TCREUR_Public/090806.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Thursday, August 6, 2009, Vol. 10, No. 154

                            Headlines

A U S T R I A

GYOR PROJEKT: Claims Filing Deadline is August 12
KUNZ & MAURER: Creditors Must File Claims by August 10
PROMOTEC TRADING: Creditors Must File Claims by Sept. 2
TEAM HOLZWOELFE: Creditors Must File Claims by September 2


B E L G I U M

DEXIA SA: EU Commission Expresses Concern About Restructuring Plan


F R A N C E

EUROPEAN PROPERTY: S&P Lowers Rating on Class A Notes to 'BB'
GENERAL MOTORS: Publicis Groupe, Omnium Have Little Exposure
GROUPE BPCE: Fitch Assigns 'BB+' Rating on Four Subordinated Notes
QUIKSILVER INC: S&P Retains Developing Watch on 'B-' Rating


G E O R G I A

METROMEDIA INT'L: Creditors Want Plan Exclusivity Terminated


G E R M A N Y

CONTINENTAL AG: Share Capital Increase Plan Still Uncertain
EDSCHA AG: Mulls Sale of Convertible-Roof Unit to Webasto
GENERAL MOTORS: Opel Tops GM's Agenda in First Board Meeting
KOEGEL FAHRZEUGWERKE: Files for Insolvency After Sales Plunged
PFLEIDERER AG: Won't Pay Interest on EUR275 Mln Securities

* GERMANY: KG Shipping Funds Face Insolvency or Restructuring


I C E L A N D

HAF FUNDING: Moody's Withdraws 'Caa2' Rating on 2008-1 Notes


I R E L A N D

ADWALKER: Winding-Up Petition Granted
ARK RETAIL: Baker Tilly Appointed as Liquidator
G SQUARE: S&P Cuts Ratings on Two Classes of Notes to 'CC'
SIGNUM FINANCE: S&P Downgrades Rating on 2006-09 Notes to 'D'
ZOE DEVELOPMENTS: Six Companies Get Court Protection


I T A L Y

ERICE FINANCE: Moody's Upgrades Rating on Class B Notes From 'Ba1'
RISANAMENTO SPA: Seeks EUR73MM Credit Line to Support Debt Plan
SAFILO SPA: Says Lenders Open to Restructuring Debt
SOCOTHERM SPA: Shares Suspended in Milan Indefinitely


K A Z A K H S T A N

DEREVOOBRABATYVAUSHY COMBINATE: Claims Filing Deadline is Aug. 14
METEX CJSC: Creditors Must File Claims by August 14
PROGRESS-TRANSPORT: Creditors Must File Claims by August 14
TEMIRBANK AO: Fitch Upgrades Issuer Default Rating to 'CC'
VOSTOK GEORESURSY: Creditors Must File Claims by August 14


K Y R G Y Z S T A N

IKS-DORTRAK SERVICE: Creditors Must File Claims by August 15


N E T H E R L A N D S

AEGON BANK: Fitch Assigns 'D' Individual Rating
ARES EUROPEA: Moody's Cuts Rating on Class Q Notes to 'B2'
ING GROEP: Credit Suisse Interested in Private-Banking Units
MORGAN STANLEY: Moody's Cuts Ratings on Class E & F Notes to 'Ca'


P O L A N D

ELECTUS SA: Fitch Assigns Issuer Default Rating at 'B-'


R U S S I A

GLAV-BASH OJSC: Creditors Must File Claims by August 17
KIROVSK SUGAR: Creditors Must File Claims by August 17
LYUKSORA CJSC: Creditors Must File Claims by August 17
NAVASHINSKIY TIMBER: Bankruptcy Hearing Set August 11
NORTH-WEST OAO: Fitch Assigns National Long-Term Rating on Bonds

NOVYY VEK: Creditors Must File Claims by August 17
RENAISSANCE CAPITAL: Hermitage Seeks Link to Russian Tax Fraud
ZLYNOVSKIY LESKHOZ: Creditors Must File Claims by August 17


S W I T Z E R L A N D

3G MOBILE AG: Claims Filing Deadline is August 10
BEBA-TRAUME FUER BETT: Claims Filing Deadline is August 10
BHS SERVICES: Creditors Must File Claims by August 10
C2 CONSULTING: Claims Filing Deadline is August 10
KERNINVEST GMBH: Claims Filing Deadline is August 10

NEME GMBH: Claims Filing Deadline is August 10
OZIRIS GMBH: Claims Filing Deadline is August 10
QKAB BADER: Creditors Must File Claims by August 10
RIPAS AG: Claims Filing Deadline is August 10
RISTORANTE FIRENZE: Creditors Must File Claims by August 10

SIXSHOT GMBH: Claims Filing Deadline is August 10
SJ MARCHE: Creditors Must File Claims by August 10
SWISS CAPITAL: Creditors Must File Claims by August 10
UDV GMBH: Claims Filing Deadline is August 10
VISAG VISUELLE: Creditors Must File Claims by August 10


T U R K E Y

ALTERNATIFBANK AS: Fitch Affirms Individual Rating at 'D'


U K R A I N E

ALPHA INVEST: Creditors Must File Claims by August 12
BUILDING REPAIR: Creditors Must File Claims by August 12
CAS-CAD LLC: Creditors Must File Claims by August 12


U N I T E D   K I N G D O M

CANTERBURY EUROPE: JD Sports to Acquire Trading Assets
DUNFERMLINE BUILDING: FSA Failed to Warn Over Risks
DYLAN HARVEY: In Administration; Owes GBP100 Mln to Creditors
EPIC PLC: Moody's Cuts Rating on Class A Notes to 'Caa2'
NORTHERN ROCK: S&P Cuts Subordinated Debt Rating to 'B-'

ROYAL BANK: ANZ Agrees to Acquire Six Asian Banking Units
TATA MOTORS: Nears Deal with British Gov't on Jaguar Aid
WHINSTONE CAPITAL: Granite Fund Draw Won't Affect Fitch's Ratings

* Upcoming Meetings, Conferences and Seminars


                         *********



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


GYOR PROJEKT: Claims Filing Deadline is August 12
-------------------------------------------------
Creditors of GYOR Projekt GmbH have until August 12, 2009, to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for August 26, 2009 at 10:30 a.m.

For further information, contact the company's administrator:

         Dr. Leopold Riess
         Zeltgasse 3/12
         1080 Wien
         Austria
         Tel: 402 57 01
         Fax: 402 57 01 21
         E-mail: law@riess.co.at


KUNZ & MAURER: Creditors Must File Claims by August 10
------------------------------------------------------
Creditors of Kunz & Maurer Bau- und Projektmanagement GmbH have
until August 10, 2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for August 18, 2009 at 11:00 a.m.

For further information, contact the company's administrator:

         Dr. Reinhard Koeffler
         Moritschstrasse 11/1
         9500 Villach
         Austria
         Tel: 04242/26 0 98
         Fax: 04242/26098
         E-mail: kanzlei@anwaelte-villach.at


PROMOTEC TRADING: Creditors Must File Claims by Sept. 2
-------------------------------------------------------
Creditors of PROMOTEC Trading GmbH have until September 2, 2009,
to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for September 16, 2009 at 10:45 a.m. at:

         Land Court of Leoben
         Hall IV
         First Floor
         Leoben
         Austria

For further information, contact the company's administrator:

         Dr. Reinhard Teubl
         Mittergasse 28
         8600 Bruck an der Mur
         Austria
         Tel: 03862/51462
         Fax: 03862/51462-10
         E-mail: rechtsanwaelte@bzt.at


TEAM HOLZWOELFE: Creditors Must File Claims by September 2
----------------------------------------------------------
Creditors of Team Holzwoelfe OGhave until September 2, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for September 16, 2009 at 10:30 a.m. at:

         Land Court of Leoben
         Hall IV
         First Floor
         Leoben
         Austria

For further information, contact the company's administrator:

         Dr. Klaus Hirtler
         Krottendorfer Gasse 5/I
         8700 Leoben
         Austria
         Tel: 03842/42145
         Fax: 03842/42145-4
         E-mail: office@ra-hirtler.com


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B E L G I U M
=============


DEXIA SA: EU Commission Expresses Concern About Restructuring Plan
------------------------------------------------------------------
Peter Chapman at Bloomberg News reports that the European
Commission has raised concerns about Dexia SA's restructuring plan
that includes a EUR6.4-billion (US$9 billion) capital injection
and the extension of a loan guarantee from three governments.

Bloomberg relates the EU regulator, which opened an investigation
into the Dexia restructuring on March 13, said "is unable to
accept" that the lender's plan conforms to rules banning state
bailouts that distort competition in the 27-nation bloc.
Bloomberg notes in the EU's official journal the commission said
"it is not clear" that "Dexia will in future be able to find
sources of long-term financing".

                        Restructuring Plan

Bloomberg recalls Dexia received EUR6.4 billion from France,
Belgium and Luxembourg in September to avert a collapse.  The bank
was among the European lenders hit hardest after Lehman Brothers
Holdings Inc.'s collapse on Sept. 15 froze credit markets.
Dexia's restructuring plan also calls for the extension until
October 2010 of a EUR150-billion guarantee granted jointly by
Belgium, France and Luxembourg on its bonds, which had been
approved temporarily by the commission, Bloomberg discloses.

                             Valuation

According to Bloomberg, the commission said it is concerned about
the valuation of assets in FSA Asset Management LLC, the operation
that Dexia retained when it sold New York-based bond insurer
Financial Security Assurance Holdings Ltd. last month.  The
regulator, as cited by Bloomberg, said it is "unable" to gauge
whether the valuations are in line with the guidelines on so-
called toxic assets.

As reported in the Troubled Company Reporter-Europe on March 16,
2009, Bloomberg News said in November, Chief Executive Officer
Pierre Mariani agreed to sell the company's unprofitable U.S.
bond-insurance unit to Assured Guaranty Ltd. for US$722 million.
Bloomberg disclosed the bond-insurance unit contributed EUR2.03
billion to Dexia's fourth-quarter loss.

                               Loss

On March 16, 2009, the Troubled Company Reporter-Europe, reported
that Dexia incurred a EUR2.6 billion loss (US$3.31 billion) in the
fourth-quarter of 2008 compared with a net income of EUR587
million in the same period a year earlier.  In the third quarter
of 2008, Dexia incurred a net loss of EUR1.5 billion, reflecting a
major negative impact from the financial crisis of EUR2.2
trillion.

                          About Dexia SA

Dexia SA -- http://www.dexia.com/-- is a Belgian bank specialized
in retail banking and local public finance.  The Bank offers a
range of banking services for individual customers, small and
medium-sized enterprises and institutional clients.  It has four
divisions: Asset Management, Personal Financial Services, Treasury
and Financial Markets, and Investor Services.  The Asset
Management division offers products ranging from traditional and
alternative funds to socially responsible investments.  The
Personal Financial Services segment focuses on banking and
insurance products, including both life and non-life insurance
products.  Through its Treasury and Financial Markets division,
Dexia is present in the capital markets and provides support to
the entire Group.  The Investor Services segment offers various
services to shareholders, such as fund and pension administration.
Through its subsidiaries, Dexia SA is active in over 30 countries,
including Belgium, Luxembourg, Slovakia, Turkey, France, Australia
and Japan.


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F R A N C E
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EUROPEAN PROPERTY: S&P Lowers Rating on Class A Notes to 'BB'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'BB' from 'BBB' and
removed from CreditWatch negative its credit rating on the class A
notes issued by European Property Capital 1.  S&P does not rate
the class B notes.

This rating action follows S&P's downgrade of Ambac Assurance U.K.
Ltd. on July 28 to CC/Developing/--.

EPC 1 is a single-loan transaction, backed by a loan predominantly
secured by specialized properties housing telephone exchanges in
France.  The property portfolio is almost entirely let to France
Telecom S.A.  (A-/Stable/A-2).  S&P rated this transaction as a
corporate securitization.

Ambac Assurance U.K.  rovides a monoline guarantee to the class A
notes.  Ambac therefore guarantees the timeliness of the note
interest payments and the ultimate repayment of principal for that
class.  S&P's rating on class A continues to reflect the higher of
S&P's rating on Ambac and S&P's assessment of the credit risk of
the notes in the hypothetical scenario of an Ambac default
(Standard & Poor's underlying rating; SPUR).

The current interest coverage ratio and debt-service coverage
ratio of 5.5x and 2.48x, respectively, indicate that in S&P's view
it is likely that the borrower will have sufficient income to pay
its interest obligations during the loan term.

S&P has taken into account that the lease with the single tenant
expires one year before the loan maturity date, but understand
that many of the properties are key to the French fixed-line
telecommunications network.  The transaction includes a liquidity
facility, which is available to meet temporary note interest
shortfalls that might occur in this transaction.

