg notes Mr. Mariconda said in an interview that the board
will meet August 3 to develop the restructuring plan and will
"eventually" name a new CEO.  Citing, Corriere della Sera
Bloomberg discloses the company may appoint Luigi Roth, chairman
of Terna Rete Elettrica Nationale SpA and of Fiera Milano SpA’s
foundation.

                         Restructuring Plan

As reported in the Troubled Company Reporter-Europe on July 29,
2009, Bloomberg News said the board of Risanamento agreed on a
debt-restructuring plan that will allow it to get a EUR150 million
(US$214 million) cash injection.  Bloomberg, citing the company's
statement, disclosed that Risanamento will restructure EUR350
million of debt into a convertible bond maturing in 2014.

On July 23, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that 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 said 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.

                     About Risanamento SpA

Headquartered in Milan, Italy, Risanamento SpA --
http://www.risanamentospa.it/-- 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.


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


AVTO LES: Creditors Must File Claims by August 7
------------------------------------------------
Creditors of LLP Avto Les Prom have until August 7, 2009, to
submit proofs of claim to:

         Makataev Str. 127
         Almaty
         Kazakhstan

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

The Court is located at:

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


INTER FOOD: Creditors Must File Claims by August 7
--------------------------------------------------
Creditors of LLP Inter Food Almaty have until August 7, 2009, to
submit proofs of claim to:

         Makataev Str. 127
         Almaty
         Kazakhstan

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

The Court is located at:

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


MEJ STROY: Creditors Must File Claims by August 7
-------------------------------------------------
Creditors of LLP Mej Stroy Trans have until August 7, 2009, to
submit proofs of claim to:

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

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


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


RUSSKY CONCERN: Creditors Must File Claims by August 15
-------------------------------------------------------
LLC Russky Concern is currently undergoing liquidation.  Creditors
have until August 7, 2009, to submit proofs of claim to:

          Privokzalnaya Str. without number
          Osh
          Kyrgyzstan


===========
L A T V I A
===========


PAREX BANKA: European Commission to Probe Into Restructuring Plan
-----------------------------------------------------------------
Matthew Newman at Bloomberg News reports that the European
Commission will carry out an in-depth investigation into the
restructuring plan of Parex Banka AS.

According to Bloomberg, the commission said in a July 29 statement
in Brussels that it will study whether the plan will allow Parex
to return to long-term viability while avoiding distortions to
competition.

Bloomberg recalls the commission last November approved an aid
package for the lender consisting of state guarantees covering
existing and new loans, a state one-year deposit to support the
bank's liquidity needs and subordinated loans to strengthen the
bank's capital base.

                     About Parex Banka

Founded in May 1992, JSC Parex Banka a.k.a Parex Banka AS --
http://www.parexgroup.com/-- is a commercial bank with assets
exceeding 4.46 billion.   It offers its clients integrated
services in areas such as lending, payment cards, leasing, asset
management and securities trading.  It has more than 70 branches,
customer service centers and settlement group, or nearly all
regions of Latvia and the major cities.  Currently, bank branches
and customer service centers in Latvia employs more than 2,600
people.


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


ING GROEP: Asian Assets Good Fit for ANZ, Daiwa Institute Says
--------------------------------------------------------------
Citing a report by Daiwa Institute, Ambereen Choudhury at
Bloomberg News says ING Groep NV's Asian private banking
operations could be a "compelling strategic fit" for Australia &
New Zealand Banking Group Ltd.

ANZ's capitalization "puts it in a strong position to pursue
strategic acquisitions in Asia," Bloomberg quoted Daiwa's
Melbourne- based analyst Johan Vanderlugt as saying in a note to
clients on Tuesday.

Citing people familiar with the talks last week, Bloomberg
discloses ING has sent out preliminary sales documents to
potential buyers of its Asian and Swiss private banking assets.
Bloomberg notes one of the people said the combined assets may
fetch about US$1.5 billion.

According to Bloomberg, ING, which received a EUR10-billion (US$14
billion) government rescue in October, is seeking to raise as much
as EUR8 billion by selling assets to boost capital.  Bloomberg
says the sale of private banking assets in Asia may attract buyers
seeking to expand wealth-management operations in the region.
Bloomberg relates the people said ING is seeking about US$600
million for its Asian private banking division, which has offices
in Singapore, Hong Kong and the Philippines.  In a July 23 report
Bloomberg disclosed JPMorgan Chase & Co. is advising ING on the
sale.

