TCREUR_Public/090813.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 13, 2009, Vol. 10, No. 159

                            Headlines

A U S T R I A

FINE TIME: Creditors Must File Claims by August 18
FORTSCHRITT GRUBESIC: Claims Filing Period Ends August 18
GEA-TROCKENBAU & HANDEL: Claims Filing Deadline is August 18
HALTERMANN + SCHULTE: Creditors Must File Claims by August 19
K.A.N.E. HANDELS: Creditors Have Until August 19 to File Claims

K.G. FASHION: Claims Filing Deadline is August 19
KEIS GMBH: Claims Filing Deadline is August 19
KNEISZ & PODY: Claims Filing Deadline is August 19
KURTA ROHINNENAUSBAU: Claims Filing Deadline is August 19
LOVO LIFESTYLE: Creditors Have Until August 19 to File Claims

MAILS & MORE: Creditors Must File Claims by August 18


B E L G I U M

FORTIS BANK: S&P Downgrades Ratings on EUR3 Bil. Notes to 'BB'


B U L G A R I A

CENTRAL EUROPEAN: Moody's Downgrades Corp. Family Rating to 'B2'


F R A N C E

IXIS CORPORATE: Moody's Lowers Rating on Class D Notes to 'Ca'


G E R M A N Y

DUERR AG: S&P Puts 'B+' Corp. Rating on CreditWatch Negative
HAPAG-LLOYD: Owners May Seek EUR1.2BB Loan Guarantees From Gov't.


I R E L A N D

ACA EURO: Moody's Confirms 'Caa1' Rating on Class E Notes
CHEYNE CLO: Moody's Cuts Ratings on Five Classes of Notes to 'C'
CORSAIR FINANCE: Moody's Junks Ratings on Schuldschein CDO Notes
ELAN CORPORATION: Files Declaratory Suit Against Biogen Idec
ELEMENT SIX: Talks with Unions on Rescue Plan Collapse

KHEOPS CDO: Moody's Cuts Ratings on Three Classes of Notes to 'Ca'


I T A L Y

ARES FINANCE: S&P Lowers Rating on Class F Notes to 'B'
BANCA MONTE: Moody's Assigns 'D+' Bank Financial Strength Rating
CARROZZERIA BERTONE: Fiat to Make Chrysler Cars in Italian Plants
FIAT SPA: To Make Chrysler Cars at Bertone Plants


K A Z A K H S T A N

ADAL PLUS: Creditors Must File Claims by August 21
ASIA SERVICE: Creditors Must File Claims by August 21
ELECTRO SCHET: Creditors Must File Claims by August 21
KAZ COM: Creditors Must File Claims by August 21
L TRADE: Creditors Must File Claims by August 21

RASSVET XXI: Creditors Must File Claims by August 21
STAL IMPEX-S: Creditors Must File Claims by August 21
STAL MUNAI: Creditors Must File Claims by August 21
TALDYKORGANSKOYE URIDICHESKOYE: Claims Filing Deadline is Aug. 21

VOSTOK ENERGO: Creditors Must File Claims by August 21


K Y R G Y Z S T A N

KANNA TRADE: Court Names A. Abyshov as Insolvency Manager


N E T H E R L A N D S

HALCYON STRUCTURED: Moody's Cuts Rating on Class E Notes to 'Ca'


R U S S I A

BABAEVSKAYA KHIM: Creditors Must File Claims by August 17
CONSTRUCTION EMPIRE: Bankruptcy Hearing Set August 17
CONSTRUCTIOON INVESTMENT: Creditors Must File Claims by August 17
LEXGARANT INSURANCE: S&P Puts 'B' Rating on CreditWatch Negative
MDM BANK: Eyes 25% Loan Boost Following Ursa Merger

MOBILE TELESYSTEMS: 2Q09 Net Income Down 15% to US$563 Million
NOVOLIPETSK OJSC: Fitch Affirms Long-Term IDR at 'BB+'
STAROMAYNSKIY MACHINERY: Creditors Must File Claims by August 17
STROY-INDUSTRIYA: Creditors Must File Claims by August 17
SUOYARVSKAYA CARDBOARD: Creditors Must File Claims by August 17

TMK OAO: In Refinacing Talks; Secures Financing for US$300MM Bond
TOP-KOM-STROY: Creditors Must File Claims by August 17
VERKHNESINYACHIKHINSKIY: Claims Filing Period Ends August 17


S P A I N

* SPAIN: 980 Travel Agencies Shut Down Due to Financial Crisis


S W E D E N

FORD MOTOR: Likely to Close Volvo Sale This Year, Sweden Says
GENERAL MOTORS: Saab May Get Loan Guarantees Exceeding US$600 Mln


S W I T Z E R L A N D

ALPHASTREAM ASSET: Claims Filing Deadline is August 17
AURIUS GMBH: Creditors Must File Claims by August 31
AZA GASTRONOMIE: Claims Filing Deadline is August 17
CHEMIN OUEST: Claims Filing Deadline is August 17
CMBB IMMO: Creditors Must File Claims by August 17

FEURER + MOOSER: Creditors Have Until August 17 to File Claims
GIVE HEAVY: Claims Filing Deadline is August 31
HIRSCHI-BAUMANN-IMMOBILIEN: Claims Filing Deadline is August 17
IMPERIAL ENERGY: Creditors Must File Claims by August 17
MENTAL.CH GMBH: Claims Filing Deadline is August 17

ZUBLER BAUMANAGEMENT: Claims Filing Deadline is August 17


U K R A I N E

BRUSILOV AGRICULTURAL: Creditors Must File Claims by August 15
RUSANOV AGRO-INDUSTRIAL: Creditors Must File Claims by August 15
TERRA-1 LLC: Creditors Must File Claims by August 15
VASILYEVKA CAR: Creditors Must File Claims by August 15


U N I T E D   K I N G D O M

BAA LTD: Airport Traffic Down 2.4% in July 2009
BRITISH AIRWAYS: Accuses Virgin of Double Standards Over Tie-Ups
EPIC PLC: S&P Downgrades Ratings on Six Classes of Notes to 'CCC-'
EUROSAIL 2006: S&P Affirms 'CCC-' Ratings on 5 Classes of Notes
GESB PLC: Moody's Updates Investors on Rating Actions on Bonds

ITV PLC: Simon Fox Drops Out of Chief Executive Race
ROYAL BANK: MCB Bank to Acquire Pakistan Unit for US$87 Million
WEST BROMWICH: Fitch Affirms 'C' Rating on Tier 2 Debt Securities

* Upcoming Meetings, Conferences and Seminars


                         *********


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


FINE TIME: Creditors Must File Claims by August 18
--------------------------------------------------
Creditors of Fine Time GmbH have until August 18, 2009, to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for September 1, 2009 at 9:45 a.m.

For further information, contact the company's administrator:

         Mag. Andrea Eisner
         Weyrgasse 8/7
         1030 Wien
         Austria
         Tel: 712 04 77
         Fax: 712 04 77/12
         E-mail: office@ra-eisner.at


FORTSCHRITT GRUBESIC: Claims Filing Period Ends August 18
---------------------------------------------------------
Creditors of FORTSCHRITT Grubesic Handel GmbH have until August
18, 2009 to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for September 1, 2009 at 9:15 a.m.

For further information, contact the company's administrator:

         Dr. Gerhard Radlinger
         Backerstrasse 1/3/13
         1010 Wien
         Austria
         Tel: 513 23 44
         Fax: 513 23 44 15
         E-mail: wien@kosch-partner.at


GEA-TROCKENBAU & HANDEL: Claims Filing Deadline is August 18
------------------------------------------------------------
Creditors of GEA-Trockenbau & Handel GmbH have until
August 18, 2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for September 1, 2009 at 9:00 a.m.

For further information, contact the company's administrator:

         Mag. Dr. Arno Maschke
         Mariahilfer Strasse 50
         1070 Wien
         Austria
         Tel: 523 62 00
         Fax: 526 72 74
         E-mail: office@sup.at


HALTERMANN + SCHULTE: Creditors Must File Claims by August 19
-------------------------------------------------------------
Creditors of Haltermann + Schulte aktimex GmbH have until
August 19, 2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for September 2, 2009 at 9:30 a.m.

For further information, contact the company's administrator:

         Mag. Georg Rupprecht
         Hauptplatz 9-13
         2500 Baden
         Austria
         Tel: 02252/20 98 99
         Fax: 02252/20 98 99 99
         E-mail: georg.rupprecht@bpv-huegle.com


K.A.N.E. HANDELS: Creditors Have Until August 19 to File Claims
---------------------------------------------------------------
Creditors of K.A.N.E. Handels GmbH have until August 19, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for September 2, 2009 at 10:15 a.m.

For further information, contact the company's administrator:

         Dr. Eva Wexberg
         Gusshausstrasse 23
         1040 Wien
         Austria
         Tel: 505 88 31
         Fax: 505 94 64
         E-mail: kanzlei@kainz-wexberg.at


K.G. FASHION: Claims Filing Deadline is August 19
-------------------------------------------------
Creditors of K.G. Fashion GmbH have until August 19, 2009, to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for September 2, 2009 at 10:45 a.m.

For further information, contact the company's administrator:

         Mag. Wolfgang Winkler
         Reisnerstrasse 32/12
         1030 Wien
         Austria
         Tel: 7155045
         Fax: 715 50 474
         E-mail: office@anwalt-vienna.at


KEIS GMBH: Claims Filing Deadline is August 19
----------------------------------------------
Creditors of KEIS GmbH have until August 19, 2009, to file their
proofs of claim.

A court hearing for examination of the claims has been scheduled
for September 2, 2009 at 9:45 a.m.

For further information, contact the company's administrator:

         Mag. Susanne Poeltenstein-Rosenegger
         Schulerstrasse 18
         1010 Wien
         Austria
         Tel: 512 40 13
         Fax: 512 40 13-22
         E-mail: poeltenstein@anwaltsteam.at


KNEISZ & PODY: Claims Filing Deadline is August 19
--------------------------------------------------
Creditors of Kneisz & Pody GmbH have until August 19, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for September 2, 2009 at 10:00 a.m.

For further information, contact the company's administrator:

         Mag.Dr. Ilse Korenjak
         Gusshausstrasse 6
         1040 Wien
         Austria
         Tel: 512 21 02
         Fax: 512 21 02-20
         E-mail: office@buresch-korenjak.at


KURTA ROHINNENAUSBAU: Claims Filing Deadline is August 19
---------------------------------------------------------
Creditors of KURTA Rohinnenausbau GmbH have until August 19, 2009,
to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for September 2, 2009 at 9:30 a.m.

For further information, contact the company's administrator:

         Dr. Annemarie Kosesnik-Wehrle
         Oelzeltgasse 4/6
         1030 Wien
         Austria
         Tel: 713 61 92
         Fax: 713 61 92-22
         E-mail: kanzlei@kosesnik-langer.at


LOVO LIFESTYLE: Creditors Have Until August 19 to File Claims
-------------------------------------------------------------
Creditors of LOVO Lifestyle Service GmbH have until August 19,
2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for September 2, 2009 at 10:30 a.m.

For further information, contact the company's administrator:

         Dr. Georg Freimueller
         Alser Strasse 21
         1080 Wien
         Austria
         Tel: 406 05 51-Serie
         Fax: 406 96 01
         E-mail: kanzlei@jus.at


MAILS & MORE: Creditors Must File Claims by August 18
-----------------------------------------------------
Creditors of Mails & More Marketingservice GmbH have until
August 18, 2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for September 8, 2009, at 10:30 a.m. at:

         Land Court of St. Poelten
         Room 216
         Second Floor
         St. Poelten
         Austria

For further information, contact the company's administrator:

         Mag. Franz Mueller
         Georg-Ruck-Strasse 9
         3470 Kirchberg/Wagram
         Austria
         Tel: 02279/2227
         Fax: 02279/2227-9
         E-mail: office@derguterat.at


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


FORTIS BANK: S&P Downgrades Ratings on EUR3 Bil. Notes to 'BB'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its issue rating on the
EUR3 billion junior subordinated hybrid instruments (CASHES)
issued by Fortis Bank SA/NV to 'BB' from 'BBB' and reinstated the
CreditWatch status with developing implications.  This corrects an
administrative error through which the rating on these securities
was inadvertently raised and removed from CreditWatch on Aug. 3,
2009.

                           Ratings List

                        Fortis Bank SA/NV

             EUR3 bil. Floating Rate Convertible and
              Subordinated Hybrid Equity-Linked Secs

(CASHES) Perp Hybrid Due 12/19/2049       BB/Watch Dev       BBB

               Obligors: Fortis N.V., Fortis SA/NV.