Because the transaction was not structured as a commercial
mortgage-backed securities transaction with a period between loan
and note maturity (typically three years for transactions with
collateral located in France), there is a risk that the notes
might not be repaid on time if the borrower does not refinance the
loan at or before loan maturity.  S&P estimate the effective loan-
to-value ratio is currently probably less than 33%, and the
borrower has, in S&P's view, an incentive to refinance the loan.

S&P has assigned a SPUR of 'BB' to the class A notes, which is in
S&P's opinion commensurate with the expected debt burden at loan
maturity, considering the transaction structure.


GENERAL MOTORS: Publicis Groupe, Omnium Have Little Exposure
------------------------------------------------------------
In June, Publicis Groupe [Euronext Paris: FR0000130577], the
world's fourth largest communications group based in Paris,
France, disclosed in a public statement that it has a maximum
exposure of EUR55,000,000 to the bankruptcy filing of General
Motors Corporation.

An entity controlled by the U.S. Government ("New GM") has
purchased the assets of bankrupt General Motors.

Publicis said that since the filing of the bankruptcy, Old GM has
signed agreements with some of its agencies and assumed and
assigned contracts with other of its agencies to New GM.  As a
result, it has received payment of the bulk of our fee receivables
as of the date of the bankruptcy, and GM has committed to pay its
remaining pre-petition fee receivables over the next few months.

Taking into account the principle of sequential liability and
the commitments it has received from GM, Publicis has re-evaluated
its maximum exposure at EUR 9 million, which will be reflected in
its second quarter numbers when they are released on July 23,
2009.

                          Plastic Omnium

French automotive parts supplier Plastic Omnium says recent
revenues are not adversely impacted by financial conditions of
General Motors Corporation, Chrysler LLC and Saab Automobile,
Forbes notes.

Plastic Omnium posted EUR8 million for the period ending June
2009, compared to EUR2.5 million for the same period for 2008,
attributing to cost cuts, lower capital expenditure and working
capital, Forbes says.  However, Plastic Omnium expects revenues
for the second half of 2009 to be lower than the first half of
2009 in light of the auto industry slowdown, Forbes discloses.
Plastic Omnium further reasons that passenger cars and trucks
dropped globally from 25% to 50% in the first half of 2009 due to
European customers reducing their capital spending and operating
expenses, Forbes adds.

                       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)


GROUPE BPCE: Fitch Assigns 'BB+' Rating on Four Subordinated Notes
------------------------------------------------------------------
Fitch Ratings has assigned BPCE's four issues of deeply
subordinated notes a 'BB+' rating.  The rating is on Rating Watch
Negative.

These instruments are issued in exchange of existing tier 1
securities of Natixis, NBP Capital Trust I and NBP Capital Trust
III.  The proceeds of these issues constitute tier 1 capital for
BPCE.

BPCE is the central body of Groupe BPCE, which was created on 31
July 2009 from the merger of Groupe Caisse d'Epargne and Groupe
Banque Populaire.

The rating reflects the risk that the coupons on these instruments
could be forfeited given Groupe BPCE's Individual rating 'C/D',
and is in line with Fitch's methodology on the rating of hybrid
capital.  Under Fitch's criteria, banks whose ratings are driven
by support have their hybrid ratings determined by the level of
their Individual rating.  Unlike Issuer Default Ratings, Fitch has
consistently stated that hybrid instruments cannot reliably be
considered as benefiting from sovereign support.

These four issues, which are assigned a 100% equity credit by
Fitch, are:

  -- EUR52.4 million (ISIN Code: FR0010777516) issued in exchange
     for tier 1 securities issued by Natixis on 25 January 2005
     (ISIN Code: FR0010154278).  After this issue, there remain in
     the market EUR184.7 million of such securities issued by
     Natixis (down from EUR300 million).

  -- EUR374.5 million (ISIN Code: FR0010777524) issued in exchange
     for tier 1 securities issued by NBP Capital Trust I on
     28 June 2000 (ISIN Code: XS0113462609) and in exchange for
     tier 1 securities issued by Natixis on 18 October 2007 (ISIN
     Code: FR0010531012) and 31 March 2008 (ISIN Code:
     FR0010600163).  After this issue, there remain in the market
     EUR31.8 million of such securities issued by NBP Capital
     Trust I (down from EUR200 million), EUR371.6 million of such
     securities issued by Natixis on 18 October 2007 (down from
     EUR750 million) and EUR150 million of such securities issued
     by Natixis on 31 March 2008 (unchanged).

  -- US$133.6 million (ISIN Code: FR0010777532) issued in exchange
     for tier 1 securities issued by NBP Capital Trust III on 27
     October 2003 (ISIN Code: XS0176710068) and in exchange for
     tier 1 securities issued by Natixis on 16 April 2008 (ISIN
     Code: FR0010607747).  After this issue, there remain in the
     market US$142.4 million of such securities issued by NBP
     Capital Trust III (down from US$200 million) and
     US$170.5 million of such securities issued by Natixis (down
     from US$300 million).

  -- US$443.7 million (ISIN Code: US05571AAA34 for Rule 144A notes
     and ISIN Code: USF11494AA36 for Regulation S notes) issued in
     exchange for tier 1 securities issued by Natixis on 30 April
     2008 (ISIN Code: US63872AAA88 for Rule 144A notes and ISIN
     Code: USF6483LHM57 for Regulation S notes).  After this
     issue, there remain in the market US$185.9 million of such
     securities issued by Natixis (down from US$750 million).


QUIKSILVER INC: S&P Retains Developing Watch on 'B-' Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services said that the ratings on
Quiksilver Inc., including the 'B-' corporate credit rating,
remain on CreditWatch with developing implications where they were
originally placed on March 17, 2009, following the company's
initial announcement of an extension on the maturity of its
EUR55 million line of credit agreement.  Quiksilver had also
indicated that it intended to conclude a strategic or refinancing
transaction in the period covered by the extension.

Quiksilver recently announced that it had reached agreements for
EUR268 million in aggregate of four-year credit facilities, which
are expected to close by the end of September 2009.  The new
facility is expected to replace the EUR55 million line of credit
agreement that was due on July 31, 2009, and the company's other
uncommitted European facilities.  In addition, the company closed
on the previously announced transactions of a US$150 million five-
year secured term loan and a new three-year US$200 million asset-
based revolver.

Standard & Poor's will resolve the CreditWatch listing following
the expected closing of the European credit facilities.  Its
resolution of the CreditWatch listing will focus on Quiksilver's
ability to meet its near-term debt obligations, maintain adequate
liquidity, and improve its operating business trends and financial
metrics.  If the company can complete the refinancing and secure
adequate liquidity, while restoring stability to its operating
performance then S&P may review the ratings for an upgrade.
However, if Quiksilver is unable to successfully complete its
refinancing and ensure adequate liquidity, ratings could be
lowered.


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METROMEDIA INT'L: Creditors Want Plan Exclusivity Terminated
------------------------------------------------------------
The official committee of unsecured creditors in MIG Inc.'s
Chapter 11 case has requested the Bankruptcy Court to terminate
the Debtor's exclusivity to file a plan due to the "gross
mismanagement" of the Debtor's operations.

As reported in the TCR on August 3, 2009, the Committee requested
the Bankruptcy Court to appoint a Chapter 11 trustee or dismiss
the case, citing that the Debtor's Chapter 11 case is being used
"for the naked purpose" of obtaining a stay of a US$188 million
judgment from the Delaware Chancery Court resulting from an
appraisal action following MIG's acquisition in 2007.  The
Committee also contended that MIG had US$40 million transferred to
the account of a non-bankrupt subsidiary in advance of the Chapter
11 filing.

The Committee said that the same facts that support a finding of
cause to dismiss the Debtor's case also support a finding of cause
to terminate the Debtor's exclusive period to file a plan.  The
Committee added that MIG has "grossly mismanaged its operations by
pursuing expensive and knowingly futile litigation without
appropriately setting aside assets to pay the judgment which MIG
knew or should have known was inevitable."

As reported by the TCR on July 3, Judge Kevin Gross of the U.S.
Bankruptcy Court for the District of Delaware allowed MIG Inc. to
continue an appeal of a decision in bankruptcy court that issued a
USUS$188.4 million judgment against the Company.

MIG was bought in October 2007 by CaucusCom Ventures LP for
USUS$1.80 a share, or about USUS$170 million, according to data
compiled by Bloomberg.  A group of preferred shareholders asked
Judge William B. Chandler of the Delaware Chancery Court to
evaluate the value of their shares at the time of the merger.
Judge Chandler ruled that each share was worth USUS$47.47, or a
total of about USUS$188.4 million.  MIG appealed the ruling.  But
unable to post a bond enabling an appeal, MIG filed for Chapter
11.

MIG asked the Bankruptcy Court to permit the appeal and to allow
the plaintiff to take a cross appeal, while preventing the
plaintiff from collecting a judgment.  MIG believes the amount of
the judgment is "substantially overstated."  MIG also believes
that the assets will turn out to be worth much more than the
judgment, even though the assets currently are illiquid.

                          About MIG Inc.

Based in Charlotte, North Carolina, MIG Inc. (PINK SHEETS: MTRM,
MTRMP) -- http://www.metromedia-group.com/-- through its wholly
owned subsidiaries, owns interests in several communications
businesses in the country of Georgia.  The Company's core
businesses include Magticom Ltd., a mobile telephony operator
located in Tbilisi, Georgia, Telecom Georgia, a long distance
telephony operator, and Telenet, which provides Internet access,
data communications, voice telephony and international access
services.

MIG, Inc., fka Metromedia International Group, Inc., filed for
Chapter 11 bankruptcy protection on June 18, 2009 (Bankr. D. Del.
Case No. 09-12118).  Scott D. Cousins, Esq., at Greenberg Traurig
LLP assists the Company in its restructuring efforts.  Debevoise &
Plimpton LLP is the Company's special corporate counsel, while
Potter Anderson & Corroon LLP is the Company's special litigation
counsel.  The official committee of unsecured creditors of MIG,
Inc., has retained Baker & McKenzie LLP as its bankruptcy
counsel, nunc pro tunc to June 30, 2009.

In its petition, the Company said it had US$100 million to
US$500 million in assets and US$100 million to US$500 million in
debts.  In its formal schedules, the Company said it had assets of
US$54,820,681 against debts of US$210,183,657.


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CONTINENTAL AG: Share Capital Increase Plan Still Uncertain
-----------------------------------------------------------
Continental AG's share capital increase plan is still uncertain
despite a decision by its supervisory board last week to start
preparing an issue for up to EUR1.5 billion  (US$2.14 billion),
Arno Schuetze at Reuters reports, citing several sources close to
the situation.

"It is not yet final whether, when and in which form it will
happen," Reuters quoted one of the sources as saying.

Reuters notes another person close to the matter said, "The
decision to prepare a capital increase does not mean that it will
take place.  You can still call it off if you see it does not make
any sense".

Reuters relates Continental said last week it was preparing a
share capital increase that would draw on its authorized capital
to bolster a balance sheet stretched by EUR10 billion in debt.
According to Reuters, the company was also seeking to discuss with
its banks refinancing a EUR3.5 billion tranche of debt due in
August 2010.

                        Power Struggle

Arno Schuetze and Christiaan Hetzner at Reuters reports
Continental said a boardroom push by Schaeffler KG Friday last
week to oust Karl-Thomas Neumann, Continental's chief executive,
had failed.  According to Reuters, Schaeffler, Continental's main
shareholder, aims to try again to unseat him at a further meeting
scheduled for Aug 12.

                        Capital Increase

Reuters recalls Neumann gathered Thursday last week enough support
among board directors to approve preparations for a capital
increase of up to EUR1.5 billion (US$2.1 billion), which
Schaeffler could not afford to subscribe to.  BHF Bank analyst
Aleksej Wunrau, as cited by Reuters, said "Following the ...
capital increase, Schaeffler's stake in Continental will be
diluted to below 75 percent, meaning the loss of dominance.  Conti
will thus shake off the iron grip of its debt-laden owner."

Schaeffler, Reuter recounts, acquired its stake in Continental
after launching a hostile US$18 billion bid last July, ending up
collecting more shares than it could afford and lumbering itself
with billions of euros of debt.  The German ball bearings
manufacturer now owns 49.9 percent of Continental directly.
Another 40 percent of shares it was tendered is parked with banks.

Reuters, citing sources, notes having opposed a capital increase,
Schaeffler, which is laden with EUR11 billion in debt, revived a
call to sell Continental's tire business during Thursday's board
meeting.