Headquartered in Amsterdam, the Netherlands, ING Groep N.V. (ING)
-- http://www.ing.com/-- is a global financial institution
offering banking, investments, life insurance and retirement
services.  The Company serves more than 85 million private,
corporate and institutional customers in Europe, North and Latin
America, Asia and Australia.  ING has six business lines:
Insurance Europe, Insurance Americas, Insurance Asia/Pacific,
Wholesale Banking, Retail Banking and ING Direct.  In July 2008,
the Company completed the acquisition of CitiStreet LLC, a
retirement plan and benefit service and administration company in
United States.  In November 2008, ING Groep N.V. increased its
stake in joint venture Billington Holdings PLC from 50% to 100%.
In February 2009, the Company announced that it closed the sale of
its Taiwanese life insurance business to Fubon Financial Holding
Co. Ltd.  In April 2009, the Company sold its non-state pension
fund business and its holding company in Russia to Aviva plc.


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


GRADO-STROY LLC: Creditors Must File Claims by August 10
--------------------------------------------------------
Creditors of LLC Grado-Stroy-Servis (TIN 2129071026)
(Construction)have until August 10, 2009, to submit proofs of
claims to:

         D. Gimatdinov
         Insolvency Manager
         Office 4
         Bolshevikov Str.89
         610002 Kirov
         Russia

The Arbitration Court of Cheboksary commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?78–2853/2009.

The Debtor can be reached at:

         LLC Grado-Stroy-Servis
         Lomonosova Str. 2
         Cheboksary
         Chuvashia
         Russia


IZHEVSKIY CONSTRUCTION: Creditors Must File Claims by August 10
---------------------------------------------------------------
Creditors of OJSC Izhevskiy Construction Materials Plant have
until August 10, 2009, to submit proofs of claims to:

         M. Opalev
         Temporary Insolvency Manager
         Post User Box 374
         426076 Izhevsk
         Russia

The Arbitration Court of Udmurtia commenced bankruptcy supervision
procedure.  The case is docketed under Case No. ?71–6700/2009-G9.

The Debtor can be reached at:

         OJSC Izhevskiy Construction Materials Plant
         Sovetskaya Str. 1-185
         Izhevsk
         Udmurtia
         Russia


NORMATIV-STROY LLC: Creditors Must File Claims by August 10
-----------------------------------------------------------
Creditors of LLC Normativ-Stroy (TIN 5501082758)(Construction)
have until August 10, 2009, to submit proofs of claims to:

         D. Sazhin
         Insolvency Manager
         Apt.7
         Prospect Mira 104/1
         Omsk-89
         Russia

The Arbitration Court of Omskaya commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ?46–8404/2009.

The Debtor can be reached at:

         LLC Normativ-Stroy
         Kommunalnaya Str. 8a
         644083 Omsk
         Russia


SILIKAT OJSC: Creditors Must File Claims by August 10
-----------------------------------------------------
Creditors of OJSC Silikat (TIN 4324004997, PSRN 1024301003363)
(Construction Materials) have until August 10, 2009, to submit
proofs of claims to:

         V. Tkachev
         Temporary Insolvency Manager
         Uritskogo Str. 12
         610002 Kirov
         Russia

The Arbitration Court of Kirovskaya will convene at 10:00 a.m. on
December 22, 2009, to hear bankruptcy supervision procedure on the
compay.  The case is docketed under Case No. ?28–6850/2009–118/6.

The Court is located at:

         The Arbitration Court of Kirovskaya
         Courtroom 101
         K. Libknekhta Str. 102
         Kirov
         Russia

The Debtor can be reached at:

         OJSC Silikat
         Kirova Str. 12
         Strizhi
         Orichevskiy
         612090 Kirovskaya
         Russia


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


BUDTRANS PLUS LLC: Creditors Must File Claims by August 2
---------------------------------------------------------
Creditors of LLC Budtrans Plus (code EDRPOU 34929652) have until
August 2, 2009, to submit proofs of claim to arbitral manager,
O. Sharmonov.

The Economic Court of Odessa commenced bankruptcy proceedings
against the company on June 25, 2009.  The case is docketed under
Case No. 7/127-09-2089.