===============
B U L G A R I A
===============


CENTRAL EUROPEAN: Moody's Downgrades Corp. Family Rating to 'B2'
----------------------------------------------------------------
Moody's Investors Service has downgraded to B2 from Ba3 the
Corporate Family Rating of Central European Media Enterprises Ltd.
At the same time, Moody's downgraded to B2 from Ba3 the ratings of
the company's EUR150 million senior notes due 2014 and
EUR245 million senior notes due 2012.  The outlook for all the
ratings remains negative.

The downgrade reflects Moody's view that the magnitude of the
downturn in each of the company's TV advertising markets, together
with the depreciation of local currencies against the US dollar
(the presentation currency) and ongoing investments in its new
ventures (i.e. businesses in Ukraine and Bulgaria, which are not
expected to reach the EBITDA break-even level before 2012) has
been significantly undermining the company's cash generation
capacity and credit metrics while constraining its ability to
incur debt, such that its financial risk profile is no longer
commensurate with a Ba3 rating.

Based on its preliminary analysis and current visibility, Moody's
anticipates that the company's leverage as measured by Net
Debt/EBITDA (as adjusted by Moody's) is likely to be around 9.0x
at the end of 2009, and above Moody's earlier expectations.
Furthermore, visibility is limited regarding the extent and
duration of macroeconomic deterioration in East European
countries, which increases Moody's concerns about the positioning
of the company's ratings over the next 12 to 18 months.

More positively, Moody's notes that the B2 rating takes into
account: (i) CME's leading positions in the TV broadcasting market
in most of the seven Central and Eastern European countries where
it operates; (ii) its increased advertising market shares; and
(iii) its adequate liquidity profile over the next 12 months to
June 2010, thanks to recent equity transactions including the
equity investment of USD241 million by Time Warner and the agreed
investment of USD100 million by Igor Kolomoisky, a shareholder of
the company.

However, Moody's cautions that downward pressure could be exerted
on CME's ratings if: (i) CME's liquidity profile does not improve
while navigating through a deepening recession; (ii) the
macroeconomic backdrop in its markets, the depreciation of local
currencies against the US dollar and the company's operating
performance deteriorate more severely than currently anticipated
by Moody's, resulting in leverage on a Net Debt/EBITDA basis (as
adjusted by Moody's) exceeding 9.0x for a prolonged period of
time; and (iii) the company cannot maintain its strong market
positions in its core markets.  However, a market recovery
combined with a solid liquidity profile and a restoration of
credit metrics on a sustainable basis could lead to upgrade
pressure over time.

Moody's notes that, although the rating of the notes currently
remains at the same level as the CFR, the increasing amount of
borrowings at the operating company level ranking structurally or
effectively ahead of the notes may ultimately result in the bond
ratings being positioned one notch below the CFR.

The last rating action on CME was implemented on March 2, 2009,
when Moody's downgraded the ratings to Ba3 from Ba2.

CME, a Bermuda-based company, is a TV broadcasting company with
networks in seven Central and Eastern European countries.
Launched in 1994, CME and its partners now operate 19 channels,
including TV Nova, Nova Cinema and Nova Sport in the Czech
Republic; PRO TV, PRO Cinema, Pro International, Sport.ro, MTV and
Acasa in Romania; Nova TV in Croatia; TV Markiza and Nova Sport in
the Slovak Republic; POP TV and Kanal A in Slovenia; Studio 1+1,
Studio 1+1 International and Kino in Ukraine; and the recently
acquired TV2 and Ring TV in Bulgaria.  For the year ending 31
December 2008, CME generated net revenues of USD1,020 million and
segment EBITDA of USD346 million.


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


IXIS CORPORATE: Moody's Lowers Rating on Class D Notes to 'Ca'
--------------------------------------------------------------
Moody's Investors Service has downgraded its ratings of six
classes of notes issued by IXIS Corporate and Investment Bank in
the context of the Belem CDO transaction.

The transaction is a managed synthetic CDO referencing a corporate
portfolio.  The rating actions are a response to credit
deterioration in the underlying portfolio which includes Ambac
Assurance Corporation which was recently downgraded multiple
notches.  The current loss in the portfolio is 0.89% and the
lowest subordination is 1.20% of Series 1804.

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

  -- Moody's Approach to Rating Corporate Collateralized Synthetic
     Obligations (April 2009)

The rating actions are:

IXIS Corporate and Investment Bank:

(1) Series 1799 - Tranche 1 Class A1 EUR132,000,000 Floating Rate
    Credit-Linked Note

    -- Current Rating: B2
    -- Prior Rating: Ba1
    -- Prior Rating Date: 10 March 2009, downgraded to Ba1 from A1

(2) Series 1800 - Tranche 1 Class A2 $20,200,000 Floating Rate
    Credit-Linked Note

    -- Current Rating: B2
    -- Prior Rating: Ba1
    -- Prior Rating Date: 10 March 2009, downgraded to Ba1 from A1

(3) Series 1801 - Tranche 1 Class A3 EUR10,000,000 Floating Rate
    Credit-Linked Note

    -- Current Rating: B2
    -- Prior Rating: Ba1
    -- Prior Rating Date: 10 March 2009, downgraded to Ba1 from A1

(4) Series 1802 - Tranche 1 Class B EUR100,000,000 Floating Rate
    Credit-Linked Note

    -- Current Rating: Caa2
    -- Prior Rating: B1
    -- Prior Rating Date: 10 March 2009, downgraded to B1 from
       Baa1

(5) 1803 - Tranche 1 Class C EUR30,000,000 Floating Rate Credit-
    Linked Note

    -- Current Rating: Caa3
    -- Prior Rating: Caa1
    -- Prior Rating Date: 10 March 2009, downgraded to Caa1 from
       Ba1

(6) Series 1804 - Tranche 1 Class D EUR20,000,000 Floating Rate
    Credit-Linked Note

    -- Current Rating: Ca
    -- Prior Rating: Caa2
    -- Prior Rating Date: 10 March 2009, downgraded to Caa2 from
       B1


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


DUERR AG: S&P Puts 'B+' Corp. Rating on CreditWatch Negative
------------------------------------------------------------
Standard & Poor's Ratings Services said it placed its 'B+' long-
term corporate credit rating and the 'B-' senior subordinated
notes issue rating on Germany-based paint and assembly systems
manufacturer Duerr AG on CreditWatch with negative implications.
S&P's '6' recovery rating on Duerr's senior secured debt remains
unchanged, indicating S&P's expectation of negligible (0%-10%)
recovery for lenders in the event of a payment default.

"The CreditWatch placement reflects S&P's concern that Duerr's
headroom under the financial covenants of its revolving credit
facility is tightening and it may have difficulty complying with
them," said Standard & Poor's credit analyst Varvara Nikanorava.
"Furthermore, the operating trends in the automotive industry,
where the company generates a large portion of its earnings, will
remain challenging in the near to medium term, in S&P's view."

During the first half of 2009, the company's operating performance
deteriorated as global automakers continued to postpone and
downsize both renovation and expansionary investment projects.

In the first six months of 2009, the company reported a 24% drop
in sales, 42% drop in incoming orders, and a 28% drop in order
book year on year.  Still, Duerr's order book at the end of the
second quarter 2009 had improved 3% on the first quarter.

Although Duerr has announced initiatives to align costs with lower
demand, operating margins are unlikely to remain at the 2008 level
of 4.5%.

Despite strict working capital management and targeted capital
expenditure (capex) at levels corresponding to maintenance capex
of EUR15 million-EUR20 million, Duerr is expected to post a
negative FOCF for the full year 2009.

As of June 30, 2009, the company had adjusted debt of about
EUR316.3 million, translating into a last-12-months fully adjusted
debt-to-EBITDA ratio of about 4x and a funds from operations-to-
debt ratio of 5.2%.  Expected negative FOCF generation will lead
to an increase in indebtedness, which increases the risk that the
ratios will not recover to the level S&P consider commensurate
with the current rating.

Duerr could be downgraded in the next three months should it fail
to manage its covenants situation proactively.

"In resolving the CreditWatch listing, S&P will assess the
company's ability to secure adequate headroom under covenants as
well as reassess its future operating trends in light of S&P's
expectations regarding near- and medium-term demand prospects,"
said Ms. Nikanorava.


HAPAG-LLOYD: Owners May Seek EUR1.2BB Loan Guarantees From Gov't.
----------------------------------------------------------------
Holger Elfes at Bloomberg News, citing Financial Times
Deutschland, reports that Hapag-Lloyd AG's owners may try to
secure EUR1.2 billion in loan guarantees from the German
government, more than the original EUR1 billion sought.

Citing the Federal economy ministry, Bloomberg discloses Hapag-
Lloyd's owners need to draw up a business plan for the company’s
future financing before filing for loan guarantees.

                       Restructuring Plan

Bloomberg relates Hapag-Lloyd's supervisory board said Tuesday it
supports a restructuring plan for the company, proposed by
strategy consultant Roland Berger & Partners GmbH.  According to
Bloomberg, the interested parties are in "advanced and
constructive discussions" on the plan, which includes a financing
proposal.

                             Talks

Robert Wright at The Financial Times reports shareholders in
Hapag-Lloyd have held discussions on how the German container
shipping line could secure the remainder of a EUR1.75 billion
(US$2.47 billion) rescue package it seeking to survive the
sector’s worst-ever downturn.  The FT says shareholder discussions
revolved around who would provide the EUR420 million in new equity
that the container line believes it needs, and what form that
money would take.  Hapag-Lloyd has already secured an initial
EUR330 million through an emergency package agreed by shareholders
on July 28, the FT notes.

Hapag-Lloyd is 43% owned by Tui, the German tourism group, which
sold control of the line in March in a transaction that valued the
line at EUR4.45 billion.  The remaining 57% is owned by the Albert
Ballin consortium.

The FT relates under the July rescue deal, shareholders paid
EUR315 million cash for Hapag-Lloyd's 25.1% stake in Hamburg's
automated Altenwerder Container Terminal.  HSH Nordbank, a member
of the Albert Ballin consortium, provided a EUR15 million loan,
the FT discloses.  Tui had to provide EUR215 million of the EUR315
million cash, however, after just two consortium members --
Hamburg's state government and Signal Iduna insurance -- agreed to
participate, the FT recounts.

Citing a person familiar with the position, the FT says Tui will
now be pressing the consortium to provide nearly all the cash to
be provided under the latest stage of the rescue.  Tui, the FT
states, wishes to provide nearly all its share of the EUR420
million -– around EUR180 million -– through conversion of some of
its EUR1.4 billion loans to Hapag-Lloyd into equity.  According to
the FT, Tui is expected to argue that such a conversion would be
helpful because it would help Hapag-Lloyd avoid breaching banking
covenants that set out maximum ratios between debt and equity.

Hapag-Lloyd AG -- http://www.hapag-lloyd.com/-- is the
transportation arm of German tourism giant TUI.  Subsidiary Hapag-
Lloyd Container Line, which accounts for most of Hapag-Lloyd's
sales, operates a fleet of about 135 containerships.  Overall,
Hapag-Lloyd Container Line's vessels have a capacity of more than
490,000 twenty-foot equivalent units (TEU).  The unit's routes
link Europe, Asia, the Americas, and Africa.  In addition to
freight transportation, Hapag-Lloyd offers luxury ocean and river
cruises under its Hapag-Lloyd Cruises brand.  TUI sold Hapag-
Lloyd's container operations to a German investment group in March
2009.


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


ACA EURO: Moody's Confirms 'Caa1' Rating on Class E Notes
---------------------------------------------------------
Moody's Investors Service has downgraded two classes of notes and
confirmed its ratings of three classes of notes issued by ACA Euro
CLO 2007-1 P.L.C.  Given that ACA is a relatively well-performing
CLO, the senior-most tranches remain Aaa.

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

According to Moody's, the rating actions taken on the notes are a
result of credit deterioration of the underlying portfolio.  This
is observed in, among other measures as per Trustee Report dated
11 July 2009, a decline in the average credit rating as measured
through the weighted average rating factor (currently 2522), an
increase in the amount of defaulted securities (currently 6.0% of
the performing portfolio), an increase in the proportion of
securities from issuers rated Caa1 and below (currently 3.4% of
the portfolio), and a failure of Class D and Class E Par Value
tests.  Moody's also performed a sensitivity analysis, including
amongst others, a further decline in portfolio WARF quality.