                      About Continental AG

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

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Aug. 5,
2009, Fitch Ratings is maintaining Continental AG's Long-term
Issuer Default Rating and senior unsecured rating of 'BB' on
Rating Watch Negative.  This follows Continental's announcement
that its board has approved an increase in its capital base,
despite opposition from its majority shareholder, Schaeffler KG.


EDSCHA AG: Mulls Sale of Convertible-Roof Unit to Webasto
---------------------------------------------------------
Michel Mathes and David Merritt at Bloomberg News reports that
Edscha AG plans to sell its convertible-roof division to Webasto
AG Fahrzeugtechnik.

Bloomberg relates Edscha said in a statement the transaction is
likely to be completed by the end of the summer following a review
by antitrust authorities.

Edscha, as cited by Bloomberg, said Joerg Nerlich, its insolvency
administrator, was able to secure all 1,200 jobs at the
convertibleroof unit with its disposal.

On Feb. 5, 2009, Troubled Company Reporter-Europe, citing Reuters,
reported Edscha filed for insolvency for its European sites on
Feb. 2, putting 4,200 jobs at risk.  According to Reuters, the
debts incurred by the company's leveraged buyout through Carlyle
in late 2002 "was not responsible" for the insolvency filing, but
the massive slump in car sales.

Washington Post disclosed the insolvency of Edscha follows a 50%
drop in some of the company's businesses during the fourth quarter
of 2008.

Germany-based Edscha AG manufactures door hinges, convertible
roofs and driver controls for major carmakers.


GENERAL MOTORS: Opel Tops GM's Agenda in First Board Meeting
------------------------------------------------------------
General Motors Co.'s 13-member board was scheduled to review bids
for the Opel brand as part of its first meeting beginning
August 3, Bloomberg News reported, citing people familiar with the
planning said.

According to Carla Main at Bloomberg, the two-day gathering in
Detroit, where Ed Whitacre makes his boardroom debut as chairman,
includes a discussion of asset sales, committee assignments and
company goal.  Directors also will receive a product overview at
GM's technical center and test-drive vehicles, the people said.

General Motors' Opel unit may be forced into bankruptcy if the
automaker and the German government fail to agree on a buyer,
Bloomberg earlier reported, citing three people close to the
trust that controls the division.

The German government has preferred Magna International Inc. as a
buyer for Opel as the automotive supplier has promised to keep
jobs.  The trust's five-member board, however, prefers RHJ
International SA as the buyer or pushing Opel into insolvency,
Bloomberg said.  GM negotiators are also fighting Magna's bid
because they're concerned about losing control of some patents,
Bloomberg said, citing one of the people.

The German government is providing EUR1.5 billion (USUS$2.1
billion) in short-term loans to Opel for the sale.  A spokesman to
Germany Chancellor Angela Merkel has earlier warned that no deal
is possible without the German government's approval.

The trust was set up as an interim owner of Opel.  It oversees
talks with the suitors approves any business decisions by Opel,
including which bidder will win.

A final decision on the sale is made by General Motors, which is
now controlled by the U.S. Treasury.

According to Bloomberg, GM's board will review bids for Opel
during a meeting starting Aug. 3, people familiar with the
planning have said.  The trust will gather to discuss the bids the
following week, said two of the people.  Approval is also required
by the U.S. Treasury, people familiar with the process have said.

Brussels-based RHJ is bidding for a 51% 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)


KOEGEL FAHRZEUGWERKE: Files for Insolvency After Sales Plunged
--------------------------------------------------------------
Daniel Schafer at The Financial Times reports that German trailer
manufacturer Koegel said it had filed for insolvency after sales
fell this year.

Koegel, as cited by the FT, said the "drastic market distortions"
in the truck industry had forced it to file for insolvency.

According to the FT, the company expects to sell between just
1,500 and 2,000 trailers this year, translating into EUR50 million
(US$72 million) in revenues.   It sold almost 24,000 trailers and
made EUR540 million in revenues in the 12 months from July 2007 to
June 2008, the FT discloses.

FT's Marketdata notes Koegel Fahrzeugwerke AG filed for insolvency
in January 2004 and is no longer operational.  Koegel's operations
were sold to Trailer Holding GmbH in July 2004, and have since
been carried out by newly founded private company, Koegel
Fahrzeugwerke GmbH.


PFLEIDERER AG: Won't Pay Interest on EUR275 Mln Securities
----------------------------------------------------------
Mariajose Vera at Bloomberg News reports that Pfleiderer AG said
it decided not to pay the entire accrued interest on the optional
interest payment date of Aug. 14 for EUR275 million of "undated
subordinated fixed/floating rate securities of 2007."

As reported in the the Troubled Company Reporter-Europe on
June 23, 2009, Fitch Ratings downgraded Pfleiderer's EUR275
million guaranteed undated subordinated fixed- to floating-rate
capital securities to 'B' from 'B+'.

                           Breach

On June 22, 2009, the Troubled Company Reporter-Europe, citing
Reuters, reported the company said it was to breach its loan
covenants as it expects earnings to plunge.  Reuters disclosed the
company predicted it would have to incur higher financing costs
after negotiations with its lenders.

Headquartered in Neumarkt, Germany Pfleiderer AG --
http://www.pfleiderer.com-- is a producer and supplier of
engineered wood products.  It acts as a partner for wood trade
outlets, interior designers, the building and do-it-yourself
trade, and the furniture industry in more than 80 countries
worldwide.  The Company offers a range of base products, such as
raw chipboard and particleboard, tongue and groove board, medium-
density fiberboard and high- density fiberboard, and surfaced
products, such as melamine-faced chipboard, high-pressure
laminates and post-forming elements, laminate flooring and a range
of films and surfacings.  The Company operates through three
geographical segments: Western Europe, including Germany and
Sweden; Eastern Europe, consisting of Poland and Russia, and North
America, comprised of Canada and the United States.

                       *     *     *

On June 23, 2009, the Troubled Company Reporter-Europe reported
that Fitch Ratings downgraded Pfleiderer AG's Long-term Issuer
Default Rating to 'BB-' from 'BB'.  At the same time, Fitch placed
the company's IDR on Rating Watch Negative.  The Short-term IDR
was affirmed at 'B'.


* GERMANY: KG Shipping Funds Face Insolvency or Restructuring
-------------------------------------------------------------
Robert Wright at The Financial Times, citing Deutsche Zweitmarkt,
reports that more than 20 of Germany's 1,600 Kommanditgesellschaft
-- or KG -- shipping funds have been forced into insolvency or
other restructuring after being hit by the industry slump.

According to the FT, hundreds more funds could be forced to ask
investors for extra capital if the crisis in the container ship
sector is as prolonged as most analysts expect.

Citing Bjorn Meschkat, a director at Deutsche Zweitmarkt, which
runs a secondary market in fund shares, the FT says about 40 funds
have already asked investors for more capital.

The FT discloses more than 20 already face insolvency,
restructuring or forced ship sales, while up to 400 might have to
seek more capital if the sector crisis continues until late 2010.


=============
I C E L A N D
=============


HAF FUNDING: Moody's Withdraws 'Caa2' Rating on 2008-1 Notes
------------------------------------------------------------
Moody's Investors Service has withdrawn its rating on the note
issued by HAF Funding 2008-1.

This transaction is a collateralized loan obligation backed by a
static portfolio of corporate loans.  Approximately 77% of the
loans are to Icelandic corporates.

Moody's will withdraw the rating on this class of notes for
business reasons.

Moody's initially analyzed 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)

  -- Framework for De-Linking Hedge Counterparty Risks from Global
     Structured Finance Cashflow Transactions (May 2007)

The rating action is:

  -- Current Rating: WR
  -- Prior Rating: Caa2
  -- Prior Rating Date: 15 July 2009, downgrade from Ba1 to Caa2


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


ADWALKER: Winding-Up Petition Granted
-------------------------------------
Irish Examiner.com, citing InsolvencyJournal.ie, reports that a
petition to wind up Adwalker has been granted.

According to the report, by the end of February 2008 the firm had
racked up retained losses of EUR11.6 million.

The report relates the company, which was quoted on London's
Alternative Investment Market (AIM), had its shares suspended
recently.

Based in Dublin, Ireland, Adwalker supplies wearable media
solutions, essentially advertising screens that people wear on
their chest and back.  It was set up in 2003 by Simon Crisp and
Keith Jordan.


ARK RETAIL: Baker Tilly Appointed as Liquidator
-----------------------------------------------
Irish Examiner.com reports that Brian Hyland at Baker Tilly Ryan
Glennon has been appointed liquidator of Ark Retail Group.

Ark is owned by Pakistani entrepreneur Kamran Khan, who holds the
Irish franchise for German casual wear brand Tom Tailor.


G SQUARE: S&P Cuts Ratings on Two Classes of Notes to 'CC'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on the class A-1 and A-2
notes issued by G Square Finance 2006-1 Ltd.  At the same time,
S&P affirmed its rating on the class X notes.  The class B notes
are unaffected by the actions.

These rating actions follow S&P's assessment that there has been
further deterioration in the portfolio's credit quality since S&P
last took rating actions.  S&P's assessment reflects continuing
downgrades and CreditWatch negative placements for certain U.S.
residential mortgage-backed securities and collateralized debt
obligations of asset-backed securities in the underlying
portfolio.  This has led to an increase in S&P's portfolio
scenario default rates for all rating scenarios.

In addition, changes in credit enhancement levels due to defaults
in the underlying portfolio caused a decrease in the break-even
default rates for the tranches, when subject to S&P's cash flow
analysis.  As a result of changes to both the SDRs and BDRs, in
S&P's opinion, the previous rating levels could no longer be
maintained.

In S&P's view, the cash flow analysis indicates that the
likelihood of full repayment of the class X notes remains
consistent with the current 'AAA' rating.

                            Ratings List

                   G Square Finance 2006-1 Ltd.
            US$1.49 Billion and EUR17 Million Senior Secured
                  Floating-Rate Notes

      Ratings Lowered and Removed From CreditWatch Negative

                             Rating
                             ------
        Class        To                    From
        -----        --                    ----
        A-1          CC                    CCC-/Watch Neg
        A-2          CC                    CCC-/Watch Neg

                          Rating Affirmed

                        Class        Rating
                        -----        ------
                        X            AAA

                         Rating Unaffected

                        Class        Rating
                        -----        ------
                        B            CC


SIGNUM FINANCE: S&P Downgrades Rating on 2006-09 Notes to 'D'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D' from 'A-' its
credit ratings on the series 2006-09 notes and lowered to 'D' from
'B–' its ratings on the series 2006-11 notes issued by Signum
Finance II PLC.  S&P then withdrew the ratings on both series
following the early termination of the transactions.

S&P's surveillance on these notes based the credit enhancement
figure S&P used in S&P's synthetic rated overcollateralization
(SROC) calculation on smaller portfolio notional amounts, which
led to the credit enhancement for both transactions being stated
as higher than they should have been.  If this error had not
occurred, S&P would likely have lowered the ratings on both series
to 'CCC–' some months ago.

The downgrades to 'D' follow the confirmation that losses from
credit events in the underlying portfolios have exceeded the
available credit enhancement for these two collateralized debt
obligations.  This means that, on the early termination date,
noteholders suffered a principal loss.

S&P subsequently withdrew the ratings assigned to these notes,
having recently received confirmation that the transactions have
been terminated.


ZOE DEVELOPMENTS: Six Companies Get Court Protection
----------------------------------------------------
Mary Carolan at The Irish Times reports that the Supreme Court has
granted court protection to several companies in developer Liam
Carroll's troubled building group Zoe Developments pending the
outcome of their appeal next week against the High Court's refusal
to appoint an examiner to them.

The report recalls Mr. Justice Peter Kelly on Friday refused court
protection to the six companies, on whose fate the other 51
companies in the Zoe group depend, after rejecting as "fanciful"
and "lacking in reality" survival proposals heavily dependent on a
greatly improved property market.

The three-judge Supreme Court with Chief Justice Mr. Justice John
Murray, presiding and sitting with Mr. Justice Nial Fennelly and
Mr. Justice Nicholas Kearns, placed a temporary stay until a full
appeal hearing next Tuesday on Mr. Justice Kelly's order after
finding the companies had arguable grounds of appeal against it,
the report discloses.

The report relates Michael Cush SC, for the companies, argued
Mr. Justice Kelly made a number of errors when refusing
examinership, including setting out his own views on the state of
the property market and rejecting as "fanciful" claims the
companies, who have bank borrowings of some EUR1.1 billion, could
achieve a surplus of some EUR300 million in three years.

According to the report, ACC Bank, whose demand last month for
repayment of EUR136 million loans led to the application for
protection, had opposed the stay.