The Court is located at:

         The Economic Court of Odessa
         Shevchenko Ave. 29
         65032 Odessa
         Ukraine

The Debtor can be reached at:

         LLC Budtrans Plus
         Bugayevskaya Str. 21
         Odessa
         Ukraine


GLORIYA LLC: Creditors Must File Claims by August 2
----------------------------------------------------
Creditors of LLC Gloriya (code EDRPOU 13654424) have until
August 2, 2009, to submit proofs of claim to:

         A. Demianchuk
         Insolvency Manager
         Ogiyenko Str. 10
         Kolomiya
         78200 Ivano-Frankovsk
         Ukraine

The Economic Court of Ivano-Frankovsk commenced bankruptcy
proceedings against the company on June 9, 2009.  The case is
docketed under Case No. B-21/137-13/52.

The Court is located at:

         The Economic Court of Ivano-Frankovsk
         Shevchenko Str. 16
         Ivano-Frankovsk
         Ukraine

The Debtor can be reached at:

         LLC Gloriya
         M. Leontovich Str. 85
         Kolomiya
         78200 Ivano-Frankovsk
         Ukraine


INNOVATIVE TECHNOLOGIES LLC: Claims Filing Deadline is August 2
---------------------------------------------------------------
Creditors of LLC Innovative Technologies (code EDRPOU 33398297)
have until August 2, 2009, to submit proofs of claim to:

         S. Diachenko
         Insolvency Manager
         Post Office Box 149
         03055 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on June 25, 2009.  The case is docketed under
Case No. 43/222.

The Court is located at:

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

The Debtor can be reached at:

          LLC Innovative Technologies
          Budindustrii Str. 5
          01013 Kiev
          Ukraine


KINOTOUR-SERVICE LLC: Creditors Must File Claims by August 2
------------------------------------------------------------
Creditors of LLC Kinotour-Service (code EDRPOU 30779470) have
until August 2, 2009, to submit proofs of claim to T. Balitsky,
the company's insolvency manager.

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on May 21,2009.  The case is docketed under
Case No. 49/126-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Kinotour-Service
         Vasilkovskaya Str. 3
         03040 Kiev
         Ukraine


NAFTOGAZ UKRAINY: Ukraine In Debt Restructuring Talks with Lenders
------------------------------------------------------------------
The Associated Press reports the Ukrainian government has entered
into talks with NAK Naftogaz Ukrainy's lenders on restructuring
the foreign borrowings of the state energy firm.

Citing Ihor Umansky, Ukraine's acting finance minister, the report
discloses the Cabinet is talking to Naftogaz's lenders on
restructuring its foreign debt which matures this year, including
US$500 million in Eurobonds.

The report relates experts said the government was likely to come
to Naftogaz' rescue in case the company fails to come to an
agreement with its lenders, after the International Monetary Fund
approved a third US$3.3 billion installment of a US$16.4 billion
rescue loan late Tuesday.

                About NJSC Naftogaz of Ukraine

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

                          *     *     *

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


TECHNICAL INDUSTRIAL: Creditors Must File Claims by August 2
------------------------------------------------------------
Creditors of LLC Technical Industrial Resource (code EDRPOU
32421799) have until August 2, 2009, to submit proofs of claim to:

         S. Diachenko
         Insolvency Manager
         Post Office Box 149
         03055 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on May 21, 2009.  The case is docketed under
Case No. 24/380-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Technical Industrial Resource
         40 years of October Ave. 120, b. 1
         03127 Kiev
         Ukraine


YUNIK LLC: Creditors Must File Claims by August 2
-------------------------------------------------
Creditors of LLC Yunik (code EDRPOU 31538033) have until August 2,
2009, to submit proofs of claim to:

          V. Gliadchenko
          Insolvency Manager
          Kirov Ave. 96/13
         49055 Dnepropetrovsk
         Ukraine

The Economic Court of Dnepropetrovsk commenced bankruptcy
proceedings against the company on June 23, 2009.  The case is
docketed under Case No. B29/177-09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Yunik
         Progressivnaya Str. 10/140
         49000 Dnepropetrovsk
         Ukraine


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


LU(IN)3 AG: Claims Filing Deadline is August 11
-----------------------------------------------
Creditors of LU(IN)3 AG are requested to file their proofs of
claim by August 11, 2009, to:

         Mannhart & Fehr Treuhand AG
         Winkelriedstrasse 82
         8203 Schaffhausen
         Switzerland

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


NIGIDIOS AG: Creditors Must File Claims by August 11
----------------------------------------------------
Creditors of Nigidios AG are requested to file their proofs of
claim by August 11, 2009, to:

         Dr. Christoph Holzach
         Dufourstrasse 11
         4010 Basel
         Switzerland

The company is currently undergoing liquidation in Basel.  The
decision about liquidation was accepted at an extraordinary
general meeting held on May 13, 2009.