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

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

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

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

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

The rating actions are:

ACA Euro CLO 2007-1 P.L.C.:

(1) EUR26,400,000 Class A-2 Senior Secured Floating Rate Notes
    due 2024

    -- Current Rating: Aa1

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

    -- Prior Rating Date: 4 March 2009, Aaa placed on review for
     possible downgrade

(2) EUR32,000,000 Class B Secured Deferrable Floating Rate Notes
    due 2024

    -- Current Rating: A2

    -- Prior Rating: Aa2, on review for possible downgrade

    -- Prior Rating Date: 4 March 2009, Aa2 placed on review for
       possible downgrade

(3) EUR25,600,000 Class C Secured Deferrable Floating Rate Notes
    due 2024

    -- Current Rating: Baa3, confirmed

    -- Prior Rating: Baa3, on review for possible downgrade

    -- Prior Rating Date: 17 March 2009, Baa3 placed on review for
       possible downgrade

(4) EUR24,000,000 Class D Secured Deferrable Floating Rate Notes
    due 2024

    -- Current Rating: B1, confirmed

    -- Prior Rating: B1, on review for possible downgrade

    -- Prior Rating Date: 17 March 2009, B1 placed on review for
       possible downgrade

(5) EUR13,600,000 Class E Secured Deferrable Floating Rate Notes
    due 2024

    -- Current Rating: Caa1, confirmed

    -- Prior Rating: Caa1, on review for possible downgrade

    -- Prior Rating Date: 17 March 2009, Caa1 placed on review for
       possible downgrade


CHEYNE CLO: Moody's Cuts Ratings on Five Classes of Notes to 'C'
----------------------------------------------------------------
Moody's Investors Service has downgraded its ratings of six
classes of notes issued by Cheyne CLO Investments I Ltd.

The transaction is a partially-funded managed structured finance
CDO backed by Collateralised Loan Obligations.  The issuer was
able to either buy cash obligations or enter into Total Return
Swap (TRS) transactions referencing mezzanine CLO tranches.  Under
the TRS contract, each of the swap counterparty and the issuer has
the right to terminate the TRS transaction upon an occurrence of
an event of default under the notes.

The rating actions are a response to the termination of TRS
transactions by the swap counterparty (Credit Suisse) following
the occurrence on March 31, 2009, as reported by the Trustee, of
an event of default caused by a failure of the Controlling Class
of Notes Par Value Ratio to be greater than or equal to 100%.  TRS
transactions were terminated with substantial termination amounts
payable by the issuer.  The termination payment was funded by the
Supersenior Financial Guarantee which will be reimbursed from the
assets currently available under the transaction, however the
total amount of current portfolio is less than the amount paid by
the Guarantee to Credit Suisse.  The rating downgrades reflect the
increased expected loss associated with each tranche due to the
termination of TRS transactions.

Moody's continues to monitor this transaction using primarily the
methodology and its supplements for ABS CDOs as described in
Moody's Special Reports below:

  -- Moody's Approach to Rating SF CDOs, March 2009

The rating actions are:

Cheyne CLO Investments I Ltd:

(1) US$165,000,000 Supersenior Financial Guarantee due 2018

  -- Current Rating: Ca

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

  -- Prior Rating Date: 9 June 2009, A2 placed under review for
     possible downgrade

(2) US$43,000,000 Class A Senior Floating Rate Notes due 2018

  -- Current Rating: C

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

  -- Prior Rating Date: 9 June 2009, Ba1 placed under review for
     possible downgrade

(3) US$42,000,000 Class B Deferrable Floating Rate Notes due
20182018

  -- Current Rating: C

  -- Prior Rating: B1, on review for possible downgrade

  -- Prior Rating Date: 9 June 2009, B1 placed under review for
     possible downgrade

(4) US$17,500,000 Class C Deferrable Floating Rate Notes due 2018

  -- Current Rating: C

  -- Prior Rating: B3, on review for possible downgrade

  -- Prior Rating Date: 9 June 2009, B3 placed under review for
     possible downgrade

(5) US$19,500,000 Class D Deferrable Floating Rate Notes due 2018

  -- Current Rating: C

  -- Prior Rating: Caa1, on review for possible downgrade

  -- Prior Rating Date: 9 June 2009, Caa1 placed under review for
     possible downgrade

(6) US$5,500,000 Class E Deferrable Floating Rate Notes due 2018

  -- Current Rating: C

  -- Prior Rating: Caa3, on review for possible downgrade

  -- Prior Rating Date: 9 June 2009, Caa3 placed under review for
     possible downgrade


CORSAIR FINANCE: Moody's Junks Ratings on Schuldschein CDO Notes
----------------------------------------------------------------
Moody's Investors Service has downgraded its rating of one class
of CDO notes issued by Corsair Finance (Ireland) N° 10 Limited.

The transaction is a synthetic CDO^2 referencing a pool of bespoke
corporate CDO tranches, ABS and corporate entities.  The rating
action is a response to deterioration in the credit quality of the
transaction's corporate reference portfolio.  According to
Moody's, for several financial names in the reference portfolio,
the forward looking ratings are currently worse than at the time
of the May review.  These include, but are not limited to,
multiple notch downgrade of CIT group and monoline insurance
companies, MBIA and Ambac Assurance.

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

    -- Moody's Approach To Rating Corporate Collateralized
       Synthetic Obligations (April 2009)

The rating actions are:

Corsair Finance (Ireland) N° 10 Limited

(1) EUR37.00M Schuldschein Fixed Rate Portfolio Credit Linked Loan

    -- Current Rating: Caa2
    -- Prior Rating: B3
    -- Prior Rating Date: 28 May 2009, downgraded to B3 from B1


ELAN CORPORATION: Files Declaratory Suit Against Biogen Idec
------------------------------------------------------------
Elan Corporation, plc on Aug. 6 filed suit against Biogen Idec
Inc. in Federal Court in New York seeking declaratory and
injunctive relief that certain aspects of Elan's recently
announced transaction with affiliates of Johnson & Johnson comply
with Elan's Collaboration Agreement with Biogen Idec for the
development and marketing of Tysabri.

In a letter to Elan dated July 28, 2009, Biogen Idec alleged that
Elan was in material breach of the Collaboration Agreement.
Biogen Idec's assertion against Elan relates to Elan's ability to
obtain financing from an affiliate of Johnson & Johnson to
potentially purchase Biogen Idec's Tysabri rights, if Biogen Idec
undergoes a change of control.  Biogen Idec made this assertion
even though it was not in possession of the relevant agreement
related to the Transaction at the time, which Elan has offered to
share with Biogen Idec.  Elan strongly believes that it is in
compliance in all respects with the Collaboration Agreement.

Elan is committed to aggressively and proactively protecting its
science, property and assets.

Elan noted in a statement, "There's nothing in the pending
Transaction that is contrary to our collaboration agreement with
Biogen Idec for Tysabri, an important therapeutic discovered and
primarily developed by Elan.  Elan's collaboration with Biogen
Idec has been in place since 2000.  During that time, Elan and
Biogen Idec have obtained regulatory approval for Tysabri in the
United States, the European Union and other countries and have
made the significant benefits of Tysabri available to a growing
number of patients throughout these countries.  Nothing about that
relationship has changed.  This is the same agreement we have been
operating under for the last nine years.  It is unfortunate that,
because of Biogen Idec’s actions, Elan was left with no
alternative but to seek court intervention to protect its
interest."

In seeking declaratory relief, Elan has requested that the Court
conduct expedited proceedings given the sixty (60) day cure period
following which Biogen may seek to terminate the Elan-Biogen
Collaboration Agreement.  Elan continues its previously stated
commitment to closing the transaction with Johnson & Johnson as
soon as possible.

Elan also requested that the Court enter judgment against Biogen
Idec permanently enjoining Biogen Idec from terminating the
Collaboration Agreement based on their July 28, 2009 Letter.

                 About Elan Corporation, plc

Headquartered in Dublin, Ireland, Elan Corporation, plc --
http://www.elan.com/-- is a neuroscience-based biotechnology
company.  Its principal research and development, manufacturing
and marketing facilities are located in Ireland and the United
States.  Elan's operations are organized into two business units:
Biopharmaceuticals and Elan Drug Technologies.  Biopharmaceuticals
engages in research, development and commercial activities
primarily in neuroscience, autoimmune and severe chronic pain.
EDT focuses on the specialty pharmaceutical industry, including
specialized drug delivery and manufacturing.

Elan shares trade on the New York, London and Dublin Stock
Exchanges. The gross assets attributable to the AIP Program in the
audited consolidated accounts of Elan as at December 31, 2008 were
US$63.1 million.  Costs (losses) associated with the AIP Program
in respect of the year ended December 31, 2008 were approximately
US$113 million.

                           *    *    *

As reported in the Troubled Company Reporter on July 6, 2009,
Moody's Investors Service placed the ratings of Elan Corporation
plc under review for possible upgrade.  Ratings placed under
review for possible upgrade include Elan's B3 Corporate Family
Rating, the B2 Probability of Default Rating, and the B3 rating on
Elan's senior unsecured bonds.

The Troubled Company Reporter-Europe reported on July 8, 2009,
that Standard & Poor's Ratings Services said that its ratings and
outlook on Elan Corp. PLC (B/Stable/--) remain unchanged,
following the recent announcement that Johnson & Johnson, through
a newly formed company, will acquire Elan's Alzheimer's
Immunotherapy Program.


ELEMENT SIX: Talks with Unions on Rescue Plan Collapse
------------------------------------------------------
Gordon Deegan at The Irish Times reports that talks between
diamond manufacturer Element Six in Shannon and unions
representing its employees ended yesterday without any agreement
on the company's survival plan.

According to the report, in the rescue plan, 163 of the original
370 jobs earmarked for redundancy are to be saved, with 207
workers facing compulsory redundancy.

No further talks are planned, the report says.

The report discloses workers at the troubled diamond manufacturer
will today return protective notice letters issued to them by the
company yesterday.  Siptu and Technical Engineering and Electrical
Union members at the plant are also to start balloting on
industrial action today, the report states.

The report notes the sticking point remains the redundancy deal on
offer, which is a fraction of what was on offer six months ago.
"There was no budging today from management on the terms of the
redundancy package, and we have no mandate to negotiate on a
rescue plan without an improved redundancy deal first," the report
quoted Siptu shop steward, Murdoch Gleeson, as saying.

Element Six, or e6, -- http://www.e6.com-- is among the leading
global suppliers of synthetic and natural industrial-grade
diamonds and other industrial abrasives.  Its abrasives are used
for cutting, grinding, drilling, and polishing metal, concrete,
glass, plastics, and other materials.  The company, which had been
called De Beers Industrial Diamonds until 2002, comprises
companies both independent of and partly owned by diamond giant De
Beers.  In 2007 Element Six acquired Barat Carbide Holding GmbH
from Equita, a Germany-based private equity investor.  The company
has production sites in China, South Africa, Sweden, The
Netherlands, Ukraine, Germany, Ireland and the UK with a global
sales organization, research, technical support and service
network.


KHEOPS CDO: Moody's Cuts Ratings on Three Classes of Notes to 'Ca'
------------------------------------------------------------------
Moody's Investors Service has downgraded its ratings of seven
classes of notes issued by Kheops CDO I (Ireland) Plc.

The transaction is a managed corporate synthetic CDO.  All the
classes of notes synthetically are referencing the same portfolio
however Series 1, 2, 3 mature in 2010, Series 4,5,6 mature in 2012
and Series 7 matures in 2015.  The rating actions are a response
to credit deterioration in the underlying portfolio which includes
entities such as CIT, Ambac Financial group and Cemex which were
downgraded several notches.