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


ERICE FINANCE: Moody's Upgrades Rating on Class B Notes From 'Ba1'
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of the Class B
Notes issued by Erice Finance S.r.l., a CMBS-Leasing Receivables
issuance by Banca Italease S.p.A.:

-- EUR 92,800,000 Series B Asset Backed Floating Rate Notes due
    July 2032, upgraded to Baa3; previously on 17 August 2007
    downgraded to Ba1.

The upgrade of Class B is prompted by the upgrade of Banca
Italease' senior unsecured rating to Baa3 from Ba1 on 20 July
2009.  The rating of the Class B Notes is highly correlated to the
rating of Banca Italease due to a number of structural features in
this transaction, most notably a liquidity guarantee by Banca
Italease with respect to interest and principal payments under the
notes and an interest deferral mechanism on Class B.

The transaction comprises leasing receivables originated by Banca
Italease.  The revolving structure contains commercial leases
(80.5% of the current portfolio), equipment leases (14.5%) and
auto leases (5.0%).  Currently 19.6% of the leases in the pool are
exposed to residual value risk and this risk is expected to
further decline in line with an undertaking by Banca Italease not
to sell further residual value receivables to the Issuer.  A debt
service reserve is in place that is currently sized at 13% of the
portfolio balance.  The size of the reserve is linked to the
senior unsecured rating of Banca Italease, but the latest rating
change did not result in a changed reserve requirement.

The transaction contains a number of triggers that would stop any
subsequent purchase of receivables by the Issuer, but none of them
has been breached to date.  Nevertheless, the delinquency ratio
has increased significantly from 3.54% in March 2009 to 10.13% in
June 2009.  Moody's will continue to monitor the development of
delinquencies and losses in the portfolio.


RISANAMENTO SPA: Seeks EUR73MM Credit Line to Support Debt Plan
---------------------------------------------------------------
Sara Gay Forden at Bloomberg News, citing Messaggero, reports that
Risanamento SpA asked banks for as much as EUR73 million (US$104
million) in new credit lines to support a restructuring plan
requested by a Milan bankruptcy court.

According to Bloomberg, the newspaper said the banks, which
include Intesa Sanpaolo SpA and UniCredit SpA, are in favor of the
plan, which could be presented as soon as next week.

                        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 the company will restructure EUR350
million of debt into a convertible bond maturing in 2014.

                            Bankruptcy

On July 31, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that a Milan court postponed a hearing to
enable Risanamento to respond to prosecutor's statement that it
has failed until Sept. 22.  Bloomberg said 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.

                            Appointment

Flavia Krause-Jackson at Bloomberg News reports the company
appointed Mario Massari to replace Luigi Zunino, who resigned as
chief executive officer on July 21.

                       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.


SAFILO SPA: Says Lenders Open to Restructuring Debt
---------------------------------------------------
Sofia Celeste at Dow Jones Newswires reports that Safilo SA said
Tuesday the company is far from a situation that would force it to
resort to bankruptcy protection.

"We have received a positive message from lenders that gives us
confidence that we will be able to restructure and reschedule
debt," Dow Jones quoted Roberto Vedovotto as saying during the
company's first-semester conference call.

                              Talks

On July 29, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that Safilo said talks with private-
equity funds aimed at "recapitalizing" the company have ended
because potential investors pulled out without making offers.

According to Dow Jones, Mr. Vedovotto said that one of the reasons
talks fell through is because some investors were interested in
"squeezing out", or not paying, bondholders.

Dow Jones relates the company said that it is now only open to
serious partners in the industry.  Mr. Vedetto, as cited by Dow
Jones, said "We would be open to . . . and would make a quick
decision . . . if serious interested parties come forward with
binding offers to restructure the complicated capital structure of
this company."

                              Favrin

Elisa Martinuzzi and Sara Gay Forden at Bloomberg News report that
Safilo said it's not aware of interest for the company from
independent board member Antonio Favrin.

The Troubled Company Reporter-Europe, citing Reuters, reported on
July 26, 2009, that Safilo, whose net debt reached EUR618 million
(US$872 million) at the end of March, was in talks to find a
partner to shore up its balance sheet.  According to Reuters, the
company could bring on board private equity and industrial
partners to help solve financial worries.  Reuters disclosed two
sources close to the operation said private equity funds -- Bain
Capital and Pai Partners -- were vying to acquire stakes in
Safilo.

Safilo Group SpA -- http://www.safilo.com/-- is an Italy-based
company operating in the eyewear sector.  It designs, produces and
distributes such products as frames for reading glasses,
sunglasses, glasses for sport, ski masks, goggles and visors.  Its
products are primarily manufactured in four plants in Italy, one
in Slovenia and China and are marketed in 130 countries worldwide
through 39 direct commercial subsidiaries and more than 130,000
retail distributors.  The Group has 38 principal brands of which
10 directly owned and 28 licensed.  Brands include Safilo, Oxydo,
Carrera, Smith, Alexander McQueen, A/X Armani Exchange, Banana
Republic, BOSS - Hugo Boss, Bottega Veneta, Diesel, Valentino,
Dior, Emporio Armani and others.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on July 9,
2009, Moody's Investors Service downgraded Safilo S.p.A.'s
Probability of Default Rating to Ca/LD (Limited Default) from Caa3
and the Corporate Family Rating to Caa3 from Caa2.  The senior
unsecured rating on the EUR195 million notes due 2013 issued by
Safilo Capital International SA was downgraded to C (LGD5, 78%)
from Ca.  Moody's said the outlook on the ratings is stable.

On July 7, 2009, Troubled Company Reporter-Europe reported that
Standard & Poor's Ratings Services said that it lowered to 'SD'
(Selective Default) from 'CC' its long-term corporate credit
rating on Italy-based eyewear manufacturer Safilo SpA.  At the
same time, S&P affirmed s'C' issue rating on the EUR195 million
9.625% second-lien notes due 2013 issued by Safilo Capital
International S.A.


SOCOTHERM SPA: Shares Suspended in Milan Indefinitely
-----------------------------------------------------
Chiara Remondini at Bloomberg News reports that Socotherm SpA was
suspended indefinitely from trading in Milan after its board
agreed to propose a pre-insolvency restructuring plan.

According to Bloomberg, the shares, which last traded July 31,
have dropped 64% in the last 12 months.

                        Restructuring Plan

Bloomberg relates Socotherm said it is seeking to reorganize its
business and restructure its debt rather than liquidate the
company.  The company, as cited by Bloomberg, said the
restructuring plan protects its goodwill and will give creditors
"a greater value than the liquidation value of the individual
assets".

Socotherm SpA -- http://www.socotherm.com/-- is an Italy-based
company which specializes in external and internal anticorrosion
coating and thermal insulation for onshore and offshore pipelines.
It provides internal and external pipe coating for oil, gas and
water transportation industries and specializes in deep-water pipe
insulation and coating technology. Other services offered by the
Company are: special insulation for ship carriers transporting
liquefied gas and for district heating pipelines, asphalt road
maintenance, pipeline rehabilitation and the supply of
photovoltaic systems on ground or building integrated. It operates
throughout the world through four geographical business areas:
EMEA with Europe, Middle East and Africa; Asia Pacific with
Malaysia, China and Australia; Americas with South and North
America, and West Africa with Nigeria and Angola. Socotherm SpA
operates through some subsidiaries, among them there are Socotherm
(Shashi) Pipe Coating Ltd, Socotherm Field Services Srl and
Socopower Srl.


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


DEREVOOBRABATYVAUSHY COMBINATE: Claims Filing Deadline is Aug. 14
-----------------------------------------------------------------
Creditors of JSC Derevoobrabatyvaushy Combinate have until
August 14, 2009, to submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Tynybaev Str. 42
         Shymkent
         South Kazakhstan
         Kazakhstan

The court commenced bankruptcy proceedings against the company on
May 25, 2009.


METEX CJSC: Creditors Must File Claims by August 14
---------------------------------------------------
Creditors of CJSC Metex have until August 14, 2009, to submit
proofs of claim to:

         Building of auto station
         Micro District 28
         Aktau
         Mangistau
         Kazakhstan

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

The Court is located at:

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


PROGRESS-TRANSPORT: Creditors Must File Claims by August 14
-----------------------------------------------------------
Creditors of OJSC Progress-Transport have until August 14, 2009,
to submit proofs of claim to:

         The Specialized Inter-Regional Economic Court of Akmola
         Gorky Str. 37
         Kokshetau
         Akmola
         Kazakhstan

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


TEMIRBANK AO: Fitch Upgrades Issuer Default Rating to 'CC'
----------------------------------------------------------
Fitch Ratings has upgraded Temirbank's Long-term Issuer Default
Rating to 'CC' from 'C'.  The Long-term and Short-term IDRs remain
on Rating Watch Negative.

The upgrade follows the recent clarification by Temir's parent
Kazakhstan-based BTA Bank ('RD' (Restricted Default)) received by
Fitch that "at this stage, it is not envisaged that the debts of
Temir Bank will be covered by the restructuring plan" of its
parent.  Fitch also notes that BTA's recent public presentation on
the restructuring process indicated only restructuring of
liabilities on BTA's own balance sheet.  However Temir's ratings
remain on RWN, reflecting remaining uncertainty about the results
of BTA Bank's restructuring and the effect it may have on its
subsidiaries, as well as Temir's weak financial position.

Temir's Long-term IDR reflects Fitch's view that although
apparently not imminent at present, a default by the bank on at
least some of its financial obligations remains probable.  Temir's
credit profile is undermined by the rapid and considerable
deterioration in its asset quality metrics, weak reserve coverage,
negative bottom line results, weak capitalization, tight liquidity
and significant medium-term refinancing risk.

Temir's asset quality has been deteriorating since the beginning
of the crisis in Kazakhstan, with NPLs (loans overdue by more than
90 days) reaching a high 45% of loans at end-H109, according to
the bank's regulatory filings.  Notwithstanding weak (26%)
coverage of NPLs, at end-H109 the bank was in breach of regulatory
capital adequacy (k2) and liquidity requirements.
Temir was the 10th-largest bank (by assets) in Kazakhstan at end-
H109 and held a 2.4% share of the system's assets.  The bank is
funded primarily by wholesale borrowings and its lending is
predominantly retail-oriented.  BTA directly owns a 69.85% stake.

Rating actions are:

Temirbank

  -- Long-term IDR: upgraded to 'CC' from 'C'; remains on RWN;

  -- Senior unsecured debt: upgraded to 'CC' from 'C'; Recovery
     Rating at 'RR4'

  -- Short-term IDR: 'C'; remains on RWN;

  -- Individual Rating: affirmed at 'E'

  -- Support Rating: affirmed at '5'

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


VOSTOK GEORESURSY: Creditors Must File Claims by August 14
----------------------------------------------------------
Creditors of JSC Vostok Georesursy have until August 14, 2009, to
submit proofs of claim to:

         Djambul Str. 9
         Room 102
         Semey
         East Kazakhstan
         Kazakhstan

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

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Bajov Str. 2
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan


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


IKS-DORTRAK SERVICE: Creditors Must File Claims by August 15
------------------------------------------------------------
LLC IKS-Dortrak Service is currently undergoing liquidtion.
Creditors have until August 15, 2009, to submit proofs of claim
to:

         Mir Ave. 303
         Bishkek
         Kyrgyzstan
         Tel: (0-772) 30-49-07


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


AEGON BANK: Fitch Assigns 'D' Individual Rating
-----------------------------------------------
Fitch Ratings has assigned Netherlands-based AEGON Bank these
ratings: Long-term Issuer Default Rating 'A', Short-term IDR 'F1',
Individual Rating 'D' and Support Rating '1'.  The Outlook for the
Long-term IDR is Negative.

AEGON Bank's Long- and Short-term IDRs are based on potential
support from its 100% shareholder, AEGON N.V. (rated
'A+'/'F1'/Negative), given the bank's integration with and
strategic importance to the group.  AEGON Bank benefited from a
EUR50 million capital injection from AEGON during 2008, followed
by another EUR50 million injection in April 2009.  AEGON Bank is
viewed as a 'core' subsidiary by AEGON, a major insurance player
in the US, the Netherlands and the United Kingdom.  AEGON Bank
shares front and back office staff, brand name, treasury and risk
management functions with AEGON, while offering the latter a
platform for cross-selling products and funding its mortgage
business.

AEGON Bank's Individual Rating reflects its small size, limited
franchise and negative operating performance.  The bank benefits
from ample liquidity and strong capital ratios, although the
absolute level of equity is small.  The bank made a large loss in
2008 (EUR111 million) due to EUR141 million of losses related to
its derivatives and investment securities.  However, as the
counterparties of the derivatives were mostly other companies of
the AEGON group, the majority of the bank's losses were offset by
gains at other group companies and therefore cancelled out in
AEGON's consolidated earnings.