PIZALUN GASTRO: Claims Filing Deadline is August 10
---------------------------------------------------
Creditors of Pizalun Gastro GmbH are requested to file their
proofs of claim by August 10, 2009, to:

         Pizalun Gastro GmbH
         Pizalunstr. 21
         7313 St. Margrethenberg
         Switzerland

The company is currently undergoing liquidation in Pfäfers.  The
decision about liquidation was accepted at a shareholders' meeting
held on April 21, 2009.


TOP EVENTS: Claims Filing Period Ends August 10
-----------------------------------------------
Creditors of Top Events Basel GmbH are requested to file their
proofs of claim by August 10, 2009, to:

         Robert Erhart
         Liquidator
         Wallstrasse 12
         4051 Basel
         Switzerland

The company is currently undergoing liquidation in Basel.  The
decision about liquidation was accepted at a shareholders' meeting
held on May 13, 2009.


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


ARTENIUS UK: In Administration; 137 Jobs Affected
-------------------------------------------------
BBC News reports that Artenius UK Ltd. has gone into
administration, resulting in the loss of 137 jobs.

BBC relates administrator Deloitte said the company, which has 242
employees, was continuing to trade as bidders were sought.  The
administrator, as cited by BBC, said a separate division of the
company's business had already closed after a restructuring and
the company had been under increased costs pressure.

Headquartered at Redcar, Artenius UK Ltd. makes a chemical used in
the food and drink packaging industry.  It is a subsidiary of
Spanish company La Seda de Barcelona.


BAA: Posts 1H09 GBP135.3MM Pre-Tax Loss; Gatwick Talks Continue
---------------------------------------------------------------
Philip Stafford at The Financial Times reports that BAA's interim
pre-tax losses for the six months to June 30 widened from GBP135.3
million to GBP545.7 million last year.

BAA, the FT discloses, suffered an operating loss of GBP37.8
million from a profit of GBP102.8 million a year ago.  According
to the FT, first-half figures on Wednesday showed that total
passenger numbers fell 7.4 per cent to 55.2m.  BAA's three
principal airports, Heathrow, Gatwick and Stansted all saw
passenger numbers decline in the first six months of the year, the
FT notes.

                               Gatwick

According to The FT, BAA said on Wednesday it remained in talks
with several potential bidders over Gatwick.  The company, the FT
says, insisted that it would not sell the UK's second largest
airport if the price was not right.  "There's more than one party
interested and talks are carrying on.  If we can't sell it, we
won't," the FT quoted Colin Matthews, chief executive, as saying
"but I hope and think we will [sell it]."

BAA must repay GBP1 billion of its existing bank debt in March
next year, and the sale of Gatwick would greatly facilitate the
refinancing, the FT states.

As reported in the Troubled Company Reporter-Europe on July 17,
2009, guardian.co.uk said that a consortium lead by Manchester
Airports Group pulled out of the bidding race for BAA's Gatwick
airport.  guardian.co.uk disclosed MAG refused to meet BAA's final
price of GBP1.5 billion –- GBP100 million more than the owner of
Manchester airport was willing to offer.  According to
guardian.co.uk, failure to sell Gatwick by March next year will
leave BAA with the option of raising new debt in order to meet the
payment schedule.  guardian.co.uk said the option of raising new
debt however is shrouded in doubt because the government has
proposed a "special administration" regime which, in the event of
BAA going bust, would give ministers powers over the group's
airports.

                   "Special Administration" Regime

On June 12, 2009, the Troubled Company Reporter-Europe, citing
Telegraph.co.uk, reported that BAA's bondholders proposed two
alternatives to the UK government's controversial plans to force a
"special administration regime".  The bondholders' first
alternative was to impose a license obligation that compels the
debt holders to continue to operate the airports.  The second was
for special administration to trigger a "pre-agreed exchange
offer" whereby existing debts are replaced by government-
guaranteed loans in the new BAA.  According to Telegraph.co.uk,
the holders of GBP4.85 billion of bonds would demand a "consent
fee" that would apply to the owners of all the GBP9.6
billion of senior debt secured against Heathrow, Gatwick and
Stansted airports.  The bondholders warned that introducing a
special administration regime could lead to the insolvency of BAA.

BAA -- http://www.baa.co.uk-- owns and manages seven airports in
the UK, including London's Heathrow, Gatwick, and Stansted.  The
company oversees functions such as cargo handling, fire
protection, property management, retail operations (including its
own World Duty Free stores), and security.  In addition, it runs
the Heathrow Express rail service to London and works with other
mass transit operators.  Outside the UK, BAA has a 65% stake in
the Naples International Airport in Italy and manages the retail
operations at three US airports in Pittsburgh, Baltimore, and
Boston.  A group led by Spanish infrastructure manager Ferrovial
acquired BAA in 2006 for more than GBP10 billion in stock.


EMI GROUP: Terra Firma Investors Back Capital Injection Plans
-------------------------------------------------------------
Martin Arnold and Anousha Sakoui at The Financial Times report
that investors in Terra Firma backed plans for the private
equity firm to inject GBP300 million of equity into EMI Group
Ltd. as part of a potential refinancing of the music group's
GBP2.6 billion debts.

                           Bond Issue

According to the FT, Guy Hands, head of Terra Firm is understood
to be working with Barclays, JPMorgan and Morgan Stanley on a plan
to raise GBP200 million-GBP280 million from a high-yield bond
issue that could repay some of the debt EMI owes to Citigroup.
The FT says a high yield bond issue could repay part of Citi's
debt at a discount of 20-40 per cent to face value.  It would also
replace loans maturing in 2014 with longer-dated bonds with fewer
covenants imposing strict conditions on performance and financing,
the FT notes.  Citing a person familiar with the high-yield bond
plan at EMI, the FT discloses it was still months away from being
completed and could be part of a broader refinancing deal.

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


GLOBAL TRADER: Declared In Default by FSCS
------------------------------------------
The Financial Services Compensation Scheme has declared derivative
broker Global Trader Europe in default, citywire.co.uk reports.

citywire.co.uk relates the FSCS said Global Trader Europe, which
went into administration in February 2008, was declared in default
because it did not have enough money to pay the 85 claims already
made against it.  Citing the Evening Standard, citywire.co.uk
discloses it was pushed into administration by a GBP14 million
debt from City investor Robert Bonnier.

According to citywire.co.uk, Global Trader Europe's around 400
consumers can now claim cash held by the spread trading and
contacts for difference (CFD) broker.  "Help is on the way for
customers of Global Trader Europe," citywire.co.uk quoted Loretta
Minghella, FSCS chief executive, as saying.  "We are working
closely with the liquidators, and hope to make the first payments
to customers of the firm shortly."

South African-owned Global Trader Europe specialized in offering
complicated derivatives to wealthy investors.


LIVERPOOL: Owners Secure Refinancing Deal on GBP290 Mln Debt
------------------------------------------------------------
Tariq Panja at Bloomberg News reports that Liverpool soccer club's
owners, Tom Hicks and George Gillett Jr., have refinanced GBP290
million (US$476.6 million) of debt with Royal Bank of Scotland Plc
and Wachovia Corp.

Bloomberg relates the club's American owners had borrowed GBP290
million from their available GBP350-million credit facility, which
expired last week.  Citing a person with knowledge of the
transaction, Bloomberg discloses they got the new agreement after
pledging to pay back GBP60 million of the debt outstanding.
According to the person, speaking on condition of anonymity
because of the sensitivity of the deal, said after the
transaction, the owners will have a GBP230-million loan with the
banks.

Bloomberg notes the person familiar with the transaction didn't
provide details of the length of the new loan or how long the
owners have to pay down the debt.  In its most recent set of
accounts published on June 4, the northwest England-based team’s
parent company Kop Football (Holdings) Ltd. had a full-year loss
of GBP42.6 million because of GBP36.5 million of interest payments
on loans, Bloomberg states.

AS reported in the Troubled Company Reporter-Europe on June 25,
2009, Liverpool Echo said Liverpool's accountants, KPMG, warned of
"significant doubt on the group's and parent company's [Kop
Football Holdings Ltd] ability to continue as a going concern"
without an extension to the GBP350 million loan.

Liverpool Football Club and Athletic Grounds --
http://www.liverpoolfc.tv–- owns and operates one of the more
popular and most successful franchises in the UK Premier League.
Known as the The Reds, Liverpool has won 18 first division titles
and seven FA Cups since it was founded by John Houlding in 1892.
In addition to the football club, the company owns and operates
Anfield Stadium, Liverpool's home ground.  The company generates
revenue primarily through sponsorships, broadcasting fees, and
ticket sales.  The company was acquired by US businessmen George
Gillett and Tom Hicks in 2007.


REXAM PLC: Confirms GBP351MM Rights Issue; Posts GBP30MM 1H09 Loss
------------------------------------------------------------------
John O'Doherty at The Financial Times reports that Rexam plc
confirmed plans to raise GBP351 million in a fully underwritten
rights issue after posting a loss for the first six months of the
year.

The FT relates Rexam said the 4-for-11 rights issue would help to
protect its access to cheaper financing.

"We see that we won't be able to generate enough cash to further
pay down the debt which is what the ratings agencies want to see
us do.  Going sub-investment [in the grading of Rexam's debt]
would make debt refinancing more expensive due to a materially
higher interest cost, which we estimate would cost us around GBP70
million in incremental costs in 2010 and 2011 combined.  This
would leak value away from shareholders and into the debt
markets," the FT quoted the beverage can maker as saying.

The group's next major refinancing of GBP495 million in bank
facilities is due in 2011, the FT states.

According to the FT, the equity raising will create 234m new
shares at a price of 150p to raise approximately GBP350.7 million,
bringing the debt down from GBP2.1 billion at present to about
GBP1.8 billion.  The joint underwriters for the equity raising are
Citigroup, RBS Hoare Govett, Barclays, BNP Paribas, HSBC, Lloyds
TSB and Societe Generale, the FT discloses.

                                Loss

Rexam, the FT says, posted a  a pre-tax loss of GBP30 million
compared to a profit of GBP141 million in the same period last
year, on revenues that rose 15 per cent to GBP2.5 billion.  The
company decided not to pay an interim dividend, the FT notes.

Headquartered in London, Rexam PLC -- http://www.rexam.com/-- is
a global consumer packaging company and a beverage can-maker.  The
Company offers a range of packaging products and solutions for
different industries, using different materials and technologies.
The Company's global operations focus on beverage packaging, as
well as plastic packaging solutions.  Rexam makes beverage cans
used for an array of beverages, including beer, carbonated soft
drinks, juices, sports and energy drinks, water, wine and spirit
mixers.  Its plastic packaging business is focused primarily on
segments, such as pharmaceutical packaging, closures for beverages
and personal care applications and packaging for cosmetics, home
and personal care products, as well as food.  Its products include
spray samplers, lipstick and mascara cases, compacts, closures for
fragrances, lotions and beverages, fine mist and foam pumps, food
containers and drug delivery devices.

                           *     *     *

Rexam continues to carry a 'Ba2' junior subordinated debt rating
from Moody's Investors Service with negative outlook.


ROYAL BANK: ANZ Nears Taiwan Unit Acquisition Deal
--------------------------------------------------
Andreea Papuc and Iain Wilson at Bloomberg News, citing Dow Jones
Newswires, reports that Australia & New Zealand Banking Group Ltd.
is close to acquiring Royal Bank of Scotland Plc's Taiwanese
banking assets.

According to Bloomberg, Dow Jones reported that ANZ may announce
the purchase of RBS's Taiwanese banking assets as early as next
week.  Bloomberg relates Dow Jones said in a report carried in The
Australian newspaper that the Taiwan unit will be the first of
several retail and commercial banking assets in Asia sold by RBS,
which is seeking to trim its operations in 36 countries.

Bloomberg discloses three people familiar with the plan said this
month that ANZ may buy RBS's units in at least five Asian
countries as the government-controlled bank splits its assets in
the region to attract buyers.  Bloomberg notes the people said ANZ
is in advanced negotiations to acquire RBS's retail and
commercial-banking units in Hong Kong, Taiwan, Singapore, Vietnam
and Indonesia.

"Discussions with RBS are continuing on selected Asian assets, and
they're progressing well," Paul Edwards, a spokesman for
Melbourne-based ANZ told Bloomberg News, declining to comment
specifically about RBS's Taiwan operations.

                         About RBS

The Royal Bank of Scotland Group plc (NYSE:RBS) --
http://www.rbs.com/-- is a holding company of The Royal Bank of
Scotland plc (Royal Bank) and National Westminster Bank Plc
(NatWest), which are United Kingdom-based clearing banks.  The
company's activities are organized in six business divisions:
Corporate Markets (comprising Global Banking and Markets and
United Kingdom Corporate Banking), Retail Markets (comprising
Retail and Wealth Management), Ulster Bank, Citizens, RBS
Insurance and Manufacturing.  On October 17, 2007, RFS Holdings
B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V.,
Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and
controlled by RBS, completed the acquisition of ABN AMRO Holding
N.V. (ABN AMRO).  In July 2008, the company disposed its entire
interest in Global Voice Group Ltd.

As previously reported in the Troubled Company Reporter-Europe,
risky investing and lending by the previous management brought RBS
close to collapse and required a public bail-out.  RBS is now 70%
owned by the government.


* BOOK REVIEW: Rupert Murdoch: Creator of a Worldwide Empire
------------------------------------------------------------
Author: Jerome Tuccille
Publisher: Beard Books
Softcover: 304 pages
List Price: US$34.95

With his recent purchase of the Dow Jones Company, parent company
of the Wall Street Journal, Rupert Murdoch added another piece to
his global communications empire and again showed why he is the
preeminent media mogul in the world.

While many books have been written about Murdoch, Rupert Murdoch:
Creator of a Worldwide Empire, is among the most enlightening
because it was written in 1989 and chronicles Murdoch's activities
during the 1980s, a critical period of time when he built his
empire in the United States.  It was a time when Murdoch "bought
and sold properties with dizzying speed," notes the author.  Two
of the most notable acquisitions were his purchase of Twentieth
Century Fox from Marvin Davis and the purchase of Triangle
Publications from Walter Annenberg, but many other acquisitions
are recounted in this fascinating book.  It was also a time when
Murdoch fiercely battled regulators, legislators, labor unions,
competitors, and even public opinion. These battles are recounted
also.

In writing Rupert Murdoch: Creator of a Worldwide Empire, the
author had access to a multitude of sources inside and outside the
Murdoch organization, including Murdoch himself.  Tucille
demonstrates Murdoch's mastery at taking advantage of tax and
financing techniques to borrow more than his rivals without
diluting the value of his holdings.

Murdoch's business acumen allowed him to continually outbid and
outmaneuver the competition to compile a media conglomerate that,
in the United States, includes The Boston Herald and The New York
Post newspapers; New York, TV Guide, and Seventeen magazines; the
HarperCollins publishing house, 20th Century Fox Film Corporation;
the Fox television network, and numerous Fox television stations
around the country.

Murdoch's international assets include the Times of London
newspaper and dozens of newspapers and magazines in his native
Australia.  Murdoch has often been compared to William Randolph
Hearst, but Tucille counters that Murdoch is his own man and, in
point of fact, has achieved a larger measure of success.  At the
time of this book's writing, Murdoch controlled a media empire of
$12 billion.  Hearst's holdings, adjusted to 1989 dollars, would
be approximately $700 million.

With the acquisition of The Wall Street Journal, Murdoch's
combined news, entertainment and Internet enterprises (he also
recently added the MySpace web site to his holdings) are now
valued at $68 billion.

Tucille dispels many of the myths about the man.  The author finds
Murdoch to be in the mold of the old publishing barons, who are
motivated to construct an empire through savvy acquisitions and
then by building readership and viewership.  Murdoch does not
acquire assets with the intent of breaking them down, disposing of
them, and quickly turning a profit.  He is a "builder"
entrepreneur who makes his assets stronger and more valuable.
Murdoch is also a risk-taker or, as some have characterized him,
as a gambler extraordinaire who, through a combination of luck and
good timing, has been able to build an empire although seemingly
overpaying for assets.  The author notes, however, that ". . . no
one's luck lasts that long.Murdoch -- like most successful people
-- makes his own luck through hard work and effort, by hiring the
right people to do the job and replacing them quickly when they
fail."

Jerome Tuccille has written more than 20 books, including a
biography of Alan Greenspan.

                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.

                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Valerie C. Udtuhan, Marites O. Claro, Rousel Elaine
C. Tumanda, Joy A. Agravante and Peter A. Chapman, Editors.

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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