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

  -- Moody's Approach to Rating Corporate Collateralized Synthetic
     Obligations (April 2009)

The rating actions are:

Kheops CDO I (Ireland) Plc:

(1) EUR30,000,000 Series 1 Class A-1E5 Floating Rate Secured
    Portfolio Credit-Linked Notes due 2010

  -- Current Rating: Caa1
  -- Prior Rating: Baa3
  -- Prior Rating Date: 25 March 2009, downgraded to Baa3 from Aa3

(2) EUR5,000,000 Series 2 Class B-2E5 Fixed Rate Secured
    Portfolio Credit-Linked Notes due 2010

  -- Current Rating: Caa3
  -- Prior Rating: Ba3
  -- Prior Rating Date: 25 March 2009, downgraded to Ba3 from A3

(3) EUR1,500,000 Series 3 Class C-1E5 Floating Rate Secured
    Portfolio Credit-Linked Notes due 2010

  -- Current Rating: Ca
  -- Prior Rating: B3
  -- Prior Rating Date: 25 March 2009, downgraded to B3 from Baa3

(4) EUR15,000,000 Series 4 Class A-1E7 Floating Rate Secured
    Portfolio Credit-Linked Notes due 2012

  -- Current Rating: B2
  -- Prior Rating: Baa3
  -- Prior Rating Date: 25 March 2009, downgraded to Baa3 from Aa2

(5) EUR2,000,000 Series 5 Class B-1E7 Floating Rate Secured
    Portfolio Credit-Linked Notes due 2012

  -- Current Rating: Caa3
  -- Prior Rating: Ba3
  -- Prior Rating Date: 25 March 2009, downgraded to Ba3 from A2

(6) EUR5,000,000 Series 6 Class C-1E7 Floating Rate Secured
    Portfolio Credit-Linked Notes due 2012

  -- Current Rating: Ca
  -- Prior Rating: B3
  -- Prior Rating Date: 25 March 2009, downgraded to B3 from Baa2

(7) EUR 50,000,000 Series 7 Class C-2E10 Fixed Rate Secured
Portfolio Credit-Linked Notes due 2015

  -- Current Rating: Ca
  -- Prior Rating: Caa2
  -- Prior Rating Date: 25 March 2009, downgraded to Caa2 from Ba2


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


ARES FINANCE: S&P Lowers Rating on Class F Notes to 'B'
-------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its ratings on class F issued by ARES FINANCE
S.r.l. and classes D and E issued by ARES FINANCE 2 S.A.  At the
same time S&P removed from CreditWatch negative and affirmed class
E issued by ARES FINANCE S.r.l.  S&P placed these notes on
CreditWatch negative on June 26.

The rating actions reflect S&P's assessment of short-term recovery
prospects for the underlying assets.  The final legal maturity
dates for ARES FINANCE and ARES FINANCE 2 are March 2011 and July
2011, respectively.

S&P's review of these transactions considered:

* The expected timing of distributions of proceeds (following the
  forced sale of the assets or agreed out-of-court arrangements);

* Short-term recovery prospects for the outstanding assets in the
  nonperforming loan (NPL) portfolios;

* An analysis of recent collection patterns; and

* Input S&P received from the special servicer.

As of the latest interest payment date, ARES FINANCE and
ARES FINANCE 2 had notes outstanding for EUR58 million and
EUR52 million, respectively.

Principal redemptions for ARES FINANCE in the year ending March
2009 have been about EUR22 million, 20% more than the redemptions
recorded for the year ending March 2008.

Principal redemptions for ARES FINANCE 2 on the latest two IPDs
were approximately EUR12 million, about half of what was
cumulatively redeemed on the previous two IPDs.

As of the latest available reports, unresolved gross book value
in ARES FINANCE and ARES FINANCE 2 was EUR847 million and
EUR625 million, respectively.  The average recovery rate
(defined as collections over GBV) achieved on fully closed
positions has been 65% and 68% for ARES FINANCE and ARES FINANCE
2, respectively.

Unresolved GBV figures include loans that have been partially
resolved.  This means that reported unresolved GBV figures above
could be significantly higher than the actual "workable" GBV.
Although the underlying portfolios--measured by GBV--remain high
relative to the outstanding rated note balance, the imminent legal
maturity exposes rated notes to the risk that a further drop in
collections would not allow a full redemption of the notes by this
date.

In view of the outstanding GBV levels, the cash awaiting
distribution from courts, and the good profitability recorded so
far, S&P note that the equity investor may have a strong incentive
to seek a refinancing.  Or, failing that, it may have a strong
incentive to support a payment of the rated debt rather than allow
the transaction to default at maturity.

Both transactions are backed by a pool of secured and unsecured
NPLs originated in Italy by Banca Nazionale del Lavoro SpA
(AA-/Positive/A-1+).  In S&P's experience, collections under NPL
portfolios tend to be volatile, as they largely depend on the
recovery activity carried out by the transaction's special
servicer, as well as the broader economic environment.

Archon Group Italia S.r.l./Societa Gestione Crediti is the special
servicer for both transactions and has S&P's commercial and
residential special servicer ranking of "STRONG".

                            Ratings List

      Ratings Affirmed and Removed From CreditWatch Negative

                        ARES FINANCE S.r.l.
        EUR633.20 Million Asset-Backed Floating-Rate Notes

                             Rating
                             ------
         Class       To                   From
         -----       --                   ----
         E           BBB-                 BBB-/Watch Neg

      Ratings Lowered and Removed From CreditWatch Negative

                        ARES FINANCE S.r.l.
        EUR633.20 Million Asset-Backed Floating-Rate Notes

                             Rating
                             ------
         Class       To                   From
         -----       --                   ----
         F           B                    BB/Watch Neg

                        ARES FINANCE 2 S.A.
        EUR684.9 Million Asset-Backed Floating-Rate Notes

                             Rating
                             ------
         Class       To                   From
         -----       --                   ----
         D           BB                   A/Watch Neg
         E           B-                   BB/Watch Neg

                         Ratings Affirmed

                        ARES FINANCE S.r.l.

                        Class       Rating
                        -----       ------
                        D           A-


BANCA MONTE: Moody's Assigns 'D+' Bank Financial Strength Rating
----------------------------------------------------------------
Moody's Investors Service has assigned Baa2 and Prime-2 long- and
short-term deposit ratings and a D+ Bank Financial Strength Rating
to Banca Monte Parma.  The outlook on all ratings is stable.

According to Moody's, the D+ BFSR, which translates into a
baseline credit assessment of Baa3, reflects the bank's
conservative business model, solid funding profile, as well as
it's good, although small, franchise in the city of Parma in the
wealthy region of Emilia Romagna.  The rating is however
constrained by the bank's modest and weakening financials,
including capital levels.

Given the bank's good, but very local market shares, Moody's
believes that the probability of systemic support is low, which
results in just a one-notch uplift in the long-term deposit rating
to Baa2.

Founded in 1488, Banca Monte Parma is a relatively small (total
assets at 2008 year-end 2.85 billion, 61 branches), long-
established savings bank based in the Province of Parma, part of
the wealthy Emilia Romagna region in northern Italy.  In its home
province, Banca Monte Parma enjoys a good market share for lending
and deposits of approximately 15%.  The bank's market share in the
larger region of Emila Romagna is modest with 2.3% for lending and
1.0% for deposits.  Banca Monte Parma is a retail and commercial
bank offering a wide range of products mainly to households and
small business customers.  It is currently majority owned by two
local charity foundations, with the balance held by Banca Sella
Holding (rated C-/A2/P-1/negative outlook), and other local
private shareholders.

As is common for an Italian local bank, Banca Monte Parma has a
stable deposit base.  At the end of 2008, after adjusting for
bonds sold to retail clients, about 94% of funding was provided by
retail clients, while more volatile interbank and market funds
accounted for just 6%.  The strong retail funding profile is
considered to be a significant strength for the bank.

The bank's expansion strategy in the past years has resulted in
a contraction of its Tier 1 ratio to 5.87% in 2008, compared to
8.4% in 2005.  Moody's notes that the recent conversion of
EUR28 million of reserves into core capital should lift the bank's
Tier 1 ratio to acceptable 6.95%.  Given the weakening operating
environment and the bank's expansion plans, pressure on the bank's
Tier 1 capital ratio could result from a combination of declining
profitability and internal capital generation capacity, as well as
rising loan loss charges.  Further, in Moody's opinion the modest
size of regulatory capital in absolute terms leaves the bank
exposed to any large default in its concentrated loan portfolio.
Capital adequacy is a key rating driver for Banca Monte Parma.

Furthermore, Moody's noted that, also in consequence of the bank's
expansion of recent years, profitability and efficiency measures
have been deteriorating, as have increased the level of problem
loans.  The rating agency said that it considers that it will be
important for Banca Monte Parma to demonstrate that it can
consolidate on past growth, and translate this into stronger
financial fundamentals.

These ratings were assigned with a stable outlook:

Banca Monte Parma:

  -- Long-term bank deposits: Baa2
  -- Short-term bank deposits: Prime-2
  -- Bank financial strength rating: D+

Banca Monte Parma is headquartered in Parma, Italy, and reported
total assets of EUR2.85 billion at the end of 2008.


CARROZZERIA BERTONE: Fiat to Make Chrysler Cars in Italian Plants
-----------------------------------------------------------------
Eva Palumbo and Sabrina Cohen at The Wall Street Journal report
that the Italian government said Fiat SpA plans to build Chrysler
Group LLC vehicles in Italy at the plants it will acquire through
its purchase of niche manufacturer Carrozzeria Bertone SpA.

Fiat and Chrysler both declined to comment.  Fiat acquired a 20%
stake in Chrysler in June.

On Aug. 10, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported Italy's Industry Ministry approved Fiat's
offer for bankrupt carmaker Carrozzeria Bertone.  Bloomberg
disclosed the ministry said Fiat's bid was the highest of those
submitted and included a long-term industrial plan.  According to
Bloomberg, the ministry said Fiat will invest EUR150 million
(US$216 million) in the company over three years and keep all of
its 1,137 employees.

As reported in the Troubled Company Reporter-Europe on Feb. 15,
2008, the bankruptcy court in Turin, Italy, declared Bertone
insolvent on Feb. 11, 2008.

                       About Fiat SpA

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

                  About Carrozzeria Bertone SpA

Headquartered in Turin, Italy, Carrozzeria Bertone SpA --
http://www.bertone.it/-- manufactures car for the Bertone
Group.  The company does the product and process engineering for
all of its products and handles the entire manufacturing cycle.


FIAT SPA: To Make Chrysler Cars at Bertone Plants
-------------------------------------------------
Eva Palumbo and Sabrina Cohen at The Wall Street Journal report
that the Italian government said Fiat SpA plans to build Chrysler
Group LLC vehicles in Italy at the plants it will acquire through
its purchase of niche manufacturer Carrozzeria Bertone SpA.

Fiat and Chrysler both declined to comment.  Fiat acquired a 20%
stake in Chrysler in June.

On Aug. 10, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported Italy's Industry Ministry approved Fiat's
offer for bankrupt carmaker Carrozzeria Bertone.  Bloomberg
disclosed the ministry said Fiat's bid was the highest of those
submitted and included a long-term industrial plan.  According to
Bloomberg, the ministry said Fiat will invest EUR150 million
(US$216 million) in the company over three years and keep all of
its 1,137 employees.

As reported in the Troubled Company Reporter-Europe on Feb. 15,
2008, the bankruptcy court in Turin, Italy, declared Bertone
insolvent on Feb. 11, 2008.

                    About Carrozzeria Bertone SpA

Headquartered in Turin, Italy, Carrozzeria Bertone SpA --
http://www.bertone.it/-- manufactures car for the Bertone
Group.  The company does the product and process engineering for
all of its products and handles the entire manufacturing cycle.

                          About Fiat SpA

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

                           *     *     *

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


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


ADAL PLUS: Creditors Must File Claims by August 21
--------------------------------------------------
Creditors of LLP Adal Plus have until August 21, 2009, to submit
proofs of claim to:

         Kravtsov Str. 18
         Astana
         Kazakhstan

The Specialized Inter-Regional Economic Court of Astana commenced
bankruptcy proceedings against the company on May 18, 2009, after
finding it insolvent.

The Court is located at:

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


ASIA SERVICE: Creditors Must File Claims by August 21
-----------------------------------------------------
Creditors of LLP Asia Service Plus have until August 21, 2009, to
submit proofs of claim to:

         Kravtsov Str. 18
         Astana
         Kazakhstan

The Specialized Inter-Regional Economic Court of Astana commenced
bankruptcy proceedings against the company on May 18, 2009, after
finding it insolvent.

The Court is located at:

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


ELECTRO SCHET: Creditors Must File Claims by August 21
------------------------------------------------------
Creditors of LLP Electro Schet Pribor have until August 21, 2009,
to submit proofs of claim to:

         Satpaev Str. 22/1-56
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of East Kazakhstan
commenced bankruptcy proceedings against the company on May 15,
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


KAZ COM: Creditors Must File Claims by August 21
------------------------------------------------
Creditors of LLP Kaz Com Group have until August 21, 2009, to
submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Tauelsuzdyk Str. 53
         Taldykorgan
         Almaty
         Kazakhstan

The court commenced bankruptcy proceedings against the company on
June 2, 2009.


L TRADE: Creditors Must File Claims by August 21
------------------------------------------------
Creditors of LLP L Trade Service have until August 21, 2009, to
submit proofs of claim to:

         Satpaev Str. 22/1-56
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of East Kazakhstan
commenced bankruptcy proceedings against the company on May 15,
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


RASSVET XXI: Creditors Must File Claims by August 21
----------------------------------------------------
Creditors of LLP Rassvet XXI have until August 21, 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 28, 2009.


STAL IMPEX-S: Creditors Must File Claims by August 21
-----------------------------------------------------
Creditors of LLP Stal Impex-s have until August 21, 2009, to
submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Djambulskaya Str. 6
         Pavlodar
         Kazakhstan

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


STAL MUNAI: Creditors Must File Claims by August 21
---------------------------------------------------
Creditors of LLP Stal Munai Complect have until August 21, 2009,
to submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Djambulskaya Str. 6
         Pavlodar
         Kazakhstan

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


TALDYKORGANSKOYE URIDICHESKOYE: Claims Filing Deadline is Aug. 21
-----------------------------------------------------------------
Creditors of LLP Taldykorganskoye Uridicheskoye Expertnoye
Agentstvo have until August 21, 2009, to submit proofs of claim
to:

         Satpaev Str. 22/1-56
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of East Kazakhstan
commenced bankruptcy proceedings against the company on June 4,
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


VOSTOK ENERGO: Creditors Must File Claims by August 21
------------------------------------------------------
LLP Vostok Energo Service is currently undergoing liquidation.
Creditors have until August 21, 2009, to submit proofs of claim
to:

         Timiryazev Str. 44-16
         Almaty
         Kazakhstan


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


KANNA TRADE: Court Names A. Abyshov as Insolvency Manager
---------------------------------------------------------
The Inter-District Court of Chui region for Economic Issues
appointed A. Abyshov as insolvency manager for LLC Kanna Trade on
May 26, 2009.  He can be reached at:

         A. Abyshov
         Moskovskaya Str. 151
         Room 108
         Bishkek
         Kyrgyzstan

The court commenced bankruptcy proceedings against the company
after finding it insolvent.


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


HALCYON STRUCTURED: Moody's Cuts Rating on Class E Notes to 'Ca'
----------------------------------------------------------------
Moody's Investors Service has downgraded its ratings of five
classes of notes issued by Halcyon Structured Asset Management
European Long Secured/Short Unsecured CLO 2008-I B.V.

This transaction is a managed cash leveraged loan collateralized
loan obligation with exposure to predominantly European senior
secured loans, but also to U.S. senior secured loans and
mezzanine/senior unsecured loan exposures.

According to Moody's, the rating actions taken on the Notes are a
result of significant credit deterioration of the underlying
portfolio.  This is observed in, among other measures as per
Trustee Report dated June 10, 2009, a decline in the average
credit rating as measured through the weighted average rating
factor (currently 2603), an increase in the proportion of
defaulted securities (currently EUR33.5M) and of securities from
issuers rated Caa1 or below (currently EUR27M out of EUR357M of
performing assets and reinvestable cash), and a failure of Class
C,D & E Par Value tests.  Moody's also performed a sensitivity
analysis, including amongst others, a further decline in portfolio
WARF quality.  Due to the impact of all the aforementioned
stresses, key model inputs used by Moody's in its analysis, such
as par, weighted average rating factor, and weighted average
recovery rate, may be different from trustee's reported numbers

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

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

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

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

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

The rating actions are:

Halcyon Structured Asset Management European Long Secured/Short
Unsecured CLO 2008-I B.V.:

  -- EUR278,000,000 Class A Senior Secured Floating Rate Notes due
     2024, Downgraded to A2; previously on May 20, 2008, Assigned
     Aaa;

  -- EUR10,000,000 Class B Deferrable Secured Floating Rate Notes
     due 2024, Downgraded to Ba1; previously on March 4, 2009 Aa2
     Placed Under Review for Possible Downgrade;

  -- EUR20,000,000 Class C Deferrable Secured Floating Rate Notes
     due 2024, Downgraded to B1; previously on March 4, 2009 A2
     Placed Under Review for Possible Downgrade;

  -- EUR17,000,000 Class D Deferrable Secured Floating Rate Notes
     due 2024, Downgraded to Caa2; previously on March 4, 2009
     Baa3 Placed Under Review for Possible Downgrade; and

  -- EUR11,000,000 Class E Deferrable Secured Floating Rate Notes
     due 2024, Downgraded to Ca; previously on March 4, 2009 Ba3
     Placed Under Review for Possible Downgrade.


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


BABAEVSKAYA KHIM: Creditors Must File Claims by August 17
---------------------------------------------------------
Creditors of LLC Babaevskiy Khim-Les-Prom (TIN 3501003625, PSRN
1023501689309) (Forestry) have until August 17, 2009, to submit
proofs of claims to:

         V. Anchukov
         Insolvency Manager
         Office 202
         Kozlenskaya Str. 15
         Vologda
         160035 Vologodskaya
         Russia

The Arbitration Court of Vologodskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?13–6158/2009.

The Debtor can be reached at:

         LLC Babaevskiy Khim-Les-Prom
         Sverdlova Str. 43
         Babaevo
         Babaevskiy
         162482 Vologodskaya
         Russia


CONSTRUCTION EMPIRE: Bankruptcy Hearing Set August 17
-----------------------------------------------------
The Arbitration Court of Kaliningradskaya will convene at
2:30 p.m. on August 17, 2009, to hear bankruptcy supervision
procedure on LLC Construction Empire (TIN 3906087084, PSRN
1023901019251).  The case is docketed under Case No. ? 21–
1828/2009.

The Temporary Insolvency Manager is:

         A. Kasimov
         Post User Box 1006
         236036 Kaliningrad
         Russia

The Debtor can be reached at:

         LLC Construction Empire
         Mendeleeva Str. 9
         238010 Kaliningrad
         Russia

               -- or --

         Zelenaya Str. 44/14
         238026 Kaliningrad
         Russia


CONSTRUCTIOON INVESTMENT: Creditors Must File Claims by August 17
-----------------------------------------------------------------
Creditors of LLC Construction Investment Company (TIN 5507092495,
PSRN 1075507014318) have until August 17, 2009, to submit proofs
of claims to:

         G.Kaplunova
         Insolvency Manager
         Zavodskaya Str. 2
         644065 Omsk
         Russia
         Tel: (3812)369653 645455

The Arbitration Court of Omskaya commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ?46–4950/2009.

The Debtor can be reached at:

         LLC Construction Investment Company
         10-y Semerechenskiy pereulok 16
         644016 Omsk
         Russia


LEXGARANT INSURANCE: S&P Puts 'B' Rating on CreditWatch Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had placed its 'B'
long-term counterparty credit and insurer financial strength
ratings and its 'ruA-' Russia national scale rating on Russia-
based aviation insurer Lexgarant on CreditWatch with negative
implications.

"The negative CreditWatch placement reflects the possibility that
Lexgarant could fail to win the legal case that would restore its
eroded liquidity and depressed capital base, and that Lexgarant's
current lack of liquidity could prove to be permanent," said
Standard & Poor's credit analyst Victor Nikolskiy.

The ratings continue to reflect Lexgarant's small size and limited
franchise, the persisting high industry risk in the aviation
insurance market, and high dependence on individuals in the
management team.  Counterweights to these negative points are the
company's proven resilience to Russia's specific country risks,
due to the geographic diversity of its portfolio.  The company
also continues to exploit its currently good reinsurance
protection to take advantage of international aviation risks.

Lexgarant's capitalization and liquidity deteriorated in 2008
as a consequence of a dispute with one of Lexgarant's bankers
concerning a cash deposit in the amount of Russian ruble
170 million ($5 million).  The dispute led to this deposit being
reclassified from Lexgarant's investment portfolio to receivables.
Lexgarant does not regard it as a loss; neither is it provisioned.
However, there is a possibility that if not restored, it could
lead to a significant distortion of Lexgarant's current liquidity,
and consequently, significantly depress its capital base.

There is a possibility that Lexgarant will be able to have this
amount restored in the course of legal proceedings that the
company has recently initiated.

"We aim to resolve the CreditWatch placement within the next six
months, as that is the expected duration of the court case," said
Mr. Nikolskiy.

If the liquidity and capital shortfall becomes irreversible, S&P
could lower the long-term global scale rating by at least one
notch.

An affirmation of the global scale rating will depend on
Lexgarant's ability to restore its liquidity position and
capitalization, due to either a positive outcome of the court case
or external support from its shareholders.


MDM BANK: Eyes 25% Loan Boost Following Ursa Merger
---------------------------------------------------
Denis Maternovsky at Bloomberg News reports that MDM Bank Chairman
Oleg Vyugin said the lender plans to boost loans to companies and
consumers 25%  by the end of the year following its merger with
Ursa Bank.

"We intend to capitalize on the geographic and business synergies
of the two banks," Bloomberg quoted Mr. Vyugin as saying in a
telephone interview.

Bloomberg relates Igor Kim, Ursa founder and chief executive
officer of the combined bank, told reporters Monday MDM bank
has about RUR300 billion of loans outstanding to companies and
individuals, with corporate loans accounting for over
RUR200 billion.  Mr. Kim, as cited by Bloomberg, said the bank
wants to increase the share of retail loans to 40% to
50% of the total.

                        Ursa Merger

According to Bloomberg, following last week's merger, the bank is
54% owned by billionaire Sergei Popov, the founder of MDM, and
10.5% controlled by Mr. Kim, with the rest held by minority
shareholders.

                        Refinancing

Bloomberg notes Mr. Vyugin said MDM is "close" to reaching an
agreement on refinancing "more than half" of the US$500 million
one-year loan it got from international lenders last year.

MDM Bank -- http://www.mdmbank.com/-- is a leading financial
services provider in Russia.  Its operations are organized across
five divisions: corporate banking (the largest), investment
banking and financial markets, private banking, asset management,
and retail banking (the smallest). The bank's corporate clientele,
which includes nearly half of the 100 largest companies in Russia,
operate mainly in the mining, nuclear energy, oil, transportation,
manufacturing, and food processing industries. The bank has more
than 160 offices throughout Russia, and has expanded following the
merger between MDM Bank and Ursa Bank.  The deal created the
largest private bank in Russia.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Aug. 12,
2009, Moody's Investors Service upgraded to D from D- the bank
financial strength rating of MDM Bank (formerly URSA Bank), which
was created on August 7, 2009 by the merger of two large Russian
financial institutions, MDM Bank ("pre-merger MDM") and URSA Bank.

Moody's also upgraded the merged MDM's long-term global local
currency deposit ratings to Ba2 from Ba3, while affirming the
bank's Not Prime short-term deposit ratings.  The merged MDM's
foreign currency debt ratings were upgraded to Ba2 from Ba3 (for
senior unsecured debt) and to Ba3 from B1 (for subordinated debt).


MOBILE TELESYSTEMS: 2Q09 Net Income Down 15% to US$563 Million
--------------------------------------------------------------
Torrey Clark and Maria Ermakova at Bloomberg News report that OAO
Mobile TeleSystems said its net income fell 15% to US$563 million
in the second quarter of 2009 from US$659.2 million a year earlier
as the economic slowdown and lower wages hurt demand.

According to Bloomberg, sales fell 23% to US$2.02 billion, while
revenue was hurt by the decline of the ruble, which fell to an
average of 32.17 to the dollar in the second quarter from 23.63 a
year earlier.

                              Comstar

In an Aug. 6 report Bloomberg disclosed MTS said in a statement it
will buy a 50.9% stake in OAO Comstar United TeleSystems, an
integrated telecommunication solutions unit, from AFK Sistema, for
US$1.27 billion after gaining approval.

Headquartered in Moscow, Mobile TeleSystems OJSC --
http://www.mtsgsm.com/-- is a provider of mobile cellular
communications services in Russia, Uzbekistan, Turkmenistan and
Armenia and Ukraine.  During the year ended December 31, 2008, the
Company had a subscriber base of 91.33 million (64.63 million in
Russia, 18.12 million in Ukraine, 5.65 million in Uzbekistan, 0.93
million in Turkmenistan and 2.02 million in Armenia).  In addition
to standard voice services, the Company offers its subscribers
value added services, including voice mail, short message service
(SMS), general packet radio service (GPRS), augmented by enhanced
data rates for GSM evolution (EDGE), high-speed downlink packet
access (HSDPA), and various SMS- and GPRS/EDGE/HSDPA-based
information and entertainment services (including multi media
message service (MMS)).  It also offers its subscribers the
ability to roam automatically throughout Europe and in much of the
rest of the world.

                         *      *      *

As reported in the Troubled Company Reporter-Europe on Aug. 10,
2009, Moody's Investors Service placed on review for possible
downgrade the Ba2 ratings of Mobile Telesystems OJSC and the Ba3
ratings of Comstar United Telesystems following the announcement
on August 5th of an agreement by Sistema JFSC (B1, negative), the
parent company of both issuers, to the acquisition by MTS of
Sistema's 50.91 percent stake in Comstar.

On Aug. 10, 2009, the Troubled Company Reporter-Europe reported
that Fitch Ratings is maintaining Russia-based OJSC Mobile
TeleSystems' (MTS) Long-term Issuer Default rating of 'BB+' and
National Long-term rating of 'AA(rus)' on Rating Watch Negative,
following the announcement of its intention to acquire Comstar
from Sistema.  The RWN on MTS reflects that on parent Sistema
('BB-'/RWN).  The Short-term IDR is affirmed at 'B'.


NOVOLIPETSK OJSC: Fitch Affirms Long-Term IDR at 'BB+'
------------------------------------------------------
Following a peer review of its EMEA metals and mining portfolio,
Fitch Ratings has affirmed the ratings of four companies and
downgraded the ratings of one, Anglo American Plc, by one notch.
The ratings are:

Anglo American Plc (AA):

  -- Long-term Issuer Default Rating (IDR) downgraded to 'BBB+'
     from 'A-'; Outlook Stable

  -- Short-term IDR affirmed at 'F2'

Anglo American Capital Plc:

  -- Senior unsecured debt downgraded to 'BBB+' from 'A-'

Rio Tinto Plc/Ltd:

  -- Long-term IDR affirmed at 'BBB+'; Outlook Positive
  -- Senior unsecured rating affirmed at 'BBB+'
  -- Short-term IDR affirmed at 'F2'

Rio Tinto Finance (USA):

  -- Senior unsecured debt affirmed at 'BBB+'

Rio Tinto Alcan Inc:

  -- Senior unsecured debt affirmed at 'BBB+'

ArcelorMittal S.A.:

  -- Long-term IDR affirmed at 'BBB'; Outlook Negative
  -- Senior unsecured rating affirmed at 'BBB'
  -- Short-term IDR affirmed at 'F2'

OJSC MMC Norilsk Nickel:

  -- Long-term IDR affirmed at 'BBB-'; Outlook Negative
  -- Senior unsecured rating affirmed at 'BBB-'
  -- Short-term IDR affirmed at 'F3'

OJSC Novolipetsk Steel (NLMK):

  -- Long-term IDR affirmed at 'BB+'; Outlook Stable
  -- Short-term IDR affirmed at 'B'
  -- National Long-term affirmed at 'AA(rus)'; Outlook Stable

The peer review included an analysis of forecast operational and
financial profiles over the next three to four years.  In
particular, the agency focused on the expected 'exit' credit
profiles of individual companies 18-24 months post the trough of
the current recession, to identify companies whose financial
strength could be weakened by an extended period of weaker
economic growth rates and/or for whom a recovery to their pre-
recession credit profiles is likely to take longer, due to either
high starting debt levels, or a higher level of cash outgoings
(eg. for capex and/or dividends).

The downgrade of AA's ratings principally reflects the slower
expected recovery of its individual credit profile to historical
average levels.  While the strong improvement in commodity prices
so far in FY2009 means that the company is unlikely to breach
Fitch's previous maximum net leverage forecast of 2.75-3.0x for
FY09, its high capex plans over the next 18-24 months, in the
context of the expected weak global economic recovery, mean that a
return to a financial profile commensurate with the previous 'A-'
rating is unlikely to occur within the 18-24 month time horizon.
The Stable Outlook reflects AA's satisfactory liquidity position
and the expectation of a gradual improvement in general commodity
prices over the next 2-3 years.

While Fitch views that the large macro-economic and financial
sector policy responses announced to date should drive a return to
positive economic growth rates in the second half of 2009, the
pace of the economic upturn in coming years is likely to be
anaemic by historical standards -- implying the potential for a
similarly weak longer-term recovery in commodity and steel prices.

Fitch expects to publish a special report outlining some key
financial and operational outcomes from the sector review over the
next month.


STAROMAYNSKIY MACHINERY: Creditors Must File Claims by August 17
----------------------------------------------------------------
Creditors of LLC Staromaynskiy Machinery And Repair Plant (TIN
7318004680 PSRN 1037300900691) have until August 17, 2009, to
submit proofs of claims to:

         S. Borisov
         Temporary Insolvency Manager
         Volodarskogo Str. 9/202
         440026 Penza
         Russia

The Arbitration Court of Ulyanskaya will convene at 9:30 a.m.on
September 28, 2009, to hear bankruptcy supervision procedure on
the company.  The case is docketed under Case No. ?72–3898/2009.

The Debtor can be reached at:

         LLC Staromaynskiy Machinery and Repair Plant
         Ulyanovskaya Str. 15
         Staraya Mayna
         Staromaynskiy
         Ulyanovskaya
         Russia


STROY-INDUSTRIYA: Creditors Must File Claims by August 17
---------------------------------------------------------
Creditors of LLC Stroy-Industriya (TIN 3525126626, PSRN
1033500057458( (Concrete Products) have until August 17, 2009, to
submit proofs of claims to:

         D. Roslyakov
         Insolvency Manager
         Post User Box 3
         160032 Vologda-32
         Russia

The Arbitration Court of Vologodskaya will convene at 10:00 a.m.
on November 16, 2009, to hear bankruptcy proceedings on the
company.  The case is docketed under Case No. ?13–6115/2009.

The Debtor can be reached at:

         LLC Stroy-Industriya
         Sammera Str. 49
         Vologda
         Vologodskaya
         Russia


SUOYARVSKAYA CARDBOARD: Creditors Must File Claims by August 17
---------------------------------------------------------------
Creditors of LLC Suoyarskaya Cardboard Mill have until
August 17, 2009, to submit proofs of claims to:

         N. Skachkov
         Insolvency Manager
         Apt. 66
         Prospect Lenina 35A
         Petrozavodsk
         185035 Karelia
         Russia

The Arbitration Court of Karelia commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ?26–4333/2009.


TMK OAO: In Refinacing Talks; Secures Financing for US$300MM Bond
-----------------------------------------------------------------
Alfred Kueppers and Polina Devitt at Reuters report that TMK OAO
is in refinancing talks with several major Russian banks.

Reuters relates Vladimir Shmatovich, TMK's board member for
strategy, said in an interview that his company had already
secured financing for a US$300 million eurobond due in September
and has the "key approval" required to restructure the
US$1.1 billion Gazprombank loan received in January.  Mr.
Shmatovich, as cited by Reuters, said the refinanced debt will
have a maturity of five to seven years, with an annual interest
rate of 10% to 13%.

Reuters notes excluding the US$300 million eurobond that expires
in September, TMK has about US$700 million more due by the end of
the year.

According to Reuters, the steelmaker's debt reached US$3.2 billion
at the end of last year, and it said in July that it needs to
increase the threshold of secured indebtedness to 40% of total
assets from the current 15% level outlined in its debt covenants
as it seeks to refinance.

According to Reuters, the company announced Thursday last week 89%
of noteholders approved the resolution.  Reuters states
noteholders also approved a resolution allowing TMK's U.S. IPSCO
assets to raise their level of indebtedness to US$100 million from
US$30 million.

                           Buyback Offer

In an Aug. 6 report Reuters disclosed TMK said it will buy back
US$413 million of a US$600 million loan participation note (LPN)
due in 2011.  According to Reuters, the company will pay US$90 for
each US$100 of the notes' nominal value, along with an early
consent fee of US$5,000 for every US$100,000 of notes.

TMK OAO (Trubnaya Metallurgicheskaya Kompaniya OAO or Pipe
Metallurgical Company) -- http://www.tmk-group.com-- is a Russia-
based engaged in the production of steel pipes.  Its product
portfolio covers seamless threaded pipes for oil and gas fields,
seamless line pipes for infield pipelines, seamless pipes for
industrial use, large-diameter welded pipes, energy tubulars,
welded pipes.  The Company manages production plants in Russia
(TMK-CPW, Volzhsky Pipe Plant, Seversky Tube Works, Sinarsky Pipe
Plant, Taganrog Metallurgical Works and Orsky Machine Building
Plant), Romania (TMK-Artrom and TMK-Resita), Kazakhstan (TMK-
Kaztrubprom) and the United States (TMK-Ipsco).  TMK OAO has five
branches in Russia.  It operates also through 17 subsidiaries in
Russia, Kazakhstan, Germany, Switzerland and the United States.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on July 10,
2009, Standard & Poor's Ratings Services said it lowered the long-
term corporate credit rating on Russia-based steel pipe producer
OAO TMK to 'B' from 'B+'.  S&P lowered the Russia national scale
rating to 'ruBBB+' from 'ruA'.  The outlook is negative.  At the
same time, S&P lowered the senior unsecured debt ratings on the
US$300 million bond maturing in 2009 and US$600 million bond
maturing in 2011 issued by TMK Capital S.A. to 'B' from 'B+', and
placed it on CreditWatch with negative implications.  The recovery
rating is '4'.


TOP-KOM-STROY: Creditors Must File Claims by August 17
-----------------------------------------------------
Creditors of LLC Top-Kom-Stroy (TIN 5904093270, PSRN
1035900500294) (Construction) have until August 17, 2009, to
submit proofs of claims to:

         S. Mikheev
         Temporary Insolvency Manager
         Post User Box 6063
         614002 Perm
         Russia

The Arbitration Court of Permskiy commenced bankruptcy supervision
procedure.  The case is docketed under Case No. ?50–11757/2009.

The Debtor can be reached at:

         LLC Top-Kom-Stroy
         Chernyshevskogo Str. 19
         614007 Perm
         Russia


VERKHNESINYACHIKHINSKIY: Claims Filing Period Ends August 17
------------------------------------------------------------
Creditors of LLC Verkhnesinyachinskiy Metallurgic Plant have until
August 17, 2009, to submit proofs of claims to:

         M. Fedotovskiy
         Temporary Insolvency Manager
         Michurina Str. 239
         620100 Yekaterinburg
         Russia

The Arbitration Court of Sverdlovskaya will convene at 3:30 p.m.
on November 10, 2009, to hear bankruptcy supervision procedure on
the company.  The case is docketed under Case No. ?60–19291/2009-
S11.

The Debtor can be reached at:

         LLC Verkhnesinyachinskiy Metallurgic Plant
         Michurina Str. 239
         620100 Yekaterinburg
         Russia


=========
S P A I N
=========


* SPAIN: 980 Travel Agencies Shut Down Due to Financial Crisis
--------------------------------------------------------------
Citing a report by Amadeus, Spanish News says over the past 12
months, 980 travel agencies have closed shop around Spain, leaving
the total number of travel agencies at 8,174.

Spanish News relates travel agencies have been hit by the
recession and the global financial crisis.

According to Spanish News, in terms of autonomous communities in
Spain, Catalonia and Andalucia have been the areas worst affected.

Spanish News notes Amadeus expects the trend to continue,
especially after summer, which is the busiest time of the year for
travel agents.


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


FORD MOTOR: Likely to Close Volvo Sale This Year, Sweden Says
-------------------------------------------------------------
Niklas Magnusson and Keith Naughton at Bloomberg News report
Swedish Industry Ministry State Secretary Joeran Haegglund said
Ford Motor Co. is likely to complete the sale of its Volvo Cars
unit in the latter part of this year.

Mr.  Haegglund declined to name any suitors for Gothenburg,
Sweden-based Volvo Cars.

Bloomberg relates Mr. Haegglund said Ford isn;t in the same rush
to dispose of the unit as General Motors Co. is with its proposed
sale of Saab Automobile.  "We're in touch with Ford and note all
rumors," Bloomberg quoted the Mr Haegglund as saying.  "Ford has a
slower pace than GM and Saab and we expect a sale will be
completed in the latter part of the year."

Citing Dagens Industri newspaper, Bloomberg discloses, Chinese
carmaker Geely Automotive Holdings Ltd. wants to buy a majority of
Volvo with an unidentified Swedish investor, possibly including
state pension funds, and let Ford keep a stake.

                        About Ford Motor

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

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

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

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


GENERAL MOTORS: Saab May Get Loan Guarantees Exceeding US$600 Mln
-----------------------------------------------------------------
Niklas Magnusson at Bloomberg News reports that General Motors
Co.'s Swedish unit, Saab Automobile AG, may be able to get state
guarantees for loans from the European Investment Bank that exceed
the US$600 million originally sought.

Bloomberg relates Haakan Lind, a government spokesman, said in a
telephone interview Tuesday Saab and Koenigsegg Group, which
intends to buy the Swedish carmaker, are having discussions with
Swedish officials that are primarily focused on guarantees by the
National Debt Office for EIB loans.

Mr. Lind, as cited by Bloomberg, said the US$600 million sought by
Saab is not the maximum the company can get.

As reported in the Troubled Company Reporter on June 25, 2009,
Koenigsegg Group AB, a group led by Koenigsegg Automobile AB,
a Swedish maker of exclusive sports cars, agreed to buy Saab
Automobile, which filed for insolvency proceedings in Sweden in
February 2009.  According to Business Week, the deal is expected
to close in the third quarter of 2009.

                              Debts

In the June 25 TCR report The Wall Street Journal disclosed
creditors of Saab approved the automakers' proposal for settling
its debts by paying a quarter of what it originally owed.  Saab
proposed to settle its debts by paying 25% of about US$1.34
billion it owed to more than 600 creditors, including auto
suppliers and the Swedish government.  The vast majority of the
debt, almost SEK10 billion, was owed to U.S. parent company GM.

                        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)


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


ALPHASTREAM ASSET: Claims Filing Deadline is August 17
------------------------------------------------------
Creditors of AlphaStream Asset Management GmbH are requested to
file their proofs of claim by August 17, 2009, to:

         Rene Dubacher
         Gruebstrasse 1c
         6318 Walchwil
         Switzerland

The company is currently undergoing liquidation in Baar.  The
decision about liquidation was accepted at a shareholders' meeting
held on June 6, 2008.


AURIUS GMBH: Creditors Must File Claims by August 31
----------------------------------------------------
Creditors of Aurius GmbH are requested to file their proofs of
claim by August 31, 2009, to:

         Willy Huber
         Liquidator
         Bahnhofstrasse 28
         6430 Schwyz
         Switzerland

The company is currently undergoing liquidation in Feusisberg SZ.
The decision about liquidation was accepted at the extraordinary
shareholders' meeting held on May 18, 2009.


AZA GASTRONOMIE: Claims Filing Deadline is August 17
----------------------------------------------------
Creditors of AZA Gastronomie GmbH are requested to file their
proofs of claim by August 17, 2009, to:

         Armin Thaler, RA
         Sonnenstrasse 5
         Mail Box 38
         9004 St. Gallen
         Switzerland

The company is currently undergoing liquidation in Flawil.  The
decision about liquidation was accepted at a shareholders' meeting
held on June 23, 2009.


CHEMIN OUEST: Claims Filing Deadline is August 17
-------------------------------------------------
Creditors of Chemin Ouest AG are requested to file their proofs of
claim by August 17, 2009, to:

        Chemin Ouest AG
        Konradstrasse 12
        8005 Zurich
        Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at a general meeting held
on February 3, 2009.


CMBB IMMO: Creditors Must File Claims by August 17
--------------------------------------------------
Creditors of CMBB Immo AG are requested to file their proofs of
claim by August 17, 2009, to:

         Dreispitz Management AG
         Freilager
         4142 Muenchenstein
         Switzerland

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


FEURER + MOOSER: Creditors Have Until August 17 to File Claims
--------------------------------------------------------------
Creditors of Feurer + Mooser AG are requested to file their proofs
of claim by August 17, 2009, to:

         Feurer + Mooser AG
         Allmeindstrasse 23
         8716 Schmerikon
         Switzerland

The company is currently undergoing liquidation in Schmerikon.
The decision about liquidation was accepted at an extraordinary
general meeting held on June 23, 2009.


GIVE HEAVY: Claims Filing Deadline is August 31
-----------------------------------------------
Creditors of Give Heavy Haulage International AG are requested to
file their proofs of claim by August 31, 2009, to:

         Thomas Press
         Liquidator
         Schindellegistrasse 73
         8808 Pfaffikon
         Switzerland

The company is currently undergoing liquidation in Freienbach.
The decision about liquidation was accepted at an extraordinary
general meeting held on May 6, 2009.


HIRSCHI-BAUMANN-IMMOBILIEN: Claims Filing Deadline is August 17
---------------------------------------------------------------
Creditors of Hirschi-Baumann-Immobilien AG are requested to file
their proofs of claim by August 17, 2009, to:

         Zimmermann & Blaser
         Kreuzplatz 4
         Mail Box: 8
         3510 Konolfingen
         Switzerland

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


IMPERIAL ENERGY: Creditors Must File Claims by August 17
--------------------------------------------------------
Creditors of Imperial Energy Trading AG are requested to file
their proofs of claim by August 17, 2009, to:

         Victor L. Gnehm
         Grabenstrasse 42
         6301 Zug
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at a regular general
meeting held on June 9, 2009.


MENTAL.CH GMBH: Claims Filing Deadline is August 17
---------------------------------------------------
Creditors of mental.ch GmbH are requested to file their proofs of
claim by August 17, 2009, to:

         Armin Thaler
         Sonnenstrasse 5
         Mail Box 38
         9004 St. Gallen
         Switzerland

The company is currently undergoing liquidation in Wil SG.  The
decision about liquidation was accepted at a shareholders' meeting
held on June 17, 2009.


ZUBLER BAUMANAGEMENT: Claims Filing Deadline is August 17
---------------------------------------------------------
Creditors of Zubler Baumanagement GmbH are requested to file their
proofs of claim by August 17, 2009, to:

         Zubler Baumanagement GmbH
         Roemerstrasse 26
         4147 Aesch
         Switzerland

The company is currently undergoing liquidation in Aesch.  The
decision about liquidation was accepted at a shareholders' meeting
held on June 17, 2009.


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


BRUSILOV AGRICULTURAL: Creditors Must File Claims by August 15
--------------------------------------------------------------
Creditors of Brusilov Agricultural LLC (code EDRPOU 31942754)
have until August 15, 2009, to submit proofs of claim to J.
Ushach, the company's insolvency manager.

The Economic Court of Chernigov commenced bankruptcy proceedings
against the company on March 19, 2009.  The case is docketed under
Case No. 4/85b.

The Court is located at:

         The Economic Court of Chernigov
         Mir Avenue 20
         14000 Chernigov
         Ukraine

The Debtor can be reached at:

         Brusilov Agricultural LLC
         Novaya Str. 2
         Brusilov
         Chernigov
         Ukraine


RUSANOV AGRO-INDUSTRIAL: Creditors Must File Claims by August 15
----------------------------------------------------------------
Creditors of Agro-Industrial LLC Rusanov (code EDRPOU 30839445)
have until August 15, 2009, to submit proofs of claim to J.
Kostira, the company's insolvency Manager.

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on June 3, 2008.  The case is docketed under
Case No. B11/087-09.

The Court is located at:

         The Economic Court of Kiev
         Komintern str. 16
         01032 Kiev
         Ukraine

The Debtor can be reached at:

         Agro-Industrial LLC Rusanov
         Lenin Str. 20
         Rusanov
         Brovary
         07453 Kiev
         Ukraine


TERRA-1 LLC: Creditors Must File Claims by August 15
----------------------------------------------------
Creditors of LLC Terra-1 (code EDRPOU 33725260) have until
August 15, 2009, to submit proofs of claim to V. Verbitsky, the
company's insolvency manager.

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company on June 30, 2009.  The case is docketed under
Case No. B-39/41-09.

The Court is located at:

         The Economic Court of Kharkov
         Svoboda square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         LLC Terra-1
         Shevchenko Str. 327
         61033 Kharkov
         Ukraine


VASILYEVKA CAR: Creditors Must File Claims by August 15
-------------------------------------------------------
Creditors of OJSC Vasilyevka Car Repair Plant Subsidiary Company
Motor (code EDRPOU 23791027) have until August 15, 2009, to submit
proofs of claim to:

         J. Moiseyev
         Insolvency Manager
         Post Office Box 105
         3rd Maliuga Lane 13
         Melitopol
         72316 Zaporozhye
         Ukraine

The Economic Court of Zaporozhye region commenced bankruptcy
proceedings against the company on July 6, 2008.  The case is
docketed under Case No. 19/147/09.

The Court is located at:

         The Economic Court of Zaporozhye
         Shaumian Str. 4
         69600 Zaporozhye
         Ukraine

The Debtor can be reached at:

         OJSC Vasilyevka Car Repair Plant Subsidiary Company Motor
         Moscow Str. 53
         Vasilyevka
         71600 Zaporozhye
         Ukraine


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


BAA LTD: Airport Traffic Down 2.4% in July 2009
-----------------------------------------------
BAA Ltd.'s UK airports recorded further signs of stabilizing
traffic figures with the results for July, which was the busiest
July at Heathrow since 2006 and Heathrow's third-busiest month on
record.

In July, BAA airports handled 14.5 million passengers, down 2.4%
compared to July 2008, following decreases of 5.9% in June and
7.3% in May.

Heathrow handled 6.5 million passengers in July, an increase of
0.9% on July 2008.

Across the Group as a whole there was a return to growth of 1.2%
in European scheduled traffic and 4.8% in long haul traffic,
excluding North Atlantic, with Heathrow up by 5.5%.

UK domestic traffic was 4.8% lower and European charters fell by
18.6%.  North Atlantic traffic was 8.0% lower overall but only by
2.1% at Heathrow.

Results at Gatwick and Stansted also improved.  At Gatwick the
reduction on last year was cut from 7.6% in June to 4.8% in July,
largely thanks to a 5.8% increase in European scheduled traffic.
At Stansted the improvement was even more pronounced, from a drop
of 11.5% in June to one of 5.7% in July.

In Scotland, Edinburgh's traffic grew by 5.6%, the fourth
consecutive month the capital's airport has recorded growth.  At
Glasgow, traffic was down by 12.9% and at Aberdeen, the airport
handled 9% fewer passengers than July 2008.  The decline in
traffic at Southampton was reduced from 7.9% in June to 0.9% in
July.

Overall the number of air transport movements at BAA's UK airports
was down by 5.1%.  At Heathrow the reduction in flights (-3.0%),
combined with the increase in passengers, produced the highest
ever figure for the average number of passengers per aircraft --
at 162.  The three regulated London airports together recorded a
2% reduction, bolstered by Heathrow's continued strength.

Cargo activity, as measured by tonnes carried, although still
lower year on year, was also on an improving trend with the rate
of decrease cut to 11.7% in July.

                       Terminal 2 Expansion

Lars Paulsson at Bloomberg News reports BAA plans to more than
triple capacity at London's Heathrow Terminal 2 by investing
GBP1 billion (US$1.67 billion) in a new building and housing
airlines from the Star Alliance group.  Mary Kearney, a
spokeswoman for London-based BAA, said told Bloomberg the first
phase of the new terminal building will be completed in 2013,
increasing capacity to 20 million passengers a year from less than
10 million today.  By 2019, capacity will reach 30 million a year,
Bloomberg discloses citing an e-mailed statement.

                        Gatwick Sale

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

                "Special Administration" Regime

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

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


BRITISH AIRWAYS: Accuses Virgin of Double Standards Over Tie-Ups
----------------------------------------------------------------
Alistair Osborne at Telegraph.co.uk reports that British Airways
plc has accused its UK rival Virgin Atlantic of double standards
over airline alliances following a Virgin associate's application
for its own anti-trust deal.

According to the report, Virgin Blue, the Australian carrier in
which Virgin Atlantic founder Sir Richard Branson retains a stake
of around 26%, said last month that it was seeking immunity for a
joint-venture with US carrier Delta Air Lines that would "expand
both carriers' reach between the US and Australia and the South
Pacific".  The report relates the pair said that together they
would "be a stronger competitor by offering consumers greater
choice of destinations".

"We are pleased that Virgin airlines in the southern hemisphere
now agree that anti-trust immunity deals can be beneficial for
consumers and competition," the report quoted Willie Walsh, the BA
chief executive, as saying.  "We look forward to this view being
maintained by Virgin carriers north of the equator."

Mr. Branson, the report states, will take his campaign against
BA's proposed transatlantic tie-up with American Airlines
to US Congress next month when he appears before the House of
Representatives Judiciary Sub-committee on Competition Policy on
September 16.  The report says the Virgin founder is expected to
reiterate his view that granting anti-trust immunity to BA/AA will
allow the creation of a "monster monopoly", giving the pair an
unassailable position on flights between Heathrow and the US.

                       About British Airways

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

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Aug. 12,
2009, Standard & Poor's Ratings Services said that it assigned its
'BB' debt rating to the proposed GBP350 million senior unsecured
convertible bonds to be issued by U.K.—based airline British
Airways PLC (BA; BB/Negative/--).



     D1a        CCC-              CCC-/Watch Neg
            D1c        CCC-              CCC-/Watch Neg
            E1c        CCC-              CCC-/Watch Neg
            ETc        CCC-              CCC-/Watch Neg
            FTc        CCC-              CCC-/Watch Neg


EPIC PLC: S&P Downgrades Ratings on Six Classes of Notes to 'CCC-'
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'CCC-' and placed on
CreditWatch negative its credit ratings on all classes of notes
issued by Epic (Industrious) PLC.

This follows notification of the sale of the remaining properties
backing the underlying loan and possible losses exceeding the
combined outstanding balance of the class B to F notes.

The Royal Bank of Scotland PLC arranged this synthetic commercial
mortgage-backed securities transaction, which closed in October
2006.  RBS is the credit default swap counterparty and also the
servicer and special servicer.  One loan secured by 89
secondary/average industrial properties in the U.K. backs the
notes.

On July 3, S&P lowered its ratings on all classes in anticipation
of the special property auction of 31 of the 120 properties
securing the loan in mid-July.  All 31 properties sold at the
auction at a price representing an average market value decline of
50% since closing.

Ernst & Young, the administrative receiver to the borrowers, has
now informed us that it has agreed to sell the remainder of the
property pool in one lot.  It has also told us that it expects
completion in early October 2009.  Reports in the press suggest
that the agreed purchase price is GBP232.1 million (plus costs);
this would translate into an MVD since closing of around 60% for
that portion of the portfolio.

After a sale of the properties, the securitization arrangements
require the calculation agent (RBS) to calculate any loss and
appoint a verification agent to verify, among other things, the
loss.  The issuer will then apply losses to the notes in a reverse
sequential order, starting with the most junior class of notes.
The issuer will then use the note collateral to partly repay the
class A principal amount and will use the remainder to reimburse
RBS for its losses under the loan.

The rating actions reflect S&P's expectation of losses in view of
the decision to sell the portfolio in one lot at the present time.
The principal loss to the class A notes will be increased by swap
breakage fees, enforcement costs, special servicing, and other
fees.  S&P concludes that losses are likely to exceed the combined
class B to F note balance.  S&P estimates that the loss
severity on the total debt (including the subordinated lenders)
could exceed 60%.

                           Ratings List

                      Epic (Industrious) PLC
   GBP490 Million Commercial Mortgage-Backed Floating-Rate Notes

        Ratings Lowered and Placed on CreditWatch Negative

                                  Rating
                                  ------
                Class      To                 From
                -----      --                 ----
                A          CCC-/Watch Neg     BBB-
                B          CCC-/Watch Neg     BB
                C          CCC-/Watch Neg     BB-
                D          CCC-/Watch Neg     B+
                E          CCC-/Watch Neg     B
                F          CCC-/Watch Neg     B-


EUROSAIL 2006: S&P Affirms 'CCC-' Ratings on 5 Classes of Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed and removed from
CreditWatch negative its credit ratings on the class B1a, C1a,
C1c, D1a, D1c, E1c, Etc, and FTc notes in Eurosail 2006-3NC PLC.
S&P also affirmed the ratings on classes A2b, A2c, A3a, A3c, and
A3c DACS.

The rating actions follow S&P's credit and cash flow review of the
most recent transaction information that S&P has received.  The
subordinate classes remain at their current ratings of 'CCC-', and
in S&P's opinion there is an increased likelihood of nonpayment of
timely interest for the class E1c and ETc notes for the next two
interest payment dates.

The reserve fund has been fully depleted and the uncleared
E1c principal deficiency ledger balance has increased to
GBP2.6 million.  In S&P's opinion, high losses are the main
reason for this increasing PDL balance.  Cumulative losses
increased to 1.54% in June 2009 from 0.37% in September 2008.
Repossessions remain above S&P's nonconforming index for
transactions of similar seasoning, but fell to 4.97% in June
from 6.20% in March 2009 as 90 properties were sold in the
quarter.

The detachable A3 coupons step up to pay 3% in September and
December.  This is placing a strain on the available cash flows,
and the effect has become more significant in the current low
interest rate environment.  After December 2009, the class A3
DACs are due no further payments.

The liquidity facility continues to be unavailable to pay interest
on the subordinate notes.  No drawing can be made to pay interest
for the class B1a, C, D1, and E1c notes if the balance of all
loans that are 90+ days in arrears (including repossessions) is
greater than 15% of the initial collateral-backed note balance.
This percentage currently stands at 20.14%.

Collection rates increased to 115.8% in June from 95.9% in March.
S&P believes this sharp increase is due to borrowers' improved
ability to cure their arrears balances, given lower scheduled
monthly payments in recent months as a result of falling three-
month LIBOR.

                           Ratings List

                      Eurosail 2006-3NC PLC
               EUR227.85 Million, GBP269.913 Million,
       and US$205 Million Mortgage-Backed Floating-Rate Notes,
       an Overissuance Of GBP18.360 Million Mortgage-Backed
                       Floating-Rate Notes,
  and GBP1.173 Million Mortgage-Backed Deferrable-Interest Notes

      Ratings Removed From CreditWatch Negative and Affirmed

                             Rating
                             ------
            Class      To                From
            -----      --                ----
            B1a        BBB               BBB/Watch Neg
            C1a        BB                BB/Watch Neg
            C1c        BB                BB/Watch Neg
            D1a        CCC-              CCC-/Watch Neg
            D1c        CCC-              CCC-/Watch Neg
            E1c        CCC-              CCC-/Watch Neg
            ETc        CCC-              CCC-/Watch Neg
            FTc        CCC-              CCC-/Watch Neg

                         Ratings Affirmed

                        Class      Rating
                        -----      ------
                        A2b        AAA
                        A2c        AAA
                        A3a        AAA
                        A3c        AAA
                        A3c DACs   AAA


GESB PLC: Moody's Updates Investors on Rating Actions on Bonds
--------------------------------------------------------------
Moody's Investors Service updates investors regarding possible
further rating actions in relation to the below referenced bonds
(amounts reflect initial outstandings):

-- GBP104,555,000 GESB plc 8.35% Guaranteed Secured Bonds due
    2018; currently rated Caa2, last downgraded to Caa2 from Ba3
    on 29 July 2009

Since the July 1994 closing date Moody's rating has been solely
based on a financial guarantee insurance policy issued by Ambac
Assurance Corporation.  The guarantee provided by Ambac ensures
the timely payment of interest on each interest payment date, and
the payment of principal on or before the scheduled maturity date.

Ambac's insurance financial strength rating has migrated to Caa2
from originally Aaa over several rating actions comprising the
period from June 4, 2008 to July 29, 2009.  Therefore, the Bonds'
rating has been adjusted downwards in step with Ambac's ratings
over time.  This is in compliance with Moody's policy on
structured finance securities insured by financial guarantors.

Pursuant to this policy, Moody's will withdraw the ratings on
structured finance securities insured by guarantors that have
financial strength ratings below Baa3 (in other words, non-
investment grade) when either of two conditions are met: either,
Moody's is unable to determine the underlying rating of the
security (the "underlying rating" being the rating which would
have existed without the guarantee) or alternatively, the Issuer
has requested that the guarantee constitute the sole credit
consideration.

Moody's understands from the Issuer that, unless an instruction
from the Bondholders is received, there will be no further
requests made to determine the underlying rating of the Bonds.  As
explained in the above-referenced press release, absent any such
request, on or shortly after 1st September 2009 Moody's intends to
withdraw the ratings of the Bonds.

As mentioned above, the rating and monitoring of the transaction
has been, to date, solely based on the financial guarantee
insurance policy issued by Ambac.

The last Performance Overview for this transaction was published
on May 15, 2009.


ITV PLC: Simon Fox Drops Out of Chief Executive Race
----------------------------------------------------
Maija Palmer at The Financial Times reports that Simon Fox, chief
executive of HMV, has ruled himself out of the running for the
chief executive role at ITV plc.

The FT relates Mr. Fox, who emerged as favorite in the race, told
the the HMV board he would stay to see through the retailer's
three-year restructuring plan he has undertaken, which is in its
second year.

According to the FT, Mr. Fox's elimination clears the way for
other candidates, including Pascal Cagni, head of Apple Europe,
Tony Ball, former chief executive of BSkyB and John Cresswell,
ITV's current chief operating officer.  The FT says an appointment
is to be made by the end of the year.

ITV, the FT discloses, is seeking a new leader because Michael
Grade is stepping down halfway through what was to be a four-year
term as executive chairman.

                           About ITV plc

ITV plc -- http://www.itvplc.com/-- is a United Kingdom-based
advertising funded broadcaster.  The Company also operates as an
advertising funded media owner in the United Kingdom across all
media, including television, radio, press, cinema, outdoor and the
Internet.  As a producer, ITV makes hours of network television.
Its digital channels include ITV2, ITV3, ITV4 and Citv.  ITV also
makes programs for the BBC, Channel 4, five, Sky and other
broadcasters.  ITV produces programs watched on screens from San
Francisco to Sydney.  In addition, it produces a range of products
related to ITV programs, such as digital video disks (DVDs) and
computer games.  Its online properties include itv.com,
itvlocal.com and Friends Reunited

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Aug. 11,
2009, Moody's Investors Service said that it downgraded ITV plc's
senior unsecured ratings and its Corporate Family Rating to B1
(from Ba3).  The rating outlook for ITV is stable.  Moody's said
the downgrade reflects the weight of ITV's adjusted debt,
aggravated by the significant widening of the company's IAS 19
pension deficit at a time when profitability is under severe
pressure due to the magnitude of the downturn in the UK's TV
advertising market (-17%, ITV family -15%) while (i) the timing
and the extent of a recovery in UK TV advertising is uncertain
(ii) execution risks on the company's envisaged asset sales remain
and (iii) a degree of management uncertainty persists as the
company conducts the search for a new chief executive.

On Aug. 11, 2009, the Troubled Company Reporter-Europe reported
that Fitch Ratings affirmed ITV plc's Long-term Issuer Default
Rating at 'BB-', and maintained the rating Outlook at Negative.
The agency has also affirmed ITV's senior unsecured rating at
'BB-'.  The rating affirmation follows the August 6 release of the
UK broadcaster's interim results which showed a fall in net
advertising revenue of 15% in the half year to June 30, 2009, and
a fall in EBITA of GBP75 million to GBP46 million.


ROYAL BANK: MCB Bank to Acquire Pakistan Unit for US$87 Million
---------------------------------------------------------------
Naween A. Mangi at Bloomberg News reports that MCB Bank Ltd.
agreed to acquire Royal Bank of Scotland Group Plc's Pakistan unit
for about US$87 million.

Bloomberg relates MCB Bank, Pakistan's biggest lender by market
value, said in a statement to the Karachi Stock Exchange on
Wednesday it will buy 1.7 billion shares, or a 99.4% stake, at
4.22 rupees apiece before making an offer for the remainder.

According to Bloomberg, the statement said the purchase of RBS
Pakistan, which has 75 branches in 24 cities, will expand MCB's
network of outlets to 1,139.

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

On Aug. 10, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported RBS posted a net loss of GBP1.04 billion
in the first half of 2009, compared with GBP827 million a year
earlier after setting aside GBP7.52 billion (US$12.62 billion) to
cover bad loans and declining assets.  Bloomberg disclosed about
70% of RBS's losses came from its so-called non-core division,
which includes assets the bank plans to sell or discontinue.
According to Bloomberg, the bulk of the division is comprised of
parts of the global banking and markets businesses, which include
propriety trading and higher risk assets.

The U.K. government owns 70% of RBS after it invested GBP20
billion last year to rescue the bank.

                             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.


WEST BROMWICH: Fitch Affirms 'C' Rating on Tier 2 Debt Securities
-----------------------------------------------------------------
Fitch Ratings has affirmed West Bromwich Building Society's Long-
term Issuer Default Rating at 'BBB-'.  The Outlook on the Long-
term IDR remains Negative.  The agency has also affirmed the
society's lower tier 2 debt securities at 'C' and withdrawn the
rating.

The rating action follows WBBS's announcement of the legal
completion of the exchange of its lower tier 2 debt for
participating profit deferred shares, which for regulatory
purposes qualify as core tier 1 capital.

The exchange was announced on 12 June and is now fully completed.
Subordinated notes listed on the official list of the United
Kingdom Listing Authority have been cancelled.

WBBS is now the UK's 7th largest building society by total equity.

WBBS's ratings are:

  -- Long-term Issuer Default affirmed at 'BBB-', Negative Outlook
  -- Short-term IDR affirmed at 'F3'
  -- Individual rating affirmed at 'C/D'
  -- Support rating affirmed at '3',
  -- Support Rating Floor affirmed at 'BB'
  -- Senior Unsecured debt affirmed at 'BBB-'
  -- Lower tier 2 subordinated debt affirmed at 'C' and withdrawn
  -- Permanent Interest Bearing Shares affirmed at 'C'


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

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 * * *