AEGON Bank's funding benefits from a comfortable savings deposit
base (91% of non-equity funding at end-2008), and will become more
diversified through a planned covered bond programme.  Liquidity
is supported by the bank's large portfolio of highly-rated
securities and interbank placements.  Regulatory capital ratios
remained strong due to a 22% reduction in risk-weighted assets
during 2008 and the above-mentioned capital injections.  However,
Fitch's eligible capital ratio dropped to 11% due to negative
revaluation reserves, which are deducted from Fitch eligible
capital.

AEGON Bank offers savings and investment products in the
Netherlands, as well as mortgages, insurance and pension products
originated by the group through the bank's wholly-owned
subsidiary, AEGON Bank Bemiddeling.


ARES EUROPEA: Moody's Cuts Rating on Class Q Notes to 'B2'
----------------------------------------------------------
Moody's Investors Service has downgraded its ratings of five
classes of notes issued by Ares European CLO II B.V.

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

The rating actions 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.

According to Moody's, the rating actions taken on the notes are
also a result of credit deterioration of the underlying portfolio
and a correction to the transaction's senior expense input
discovered in the original closing model.  The credit
deterioration is observed in, among other measures as per Trustee
Report dated June 30, 2009, a decline in the average credit rating
as measured through the weighted average rating factor (currently
2747), a decline in diversity score (currently 36), an increase in
the amount of defaulted securities (currently 4.12% of the
portfolio), an increase in the proportion of securities from
issuers rated Caa1 and below (currently 11% of the portfolio).  In
relation to the senior expense inputs, the original model included
the 6 month rather than the annualized figures for the "Senior
Expenses Cap (% of APB per yr)" and "Senior Expenses Cap (€ amount
per year)" and therefore the figures were half what they should
have been.  The impact of the correction of these senior expense
inputs to the current ratings of the notes are about 0.5-0.8 notch
lower than they would have been without the correction.

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

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

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

The rating actions are:

Ares European CLO B.V.

  -- Class A Senior Secured Floating Rate Notes due 2025,
     Downgraded to Aa2; previously on 11 December 2007 Assigned
     Aaa

  -- Class B Senior Secured Floating Rate Notes due 2025,
     Downgraded to Baa2; previously on 4 March 2009 Aa2 Placed
     Under Review for Possible Downgrade

  -- Class C Senior Secured Deferrable Floating Rate Notes due
     2025, Downgraded to Ba3; previously on 4 March 2009 A3
     Placed Under Review for Possible Downgrade

  -- Class D Senior Secured Deferrable Floating Rate Notes due
     2025, Downgraded to B3; previously on 4 March 2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Class Q Combination Notes due 2025, Downgraded to B2;
     previously on 4 March 2009 Baa2 Placed Under Review for
     Possible Downgrade


ING GROEP: Credit Suisse Interested in Private-Banking Units
------------------------------------------------------------
Antonio Ligi at Bloomberg News, citing Swiss newspeper Sonntag,
reports that Credit Suisse Group AG is interested in buying the
private-banking units of ING Groep NV in Europe and Asia.

Sonntag said Credit Suisse's spokesman Marc Dosch declined to
comment.

As reported in the Troubled Company Reporter-Europe on July 31,
2009, Bloomberg News, citing people familiar with talks on the
sale, disclosed ING has sent out preliminary sales documents to
potential buyers of its Asian and Swiss private banking assets.
Bloomberg disclosed 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
said the sale of private banking assets in Asia may attract buyers
seeking to expand wealth-management operations in the region.
Citing people familiar with the talks, Bloomberg stated ING is
seeking about US$600 million for its Asian private banking
division, which has offices in Singapore, Hong Kong and the
Philippines.  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.


MORGAN STANLEY: Moody's Cuts Ratings on Class E & F Notes to 'Ca'
-----------------------------------------------------------------
Moody's Investors Service has downgraded its ratings of six
classes of notes issued by Morgan Stanley Investment Management
Coniston B.V.  The ratings of the senior most tranche and the
Combo S note remain 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
securities.

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.

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 30, 2009, a decline in
the average credit rating as measured through the weighted average
rating factor (currently 2774), an increase in the proportion of
securities from issuers rated Caa1 and below (currently 13.50% of
the portfolio), the failure of the Interest Reinvestment Test and
the failure of Class E, and Class F 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.

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

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

Moody's initially 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:

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

  -- EMEA CLO Monitoring Methodology (June 2009)

The rating actions are:

Morgan Stanley Investment Management Coniston B.V.:

EUR56,700,000 Class A-2 Senior Floating Rate Notes due 2024

  -- Current Rating: Aa3
  -- Prior Rating: Aaa placed on review for possible downgrade

  -- Prior Rating Date: 04 Mar 2009

EUR24,600,000 Class B Deferrable Interest Floating Rate Notes due
2024

  -- Current Rating: Baa2
  -- Prior Rating: Aa2 placed on review for possible downgrade
  -- Prior Rating Date: 04 Mar 2009

EUR24,000,000 Class C Deferrable Interest Floating Rate Notes due
2024

  -- Current Rating: Ba3
  -- Prior Rating: Baa3 placed on review for possible downgrade
  -- Prior Rating Date: 17 Mar 2009

EUR17,600,000 Class D Deferrable Interest Floating Rate Notes due
2024

  -- Current Rating: B3
  -- Prior Rating: B1 placed on review for possible downgrade
  -- Prior Rating Date: 17 Mar 2009

EUR19,600,000 Class E Deferrable Interest Floating Rate Notes due
2024

  -- Current Rating: Ca
  -- Prior Rating: Caa1 placed on review for possible downgrade
  -- Prior Rating Date: 17 Mar 2009

EUR6,400,000 Class F Deferrable Interest Floating Rate Notes due
2024

  -- Current Rating: Ca
  -- Prior Rating: Caa3 placed on review for possible downgrade
  -- Prior Rating Date: 17 Mar 2009


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


ELECTUS SA: Fitch Assigns Issuer Default Rating at 'B-'
-------------------------------------------------------
Fitch Ratings has assigned Poland-based Electus SA a Long-term
foreign currency Issuer Default rating of 'B-' and a National
Long-term rating of 'B+'(pol).  Both ratings have Negative
Outlooks.

Electus's assigned IDRs and National rating reflect its relatively
small size and the high liquidity and refinancing risk the company
faces stemming from the short-term profile of external funding
sources.  The ratings also reflect the potentially significant
credit and liquidity risk facing Electus in relation to its real-
estate backed exposures.  In addition, the company's ratings
factor in a sizeable amount of related party transactions, which,
although transparent, raise concerns about corporate governance.
Fitch also notes Electus's positive track record of timely
payments of financial obligations, solid profitability over the
last four years and the company's expertise in its niche health
service receivables financing business.

The Negative Outlook reflects the pressures on the profitability
of Electus's main business line, driven by rising funding costs
and concerns regarding potential reputational risk related to
recent court rulings in respect of the company's CEO.

In Fitch's view, Electus's main business line generates limited
credit risk.  Funding for this business line is short-term,
predominantly through short-term commercial paper issuance, which
exposes Electus to refinancing risk.  A frequent need by the
company to re-schedule original agreements with public health
service institutions necessitates effective liquidity management.
Although Electus tends to diversify exposures in its main business
line, some concentrations exists, which could exacerbate liquidity
issues if the company needs to re-schedule the largest exposures.

Fitch is of the opinion that the real-estate backed line of
business, given its high concentration and size of single
exposures, generates significant liquidity risk and potential
credit risk.  A large part of 2007 and 2008 revenue presented in
statutory accounts was related to this business line, as was Q109
revenue.  While it was booked as revenue in the profit and loss
account, most of it was only accrued but not received.  Exposures
in this business line also raise corporate governance concerns as
the largest of them, accounting for 16.5% of end-2008 total
receivables, is to Electus's CEO.  Electus's overall leverage is
not excessive, but exposures to real-estate backed receivables
(including accrued interest) account for almost the entire equity
of the company.

Accessibility of additional bank funding is likely to be limited,
given the current operating environment.  Electus is planning to
obtain term funding through the issuance of medium term unsecured
bonds, but out of PLN100 million planned, only PLN10 million of
two-year bonds has been sold so far.

Fitch has assigned these ratings to Electus SA:

  -- Long-term foreign currency IDR: 'B-'; Negative Outlook

  -- Long-term local currency IDR: 'B-'; Negative Outlook

  -- Short-term foreign and local currency IDRs: 'B'

  -- National Long-term rating: 'B+'(pol); Negative Outlook

  -- National Short-term rating: 'B'(pol)

  -- Senior unsecured bond to be issued under PLN100m debt
     issuance programme: expected ratings of Long-term 'B-',
  -- National rating 'B+'(pol) and Recovery Rating 'RR4'.  The
     final rating of the bond is contingent on the receipt of
     final documents conforming materially to information already
     received.


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


GLAV-BASH OJSC: Creditors Must File Claims by August 17
-------------------------------------------------------
Creditors of OJSC Glav-Bash-Stroy (TIN 0274099841, PSRN
1040203913441) (Construction) have until August 17, 2009, to
submit proofs of claims to:

         V. Pristupa
         Temporary Insolvency Manager
         Elektrozavodskaya Str. 2
         Zubovo
         Ufa
         450520 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan will convene at 10:00 a.m.
on November 24, 2009, to hear bankruptcy supervision procedure on
the company.  The case is docketed under Case No. ?07–10197/2009.

The Court is located at:

         The Arbitration Court of Bashkortostan
         Courtroom 105
         Salavata Yulaeva Prospect 7
         Ufa
         Bashkortostan
         Russia

The Debtor can be reached at:

         OJSC Glav-Bash-Stroy
         Elektrozavodskaya Str. 2
         Zubovo
         Ufa
         450520 Bashkortostan
         Russia


KIROVSK SUGAR: Creditors Must File Claims by August 17
------------------------------------------------------
Creditors of LLC Kirovsk Sugar Refining Plant (TIN 4345076819,
PSRN 1044316515430, RVC 434501001 have until August 17, 2009, to
submit proofs of claims to:

         V. Devyatykh
         Insolvency Manager
         Volodarskogo Str. 75
         610020 Kirov
         Russia
         Tel: 35-53-22

The Arbitration Court of Kirovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?28–6150/2009–203/19.

The Debtor can be reached at:

         LLC Kirovsk Sugar Refining Plant
         Shchorsa Str. 95/51
         Kirov
         Russia


LYUKSORA CJSC: Creditors Must File Claims by August 17
------------------------------------------------------
Creditors of CJSC Lyuksora (TIN 5258062314, PSRN  1065200047769)
(Construction) have until August 17, 2009, to submit proofs of
claims to:

         S. Goncharov
         Temporary Insolvency Manager
         Post User Box 312
         Central Postal Office
         603000 Nizhniy Novgorod
         Russia

The Arbitration Court of Nizhegorodskaya will convene at 10:00
a.m. on October 13, 2009, to hear bankruptcy supervision procedure
on the company.  The case is docketed under Case No. ?43–
8964/2009,27–78.

The Debtor can be reached at:

         CJSC Lyuksora
         Iyulskikh Dney Str. 1
         Nizhnyy Novgorod
         Russia


NAVASHINSKIY TIMBER: Bankruptcy Hearing Set August 11
-----------------------------------------------------
The Arbitration Court of Nizhegorodskaya will convene at 9:45 a.m.
on August 11, 2009, to hear bankruptcy supervision procedure on
LLC Navashinskiy Timber Industry Enterprise (TIN 5223033150, PSRN
1045206732427).  The case is docketed under Case No. ?43–5774/2009
26–57.

The Temporary Insolvency Manager is:

         V. Veselov
         Office 202
         Strelka Str.4a
         603086 Nizhny Novgorod
         Russia

The Debtor can be reached at:

         LLC Navashinskiy Timber Industry Enterprise
         Zavodskaya Str. 1
         Navashinskiy
         607125 Nizhegorodskaya
         Russia


NORTH-WEST OAO: Fitch Assigns National Long-Term Rating on Bonds
----------------------------------------------------------------
Fitch Ratings has assigned OAO North-West Telecom's proposed sixth
domestic bond issue, totalling up to RUB3 billion and with a
maturity of up to 10 years, an expected National Long-term rating
of 'A+(rus)'.  NWT is rated Long-term Issuer Default 'BB-' with a
Stable Outlook, Short-term IDR 'B' and National Long-term 'A+'
with a Stable Outlook.

The draft bond prospectus does not contain any financial or other
covenants.  The instrument is structured as a senior unsecured
obligation of NWT.  The final rating is contingent on the receipt
of final documents conforming to information already received.

The rating reflects NWT's dominant market position as a regional
incumbent telecoms operator.  NWT owns and operates the largest
last-mile and backbone telecoms network in the region, which
provides it with strategic competitive advantages.  Fitch
estimates that NWT's business profile should be fairly resilient
in the current economic downturn.  While its traditional voice
services, particularly in the corporate segment, are likely to
come under modest pressure, broadband is expected to continue to
grow strongly, largely offsetting weaknesses in other segments.
Like many of its domestic peers from the Svyazinvest group, NWT is
planning to radically reduce capex in 2009 y-o-y in order to be
free cash flow-positive and to retain financial flexibility.
While foreign currency-denominated debt as a share of NWT's total
debt is higher than its Svyazinvest peers, the company hedged a
significant amount of its FX debt in July 2009.


NOVYY VEK: Creditors Must File Claims by August 17
--------------------------------------------------
Creditors of LLC Novyy Vek (Construction) have until August 17,
2009, to submit proofs of claims to:

         B. Bershadskiy
         Insolvency Manager
         Druzhby Str. 45-9
         Volzhskiy
         404127 Volgogradskaya
         Russia

The Arbitration Court of Volgogradskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?12–10032/2009.

The Debtor can be reached at:

         LLC Novyy Vek
         Portovaya Str. 16/1
         Volzhskiy
         Volgogradskaya
         Russia


RENAISSANCE CAPITAL: Hermitage Seeks Link to Russian Tax Fraud
--------------------------------------------------------------
Tom Cahill at Bloomberg News reports that Hermitage Capital
Management, the US$1 billion hedge-fund firm run by William
Browder, is seeking evidence linking Moscow-based investment bank
Renaissance Capital Holdings Ltd. to an alleged scheme to defraud
the Russian government of US$230 million in taxes.

Bloomberg relates in a July 28 court filing in New York the
Hermitage said Renaissance, its New York-based affiliate RenCap
Securities Inc. and officials including Stephen Jennings, chief
executive officer of parent Renaissance Group, and former
President Igor Sagiryan may have evidence about a complex series
of transactions and legal cases used to siphon refunds on taxes
paid by the hedge-fund firm.

According to Bloomberg, Hermitage, which has been run from London
since Browder was barred from entering Russia three years ago,
said it uncovered a Renaissance link during an investigation into
a case of alleged corporate-identity theft that took place in
2007.

Bloomberg discloses the Hermitage filing seeks wire-transfer
information from RenCap, as well as Citigroup Inc. and JPMorgan
Chase & Co., to show that two Russian banks that handled the tax
refunds were connected to Renaissance.  Citing the filing in U.S.
District Court in Manhattan, Bloomberg notes Hermitage said the
information it is looking for will help prove it was a victim of
fraud, not a perpetrator, as has been charged by the Russian
Interior Ministry.

Hermitage’s claims were made in an application for judicial
assistance, a request to the U.S. court to compel access to
documents for use in foreign litigation, Bloomberg states.  The
filing, Bloomberg says, is intended to support Hermitage in two
civil and two criminal cases in Russia.

Bloomberg relates Hans Jochum Horn, deputy CEO of Renaissance
Group, however, said Renaissance Capital had no involvement with
the alleged fraud.

Renaissance Capital is part of the Renaissance Group, an
independent group of investment banking, asset and wealth
management, merchant banking, and consumer finance companies
specializing in high-opportunity emerging markets.  Renaissance
Group operates in Russia, Ukraine, Kazakhstan, the United Kingdom,
the United States of America, Cypus and Sub-Saharan Africa.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on July 24,
2009, Fitch Ratings affirmed Moscow-based CB Renaissance Capital's
Long-term Issuer Default Rating at 'CCC' with a Negative Outlook.
Fitch said the rating action reflects the continued pressure on
the bank's liquidity position given significant near-term funding
maturities, limited prospects for refinancing debt issuance and a
moderate liquidity cushion, while the bank's cash generation
capacity is constrained by the business run off and asset quality
problems.


ZLYNOVSKIY LESKHOZ: Creditors Must File Claims by August 17
-----------------------------------------------------------
Creditors of SUE Zlynovskiy Leskhoz (TIN 3241007880, PSRN
1073241001811) (Forestry) have until August 17, 2009, to submit
proofs of claims to:

         Ye.Pletnev
         Temporary Insolvency Manager
         Office 700
         Svobody Str. 14
         394018 Voronezh
         Russia

The Arbitration Court of Bryanskiy will convene at 11:30 a.m. on
October 21, 2009, to hear bankruptcy supervision procedure on the
company.  The case is docketed under Case No. ?09–4732/2009.

The Debtor can be reached at:

         SUE Zlynovskiy Leskhoz
         Oktyabrskaya Str. 27
         Zlynka
         Zlynkovskiy
         243600 Bryanskaya
         Russia


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


3G MOBILE AG: Claims Filing Deadline is August 10
-------------------------------------------------
Creditors of 3G Mobile AG are requested to file their proofs of
claim by August 10, 2009, to:

         Roberto Hayer
         Seehofstrasse 4
         8032 Zurich

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


BEBA-TRAUME FUER BETT: Claims Filing Deadline is August 10
----------------------------------------------------------
Creditors of Beba-Traume fuer Bett und Bad AG are requested to
file their proofs of claim by August 10, 2009, to:

         GST Treuhand AG
         Liquidator
         Mettlenstrasse 10
         8330 Pfaffikon
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at a general meeting held
on February 24, 2009.


BHS SERVICES: Creditors Must File Claims by August 10
-----------------------------------------------------
Creditors of BHS Services GmbH are requested to file their proofs
of claim by August 10, 2009, to:

         Hubatka Roland J.
         Liquidator
         Boesch 23
         6331 Huenenberg ZG
         Switzerland

The company is currently undergoing liquidation in Hünenberg ZG.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on April 20, 2009.


C2 CONSULTING: Claims Filing Deadline is August 10
--------------------------------------------------
Creditors of c2 consulting GmbH are requested to file their proofs
of claim by August 10, 2009, to:

         c2 consulting GmbH
         Seeblick 1
         6330 Cham
         Switzerland

The company is currently undergoing liquidation in Cham.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on March 31, 2009.


KERNINVEST GMBH: Claims Filing Deadline is August 10
----------------------------------------------------
Creditors of Kerninvest GmbH are requested to file their proofs of
claim by August 10, 2009, to:

         Julia Rettenmeier
         Vorderwinkel 5
         7304 Maienfeld
         Switzerland

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


NEME GMBH: Claims Filing Deadline is August 10
----------------------------------------------
Creditors of Neme GmbH are requested to file their proofs of claim
by August 10, 2009, to:

         Esther Bill
         In der Weiermatt 19
         4133 Pratteln
         Switzerland

The company is currently undergoing liquidation in Pratteln.  The
decision about liquidation was accepted at a shareholders' meeting
held on June 22, 2009.


OZIRIS GMBH: Claims Filing Deadline is August 10
------------------------------------------------
Creditors of OZIRIS GmbH are requested to file their proofs of
claim by August 10, 2009, to:

         Katia Ricklin
         Toblerstrasse 35
         8044 Zurich
         Switzerland

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


QKAB BADER: Creditors Must File Claims by August 10
---------------------------------------------------
Creditors of QKAB Bader Advisors GmbH are requested to file their
proofs of claim by August 10, 2009, to:

         Christian Bader
         Landhausquai 17
         4500 Solothurn
         Switzerland

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


RIPAS AG: Claims Filing Deadline is August 10
---------------------------------------------
Creditors of Ripas AG Studen are requested to file their proofs of
claim by August 10, 2009, to:

         Notariat Luescher & Manser
         Schloss-Strasse 1
         2560 Studen
         Switzerland

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


RISTORANTE FIRENZE: Creditors Must File Claims by August 10
-----------------------------------------------------------
Creditors of Ristorante Firenze GmbH are requested to file their
proofs of claim by August 10, 2009, to:

         Ristorante Firenze GmbH
         Marktstrasse 24
         6060 Sarnen
         Switzerland

The company is currently undergoing liquidation in Sarnen.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on June 24, 2009.


SIXSHOT GMBH: Claims Filing Deadline is August 10
-------------------------------------------------
Creditors of Sixshot GmbH are requested to file their proofs of
claim by August 10, 2009, to:

         Sixshot GmbH
         Landquartstrasse 3
         9320 Arbon
         Switzerland

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


SJ MARCHE: Creditors Must File Claims by August 10
--------------------------------------------------
Creditors of SJ Marché Gourmand GmbH are requested to file their
proofs of claim by August 10, 2009, to:

         Treuhand Dirren Claudia
         Belalpstrasse 3
         3900 Brig
         Switzerland

The company is currently undergoing liquidation in Brig-Glis.  The
decision about liquidation was accepted at a shareholders' meeting
held on June 22, 2009.


SWISS CAPITAL: Creditors Must File Claims by August 10
------------------------------------------------------
Creditors of Swiss Capital & Trade Management AG are requested to
file their proofs of claim by August 10, 2009, to:

         Swiss Capital & Trade Management AG
         Liquidator
         place de la Metropole 2
         1204 Geneve
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
general meeting held on November 27, 2008.


UDV GMBH: Claims Filing Deadline is August 10
---------------------------------------------
Creditors of UDV GmbH are requested to file their proofs of claim
by August 10, 2009, to:

         ACCON Treuhand und Beratung GmbH
         Ueberlandstr. 105
         Mail Box: 1008
         8600 Duebendorf 1
         Switzerland

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


VISAG VISUELLE: Creditors Must File Claims by August 10
-------------------------------------------------------
Creditors of VISAG Visuelle Software AG are requested to file
their proofs of claim by August 10, 2009, to:

         Gregor Kupper
         Liquidator
         Windenboden 4
         6345 Neuheim
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
general meeting held on June 8, 2009.


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


ALTERNATIFBANK AS: Fitch Affirms Individual Rating at 'D'
---------------------------------------------------------
Fitch Ratings has affirmed Turkey-based Alternatifbank A.S.'s
ratings at Long-term foreign currency Issuer Default 'BB-' and LT
local currency IDR 'BB'.

ABank's Long-term ratings and Support rating reflect the support
from its majority shareholder, the Anadolu Group, in case of need.
In Fitch's view, would have a high propensity to support ABank,
but its ability to do so is moderate.  This is because the foreign
currency Long-term IDR of Anadolu Group's main operating
subsidiary, Anadolu Efes Biracilik Malt Sanayi A.S. (Anadolu Efes;
'BB'/Stable) on which ABank's Support rating is based, is capped
by Turkey's 'BB' Country Ceiling.

The Individual rating reflects ABank's sound performance,
relatively low interest rate risk exposure, adequate
capitalisation and comfortable liquidity.  In addition, the rating
considers deterioration in ABank's asset quality, due to a
difficult economic and operating environment, and its relatively
small size.

With the onset of difficult economic and operating conditions in
Q408, ABank shifted its focus from loan expansion to preserving
liquidity and increasing customer deposits.  The economic slowdown
has impacted asset quality with impaired loans and impairment
rising sharply.  Asset quality is expected to weaken further until
economy recovers.  ABank's performance is under pressure due to
substantially higher loan impairment charges, but high net
interest margin and good efficiency should help support the bank's
ability to absorb these risks.  The bank actively manages its
interest rate risk.  There is little exposure to market risk and
liquidity is comfortable, given the favorable repricing and
maturity profile of assets and liabilities.  Capitalization is
adequate with a total regulatory capital ratio of 13.92% at end-
Q109; almost all of this was tier 1.

ABank is a medium-sized bank, 78% controlled by Anadolu Endustri
Holding A.S. and 18% by other Anadolu Group companies, with the
balance publicly quoted.  AEH is the holding company for a large
part of the Anadolu Group's operating subsidiaries, including two
rated subsidiaries, namely Anadolu Efes and Coca-Cola Icecek (CCI;
'BB'/Stable).  ABank provides corporate and commercial banking
services with a focus on SMEs.

The Individual Rating reflects the standalone strength of a bank
while the Support Rating reflects the probability of support from
a majority shareholder and/or the State.

The rating actions with respect to Alternatifbank are:

  -- LT foreign currency IDR affirmed at 'BB-'; Outlook Stable
  -- Short-term (ST) foreign currency IDR affirmed at 'B'
  -- LT local currency IDR affirmed at 'BB'; Outlook Stable
  -- ST local currency IDR affirmed at 'B'
  -- Individual rating affirmed at 'D'
  -- Support rating affirmed at '3'
  -- National LT rating affirmed at 'AA(tur)'; Outlook Stable


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


ALPHA INVEST: Creditors Must File Claims by August 12
-----------------------------------------------------
Creditors of LLC Company Alpha Invest (code EDRPOU 36124431) have
until August 12, 2009, to submit proofs of claim to:

         LLC Vugilliaservicebud
         Insolvency Manager
         Kikvidze Str. 12
         01103 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on June 4, 2009.  The case is docketed under
Case No. 44/237-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Company Alpha Invest
         Oranzhereynaya Str. 3
         Kiev
         Ukraine


BUILDING REPAIR: Creditors Must File Claims by August 12
--------------------------------------------------------
Creditors of LLC Building Repair Supply (code EDRPOU 35639336)
have until August 12, 2009, to submit proofs of claim to:

         O. Toashevsky
         Insolvency Manager
         Office 72
         Rabochaya Str. 7
         Nikolayev
         Ukraine

The Economic Court of Nikolayev commenced bankruptcy proceedings
against the company on July 8, 2009.  The case is docketed under
Case No. 5/177/09.

The Court is located at:

         The Economic Court of Nikolayev
         Admiralskaya Str. 22-a
         54009 Nikolayev
         Ukraine

The Debtor can be reached at:

         LLC Building Repair Supply
         Office 23
         Dzerzhynsky Str. 54
         Nikolayev
         Ukraine


CAS-CAD LLC: Creditors Must File Claims by August 12
----------------------------------------------------
Creditors of LLC Cas-Cad (code EDRPOU 36270474) have until
August 12, 2009, to submit proofs of claim to:

         O. Toashevsky
         Insolvency Manager
         Office 72
         Rabochaya Str. 7
         Nikolayev
         Ukraine

The Economic Court of Nikolayev commenced bankruptcy proceedings
against the company on July 8, 2009.  The case is docketed under
Case No. 5/176/09.

The Court is located at:

         The Economic Court of Nikolayev
         Admiralskaya street 22-a
         54009 Nikolayev
         Ukraine

The Debtor can be reached at:

         LLC Cas-Cad
         Office 7-A
         Admiral Makarov Str. 26
         Nikolayev
         Ukraine


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


CANTERBURY EUROPE: JD Sports to Acquire Trading Assets
------------------------------------------------------
Thomas Williams at The Financial Times reports that JD Sports
Fashion plc is to acquire the trading assets of Canterbury Europe
Ltd.

According to the FT, the group will pay GBP6.5 million cash for
the brand, goodwill and fixed assets of Canterbury Europe, which
is the current brand shirt sponsor of the international rugby
union teams of South Africa and Australia and of many leading
clubs worldwide.  The deal, the FT discloses, also gives JD the
global rights to the "Canterbury" and "Canterbury of New Zealand"
rugby brands.

The deal will secure 50 jobs, Press Association reports.

As reported in the Troubled Company Reporter-Europe on July 15,
2009, David Costley-Wood and Brian Green from KPMG Restructuring
were appointed joint administrators for Canterbury Europe, the
European trading arm of the Canterbury Group, which distributes
branded sports and leisure wear, predominantly for the rugby union
sector.  Canterbury Europe's UK operation is based in Stockport,
Cheshire and employs 86 people.  As a result of the
administration, 72 members of staff were made redundant.
Canterbury sponsored a number of rugby union and rugby league
teams in the UK and Europe including the Scottish national team,
as well as Leinster, London Wasps and Cardiff.  In addition, the
company also expanded into others sports including football,
cricket and golf, and most notably has sponsorship agreements in
place with Portsmouth Football Club, Lille and Yorkshire and
Hampshire Cricket Clubs.  All sponsorship contracts in Canterbury
Europe were terminated as a result of the administration.

Press Association relates a spokeswoman for administrators KPMG
said it believed JD had plans to renew some of its sponsorships,
but it was not known which deals would be affected.

Canterbury Europe collapsed after an unsuccessful expansion push
was followed by difficult trading and the weakness of the pound --
it imports most of its good from the Far East.


DUNFERMLINE BUILDING: FSA Failed to Warn Over Risks
---------------------------------------------------
The House of Commons Scottish Affairs Committee criticized the
Financial Services Authority for its failure to warn about risks
in Dunfermline Building Society, Louise Armitstead at
Telegraph.co.uk reported.

Citing a report by the parliamentary committee, Telegraph.co.uk
disclosed the FSA did not provide proper supervision in the run up
to the collapse of Scotland's biggest mutual.  According to
Telegraph.co.uk, the committee concluded that the FSA should have
identified Dunfermline's aggressive expansion into commercial
property as more risky.

Telegraph noted the financial regulator, however, said: "In
respect of commercial lending, the FSA made specific warnings to
the building society sector in March 2003, May 2004, May 2006,
October 2007 and again in May 2008 regarding the importance of
managing the quality of lending books.  These warnings covered the
risks of commercial property, buy-to-let, self-certification and
subprime lending as well as mortgage book acquisitions."

Telegraph.co.uk said the committee was also highly critical of
Dumfermline's management concluding that "despite the FSA's
failings, the building society is ultimately responsible for its
own collapse".  According to Telegraph.co.uk, the committee found
that the board at Dunfermline failed to explain to its members the
additional risks of its move into commercial lending.

Dunfermline Building Society -- http://www.dunfermline-bs.co.uk--
offers a range of financial products and services including
mortgages, savings accounts, business and personal loans, credit
cards, personal insurance, financial planning, investment
products, and share brokering.  Founded in 1869, the mutually-
owned Dunfermline is one of the oldest and largest building
societies in Scotland.  It operates through more than 30 branches
and 40 agencies.  The building society has engineered two social
housing deals with the Royal Bank of Scotland and Lloyds TSB worth
a combined 40 million.

                           *     *     *

On April 1, 2009, Moody's Investors Service downgraded Dunfermline
Building Society's bank financial strength ratings from D+ to E.
The E BFSR maps into a baseline credit assessment of Caa3.
Moody's then withdrew the E BFSR.


DYLAN HARVEY: In Administration; Owes GBP100 Mln to Creditors
-------------------------------------------------------------
Kevin Feddy at Manchester Evening News reports that property firm
Dylan Harvey Residential Ltd. has gone into administration owing
around GBP100 million.

According to the report, Mark Getliffe and Diane Hill at
Manchester-based accountants CLB Coopers are handling the
administration of the company.

"We are working hard to finalize the full financial position and
explore all the options in respect of any value which can be
recovered for creditors including working with the Deylan Harvey
Group in relation to an enhanced position for creditors," the
report quoted Mr. Getliffe as saying.  "The business appears to
have failed because of the domino effect of the residential
property market grinding to a halt.  It was also affected by one
of its contractual partners, Fresh Developments, going into
liquidation in April this year, owing it GBP1.7 million."

Dylan Harvey Residential, in Padiham, Lancashire, acted as sales
agent for several projects across the north west, the report
discloses.  It had a stated turnover of more than GBP50 million.

The report notes the collapse of Dylan Harvey Residential does not
affect other companies within its parent, the Dylan Harvey Group,
which was set up by Toby Whittaker.

Dylan Harvey Residential Ltd. is part of the Dylan Harvey Group --
http://www.dylanharvey.com/-- a privately owned company that
specializes in the design, development and management of
residential and commercial properties including high profile city
center apartments, town houses, hotels, offices and complete
business parks.


EPIC PLC: Moody's Cuts Rating on Class A Notes to 'Caa2'
--------------------------------------------------------
Moody's Investors Service has downgraded the Class A Notes issued
by Epic (Industrious) plc (amount reflects initial outstandings):

-- GBP309,560,000 Class A Floating-Rate Notes due 2014 downgraded
    to Caa2 from Ba3 on review for possible further downgrade;
    previously downgraded to Ba3 on review for possible further
    downgrade from A3 on 6 July 2009.

Moody's does not rate the Classes B, C, D, E, F, and X Notes
issued by Epic (Industrious) plc.

Epic (Industrious) plc is a fully funded synthetic securitization
of a single commercial mortgage loan originated by the Royal Bank
of Scotland plc which closed in October 2006.  The loan was
originally secured by 120 industrial properties throughout the UK.
The GBP488 million securitized loan is the senior facility of a
GBP585 million whole loan.  The Whole Loan is split into four
separate loan facilities, which are all subject to the regulations
of one joined intercreditor agreement.  The Whole Loan is
structured as a five-year interest-only loan maturing in April
2011.

The Class A Notes have been repeatedly downgraded in recent
quarters, mainly driven by declining property values,
deteriorating net rental cash flows, and Moody's expectation that
available property cash flows and in turn the property value will
deteriorate further.  Following a breach of the LTV covenant, the
Whole Loan referenced by this transaction is in default since
September 2008.  A subsequent appointment of receivers to the
borrower triggered a credit event under the credit default swap.
Since October 2008, the servicer reports interest shortfalls on
the Super Senior Facility, driven by declining net rental cash
flows and increased costs.  However, all payments due on the Class
A Notes have been made to date.

The downgrade follows Moody's last rating action on July 6, 2009,
when the rating of the Class A Notes was downgraded to Ba3 from A3
and kept on review for possible further downgrade.

The rating action was prompted by (i) faster than expected further
property value declines as evidenced by the recent sale of parts
of the portfolio; (ii) still very limited available information
about the portfolio's current performance in particular available
net rental income; and (iii) an increased likelihood of a quick
sale of the remaining property portfolio into the current
depressed market by the receivers.

Since Moody's last rating action in July 2009, a part of the
property portfolio was sold at a public auction.  Based on
publicly available information, 31 properties generating an actual
gross rental income of GBP5.3 million were sold at a price of
GBP43.3 million indicating a cap rate of approx. 12.4%.  Based on
Moody's analysis, the 31 disposed properties were of average
quality compared to the whole pool (Moody's property grade of 2.8
vs. 2.7 for the entire pool).  The sold properties had slightly
lower average net initial yield per closing (5.2% vs. 5.8% for the
entire pool) and they were also smaller in terms of average size
(32,400 sq. ft vs. 78,900 sq. ft. for the entire pool).

Moody's also notes that there is public information available
regarding the receivers' intention to pursue a bloc sale of the
remaining property portfolio currently consisting of 90
properties.  It seems that the receivers are in exclusive
negotiations with a potential investor with respect to a sale of
the entire portfolio; however the timing of such sale is not fully
clear.  In Moody's view the partial sale provides a good
indication for achievable property values and applicable cap rates
for the remaining portfolio assuming an immediate sale under
current market conditions.  A quick bloc sale by the receivers is
in contrast to Moody's earlier assumption of more staggered,
opportunistic property disposals while continuing to collect
rental cash flows.

Moody's has changed its view with respect to the most likely
recovery strategy applied by the receivers to a bloc sale in the
near future based on publicly available information and evidence
provided by the above mentioned partial sale.  Moody's therefore
has adjusted its achievable property value further downwards to
approx.  GBP275 million (for the entire portfolio) and to
approximately GBP231 million, respectively (for the remaining
pool).  In order to account for the larger size of the remaining
properties and potentially connected therewith lower investor
demand a slightly higher cap rate of 13% than the 12.4% for the
disposed pool has been applied.  Moody's estimated gross rental
value for the total portfolio is approximately GBP35 million and
therefore below the last reported annual gross rental income
figures of GBP38 million in December 2008.  Moody's had adjusted
the estimated rental values downwards in its March 2009 rating
action.  Due to the challenging lease expiry profile of the
property portfolio with approx. 45% of leases (by rental income)
expiring before loan maturity in 2011 rental values are expected
to decrease amid rising vacancy rates.

Based on an expected achievable property value of about GBP275
million it seems unlikely that net recovery proceeds after senior
costs will be sufficient to cover the total outstanding GBP299.7
million Class A Note amounts.  The current expected loss for the
Class A Notes ranges between 15%-30% and is based on the
assumption of a bloc sale of the remaining portfolio by the
receivers in the near future.


NORTHERN ROCK: S&P Cuts Subordinated Debt Rating to 'B-'
--------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its
ratings on lower Tier 2 subordinated debt issued by U.K.-
incorporated deposit-taking banks, their holding companies, and
building societies.  In summary, the ratings on lower Tier 2
issues by Northern Rock PLC (A/Watch Neg/A-1) have been lowered by
eight notches and removed from CreditWatch, where they were placed
with negative implications on March 6, 2009.  The ratings on
issues by Lloyds Banking Group PLC (Lloyds; A/Stable/A-1), The
Royal Bank of Scotland Group PLC (RBSG; A/Stable/A-1), and their
core U.K.-incorporated bank subsidiaries (which are rated
A+/Stable/A-1) have been lowered by three notches.  The ratings on
issues by Nationwide Building Society (A+/Negative/A-1) have been
lowered by two notches.  The ratings on the other issues included
in the review have been lowered by one notch.

These rating actions follow the publication of a revised
methodology for rating lower Tier 2 subordinated debt.  For
investment-grade entities, S&P has until now generally rated lower
Tier 2 debt one notch below the long-term counterparty credit
rating on the issuer.  The revised methodology calls for a wider
differential between the long-term counterparty credit rating and
lower Tier 2 issue ratings in jurisdictions where S&P consider
that the regulatory and legal frameworks and the likely behavior
of national authorities might lead to a default on lower Tier 2
instruments without triggering nonpayment on senior debt.

S&P views the U.K. as a jurisdiction in which regulatory intent
and the legal background indicate a higher default risk on lower
Tier 2 issues relative to senior debt.  New legislation came into
effect in February 2009, which gives the U.K. authorities
significantly greater powers in respect of deposit-taking
institutions that have breached, or are considered likely to
breach, minimum regulatory requirements.  These powers include
various measures that could be detrimental to the interests of
bondholders.  S&P's understanding is that the legislation does not
apply to entities incorporated outside the U.K., such as the
foreign parents and/or subsidiaries of U.K.-incorporated deposit-
taking institutions.  The ratings on lower Tier 2 debt issued by
foreign entities associated with U.K.-incorporated deposit-taking
institutions are therefore unaffected by this review.

In S&P's view, the U.K. government has provided significant
support to its domestic banking sector over the past 24 months,
with its primary focus being the interests of depositors and other
senior creditors.  In contrast, subordinated debt has received
implicit support in some instances (for example, since its
nationalization in February 2008, Northern Rock has to date
serviced all its subordinated instruments except for its
preference shares), but not in others.  There have been two cases
to date--Bradford & Bingley PLC (--/--/A-1) and Dunfermline
Building Society (not rated)--in which coupons on lower Tier 2
issues have been suspended to help absorb losses.  In a third
case, holders of lower Tier 2 debt issued by West Bromwich
Building Society (not rated) had, in S&P's opinion, little choice
in agreeing to exchange their bonds at par for a new core Tier 1
instrument because the likely alternative outcome was a suspension
of payments.  These cases indicate to us that there has been a
structural shift in the U.K. in the position of lower Tier 2 debt
relative to senior issues.

In line with the revised methodology for lower Tier 2 debt, S&P
now rate issues by financially healthy U.K.-incorporated deposit-
taking institutions and bank holding companies two notches below
their respective long-term counterparty credit ratings.  S&P widen
this differential to three or more notches if the long-term
counterparty credit rating on the issuer is raised above its
stand-alone credit profile due to potential extraordinary
government support.  The differential between the long-term
counterparty credit rating and lower Tier 2 issue rating is now 10
notches for Northern Rock, four notches for Lloyds, RBSG, and
their core U.K.-incorporated bank subsidiaries, and three notches
for Nationwide.  These rating levels reflect S&P's view of the
relative risk of a restructuring of each issuer's lower Tier 2
debt.

S&P sees the greatest vulnerability in Northern Rock's case due to
its planned legal and capital restructuring.   Its lower Tier 2
issues are intended to be in the entity known as "AssetCo" and
will, in S&P's opinion, be vulnerable to both the performance of
that entity and the government's intentions regarding the
continued servicing of those bonds.  For Lloyds, RBSG, and their
core U.K.-incorporated bank subsidiaries, S&P consider that the
risk of a lower Tier 2 debt restructuring is higher than for U.K.
peers that have not received extraordinary government support, but
S&P does not view it as significant.  This conclusion might change
if Lloyds or RBSG required further material government support,
but this is not considered likely in view of the substantial
capital and asset insurance provided to date.  For Nationwide, S&P
does not see the risk of a lower Tier 2 debt restructuring as
significant due to what is in S&P's opinion its robust capital
position and S&P's view that it is unlikely to require
extraordinary external support.  S&P believes that the U.K.
government would provide support if required, however, and for
this reason the long-term counterparty credit rating on Nationwide
stands one notch above its stand-alone credit profile.  The
application of S&P's revised methodology for lower Tier 2 debt
results in a two-notch downgrade of Nationwide's issues, which are
now rated three notches below its long-term counterparty credit
rating.

The article setting out S&P's rating methodology for lower Tier 2
debt also updates S&P's definition of default.  In the future, if
national authorities support timely servicing of senior debt but
allow nonpayment on nondeferrable subordinated instruments that
qualify as regulatory capital (such as lower Tier 2 bonds), the
ratings on the affected subordinated issues would be lowered to
'D' at the default, but the counterparty credit rating on the
issuer would no longer be lowered automatically to 'SD' (selective
default).

S&P sees Tier 1 and upper Tier 2 instruments as more vulnerable
than lower Tier 2 debt to payment suspension because of the coupon
deferral clauses included in the terms of those instruments at
origination.  S&P has already increased the rating differential
between long-term counterparty credit ratings and the ratings on
Tier 1 and upper Tier 2 issues.

                            Ratings List

                        Abbey National PLC

                                        To         From
                                        --         ----
         Subordinated debt rating       A+         AA-

                     Alliance & Leicester PLC

                                        To         From
                                        --         ----
         Subordinated debt rating       A+         AA-

                       Bank of Scotland PLC

                                        To         From
                                        --         ----
         Subordinated debt rating       BBB        A

                        Barclays Bank PLC

                                        To         From
                                        --         ----
         Subordinated debt rating       A          A+

                        Clydesdale Bank PLC

                                        To         From
                                        --         ----
         Subordinated debt rating       A-         A

                             HBOS PLC

                                        To         From
                                        --         ----
         Subordinated debt rating       BBB-       A-

                          HSBC Bank PLC

                                        To         From
                                        --         ----
         Subordinated debt rating       A+         AA-

                         HSBC Holdings PLC

                                        To         From
                                        --         ----
         Subordinated debt rating       A          A+

                     Lloyds Banking Group PLC

                                        To         From
                                        --         ----
         Subordinated debt rating       BBB*       A*

                       Lloyds TSB Bank PLC

                                        To         From
                                        --         ----
         Subordinated debt rating       BBB        A

                  National Westminster Bank PLC

                                        To         From
                                        --         ----
         Subordinated debt rating       BBB        A

                    Nationwide Building Society

                                        To         From
                                        --         ----
         Subordinated debt rating       BBB+       A

                        Northern Rock PLC

                                        To         From
                                        --         ----
         Subordinated debt rating       B-         BBB+/Watch Neg

              Royal Bank of Scotland Group PLC (The)

                                        To         From
                                        --         ----
         Subordinated debt rating       BBB-       A-

                 Royal Bank of Scotland PLC (The)

                                        To         From
                                        --         ----
         Subordinated debt rating       BBB        A

                     Standard Chartered Bank

                                        To         From
                                        --         ----
         Subordinated debt rating       A-         A

                    Yorkshire Building Society

                                        To         From
                                        --         ----
         Subordinated debt rating       BBB        BBB+

* Lloyds Banking Group PLC has one subordinated debt issue, which
  is guaranteed by Lloyds TSB Bank PLC and is therefore rated in
  line with Lloyds TSB Bank PLC.


ROYAL BANK: ANZ Agrees to Acquire Six Asian Banking Units
---------------------------------------------------------
Malcolm Scott at Bloomberg News reports that Australia & New
Zealand Banking Group Ltd. agreed to buy Royal Bank of Scotland
Group Plc's banking units in six Asian countries.

Bloomberg relates ANZ Bank, Australia's fourth-biggest lender,
said in a statement to the stock exchange on Tuesday that it
will pay US$550 million for the businesses in Singapore, Taiwan,
Indonesia, Hong Kong, the Philippines and Vietnam.

RBS, based in Edinburgh, is selling or shutting operations in two-
thirds of the 54 countries in which it operates after posting the
biggest loss in British corporate history last year.

                            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.


TATA MOTORS: Nears Deal with British Gov't on Jaguar Aid
--------------------------------------------------------
The Economic Times, citing The Observer, reports that Tata Motors
Ltd. is close to signing a financial aid package with the British
government for its UK subsidiary Jaguar Land Rover.

The report relates executives from Tata and Jaguar Land Rover met
officials from Lord Peter Mandelson's business department on
Friday to discuss the agreement.

According to the report, The Observer said the agreement could now
be reached as early as this week.

As reported in the Troubled Company Reporter-Europe on July 22,
2009, The Financial Times said Lord Mandelson, the business
secretary, urged Tata to respond to a revised government funding
offer for Jaguar Land Rover to end standoff in talks over aid for
the two lossmaking luxury car brands.  The FT disclosed Tata is
seeking a government guarantee for a GBP340 million, a three-year
European Investment Bank loan to cut its fleet's emissions, plus
guarantees for private bank loans worth nearly GBP500 million.
Tata has balked at conditions ministers were attaching to aid,
including board representation at Jaguar Land Rover and
operational control, the FT said.  According to the FT,
the government has, however, abandoned most of these.

On July, 28, 2009, the  Troubled Company Reporter-Europe, citing
the FT, reported that Jaguar and Land Rover's core UK operations
posted a combined net loss of GBP673.4 million (US$1.1 billion)
last year, compared with a combined net profit of GBP641.5 million
in 2007.

                         About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange.  It was ultimately 33.4% owned by the Tata Group
as of December 2007.

Tata Motors has operations in Russia and the United Kingdom.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 27, 2009, Standard & Poor's Ratings Services lowered its
corporate credit rating on India-based automaker Tata Motors Ltd.
to 'B+' from 'BB-'.  The rating remains on CreditWatch with
negative implications, where it was placed on Dec. 12, 2008.  At
the same time, S&P lowered its issue rating on the company's
senior unsecured notes to 'B+' from 'BB-' and also kept the rating
on CreditWatch with negative implications.

S&P said the rating action follows material deterioration in Tata
Motors' cash flows and related metrics on a consolidated basis,
derived from an adverse operating environment, which, combined
with significantly high debt levels, will affect its credit
protection measures beyond those consistent with a 'BB' rating
category.

On June 4, 2009, Moody's Investors Service affirmed the B3
corporate family rating of Tata Motors Ltd.  The outlook on the
rating is changed to stable from negative.


WHINSTONE CAPITAL: Granite Fund Draw Won't Affect Fitch's Ratings
-----------------------------------------------------------------
Fitch Ratings has said that the Granite reserve fund draw is
unlikely to immediately impact the ratings on Whinstone Capital
Management Limited's notes.  This transaction is a synthetic
securitisation which references the reserve fund acting as credit
enhancement for the five outstanding capitalist issuances from the
Granite Finance Funding Limited platform of the Granite master
trust programme.  Granite is backed by residential mortgage loans
originated by Northern Rock.

Although Fitch is expecting further Funding reserve fund draws,
the agency foresees that the issuer reserve funds of Granite
Mortgages 04-2 and GRAN 04-3 will continue to gradually increase
which, in combination with the redemption of the outstanding
Funding note balance, mitigates any further negative rating action
at the present time.  Nevertheless, Fitch expects deterioration in
the collateral performance of Granite to diminish excess spread
further.  Moreover, the prepayment rate is decreasing which will
have the effect of slowing the speed at which credit enhancement
accrues for the Whinstone notes.

Earlier this year, BBB+' and 'BB+' Whinstone notes were downgraded
to 'BBB' and 'BB-', while Outlooks were simultaneously revised to
Negative from Positive, in anticipation of a Funding reserve fund
draw following the cash flow analysis performed as part of the UK
prime stress test in January 2009.

The first layer of protection for the Whinstone notes is a
threshold amount equal to the Funding reserve fund, which is
defined as 1% of the aggregate outstanding balance of the notes of
all the Funding issuers.  As a result of the GRAN 03-3 notes
failing to be redeemed on their step-up date in January 2009, the
shared Funding reserve fund and the issuer reserve funds providing
credit enhancement for GRAN 04-2 and GRAN 04-3 were required to be
increased.  These stepped up amounts of GBP22 million, GBP15
million and GBP18 million respectively, provide additional credit
enhancement to the Whinstone notes to the extent that the required
increase is met by the trapping of excess spread.  As at end-June
2009, the Funding reserve fund stood at GBP56 million while the
GRAN 04-2 and GRAN 04-3 reserve funds had stepped up by a total of
GBP18 million.

Despite the Funding reserve fund draw, credit enhancement as
calculated by Fitch, has increased for each class of notes issued
by Whinstone, and is considerably higher than that available to
the notes at closing.  As at end-June 2009, credit enhancement for
the Class C notes was 1.68% versus 0.62% at closing in November
2005.


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *