TCREUR_Public/090814.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Friday, August 14, 2009, Vol. 10, No. 160

                            Headlines

A U S T R I A

BERGER KEG: Claims Filing Deadline is August 20
DJORDJEVIC-MILOVIC SANJA: Claims Filing Deadline is August 20
LEITNER PRODUKTION: Creditors Must File Claims by August 20
RUBBERTEC GMBH: Creditors Must File Claims by August 20


B U L G A R I A

* BULGARIA: Grain Producers at Risk of Going Bankrupt


F R A N C E

THOMSON SA: Credit Event Ruling to Trigger US$4.6 Bln of Swaps
THOMSON SA: Fitch Reports Minimal Impact of Restructuring on CDOs
VALEO SA: Moody's Downgrades Corporate Family Rating to 'Ba2'


G E R M A N Y

GENERAL MOTORS: To Cut Production in Spain if Opel Bid Succeeds
GILDEMEISTER AG: Moody's Lowers Corporate Family Rating to 'Ba3'
QIMONDA AG: To Sell Graphic Technology Licenses to Winbond
WESTLB AG: In Talks to Offload Assets; 1H09 Net Income Down


H U N G A R Y

ATHLON PENZUGYI: PSZAF Initiates Liquidation Procedure
MAGYAR TELECOM: Moody's Cuts Corporate Family Rating to 'B3'


I R E L A N D

CORIOLANUS LIMITED: Moody's Cuts Rating on Series 76 Notes to Ba3
CORSAIR FINANCE: Moody's Corrects Press Release on Ratings
CRYSTAL CREDIT: Moody's Cuts Rating on EUR63 Mil. Notes to 'C'
MORSTON INVESTMENTS: Ireland's High Court Appoints Liquidator
STARTS IRELAND: Moody's Cuts Rating on Series 2005-25 Notes to Ba3

TRIPLAS SERIES: Moody's Cuts Rating on Class E Notes to 'Caa3'
VANTIVE HOLDINGS: Ireland's High Court Appoints Liquidator
WINDERMERE XIV: Wants to Replace Lehman as Security Agent


I T A L Y

RISANAMENTO SPA: Intesa to Become Second-Biggest Investor

* ITALY: Banks Allow One-Year Loan Moratorium for Small Businesses


K A Z A K H S T A N

AGRO MARKET: Creditors Must File Claims by August 28
JANAN & BROTHERS: Creditors Must File Claims by August 28
TRANS TORG: Creditors Must File Claims by August 28
URAL PROM: Creditors Must File Claims by August 28
VONDO LTD: Creditors Must File Claims by August 28


K Y R G Y Z S T A N

OSH STROY: Creditors Must File Claims by August 29


L U X E M B O U R G

GELDILUX-TS-2008: S&P Affirms Low-B Ratings on 4 Classes of Notes
INTERCONTINENTAL CDO: S&P Junks Ratings on Six Classes of Notes


N E T H E R L A N D S

AEGON NV: Posts EUR161MM Loss; Mulls Share Sale to Repay State Aid
ING GROEP: Net Income Down 96% to EUR71 Mln in Second Qtr. 2009
ING GROUP: Fitch Downgrades Rating on Hybrid Capital to 'BB'
NIBC BANK: Fitch Downgrades Rating on Hybrid Capital to 'BB+'

* NETHERLANDS: Corporate Bankruptcies Reach 3,500 in 1st Half 2009


R U S S I A

CONSTRUCTION AND INSTALLATION: Claims Filing Deadline is August 19
FEMILI LLC: Creditors Must File Claims by August 19
LES-KOM CJSC: Creditors Must File Claims by August 19
MAGNITOGORSKIY AUTOMOTIVE: Creditors Must File Claims by August 19
NORD-VEST LLC: Creditors Must File Claims by August 19

PIK GROUP: Nears Debt Restructuring Deal with Creditor Banks
REGION-STROY LLC: Creditors Must File Claims by August 19
SIB-RESURS LLC: Creditors Must File Claims by August 19
VAKH-LES LLC: Creditors Must File Claims by August 19


* SAKHA REPUBLIC: S&P Changes Outlook to Neg.; Keeps 'BB-' Rating
* SAMARA OBLAST: S&P Assigns 'BB+' Global Rating on Senior Debt


S L O V E N I A

MURA: May Go Bankrupt After Gov't. Turns Down Bailout Plea

* SLOVENIA: Bankruptcies Rise to 88 in January-April 2009


S W I T Z E R L A N D

MARCEL RASS: Claims Filing Deadline is August 20
PPM TRADE: Creditors Must File Claims by August 7
SAPERO AG: Claims Filing Deadline is August 20


U K R A I N E

AT-TECHNOLOGIES LLC: Creditors Must File Claims by August 19
CONCENTRATE TRADING: Creditors Must File Claims by August 19
IMPERIAL LLC: Creditors Must File Claims by August 19
MEGAKHIM LLC: Creditors Must File Claims by August 19
PARITET-SERVICE LLC: Creditors Must File Claims by August 16

SOMBOR LLC: Creditors Must File Claims by August 16
SUVENIR LLC: Creditors Must File Claims by August 16
T.A.V.-ENGINEERING LLC: Creditors Must File Claims by August 19
UKRRAILWAYSERVICE LLC: Creditors Must File Claims by August 16


U N I T E D   K I N G D O M

CLUB ASIA: Placed Into Administration; Seeks Buyer, Reports Say
LOWTHER MANELLI: Faces Liquidation; Creditors Reject Rescue Offer
MG ROVER: SFO Won't Pursue Criminal Investigation Into Collapse

* BOOK REVIEW: Bankruptcy in United States History


                         *********


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


BERGER KEG: Claims Filing Deadline is August 20
-----------------------------------------------
Creditors of Berger KEG have until August 20, 2009, to file their
proofs of claim.

A court hearing for examination of the claims has been scheduled
for September 3, 2009 at 9:15 a.m.

For further information, contact the company's administrator:

         Dr. Gisela Possnig
         Lederergasse 10/2
         8160 Weiz
         Austria
         Tel: 03172/2442
         Fax: 03172/2442-14
         E-mail: office@ra-wpm.at


DJORDJEVIC-MILOVIC SANJA: Claims Filing Deadline is August 20
-------------------------------------------------------------
Creditors of Djordjevic-Milovic Sanja have until August 20, 2009,
to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for September 3, 2009 at 10:45 a.m.

For further information, contact the company's administrator:

         Dr. Ulrike Bauer
         Elisabethstrasse 26
         1010 Wien
         Austria
         Tel: 587 78 20 Serie
         Fax: 587 78 20 9
         E-mail: ra.bauer@aon.at


LEITNER PRODUKTION: Creditors Must File Claims by August 20
-----------------------------------------------------------
Creditors of Leitner Produktion & Handel GmbH have until
August 20, 2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for September 2, 2009 at 12:15 p.m. at:

         Land Court of Leoben
         Hall IV
         First Floor
         Leoben
         Austria

For further information, contact the company's administrator:

         Dr. Helmut Fetz
         Hauptplatz 11
         8700 Leoben
         Austria
         Tel: 03842-42751
         Fax: 03842-42751-40
         E-mail: office@fetz-fetz.at


RUBBERTEC GMBH: Creditors Must File Claims by August 20
-------------------------------------------------------
Creditors of Rubbertec GmbH have until August 20, 2009, to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for September 2, 2009 at noon at:.

         Land Court of Leoben
         Hall IV
         First Floor
         Leoben
         Austria

For further information, contact the company's administrator:

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


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


* BULGARIA: Grain Producers at Risk of Going Bankrupt
-----------------------------------------------------
Novinite.com reports that a lot of Bulgaria's grain producers are
at risk of going bankrupt as the wheat that they produced in 2009
costs well above the market price.

Citing Grain Producers' Association Chairman Radoslav Hristov, the
report discloses the production cost of the wheat in 2009 is the
highest in the last 20 years -- about BGN 270-280 per ton of
wheat, with an average yield for the country of 295 kg per decare.

According to the report, Mr. Hristov believes only the farmers who
produce about at least 350-400 kg of wheat per decare will be able
to survive.

The grain producers' issue will be discussed by the Grain
Consultative Council on Monday, August 17, the report notes.


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


THOMSON SA: Credit Event Ruling to Trigger US$4.6 Bln of Swaps
--------------------------------------------------------------
Abigail Moses at Bloomberg News reports that credit-default swap
traders ruled Thomson SA's debt restructuring was a credit event.

Bloomberg relates the International Swaps & Derivatives
Association said on its Web site traders representing banks and
investors including Deutsche Bank AG and Pacific Investment
Management Co. voted for the restructuring credit event.

Bloomberg says the credit event ruling may trigger about US$4.6
billion of Thomson's credit-default swaps.

According to Bloomberg, Fitch Ratings said in a statement
Wednesday potential losses from the restructuring credit event are
already reflected in the investment-grade ratings of synthetic
collateralized debt obligations that include Thomson.

On Aug. 12, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported Commerzbank AG asked for the "credit
event" ruling after Thomson said it got permission to defer a
US$72.5 million repayment on its 6.05% privately placed notes due
this year.  Citing data compiled by the Depository Trust &
Clearing Corp., which runs a central registry that captures most
trading, Bloomberg disclosed investors bought or sold nearly 5,000
contracts worth a net US$2 billion on Thomson debt as of July 31.

                         About Thomson SA

France-based Thomson SA -- http://www.thomson.net/-- provides
technology, services, and systems to Media & Entertainment (M&E)
clients, including content creators, content distributors and
broadcasters.  It has three principal operating divisions:
Services, Systems (previously Systems & Equipment) and Technology.
The remaining activities are regrouped in two additional segments:
Other and Corporate.  The Services Division offers end-to-end
management of video-related services for its customers in the M&E
industries.  Systems division plays a role in supplying hardware
and software technology for the M&E industries in the areas of
production, delivery, management, transmission, and access.
Technology division includes activities, such as corporate
research; Silicon Solutions: Integrated Circuit design and tuners,
and Software & Technology Solutions: video and audio security
solutions, and other technologies.  In December 2008, the Company
sold its digital film equipment product line.

                           *     *     *

On Aug. 3, 2009, the Troubled Company Reporter-Europe reported
that Standard & Poor's Ratings Services said that its ratings on
French technology group Thomson S.A. (SD/--/SD) are not
immediately affected by the company's announcement on July 24,
2009, that it signed an agreement with a majority of its senior
lenders to restructure its balance sheet.  The agreement,
involving primarily a debt-for-equity swap, is conditional on a
number of requirements.  Upon implementation of a restructuring
agreement or the filing, if any, of legal proceedings -- whichever
occurs first -- S&P will revise all of S&P's ratings on Thomson to
'D' (default), in accordance with S&P's criteria.  Once the
company emerges from reorganization or any legal proceedings, S&P
will reassess the ratings, taking into account the benefits
garnered through the reorganization process.

As reported in the Troubled Company Reporter-Europe on May 21,
2009, Moody's Investors Service changed to Ca/LD from Ca the
Probability of Default Rating for Thomson S.A. on the company's
failure to repay US$92.5 million private placements due on May 18,
2009 which the rating agency view constitutes a payment default.


THOMSON SA: Fitch Reports Minimal Impact of Restructuring on CDOs
-----------------------------------------------------------------
Fitch Ratings says that the restructuring credit event called on
Thomson SA will have a minimal impact on the investment-grade
ratings of Fitch-rated synthetic CDOs.

Thomson is directly referenced in 77 Fitch-rated synthetic CDO
transactions, or 167 tranches of debt, out of a total global
universe of 277 corporate synthetic CDO transactions.  Despite
being referenced in 28% of Fitch-rated synthetic CDOs, the agency
expects minimal CDO rating impact.  Potential losses resulting
from this credit event are already reflected in the agency's
investment-grade CDO ratings.  The majority of the exposed
transactions are European CDOs (53 European, 11 U.S., and 13 Asian
CDOs).

Market participants called a restructuring credit event on Thomson
SA triggered by a deferral of principal on its 6.05% Series A Bond
which was agreed by bondholders in June 2009.

Fitch's recently completed sensitivity analysis showed that a
total loss of any single widely-referenced corporate reference
entity would not result in any losses to tranches rated above
'CCC'.  However, tranches currently rated in the 'BBB' and 'BB'
rating categories do face downgrade risk resulting from diminished
credit enhancement from potential corporate losses.

Fitch will continue to monitor underlying corporate credit
migration in Fitch-rated CDOs.  If losses are projected to exceed
the agency's expectations, Fitch will take rating action
accordingly.


VALEO SA: Moody's Downgrades Corporate Family Rating to 'Ba2'
-------------------------------------------------------------
Moody's Investors Service downgraded to Ba2 from Ba1 the Corporate
Family Rating and the senior unsecured rating as well as the
Probability of Default Rating of Valeo S.A. with a stable outlook.
The Not Prime short term rating was not affected.

Falk Frey, Senior Vice President and lead analyst at Moody's for
Valeo, commented: "The rating change reflects Moody's view that
the deteriorated market conditions in most automotive markets will
not materially recover in 2010 and Valeo's key markets in Western
Europe will decline compared to the current year due to the phase
out of most incentive schemes.  Despite the steps taken early by
the company to adjust its cost base, the anticipated improvements
in the company's financial flexibility over the intermediate term
are likely therefore not be sufficient for the Ba1 rating
category."

In the first half of 2009 Valeo reported a negative operating
margin (operating income less income and expenses) of
EUR51 million (-1.5% of sales) versus a positive margin of
EUR203 million in H1 2008 (4.2% of sales).  After deduction of
other financial income and expenses of EUR37 million Valeo
generated a negative operating income of EUR88 million in H1 2009
compared to an operating profit of EUR182 million in H1 '08.
Valeo expects that the rebound in automobile production will
continue in the third quarter, through the combined impact of
incentive programs for new vehicles in Europe and the return to
growth in emerging markets.  Therefore, the company has revised
upwards its automotive production forecast with an anticipated
fall of 7% in the second half of the year and a fall of 17% for
the full year as compared to -10% and -20% respectively for the
second half and the full year.  On the basis of this scenario,
Valeo has set an objective of positive operating margin for the
second half of the year and an improvement of its cash consumption
for the full year limited to around EUR200 million after payment
of EUR230 million related to restructuring costs.

Moody's notes that the successful implementation of cost savings
resulting from measures to adjust production volumes and capacity
as well as lower raw material costs resulted in a modest positive
operating margin in the second quarter 2009 and Moody's would
expect some further improvements in the second half of the current
year based on higher production volumes compared to the first half
this year.  Nonetheless, the decline in volumes expected by the
agency in Western Europe next year as the scrappage programs are
reduced or eliminated together with the deteriorated mix resulting
from the strong trend towards smaller cars equipped with less
value of content of supplier parts that in the agency's view could
dampen any quick recovery to historical financial metrics.  Also,
it is Moody's opinion that the announcement of a new
organizational structure and its implementation could lead to
additional upfront expenses over the next quarters that increase
the likelihood that financial metrics targeted by Moody's for the
current fiscal year in order to avoid a downgrade will not be
achieved.

The Ba2 rating continues to reflect the company's size, its broad
product range and leading market positions in the automotive
supplier industry as well as a prudent financial policy which
mitigate weak credit metrics for the category anticipated by
Moody's in the intermediate term.

The stable outlook reflects the rapid and successful realisation
of cost savings from the early implementation of vigorous
restructuring measures to react to the current downturn in demand
and even more important Valeo's solid liquidity profile which
provides some time to bridge until operating performance and
credit metrics will improve to be more in line with the Ba2
ratings.  The stable outlook also acknowledges the fact that the
company's competitive position has not eroded.

Positive pressure on the ratings could evolve should financial
metrics (as adjusted by Moody's) recover more than anticipated
over the next 12-18 months exemplified by (i) a rise in EBIT
margins shifting close to 3.0% in 2010 with anticipation of
further improvement onwards; (ii) free cash flow generation from
2010 onwards of more than Euro 100 million as well as (iii)
Debt/EBITDA reduced towards 3.5x by 2010 with further improvement
in the years beyond..

However, the ratings could come under further pressure in case of
(i) worsening of market trends in the automotive sector than
Moody's current expectations next year especially in Europe or
beyond 2010; (ii) failure to redress EBITA margin level over the
medium term with an intermediate step of around 1.5% next year as
well as (iii) inability to reduce leverage (Debt/EBITDA) to a
level materially lower than 4.5x by 2010 and (iv) failure to
return to a positive free cash flow from 2010 onwards.

Valeo's liquidity profile remains solid, with a long dated
maturity schedule.  Liquidity is provided by sizable amounts of
cash readily available, a comfortable amount of headroom under its
committed high quality bilateral bank lines maturing in more than
1 year as well as operating cash flows.  These sources should
cover all cash needs over the next 12 months arising from debt
maturities, capital expenditures, working capital and day-to-day
needs as well as dividend payments.  The Ba2 rating incorporates
the assumption that the solid liquidity profile will be maintained
over the medium term thereby maintaining solid headroom under its
financial covenants.

Downgrades:

Issuer: Valeo

  -- Probability of Default Rating, Downgraded to Ba2 from Ba1

  -- Corporate Family Rating, Downgraded to Ba2 from Ba1

  -- Multiple Seniority Medium-Term Note Program, Downgraded to a
     range of Ba3 to Ba2 from a range of Ba2 to Ba1

  -- Senior Unsecured Regular Bond/Debenture, Downgraded to Ba2
     from Ba1

Outlook Actions:

Issuer: Valeo

  -- Outlook, Changed To Stable From Negative

Moody's last rating action on Valeo was a downgrade to Ba1/Not
Prime with a negative outlook from Baa3/Prime-3 on January 7,
2009.

Valeo S.A., headquartered in Paris, is one of the leading global
suppliers of automotive components.  Valeo generated total sales
of EUR3.5 billion in the first half 2009.


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


GENERAL MOTORS: To Cut Production in Spain if Opel Bid Succeeds
---------------------------------------------------------------
Brian McGee at Bloomberg News, citing Cinco Dias, reports that
Magna International Inc. plans to cut production in Spain should
it succeed in buying General Motors Co.'s Opel unit.

According to Bloomberg, the newspaper said Magna plans to stop one
production line next year at Figuerelas near Zaragoza, cease
making the Corsa small car three-door model there, and share the
five-door version with Eisenach in Germany.

Tony Czuczka at Bloomberg News reports German Chancellor Angela
Merkel restated her "clear preference" for Magna as the buyer of
GM's Opel unit and said she will intervene in the sale
negotiations if needed.

Ms. Merkel, as cited by Bloomberg, said the German government is
in "constant talks" over the sale of Opel.  "Im always informed,
I'm always in the loop and I will get involved whenever
necessary," Bloomberg quoted Ms. Merkel as saying.

                     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)


GILDEMEISTER AG: Moody's Lowers Corporate Family Rating to 'Ba3'
----------------------------------------------------------------
Moody's Investors Service has downgraded Gildemeister's Corporate
Family Rating and Probability of Default Rating to Ba3 from Ba2;
the outlook for the ratings is negative.  The action concludes the
review for possible downgrade initiated by Moody's on
May 13, 2009.

"The downgrade was prompted by an erosion of Gildemeister's
revenues, profitability and operating cash flows in the first six
months of 2009 due to a severe cyclical order contraction in the
machine tools as well as lower revenues in the services business,"
explains Christian Hendker, Lead Analyst for Gildemeister at
Moody's.  "While management achieved a positive pre-tax income for
H1, 2009, the cash consumption has increased materially due to
weakened Funds from Operations and continued high working capital
requirements.  The Ba3 rating expects a strong release of working
capital in H2, to support the company's financial flexibility",
Mr.  Hendker continues.

While Gildemeister's rating incorporates the underlying
cyclicality of the machine tool industry, the current cyclical
downturn is unprecedented in terms of speed and breadth of
contraction.  The sequential increase in order intake in Q2, 2009
may indicate that the trough in business volume has been reached
with Gildemeister still reporting operating profitability, but
order visibility is still very low and cash flow substantially
negative, so that credit metrics are likely to remain below the
guidance for the previous rating.

Given the still challenging business outlook for global machine
tool demand, the negative outlook reflects the uncertainty of
whether the company will be able to timely and adequately turn
around operating performance and cash flow generation over the
next few quarters and whether it can preserve a sufficient
liquidity cushion, including headroom under financial covenants.
The negative outlook furthermore underlines the challenge to
adequately reduce working capital in the second half of 2009 and
beyond in line with lower revenues which is a primary driver for
aligning Gildemeister's financial leverage with lower business
volume.

The ratings could come under downward pressure in the case of (1)
weakening liquidity cushion driven by negative free cash flows or
diminishing headroom under financial covenants, or (2) further
sustained weakening of credit metrics, such as RCF to Net debt
falling below 10% and EBITA-Margin below 4%.

The rating outlook could be stabilised over the next 12 to 18
months if (1) the company's operating performance shows evidence
of stabilisation, reflected in a positive book-to-bill ratio, RCF
to Net debt remaining above 10% and EBITA-Margin remaining above
4%, (2) Gildemeister continues to generate positive free cash flow
on an annual basis, and (3) Gildemeister preserves a solid
liquidity cushion, including sufficient headroom under financial
covenants.

Moody's recognizes that the reduced order intake of around 49% in
the first six months of 2009 is a direct consequence of the
depressed global macroeconomic environment, as Gildemeister's end-
customers in most industries are significantly scaling back
investments and production due to weak business prospects.
Moody's also notes that the impact of the current economic
downturn on Gildemeister's order intake has been intensified by
diminished funding options for investments in capital-intensive
machinery, like that manufactured by Gildemeister, which could
also reduce the absolute amount of payments on account going
forward, which typically are an important funding source for heavy
manufacturing companies.

Gildemeisters's order inflow in Q2 has improved 45% sequentially,
supporting an outlook that revenues may stabilize over the next
quarters.  However this development was based on certain markets,
like Asia, as well as from rising demand for Gildemeister's
SunCarrier Solar Technology and giving increasing price
competition in the industry recent orders may carry less margin
potential than in 2008.  Moody's recognizes Gildemeister's
proactive approach to aligning its cost structure, which, together
with the company's flexible cost structure, the synergy effects of
the new cooperation with its Asian competitor Mori Seiki, the
expectation of a normalization in the Services business
performance and solid order levels for Solar Technology, could
contribute to a gradual improvement of operating performance over
the next few quarters.  Given the company's strong market position
as a leading manufacturer of broad range of metal-cutting machine
tools serving a diversity of customer in different end-industries,
Gildemeister is well positioned to benefit from a recovery in the
global macroeconomic sentiment.

The last rating action was implemented on May 13, 2009, when
Moody's placed Gildemeister's ratings on review for possible
downgrade.

Headquartered in Bielefeld, Germany, Gildemeister is a leading
global manufacturer of metal-cutting machine tools (both milling
machines and lathes) and a provider of maintenance services.  In
2008, Gildemeister generated revenues of EUR1.9 billion.


QIMONDA AG: To Sell Graphic Technology Licenses to Winbond
----------------------------------------------------------
Ragnhild Kjetland at Bloomberg News reports that Michael Jaffe,
Qimonda AG's insolvency administrator, said the company will sell
licenses for graphics technology, including certain related tools
and testing systems, to Taiwan's Winbond Electronics Corp.

Bloomberg relates Mr. Jaffe said he's still in talks with both
German and international parties that are interested in Qimonda's
technology and licenses.

                          About Qimonda AG

Qimonda AG (NYSE: QI) -- http://www.qimonda.com/-- is a leading
global memory supplier with a diversified DRAM product portfolio.
The company generated net sales of EUR1.79 billion in financial
year 2008 and had -- prior to its announcement of a repositioning
of its business -- approximately 12,200 employees worldwide, of
which 1,400 were in Munich, 3,200 in Dresden and 2,800 in Richmond
(Virginia, USA).  The company provides DRAM products with a focus
on infrastructure and graphics applications, using its power
saving technologies and designs.  Qimonda is an active innovator
and brings high performance, low power consumption and small chip
sizes to the market based on its breakthrough Buried Wordline
technology.

Qimonda AG commenced insolvency proceedings with a local court in
Munich, Germany, on January 23, 2009.

Qimonda North America Corp., an indirect and wholly owned
subsidiary of QAG, is the North American sales and marketing
subsidiary of QAG.  QNA is also the parent company of Qimonda
Richmond LLC.  QNA and QR filed for Chapter 11 before the Delaware
bankruptcy court on February 20 (Bankr. D. Del. Lead Case No. 09-
10589).  Mark D. Collins, Esq., at Richards Layton & Finger PA,
has been tapped as counsel.  Roberta A. DeAngelis, the United
States Trustee for Region 3, appointed seven creditors to serve on
an official committee of unsecured creditors.  Jones Day and Ashby
& Geddes represent the Committee.  In its bankruptcy petition,
Qimonda estimated assets and debts of more than US$1 billion.

On June 15, 2009, QAG filed a petition for relief under Chapter 15
of the Bankruptcy Code (Bankr. E.D. Virginia Case No. 09-14766).


WESTLB AG: In Talks to Offload Assets; 1H09 Net Income Down
-----------------------------------------------------------
Jann Bettinga at Bloomberg News reports that Dietrich
Voigtlaender, WestLB AG's acting chief executive officer, said the
bank is in "intensive discussions" with Germany's Soffin bank-
rescue fund and its owners about offloading "non- strategic
assets".

According to Bloomberg, WestLB has said it plans to shift about
EUR80 billion (US$113 billion) in assets off its books, including
government bonds, student loans and corporate debt.

                            Net Income

WestLB's net income fell to EUR224 million in the first six months
of the year from EUR580 million a year earlier.  Bloomberg notes
earnings in the 2008 period were inflated by a EUR962-million gain
from the sale of risky securities to an off-balance-sheet vehicle
that WestLB's owners had set up to bail out the bank.

Bloomberg recalls the bank's owners agreed in June to provide an
additional EUR4 billion of guarantees to cover potential losses
from risky securities, boosting total guarantees to EUR9 billion.

                           About WestLB

Hearquartered in Duesseldorf, Germany, WestLB AG (DAX:WESTLB)
-- http://www.westlb.com/-- provides financial advisory,
lending, structured finance, project finance, capital markets
and private equity products, asset management, transaction
services and real estate finance to institutions.

In the United States, certain securities, trading, brokerage and
advisory services are provided by WestLB AG's wholly owned
subsidiary WestLB Securities Inc., a registered broker-dealer
and member of the NASD and SIPC.

WestLB's shareholders are the two savings banks associations in
NRW (25.15% each), two regional associations (0.52% each), the
state of NRW (17.47%) and NRW.BANK (31.18%), which is owned by
NRW (64.7%) and two regional associations (35.3%).

                          *     *     *

WestLB AG continues to carry Fitch's 'F' Individual Rating.
The rating was previously at 'D/E' and was downgraded by Fitch
to its current level in January 2008.


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


ATHLON PENZUGYI: PSZAF Initiates Liquidation Procedure
------------------------------------------------------
MTI-ECONEWS reports that Hungarian financial market regulator
PSZAF has withdrawn the license of and initiated a liquidation
procedure against sub-prime lender Athlon Penzugyi.

PSZAF told MTI on Wednesday the company failed to take adequate
measures to bring its net assets up to the minimum level required
by regulations.

As reported in the Troubled Company Reporter-Europe on July 15,
2009, MTI-ECONEWS reports, citing business daily Napi Gazdasag,
said Hungarian quick-loan company Athlon filed for bankruptcy on
July 8 amid a probe by PSZAF into its operations.

According to MTI, the court rejected the request because the
company failed to reach an agreement with its creditors.

Athlon lost HUF473 million (EUR1.72 million) in 2007.


MAGYAR TELECOM: Moody's Cuts Corporate Family Rating to 'B3'
------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Magyar Telecom B.V. to B3 from B1.  Concurrently,
Moody's downgraded the ratings of the company's EUR142 million
10.75% notes due in 2012 and the EUR200 million floating-rate
notes due 2013 to Caa1 from B2.  The company's ratings were also
placed under review for further possible downgrade.  Magyar
Telecom is a wholly-owned subsidiary of Invitel Holdings A/S.

"The downgrade of the company's CFR mainly reflects Moody's
concerns over Magyar Telecom's liquidity profile in light of
limited cash flow generation after interest payments, rising debt
amortization requirements and tight covenant structure," said
Stefano del Zompo, lead analyst for Magyar Telecom at Moody's.

The rating downgrade further reflects: i) tight headroom at the
end of Q2 2009 under the existing covenants despite an improvement
in the HUF/EUR(Hungarian Forint to Euro) exchange rate; ii) short
term liquidity concerns given the company's limited cash flow
generation in the first six months of 2009; iii) the expectation
of continued pressure on the company's financial performance in a
context of difficult economic conditions in Hungary; iv) the
expected impact of the economic downturn on the company's business
mix and profitability, with a reduced likelihood that growth in
mass market internet and wholesale business will be able to offset
the decrease in activity related to the traditional voice, so as
to meet Moody's growth expectations for 2009.

Moody's believes that the company will continue to be challenged
to meet its covenants and debt amortization going forward due to
its limited cash flow generation, slower-than-expected growth of
certain segments of the company's business and covenant step-downs
through 2010.

The company's ratings remain under review for possible downgrade.
The review will focus on the company's short term liquidity
profile and any plans regarding its capital structure.  As part of
the review, Moody's will also assess: i) the prospects of an
improvement in the performance of the company's voice and internet
businesses over the next quarters; ii) Magyar Telecom's expected
cash flow generation available to meet the scheduled debt
amortization in the next 18 months; iii) the company's ability to
meet its financial covenants going forward.

"Failure to address liquidity concerns or the expectation that
liquidity could be addressed through a route that involves a
material loss for the company's bondholders might result in
further downgrades" Mr. del Zompo added.

The last rating action was implemented on March 9, 2009, when the
outlook on the company's ratings was changed to negative from
stable as a result of the weak economic environment in Hungary and
tight covenant headroom.

Headquartered in Budaors, Hungary, Magyar Telecom is the second-
largest fixed-line telecommunications provider in Hungary.


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


CORIOLANUS LIMITED: Moody's Cuts Rating on Series 76 Notes to Ba3
-----------------------------------------------------------------
Moody's Investors Service has downgraded its ratings of three
series of notes issued by Coriolanus Limited.

The transaction closed in July 2007 and is a managed synthetic CDO
of debt obligations issued by corporations domiciled in Asia.

Moody's explained that the rating actions taken are the result of
the deterioration in the credit quality of the transaction's
reference portfolio, which includes but is not limited to the
occurrence of 2 credit events.  1 credit event (a senior unsecured
obligation of a metals & mining company in China, 0.6% of maximum
reference portfolio size) has a determined final price of 0.25%.
The final price for the other credit event (a senior unsecured
obligation of a construction & building company in India, 4% of
maximum reference portfolio size) is still under determination.
The recovery rate is assumed to follow beta distribution with a
mean of 20% and a standard deviation of 25% in the simulation
model.

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

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

The rating actions are:

  -- Series 74 US$50,000,000 Portfolio Credit Linked Floating Rate
     Secured Notes due 2019, Downgraded to A2; previously on
     April 7, 2009 Downgraded to A1

  -- Series 75 US$50,000,000 Portfolio Credit Linked Floating Rate
     Secured Notes due 2019, Downgraded to Baa3; previously on
     April 7, 2009 Downgraded to Baa2

  -- Series 76 US$50,000,000 Portfolio Credit Linked Floating Rate
     Secured Notes due 2019, Downgraded to Ba3; previously on
     April 7, 2009 Downgraded to Ba2


CORSAIR FINANCE: Moody's Corrects Press Release on Ratings
----------------------------------------------------------
Moody's Investors Service published a revised version of its
rating release on Corsair Finance (Ireland) N 10 Limited.
Corrected headline and deleted rating history in the last
paragraph.  The revised release follows:

Moody's Investors Service said it has published a 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 takes into account the deterioration in the credit quality
of the transaction's corporate reference portfolio.  The reference
portfolio is exposed to CIT, Ambac Assurance and MBIA which
ratings have experienced a rapid deterioration, greater than what
have been anticipated by its forward looking measures.

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:

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

The rating action is:

Corsair Finance (Ireland) N 10 Limited

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

  -- Current Rating: Caa2


CRYSTAL CREDIT: Moody's Cuts Rating on EUR63 Mil. Notes to 'C'
--------------------------------------------------------------
Moody's Investors Service has taken this rating action on notes
issued by Crystal Credit Ltd:

-- The EUR108 million Class 2005-A Principal at Risk Variable
    Rate Notes due June 30 2012, Downgraded to Ba1 from Baa3,
    previously on 06 April 2009 Downgraded to Baa3 from Baa2.

-- The EUR81 million Class 2005-B Principal at Risk Variable Rate
    Notes due June 30, 2012 Downgraded to Caa1 from B1, previously
    on 06 April 2009 Downgraded to B1 from Ba2.

  - The EUR63 million Class 2005-C Principal at Risk Variable Rate
    Notes due June 30, 2012 Downgraded to C from Ca, previously on
    06 April 2009 Downgraded to Ca from B2.

The rating action has been prompted by the continued increase in
the reported aggregate losses and provisions from the cedant
insurers.  In addition to the regular reporting from the
transaction, Moody's has received updated confidential revised
loss estimates from Swiss Re.  Based on this information and
Moody's opinion on wider macro economic issues, Moody's have
revised Moody's loss projections for this transaction.  Moody's
revised projections now place the expected aggregate losses at
approximately EUR720 million for the underwriting years 2006,
2007, and 2008.  This constitutes an increase of EUR20 million
over projections made in April 2009.  The increased losses are now
approaching the attachment point for the Class B Notes (at
EUR730 million).  As such, it is now expected that the Class C
Notes will experience a loss of approximately 90% and the
likelihood of the Class B Notes experiencing some loss is
substantially increased.

The losses from underwriting years 2006 are now well developed and
provisioned for.  However, losses from underwriting years 2007 and
2008 are expected to develop further resulting in a final
aggregate projected loss ratio of approximately 80%.  These levels
are significantly higher than the mean of 65% that Moody's
initially assumed when the transaction was rated in January 2006.

In the expected case projection, the Class C Note will experience
a 90% loss.  In addition, given the higher than initially assumed
projected loss and remaining uncertainty around those levels, the
expected loss on Class A and Class B Notes has increased resulting
in the rating actions.

The transaction transfers credit risk on a mezzanine tranche of a
pro-rata share of Swiss Re's trade credit re-insurance business
(Swiss Re retains a 10% minimum share).  The transaction is
structured around the ratio of ceded losses to the gross premium
received by Swiss Re from cedant insurers.  The issuer will pay a
protection amount to Swiss Re if the aggregate losses for
underwriting years 2006, 2007, and 2008 exceed EUR666 million.
This protection amount will be drawn from the proceeds of the sale
of the Notes, which, otherwise will be repaid to Note holders at
the transactions maturity.

The various attachment points, as a ratio of claims and reserves
to gross premium are: Class A: 90%, Class B: 81%, Class C: 74%


MORSTON INVESTMENTS: Ireland's High Court Appoints Liquidator
-------------------------------------------------------------
Ian Guider at Bloomberg News reports that Ireland's High Court
appointed Declan Taite of accounting firm Farrell Grant Sparks as
provisional liquidator to Vantive Holdings and Morston Investments
Ltd., two of Liam Carroll's companies.

According to Bloomberg, the liquidator was appointed at the
request of ACC Bank, the Irish unit of Rabobank Nederland NV.

Bloomberg relates ACC lawyer Rossa Fanning told the court
Wednesday that the companies were "grossly insolvent" and "unable
to meet their debt as they fell due."

The case returns on Sept. 9, Bloomberg adds.

Citing Mr. Carroll's lawyer Michael Cush, Bloomberg discloses
while ACC is owed EUR136 million (US$193 million), the winding up
of six of the real-estate developer's companies would leave a
combined deficit of EUR1 billion.

In a separate report Bloomberg says Ireland's so-called bad bank,
known as the National Management Agency, may take control of loans
to Mr. Carroll, potentially staving off losses of up to EUR1
billion (US$1.4 billion) for the country's biggest lenders.

Bloomberg notes the Finance Ministry said Tuesday the court's
decision to wind up two of Mr. Caroll's companies won't affect
plans for the agency, which is due to start buying loans with a
face value of EUR90 billion later this year.


STARTS IRELAND: Moody's Cuts Rating on Series 2005-25 Notes to Ba3
------------------------------------------------------------------
Moody's Investors Service has downgraded its ratings of Series
2005-4 and 2005-6 notes issued by Starts Cayman Ltd and Series
2005-25 notes issued by Starts Ireland PLC.

These are Leveraged Super Senior transactions with time-dependant
thresholds (the loss triggers) which, if exceeded, could lead to
deleveraging or early termination of the transaction at market
value.  Each series is exposed to a static reference portfolio of
110 to 125 corporate reference entities.

Moody's explained that the rating actions taken are the result of
the deterioration in the credit quality of the transactions
reference portfolios.  According to Moody's, for approximately 20%
to 24% of each of the reference pools, the forward looking ratings
are currently worse than at the time of its February review.
These include, but are not limited to, multiple notch downgrades
of CIT Group Inc, Ambac Financial Group, Inc, and MBIA Insurance
Corporation.

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 below, as well as the revised
parameters mentioned in the reports:

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

  -- A Description of Moody's Tools for Monitoring Leveraged Super
     Senior Transactions (August 2008)

The rating actions are:

Starts Cayman Ltd

(1) Series 2005-4 US$20,000,000 Leveraged Super Senior Credit-
Linked Notes due 2010

  -- Current Rating: B1

  -- Prior Rating: Ba2

  -- Prior Rating Date: 23 February 2009, downgraded to Ba2 from
     A2

(2) Series 2005-6 US$25,000,000 Leveraged Super Senior Credit-
Linked Notes due 2010

  -- Current Rating: B2

  -- Prior Rating: Ba3

  -- Prior Rating Date: 23 February 2009, downgraded to Ba3 from
     Aa2

Starts Ireland PLC

(1) Series 2005-25 US$15,000,000 Leveraged Super Senior Credit-
Linked Notes due 2010

  -- Current Rating: Ba3

  -- Prior Rating: Ba1

  -- Prior Rating Date: 23 February 2009, downgraded to Ba1 from
     Aaa


TRIPLAS SERIES: Moody's Cuts Rating on Class E Notes to 'Caa3'
--------------------------------------------------------------
Moody's Investors Service has downgraded its ratings of five
classes of notes issued by Triplas Series II Synthetic CDO
Limited.

The transaction is a lightly-managed synthetic CDO^2, whereby 15%
of the portfolio pool initially comprised of five synthetic
corporate static CDOs arranged by Calyon and 85% of the pool
comprised of European ABS assets, lightly managed by Calyon.

According to Moody's, the rating actions are the result of the
deterioration in the credit quality of the transaction's reference
portfolio, primarily the corporate inner CDOs.  There have been
numerous credit events in the underlying pool of corporate CDOs.
The transaction also has a significant exposure to other corporate
names, which continue to deteriorate in the current economic
environment.  This will weigh on the ratings of the tranches in
this transaction.

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

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

The rating actions are:

Triplas Series II Synthetic CDO Limited:

(1) EUR20,000,000 Class A Secured Floating Rate Notes due 2010

  -- Current Rating: Baa3
  -- Prior Rating: A3
  -- Prior Rating Date: 20 February 2009, downgraded to A3 from A1

(2) EUR12,500,000 Class B Secured Floating Rate Notes due 2010

  -- Current Rating: Ba3

  -- Prior Rating: Baa3

  -- Prior Rating Date: 20 February 2009, downgraded to Baa3 from
     A3

(3) EUR10,000,000 Class C Secured Floating Rate Notes due 2010

  -- Current Rating: Caa1

  -- Prior Rating: Ba2

  -- Prior Rating Date: 20 February 2009, downgraded to Ba2 from
     Baa3

(4) EUR5,000,000 Class D Secured Floating Rate Notes due 2010

  -- Current Rating: Caa2

  -- Prior Rating: B1

  -- Prior Rating Date: 20 February 2009, downgraded to B1 from
     Ba2

(5) EUR1,000,000 Class E Secured Floating Rate Notes due 2010

  -- Current Rating: Caa3

  -- Prior Rating: B2

  -- Prior Rating Date: 20 February 2009, downgraded to B2 from
     Ba3


VANTIVE HOLDINGS: Ireland's High Court Appoints Liquidator
----------------------------------------------------------
Ian Guider at Bloomberg News reports that Ireland's High Court
appointed Declan Taite of accounting firm Farrell Grant Sparks as
provisional liquidator to Vantive Holdings and Morston Investments
Ltd., two of Liam Carroll's companies.

According to Bloomberg, the liquidator was appointed at the
request of ACC Bank, the Irish unit of Rabobank Nederland NV.

Bloomberg relates ACC lawyer Rossa Fanning told the court
Wednesday that the companies were "grossly insolvent" and "unable
to meet their debt as they fell due."

The case returns on Sept. 9, Bloomberg adds.

Citing Mr. Carroll's lawyer Michael Cush, Bloomberg discloses
while ACC is owed EUR136 million (US$193 million), the winding up
of six of the real-estate developer's companies would leave a
combined deficit of EUR1 billion.

In a separate report Bloomberg says Ireland's so-called bad bank,
known as the National Management Agency, may take control of loans
to Mr. Carroll, potentially staving off losses of up to EUR1
billion (US$1.4 billion) for the country's biggest lenders.

Bloomberg notes the Finance Ministry said Tuesday the court's
decision to wind up two of Mr. Caroll's companies won't affect
plans for the agency, which is due to start buying loans with a
face value of EUR90 billion later this year.


WINDERMERE XIV: Wants to Replace Lehman as Security Agent
---------------------------------------------------------
Paul Armstrong at Bloomberg News reports Windermere XIV CMBS Ltd.
said in a statement it intends to replace units of Lehman Brothers
Holdings Inc. as security agents on loans backing commercial
mortgage-backed bonds due in 2018.

Bloomberg relates the statement was made Wednesday to investors
holding EUR1.1 billion of notes.

According to Bloomberg, the statement said costs incurred in
replacing Lehman are likely to affect the issuer's ability to pay
interest on the notes.

As reported in the Troubled Company Reporter-Europe on March 2,
2009, Standard & Poor's Rating Services raised its ratings on the
class E and F notes issued by Windermere XIV CMBS Ltd. to 'BB' and
'B', respectively, from 'D'.  This follows the payment in full of
current and previously unpaid interest on these notes at the
latest interest payment date.  At the same time, S&P placed the
notes on CreditWatch negative to reflect the current counterparty
risk owing to the insolvency of the swap counterparty, Lehman
Brothers Holdings Inc.


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


RISANAMENTO SPA: Intesa to Become Second-Biggest Investor
---------------------------------------------------------
Armorel Kenna at Bloomberg News, citing daily Il Sole 24 Ore,
reports that Intesa Sanpaolo SpA will become the second-biggest
investor in Risanamento SpA.

According to Bloomberg, the newspaper said Intesa, Italy's
second-biggest bank, could provide EUR270 million (US$381 million)
in financing and get a 30% stake in the company, which is due to
present a restructuring plan to a Milan court to avert bankruptcy.

Bloomberg relates the daily said Luigi Zunino, who formed
Risanamento, will cut his stake to 33% from 73%, while Intesa,
UniCredit SpA, Banco Popolare SC, Banca Popolare di Milano Scarl
and Banca Monte dei Paschi di Siena SpA will own a combined 55% of
the company.

As reported in the Troubled Company Reporter-Europe on Aug. 6,
2009, Bloomberg News, citing Messaggero, said that Risanamento
asked banks for as much as EUR73 million (US$104 million) in new
credit lines to support a restructuring plan requested by a Milan
bankruptcy court.

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

                     About Risanamento SpA

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


* ITALY: Banks Allow One-Year Loan Moratorium for Small Businesses
------------------------------------------------------------------
The Italian Banking Association ABI agreed to allow small and
medium-size companies to postpone loan payments for a year, Sonia
Sirletti at Bloomberg News reported.

The ABI and Italy's employers' lobby Confindustria announced the
agreement on Aug. 3 in Milan, Bloomberg disclosed.

According to Bloomberg, ABI Chairman Corrado Faissola said at a
press conference lenders will allow a one-year moratorium on loans
that are difficult for businesses to repay.

Bloomberg said the Italian government has been putting pressure on
lenders to extend credit and has linked its bank bailout plan to
increased loans.


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


AGRO MARKET: Creditors Must File Claims by August 28
----------------------------------------------------
Creditors of LLP Agro Market Stroy have until August 28, 2009, to
submit proofs of claim to:

          The Specialized Inter-Regional
          Economic Court of North Kazakhstan
          Brusilovsky Str. 60
          Petropavlovsk
          North Kazakhstan
          Kazakhstan

The court commenced bankruptcy proceedings against the company on
May 26, 2009.


JANAN & BROTHERS: Creditors Must File Claims by August 28
---------------------------------------------------------
Creditors of LLP Janan & Brothers Ltd. have until August 28, 2009,
to submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Mangistau
         Micro District 27, 51
         Aktau
         Mangistau
         Kazakhstan

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


TRANS TORG: Creditors Must File Claims by August 28
---------------------------------------------------
Creditors of LLP Trans Torg Service-M have until August 28, 2009,
to submit proofs of claim to:

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

The court commenced bankruptcy proceedings against the company on
June 12, 2009.


URAL PROM: Creditors Must File Claims by August 28
--------------------------------------------------
Creditors of LLP Ural Prom Export Kazakhstan have until
August 28, 2009, to submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Aktube
         Satpaev Str. 16
         Aktobe
         Aktube
         Kazakhstan

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


VONDO LTD: Creditors Must File Claims by August 28
--------------------------------------------------
Creditors of LLP Vondo Ltd. have until August 28, 2009, to submit
proofs of claim to:

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

The court commenced bankruptcy proceedings against the company on
June 12, 2009.


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


OSH STROY: Creditors Must File Claims by August 29
--------------------------------------------------
JSC Osh Stroy is currently undergoing liquidation.  Creditors
have until August 29, 2009, to submit proofs of claim to:

         Lenin Str. 316
         Osh
         Kyrgyzstan


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


GELDILUX-TS-2008: S&P Affirms Low-B Ratings on 4 Classes of Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its credit ratings on
all the notes issued by Geldilux-TS-2008 S.A.  S&P also removed
the class A1 to D SS notes from CreditWatch negative, where S&P
placed them on March 30, 2009.

At the same time, S&P kept the ratings on classes A to E issued by
Geldilux-TS-2007 S.A. on CreditWatch negative pending execution of
a potential restructuring plan.  S&P expects to resolve these
CreditWatch placements on any execution, or failure to do so, of
the restructuring.

The CreditWatch placements of the notes in Geldilux-TS-2008
reflected, among other things, S&P's revised view of the
refinancing risk prevalent in the portfolio.  The affirmations and
removal of the notes from CreditWatch negative reflect Bayerische
Hypo- und Vereinsbank AG's (HVB; A/Stable/A-1) successful
execution and implementation of a restructuring package for
Geldilux-TS-2008.

The key components of this executed restructuring package include:

The available credit enhancement increased following the issuance
of further class E and liquidity notes on August 10, 2009.  The
total amount outstanding of the class E notes increased to
EUR47.95 million from EUR18.95 million and the liquidity notes
increased to EUR9.0 million from EUR4.4 million.

HVB amended the characteristics of the securitized collateral.  It
educed the maximum weighted-average remaining term of all the
loans to 60 from 90 days and introduced tighter limits for real
estate customers.  In addition, HVB decreased the concentration
limit for single borrowers to 0.5% from 0.6%.

HVB amended the eligibility criteria for the purchase of further
loans, so that eligible loans need to fall in category 6 or better
of HVB's internal rating system.  In addition, if a loan falls
into category 6 it is considered ineligible if granted under a
loan facility with a commitment period exceeding one year.

HVB originated both transactions.  The securitized assets are
short-term loans granted to preferred clients from various
business segments.  Most of the borrowers are small and midsize
enterprises.  The loans have a maximum maturity of 368 days and
feature a bullet repayment.  These loans are products under the
framework of a client's working capital facility or term facility
offered by HVB.

                        Ratings List

                      Geldilux-TS-2008 S.A.
          EUR1,493.1 Million Secured Floating-Rate Notes

      Ratings Affirmed and Removed From Creditwatch Negative

                                Rating
                                ------
        Class              To              From
        -----              --              ----
        A1                 AAA             AAA/Watch Neg
        A2                 AAA             AAA/Watch Neg
        A SS               AAA             AAA/Watch Neg
        B                  A               A/Watch Neg
        C                  BBB             BBB/Watch Neg
        D                  BB              BB/Watch Neg
        D SS               BB              BB/Watch Neg

                         Rating Affirmed

                    Class              Rating
                    -----              ------
                    Liquidity notes    A

                      Geldilux-TS-2007 S.A.
          EUR2,104.5 Million Secured Floating-Rate Notes

             Ratings Remaining on Creditwatch Negative

                 Class              Rating
                 -----              ------
                 A                  AAA/Watch Neg
                 B                  A/Watch Neg
                 C                  BBB/Watch Neg
                 D                  BB/Watch Neg
                 E                  B/Watch Neg


INTERCONTINENTAL CDO: S&P Junks Ratings on Six Classes of Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on the class C and D
notes, preferred equity certificate, and the class I to V
combination notes issued by Intercontinental CDO S.A.

At the same time, S&P removed from CreditWatch negative and
affirmed the class B-1 and B-2 notes, while also affirming the
class A-1a, A-1b, A-2, and A-3 notes.

S&P's analysis of the transaction shows that par value losses due
to the defaults of corporate obligors in the underlying portfolio
have affected the credit enhancement levels available to the class
C and D notes and preferred equity certificate.  As a result, in
S&P's cash flow analysis, there has been a decrease in the break-
even default rates.  In S&P's opinion, this means that the break-
even default rates are no longer commensurate with the ratings
previously assigned to the downgraded tranches.

The components that form the combination notes include at least
one of these downgraded class C and D notes or the preferred
equity certificate.  In S&P's view, the same factors that
contributed to these downgrades mean that S&P's ratings on the
class I, II, III, IV, and V combination notes are no longer
commensurate with the ratings previously assigned.

As previously announced, S&P's criteria for rating cash flow CLOs
are currently under review.  Any proposed criteria changes may
affect S&P's ratings on the notes issued by Intercontinental CDO.
The rating actions are unrelated to these proposed changes.

                            Ratings List

                     Intercontinental CDO S.A.
          EUR395.5 Million Fixed And Floating-Rate Notes

       Ratings Lowered and Removed From Creditwatch Negative

                              Rating
                              ------
            Class        To              From
            -----        --              ----
            C            BB+             BBB/Watch Neg
            D            BB-             BB+/Watch Neg
            Pfd secs     CCC-            BB-/Watch Neg
            Comb I       CCC-            BBB-/Watch Neg
            Comb II      CCC-            BBB-/ Watch Neg
            Comb III     CCC-            A-/Watch Neg
            Comb IV      CCC-            A-/Watch Neg
            Comb V       CCC-            A-/Watch Neg

          Ratings Removed From Creditwatch And Affirmed

                              Rating
                              ------
            Class        To              From
            -----        --              ----
            B-1          A-              A-/Watch Neg
            B-2          A-              A-/Watch Neg

                         Ratings Affirmed

                       Class        Rating
                       -----        ------
                       A-1a         AAA
                       A-1b         AAA
                       A-2          AA
                       A-3          AA

             Pfd secs Preferred equity certificate.


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


AEGON NV: Posts EUR161MM Loss; Mulls Share Sale to Repay State Aid
------------------------------------------------------------------
Martijn van der Starre at Bloomberg News reports that Aegon NV
posted a net loss of EUR161 million in the second quarter of 2009,
its fourth straight quarterly loss.

According to Bloomberg, the second-quarter loss was driven by
EUR393 million of asset writedowns as well as a loss of
EUR385 million on the sale of its Taiwanese life-insurance unit to
Zhongwei Co.

                             State Aid

Bloomberg relates Aegon said it will sell as much as EUR1 billion
(US$1.43 billion) in stock to help repay state aid.  The insurer
received EUR3 billion in aid from the Dutch government last year
to bolster capital amid the global financial crisis.  The company,
as cited by Bloomberg, said the decision to repay a portion of the
funds by December depends on Aegons capital position, the outlook
for the economy and financial markets not deteriorating
materially.

                          About Aegon NV

Headquartered in The Hague, Netherlands, Aegon N.V. --
http://www.aegon.com/-- operates as a life insurance and pension
company.  The company's businesses focus on life insurance,
pensions, savings and investment products.  The AEGON Group is
also active in accident, supplemental health, general insurance
and some limited banking activities.  The company's major markets
are the United States, the Netherlands and the United Kingdom.  In
addition, AEGON operates in over 20 other markets in the Americas,
Europe and Asia.  The AEGON Group has four geographic segments:
the Americas (which include the United States, Canada and Mexico),
the Netherlands, the United Kingdom, and Other Countries, which
include Hungary, Spain, Taiwan, China, Poland and a number of
other countries with smaller operations.  In December 2007, AEGON
USA acquired 100% of the shares of Merrill Lynch Life Insurance
Company and ML Life Insurance Company of New York.


ING GROEP: Net Income Down 96% to EUR71 Mln in Second Qtr. 2009
---------------------------------------------------------------
Martijn van der Starre at Bloomberg News reports that ING Groep NV
said net income fell 96% to EUR71 million (US$100 million) in the
second quarter of 2009 from EUR1.92 billion a year earlier as it
set aside money for risky loans and reduced the value of its
real-estate holdings.

According to Bloomberg, ING set aside EUR852 million for doubtful
loans in the second quarter, up from EUR234 million a year
earlier.

Bloomberg relates ING, which received a EUR10-billion lifeline in
October from the Netherlands and transferred the risk on most Alt-
A mortgage assets to the Dutch state, said the company is
reviewing additional strategic options "to facilitate our
continued transformation and realize our ambition to repay the
Dutch state".

ING, as cited by Bloomberg, said discussions between the European
Commission, the Dutch government and the lender about the
restructuring plan the company earlier submitted will start soon.

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


ING GROUP: Fitch Downgrades Rating on Hybrid Capital to 'BB'
------------------------------------------------------------
Fitch Ratings has downgraded ING Group's and ING Verzekeringen
N.V.'s Long-term Issuer Default Ratings to 'A' from 'A+' and
downgraded ING Bank N.V.'s Long-term IDR to 'A+' from 'AA-'.  ING
Group's and ING Verzekeringen's Outlooks remain Negative, while
the Outlook of ING Bank remains Stable.  ING Verzekeringen's U.S.
subsidiaries have been placed on Rating Watch Negative.  ING
Group, the group holding company, has two main subsidiaries: ING
Bank, which operates most of the group's banking businesses, and
ING Verzekeringen, which runs most of the insurance activities.

Fitch has also downgraded ING Bank's Individual rating to 'B/C'
from 'B', while affirming the Support Rating at '1' and the
Support Rating Floor at 'A+'.  Fitch has affirmed the rating of
ING Bank's mortgage covered bonds at 'AAA', which remains under
analysis in line with Fitch's July 7, 2009 announcement relating
to its updated criteria for the treatment of liquidity risks
inherent to covered bond programmes.

ING Group's ratings have been downgraded in line with its two main
operating subsidiaries.  Consolidated results for 2009 are
expected to remain under pressure, despite a number of de-risking
and cost-cutting initiatives, and are unlikely to allow the group
to rebuild its capital resources in the short-term.

ING Verzekeringen's downgrade reflects the challenging operating
environment faced by most of its insurance subsidiaries,
especially in the United States, which is constraining current and
prospective profitability.  ING Verzekeringen's ratings continue
to reflect its strong business positions and excellent geographic
diversification.  Although capital adequacy is in line with the
current rating due to support from the Dutch state (rated 'AAA'),
it is unlikely to be materially strengthened by internal
accumulation until the profitability of the insurance operation
substantially recovers, which is unlikely in 2009.

The ratings of the US insurance operations reflect the change in
Fitch's view of group support status to very important from core
for ING America Insurance Holdings Inc. and its subsidiaries.
This in turn reflects the material restructuring that is expected
to occur in the near future due to an ongoing strategic review.
Fitch notes that capital levels and the earnings performance of
ING's US life insurance subsidiaries have been negatively affected
by investment-related losses and equity market deterioration,
which have materially impacted their variable annuity business.
Fitch will resolve the Rating Watch Negative on ING
Verzekeringen's U.S. subsidiaries based on how ongoing/run-off
businesses are allocated and depending on how this impacts the
capitalisation and business profiles of the individual legal
entities.

The downgrade of ING Bank's Long-term IDR and Individual rating
reflects deteriorating profitability, which has been affected by
the global financial crisis and is expected to remain under
pressure throughout 2009.  While net interest income is likely to
grow given the steep yield curve and higher customer spreads,
commissions could be hampered by the decline in the value of
assets under management and lower brokerage activity.  Moreover,
loan impairment charges are expected to be above their long-term
average, although lower costs should help the bank cope with the
difficult environment.  The bank's ratings continue to be based on
its strong franchise in the Benelux countries and in other mature
markets via ING Direct, sound loan book, good funding base and
adequate capital, which has been strengthened by support from the
Dutch state.

Fitch has downgraded to 'BB' and maintained on Rating Watch
Negative the rating of hybrid debt issued by ING Group and some of
its subsidiaries as the agency is reviewing the potential impact
of the 'burden-sharing' concept from the European Commission
regarding state-aided financial institutions.  Fitch will publish
a comment on this issue shortly.  With respect to ING, this could
have a further material negative impact on the ratings of its
hybrid securities.

The rating actions are:

ING Group

  -- Long-term IDR downgraded to 'A' from 'A+'; Outlook Negative

  -- Senior unsecured rating downgraded to 'A' from 'A+'

  -- Subordinated debt downgraded to 'A-' from 'A'

  -- Hybrid capital downgraded to 'BB' from 'BBB-'; remains on
     Rating Watch Negative

  -- Short-term IDR affirmed at 'F1'

ING Verzekeringen N.V.

  -- Long-term IDR downgraded to 'A' from 'A+'; Outlook Negative

  -- Short-term IDR affirmed at 'F1'

  -- Senior unsecured rating downgraded to 'A-' from 'A+'

  -- Hybrid capital downgraded to 'BB' from 'A'; placed on Rating
     Watch Negative

ING Bank N.V.

  -- Long-term IDR downgraded to 'A+' from 'AA-'; Outlook Stable
  -- Senior unsecured rating downgraded to 'A+' from 'AA-'
  -- Subordinated debt downgraded to 'A' from 'A+'
  -- Short-term IDR affirmed at 'F1+'
  -- Individual rating downgraded to 'B/C' from 'B'
  -- Support rating affirmed at '1'
  -- Support Rating Floor affirmed at 'A+'
  -- Mortgage covered bonds affirmed at 'AAA'

The 'AAA'/'F1+' ratings of the Dutch government guaranteed fixed
income programme are unaffected by the rating actions.

ING Belgium

  -- Long-term IDR downgraded to 'A+' from 'AA-'; Outlook Stable
  -- Senior unsecured rating downgraded to 'A+' from 'AA-'
  -- Short-term IDR affirmed at 'F1+'
  -- Individual rating downgraded to 'B/C' from 'B'
  -- Support rating affirmed at '1'
  -- Support Rating Floor affirmed at 'A-'

ING Bank Slaski

  -- Long-term IDR downgraded to 'A' from 'A+'; Outlook Stable
  -- Short-term IDR affirmed at 'F1'
  -- Individual rating affirmed at 'C'
  -- Support rating affirmed at '1'

ING America Insurance Holdings Inc.

  -- Commercial paper guaranteed by ING Verzekeringen N.V.
     affirmed at 'F1'

Lion Connecticut Holdings

  -- Senior unsecured notes, guaranteed by ING Verzekeringen N.V.,
     downgraded to 'A-' from 'A+'

ReliaStar Financial Corp

  -- Long-term IDR downgraded to 'BBB+' from 'A'; placed on Rating
     Watch Negative

Equitable of Iowa Companies, Inc

  -- Long-term IDR downgraded to 'BBB+' from 'A'; placed on Rating
     Watch Negative

  -- Capital Trust II downgraded to 'BB' from 'A-'; placed on
     Rating Watch Negative

ING Life Insurance and Annuity Company

  -- Insurer Financial Strength rating (IFS) downgraded to 'A'
     from 'AA-'; placed on Rating Watch Negative

ING USA Annuity and Life Insurance Company

  -- IFS downgraded to 'A' from 'AA-'; placed on Rating Watch
     Negative

ReliaStar Life Insurance Co.

  -- IFS downgraded to 'A' from 'AA-'; placed on Rating Watch
     Negative

ReliaStar Life Insurance Company of New York

  -- IFS downgraded to 'A' from 'AA-'; placed on Rating Watch
     Negative

Security Life of Denver Insurance Company

  -- IFS downgraded to 'A' from 'AA-'; placed on Rating Watch
     Negative


NIBC BANK: Fitch Downgrades Rating on Hybrid Capital to 'BB+'
-------------------------------------------------------------
Fitch Ratings has downgraded Netherlands-based NIBC Bank N.V.'s
Long- and Short-term Issuer Default Ratings to 'BBB' and 'F3' from
'BBB+' and 'F2', respectively.  The Outlook on the Long-term IDR
is Stable.  The agency has also downgraded NIBC's Individual
Rating to 'C/D' from 'C'.  At the same time, the agency has
affirmed NIBC's Support Rating at '5' and Support Rating Floor at
'No Floor'.  NIBC's outstanding debt issues have also been
downgraded according to Fitch's notching policy.  A full rating
list is provided at the end of this comment.

The rating action reflects Fitch's growing concerns over NIBC's
prospects in a difficult operating environment given its niche
merchant bank business model and reliance on capital markets for
its funding.  The bank's ability to generate a satisfactory level
of recurring profitability is challenged by the sensitivity of its
earning generation to the economy.  The downgrade also takes into
account uncertainty over the bank's ability to access unsecured
wholesale funding without state guarantee and at moderate cost
over the medium-term.  In addition, the ratings factor in its
adequate capital and careful management of liquidity.

The quality of the bank's EUR8bn corporate loan book has
deteriorated since Q408 in line with recessionary conditions and
declining corporate profitability and further pressure is
expected.  Nevertheless, impairment charges have so far remained
manageable while the bank's 15.9% tier 1 ratio provides it with a
capital buffer to absorb any potential losses.  However, the
ratings could come under pressure if material credit losses erode
the bank's capital.

NIBC's funding remains predominantly wholesale and the bank has
only been able to raise unsecured long-term debt in the capital
markets over the past year thanks to the guarantee scheme set up
by the Dutch government.  Nevertheless, the bank has succeeded in
diversifying its funding sources by attracting retail on-line
deposits.  In addition to the EUR4.5bn state-guaranteed debt, the
retail deposit inflows have allowed the bank to set aside a
significant liquidity buffer.  This, however, negatively affected
NIBC's performance in the first months of 2009 since the bank has
not been able to immediately reinvest these fairly expensive new
sources of funding in higher-yielding loans.  This is expected to
endure for some time given muted underwriting of new business in
depressed economies.  Fitch notes that, without positive mark-to-
market revaluation effect of assets and liabilities and capital
gains realised on the repurchase of its own debt, NIBC would have
reported a small loss in Q109.  Fitch expects NIBC to show weak
operating profitability in 2009, potentially supported by non-
recurring factors, as in Q109.

NIBC Bank N.V.  is a niche merchant bank providing financing and
advisory services and products to mid-caps and institutional
investors in the Benelux countries and northwest Europe.  It is
also active in the Dutch residential mortgage market and launched
"NIBC Direct", its on-line retail deposit brand, in the
Netherlands in 2008 and in Germany in early 2009.  It is owned by
a shareholder consortium led by the private equity firm JC Flowers
& Co.

In Fitch's rating criteria, a bank's standalone risk is reflected
in Fitch's Individual ratings and the prospect of external support
is reflected in Fitch's Support ratings.

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

  -- Short-term IDR downgraded to 'F3' from 'F2'

  -- Individual Rating downgraded to 'C/D' from 'C' Support Rating
     affirmed at '5'

  -- Support Rating Floor affirmed at 'NF'

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

  -- Subordinated debt downgraded to 'BBB-' from 'BBB'

  -- Hybrid capital downgraded to 'BB+' from 'BBB-'

The rating action has no impact on the 'AAA' rating of NIBC's
state guaranteed debt.

Following the downgrade of NIBC's Long-term IDR, Fitch has placed
NIBC's 'AAA' rated mortgage covered bonds on Rating Watch
Negative.  After the implementation of planned changes to the
covered bond programme, Fitch will take rating action.


* NETHERLANDS: Corporate Bankruptcies Reach 3,500 in 1st Half 2009
------------------------------------------------------------------
The number of corporate bankruptcies in the Netherlands increased
to 3,500 in the first half of 2009, double the number that failed
last year, AP reports citing the country's Central Bureau for
Statistics.

The report relates the agency said in a news release "the most
corporate bankruptcies took place in the trade and repair
industries and in the professional services industry".

According to the report, the statistics bureau said in the trade
and repair industries, auto dealers and repair shops, wholesale
stores, do-it-yourself stores and clothing stores were the
hardest-hit, while professional services companies that suffered
most included temporary staffing companies, consulting firms,
architects and design firms.


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


CONSTRUCTION AND INSTALLATION: Claims Filing Deadline is August 19
------------------------------------------------------------------
Creditors of LLC Construction and Installation Administration
No. 1(TIN 5507076084, PSRN 1055513035401) have until August 19,
2009, to submit proofs of claims to:

         A. Budelev
         Insolvency Manager
         Office 1
         Bratskaya Str. 11/1
         644006 Omsk
         Russia

The Arbitration Court of Omskaya commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No.?4621078/2008.

The Debtor can be reached at:

         LLC Construction and Installation Administration
         2-ya Solnechnaya Str. 29a
         644073 Omsk
         Russia


FEMILI LLC: Creditors Must File Claims by August 19
---------------------------------------------------
Creditors of LLC Femili Commercial Bank have until August 19,
2009, to submit proofs of claims to:

         Investment Insurance Agency
         Acting Insolvency Manager
         Post User Box 40
         115088 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ?4048885/09123-173B.

The Debtor can be reached at:

         LLC Femili
         Building 4
         Malaya Dmitrovka Str. 14
         127006 Moscow
         Russia


LES-KOM CJSC: Creditors Must File Claims by August 19
-----------------------------------------------------
Creditors of CJSC Les-Kom (Timber Industry)have until August 19,
2009, to submit proofs of claims to:

          Yu.Svetlakov
          Insolvency Manager
          Bereznikovskaya Str. 75A-12
          618400 Berezniki
          Russia

The Arbitration Court of Permskiy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ?5020285/2008.

The Debtor can be reached at:

         CJSC Les-Kom
         Zarechnaya Str. 4-2
         Kormovishche
         Lysva
         Permskiy
         Russia


MAGNITOGORSKIY AUTOMOTIVE: Creditors Must File Claims by August 19
------------------------------------------------------------------
Creditors of LLC Magnitogorskiy Automotive Equipment Maintenance
Plant No. 1 have until August 19, 2009, to submit proofs of claims
to:

         V. Solovyev
         Insolvency Manager
         S. Razina Str. 3
         454005 Chelyabinsk
         Russia

The Arbitration Court of Chelyabinskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?7623846/200836-150.

The Debtor can be reached at:

        LLC Magnitogorskiy Automotive Equipment Maintenance
        Plant No. 1
        Kharkovskaya Str. 9
        Magnitogorsk
        455005 Chelyabinskaya
        Russia


NORD-VEST LLC: Creditors Must File Claims by August 19
------------------------------------------------------
Creditors of LLC Nord-Vest-Oil (TIN 7801261046, PSRN
1047800016318) have until August 19, 2009, to submit proofs of
claims to:

          D. Bostan
          Insolvency Manager
          B. Yakimanka Str. 42
          119049 Moscow
          Russia

The Arbitration Court of Saint-Petersburg will convene at 2:40
p.m. on November 16, 2009 to hear bankruptcy proceedings on the
company.  The case is docketed under Case No. ?5642163/2008.

The Court is located at:

         The Arbitration Court of Saint-Petersburg
         Courtroom 121
         Suvorovskiy prospect 50/52
         Saint-Petersburg
         Russia


PIK GROUP: Nears Debt Restructuring Deal with Creditor Banks
------------------------------------------------------------
Bloomberg News, citing Vedomosti daily, reports that OJSC PIK
Group is close to reaching a debt restructuring deal with its
creditor banks that would substantially lower bankruptcy risks at
the company and fuel investor demand for its shares.

According to the report, PIK has agreed with Sberbank on a
five-year debt extension on preferential terms, including a two-
and-a-half-year grace period, during which the interest rate will
equal the base rate + 0.5%.  Sberbank, the report says, is to
assist the developer reschedule its debts to other creditors,
notably, Absolut Bank and VTB.  The group may thus have around
RUB28 billion, or two thirds of its total debts at the end of
2008, refinanced, the report states.

PIK, however, does not rule out that creditor banks may become
major shareholders in the group if the debt refinancing talks are
successful, the report notes.

                        About OJSC PIK Group

OJSC PIK Group -- http://www.pik.ru/-- is a residential
nationwide developer in Russia, focusing on mass market
communities.  Its business activities are concentrated in Moscow
and the Moscow region with a footprint in many of Russia's other
regions.  Its principal activity is the development, construction
and sale of residential properties in large scale developments
targeted primarily at the middle income housing market in Russia.
The Company's core activities include development of residential
real estate projects and sales of completed units, including
service and maintenance of residential real estate developed by
the Company and by other developers; production and assembly of
concrete panel housing in Moscow and the Moscow region, and
production and sales of raw materials and construction materials.
As of January 1, 2008, 96% of the Company's property portfolio was
represented by residential areas and 40% of the portfolio's total
area consisted of properties in the course of development.


REGION-STROY LLC: Creditors Must File Claims by August 19
---------------------------------------------------------
Creditors of LLC Region-Stroy-Invest (TIN 5905250729)
(Construction) have until August 19, 2009, to submit proofs of
claims to:

         O. Kirtok
         Insolvency Manager
         Post User Box 9015
         614088 Perm
         Russia

The Arbitration Court of Permskiy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ?5018440/2008.

The Debtor can be reached at:

         LLC Region-Stroy-Invest
         Promyshlennaya Str. 137
         614065 Perm
         Russia


SIB-RESURS LLC: Creditors Must File Claims by August 19
-------------------------------------------------------
Creditors of LLC Sib-Resurs (TIN 5501109255, PSRN 1075501006866)
(Rolled Metal Products) have until August 19, 2009, to submit
proofs of claims to:

         V. Munsh
         Insolvency Manager
         Post User Box 970
         644018 Omsk
         Russia

The Arbitration Court of Omskaya commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No.?4624496/2008.

The Debtor can be reached at:

         LLC Sib-Resurs
         Pereulok Avtomatiki 2/21
         620049 Yekaterinburg
         Russia


VAKH-LES LLC: Creditors Must File Claims by August 19
-----------------------------------------------------
Creditors of LLC Vakh-Les (TIN 8620003694, PSRN 1028601866446)
(Forestry) have until August 19, 2009, to submit proofs of claims
to:

         V. Konovalov
         Insolvency Manager
         Post User Box 7664
         Central Postal Office
         644099 Omsk
         Russia

The Arbitration Court of Khanty-Mansiysk will convene at 9:00 a.m.
on November 23, 2009 to hear bankruptcy proceedings on the
company.  The case is docketed under Case No. ?704549/2008.

The Debtor can be reached at:

         LLC Vakh-Les
         Pug Yug
         Nizhnevartovskiy
         628463 Khanty-Mansiysk-Yugra
         Russia


* SAKHA REPUBLIC: S&P Changes Outlook to Neg.; Keeps 'BB-' Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on the Russian Republic of Sakha (Yakutia) to negative
from stable because of a noticeable weakening of the republic's
financial performance following a contraction of the local economy
that was deeper than previously expected.  At the same time, the
'BB-' long-term issuer credit and 'ruAA-' Russian national scale
ratings were affirmed.

"The ratings on Sakha reflect its status as a vast, isolated
region with a strong concentration on natural resources
extraction," said Standard & Poor's credit analyst Felix Ejgel.

Severe winters, a remote location, and a lack of transport
infrastructure boost operating and capital expenditures, which are
difficult to reduce despite an ongoing contraction in Sakha's
traditional diamond and coal mining sectors.  The republic also
suffers from its low revenue-raising capacity and its dependence
on federal decisions on intergovernmental relations and tax
regimes.

On the positive side, the republic maintains a low level of debt,
with an amortizing debt repayment schedule.  Sakha benefits from
its wealthy economy and declining dependence on tax proceeds from
a single taxpayer, as well as massive investment in local
infrastructure.

The negative outlook reflects S&P's expectation that Sakha's
operating performance will remain weak throughout 2009-2010,
unless the economy rebounds because of greater demand for and
extraction of natural resources, or the republic receives
additional subsidies from the federal budget.

"We might lower the rating if the republic's limited capacity to
cut spending leads to accumulation of short-term debt, thereby
raising the debt service beyond S&P's expectations and,
consequently, further increasing Sakha's exposure to refinancing
risks," said Mr.  Ejgel.

S&P might revise the outlook to stable if Sakha achieves a
better-than-planned operating performance and builds up its cash
reserves, thereby reducing its refinancing risks.  Better
financial performance could result from greater federal financial
support and ensuing faster economic revival, as well as cost-
cutting measures.


* SAMARA OBLAST: S&P Assigns 'BB+' Global Rating on Senior Debt
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB+' local currency global scale and 'ruAA+' Russia national
scale senior unsecured debt ratings to the proposed Russian ruble
2.425 billion ($75 million) fixed-coupon domestic bond issue of
Samara Oblast (BB+/Negative/--; Russia national scale rating
'ruAA+').

"The issue will be placed on August 14, 2009, with a four-year
amortization, and will have 15 fixed-coupon payments," said
Standard & Poor's credit analyst Felix Ejgel.  "One-quarter of the
bond will be redeemed in 2011, with the remaining part coming due
in 2013."

The ratings on the bond mirror those on Samara Oblast, one of the
key industrial regions in the Russian Federation (foreign currency
BBB/Negative/A-3; local currency BBB+/Negative/A-2; Russia
national scale 'ruAAA').  The oblast lies 1,100 kilometers south-
east of Moscow on the Volga River.

The ratings on Samara Oblast reflect the local economy's ongoing
contraction, which has led to a noticeable reduction in the
oblast's budget revenues; the oblast's limited financial
flexibility; relatively high debt service in 2011-2012; and rising
contingent liabilities.

"However, S&P believes the oblast's ability to contain spending
will ensure a still moderate budgetary performance in the medium
term, as well as moderate debt accumulation and continuing good
liquidity," said Mr. Ejgel.


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


MURA: May Go Bankrupt After Gov't. Turns Down Bailout Plea
----------------------------------------------------------
Economist Intelligence Unit reports that Slovene clothing
manufacturer Mura is at risk of going bankrupt after the
government refused to bail out the company.

According to the report, the government -- which via the state
investment fund has a 12.2% stake in the enterprise -- has refused
to inject EUR5 million (US$6.8 million) of fresh capital into the
company as requested.  The decision, the report discloses,
followed a review which concluded that the company's difficulties
were caused by structural problems that went well beyond the
depressed demand stemming from the current global economic
downturn.  With no government assistance forthcoming, the company,
which employs 3,300 people, is expected to run out of working
capital in the near future, possibly this month, and bankruptcy
seems the only option, the report says.

The report relates on August 5 one local businessman, Joe
Pececnik, said he could keep the plant going if he received
government help with loans, guaranteed orders and retaining
workers.

Mura is the largest employer in Prekmurje, the eastern region
which is economically the least developed area of Slovenia.


* SLOVENIA: Bankruptcies Rise to 88 in January-April 2009
---------------------------------------------------------
Economist Intelligence Unit reports that in the first four months
of 2009, the number of bankruptcies in Slovenia rose to 88, one-
third higher than in January-April 2008, and the number of
liquidations doubled.

Slovenia, the report discloses, has around 60,000 legal entities.
According to the report, the proportion of companies in financial
distress in May exceeded 6.5% of the total.  Of the 4,000
companies in difficulties, 815 have not been able to meet their
financial obligations for more than 12 months, and they are
therefore viewed as the prime candidates for bankruptcy.
The report notes credit rating agencies in Slovenia, however,
argue that as many as 10% of all companies might be in danger of
going bankrupt in 2009.

Slovenian companies have been hit hard by the recession, the
report says.  The worst-affected companies in the current
recession tend to be concentrated in sectors that had been hit
severely by previous downturns, forcing other companies to go out
of business earlier, the report states.  The industries worst
affected in the past -- textiles, food-processing and wood-
processing -- have now produced further bankruptcies among the
remaining companies in the current recession, the report relates.


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


MARCEL RASS: Claims Filing Deadline is August 20
------------------------------------------------
Creditors of Marcel Rass AG are requested to file their proofs of
claim by August 20, 2009, to:

         Marcel Rass AG
         Kloesterli 8
         8222 Beringen
         Switzerland

The company is currently undergoing liquidation in Beringen.  The
decision about liquidation was accepted at an extraordinary
general meeting held on July 30, 2007.


PPM TRADE: Creditors Must File Claims by August 7
-------------------------------------------------
Creditors of PPM Trade & Consulting GmbH are requested to file
their proofs of claim by August 7, 2009, to:

         Peter Mayr
         Liquidator
         Freihofstrasse 9
         8942 Oberrieden
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on March 31, 2008.


SAPERO AG: Claims Filing Deadline is August 20
----------------------------------------------
Creditors of Sapero AG are requested to file their proofs of claim
by August 20, 2009, to:

         Ernst F. Sauerbruch
         Zwinglistrasse 812
         8260 Stein am Rhein
         Switzerland

The company is currently undergoing liquidation in Stein am Rhein.
The decision about liquidation was accepted at an extraordinary
general meeting held on November 25, 2008.


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


AT-TECHNOLOGIES LLC: Creditors Must File Claims by August 19
------------------------------------------------------------
Creditors of LLC AT-Technologies (code EDRPOU 35234959) have until
August 19, 2009, to submit proofs of claim to the company's
insolvency manager at:

         Post Office Box 162
         03087 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on June 25, 2009.

The Court is located at:

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

The Debtor can be reached at:

         LLC AT-Technologies
         Zabolotny Str. 15
         Kiev
         Ukraine


CONCENTRATE TRADING: Creditors Must File Claims by August 19
------------------------------------------------------------
Creditors of LLC Concentrate Trading (code EDRPOU 34732200) have
until August 19, 2009, to submit proofs of claim to:

         LLC Trading Network Megapolis
         Insolvency Manager
         Office 34
         Pobeda Ave. 136
         03115 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on June 11, 2009.  The case is docketed under
Case No. 28/142-B.

The Court is located at:

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


IMPERIAL LLC: Creditors Must File Claims by August 19
-----------------------------------------------------
Creditors of LLC Commercial Network Imperial (code EDRPOU
35316748) have until August 19, 2009, to submit proofs of claim
to:

         Consulting Group
         Insolvency Manager
         Office 34
         Pobeda Ave. 136
         03115 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on June 5, 2009.  The case is docketed under
Case No. 50/259.

The Court is located at:

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


MEGAKHIM LLC: Creditors Must File Claims by August 19
-----------------------------------------------------
Creditors of LLC Megakhim (code EDRPOU 32946299) have until
August 19, 2009, to submit proofs of claim to:

         I. Chernokondratenko
         Insolvency Manager
         Office 12
         V. Boyko str. 13
         Kremenchuk
         39602 Poltava
         Ukraine

The Economic Court of Poltava commenced bankruptcy proceedings
against the company on June 9, 2009.  The case is docketed under
Case No. 23/95.

The Court is located at:

         The Economic Court of Poltava
         Zigin Str. 1
         36000 Poltava
         Ukraine

The Debtor can be reached at:

          LLC Megakhim
          40 years of October Str. 2/7
          Kremenchuk
          39600 Poltava
          Ukraine


PARITET-SERVICE LLC: Creditors Must File Claims by August 16
------------------------------------------------------------
Creditors of LLC Paritet-Service (code EDRPOU 24076611) have until
August 16, 2009, to submit proofs of claim to:

          V. Varakina
          Insolvency Manager
          Balochnaya Str. 3
          Makeyevka
          Donetsk
          Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on July 2, 2009.  The case is docketed under
Case No. 43/240.

The Court is located at:

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

The Debtor can be reached at:

          LLC Paritet-Service
          Ac. Tupolev Str. 17
          04128 Kiev
          Ukraine


SOMBOR LLC: Creditors Must File Claims by August 16
----------------------------------------------------
Creditors of LLC Sombor (code EDRPOU 31909434) have until
August 16, 2009, to submit proofs of claim to:

          A. Sibal
          Insolvency Manager
          P. Doroshenko Str. 61/5
          79000 Lvov
          Ukraine

The Economic Court of Lvov region commenced bankruptcy proceedings
against the company.  The case is docketed under Case No. 33/69.

The Court is located at:

          The Economic Court of Lvov
          Lichakovskaya Str. 128
          79010 Lvov
          Ukraine

The Debtor can be reached at:

          LLC Sombor
          Gorodislavichi
          Pustomitovsky
          81152 Lvov
          Ukraine


SUVENIR LLC: Creditors Must File Claims by August 16
----------------------------------------------------
Creditors of LLC Suvenir (code EDRPOU 23658587) have until
August 16, 2009, to submit proofs of claim to:

           P. Chulakov
           Insolvency Manager
           Uritsky Str. 15
           69027 Zaporozhye
           Ukraine

The Economic Court of AR Krym commenced bankruptcy proceedings
against the company on June 18, 2009.  The case is docketed under
Case No. 2-6/11006-2008.

The Court is located at:

          The Economic Court of AR Krym
          R. Luxembourg Str. 29/Rechnaya Str. 11
          95000 Simferopol
          AR Krym
          Ukraine

The Debtor can be reached at:

          LLC Suvenir
          Rudansky Str. 23
          98600 Yalta
          AR Krym
          Ukraine


T.A.V.-ENGINEERING LLC: Creditors Must File Claims by August 19
---------------------------------------------------------------
Creditors of LLC T.A.V.-Engineering (code EDRPOU 34527443) have
until August 19, 2009, to submit proofs of claim to B. Esin, the
company's insolvency manager.

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on July 3, 2009.  The case is docketed under
Case No. 50/443.

The Court is located at:

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

The Debtor can be reached at:

         LLC T.A.V.-Engineering
         P. Lumumba Str. 15-A
         01042 Kiev
         Ukraine


UKRRAILWAYSERVICE LLC: Creditors Must File Claims by August 16
--------------------------------------------------------------
Creditors of LLC Ukrrailwayservice (code EDRPOU 33096721) have
until August 16, 2009, to submit proofs of claim to:

          V. Shelupets
          Insolvency Manager
          F. Kon Str. 5
          Donetsk
          Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on June 30, 2008.  The case is docketed under
Case No. B18/110-09.

The Court is located at:

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

The Debtor can be reached at:

          LLC Ukrrailwayservice
          Promishlennaya Str. 15
          Ukrainka
          Obukhov
          Kiev
          Ukraine


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


CLUB ASIA: Placed Into Administration; Seeks Buyer, Reports Say
---------------------------------------------------------------
John Plunkett at guardian.co.uk reports that London-based Asian
radio station Club Asia has gone into administration despite
steadily building its audience.

Citing the latest Rajar figures, guardian.co.uk discloses, Club
Asia had 202,000 listeners in the first half of this year, up from
188,000 in the previous quarter and 198,000 in the same period in
2008.

According to guardian.co.uk, reports suggest the station is
hopeful of finding a buyer by next week.


LOWTHER MANELLI: Faces Liquidation; Creditors Reject Rescue Offer
-----------------------------------------------------------------
Thom Kennedy at News & Star reports that Penrith-based Lowther
Manelli Properties Ltd., the development company behind the New
Squares scheme, is facing liquidation after creditors turned down
its offer to repay more than GBP5 million of debts in the form a
Company Voluntary Arrangement.

According to the report, the deal involved offering most creditors
35.78 pence per pound they owe, while asking contractors Thomas
Armstrong to waive their right to more than GBP3 million they are
owed.

Lowther Manelli, the report discloses, faces a winding up order,
brought by Eden Council, at Manchester's High Court on
August 24.

The report says the council stands to lose around GBP150,000 if
Lowther Manelli goes into liquidation, and turned down an offer
worth 35.78 pence in the pound in order to oppose the CVA.


MG ROVER: SFO Won't Pursue Criminal Investigation Into Collapse
---------------------------------------------------------------
James Lumley at Bloomberg news reports that the U.K. Serious Fraud
Office has decided not to start a criminal investigation into the
collapse of MG Rover Group Ltd. after reviewing a report provided
by the office of Business Secretary Peter Mandelson last month.

Bloomberg relates the SFO's decision follows a four-year
government commissioned review of the 2005 collapse of the
carmaker, which was then owned by Phoenix Venture Holdings.  Mr.
Mandelson hadnt published the report pending the SFO's decision.
He said he would disclose it to the public on Sept. 11.

"It was important to have clarity on whether or not this was a
case that the SFO should be investigating," Bloomberg quoted Mr.
Mandelson as saying in an e-mailed statement.  "Workers who lost
their jobs and the creditors who were owed nearly EUR1.3 billion
by the collapse deserved no less."

Graham Ruddick at The Daily Telegraph reports Richard Alderman,
the director of the SFO, has said Lord Mandelson was "absolutely
right" to refer the collapse of MG Rover to his organization,
despite rejecting the chance to launch a criminal investigation.
Mr. Alderman told The Daily Telegraph that after taking time
"mastering a complex report" it "wasn't a difficult decision" to
conclude there were no grounds to pursue an inquiry.

Simon Bowers and Graeme Wearden at guardian.co.uk report
Mr. Mandelson has asked government lawyers to begin compiling the
evidence needed to bar some of the key players behind the Rover
affair from corporate life, following the SFO's decision not to
pursue a criminal investigation into the affair.  According to
guardian.co.uk, the business secretary is disappointed by the
SFO's move, and determined that it should not be the end of the
matter.  guardian.co.uk discloses the Department for Business,
Innovation & Skills said Mr. Mandelson had received independent
legal advice that some of the people involved in MG Rover should
be disqualified from managing a company in the future.  This legal
advice is based on the soon-to-be-published report by government
inspectors into the sale and collapse of the company,
guardian.co.uk states.

                          About MG Rover

Headquartered in Birmingham, United Kingdom, MG Rover Group
Limited -- http://www1.mg-rover.com/-- produced automobiles under
the Rover and MG brands, together with engine maker Powertrain
Ltd.  Previously owned by Phoenix Venture Holdings, the company
faced huge losses in recent years, reaching GBP64.1 million in
2004, which were blamed on reduced sales.

MG Rover collapsed on April 8, 2005, after a tie-up with China's
largest carmaker, Shanghai Automotive Industry Corp., failed to
materialize.  It appointed Ian Powell, Tony Lomas and Rob Hunt,
partners in PricewaterhouseCoopers, as joint administrators.  The
crisis left 6,000 people jobless, and caused a domino effect on
related businesses, particularly in the West Midlands.  Days
later, eight European subsidiaries -- MG Rover Deutschland GmbH;
MG Rover Nederland B.V.; MG. Rover Belux S.A./N.V.; MG Rover
Espana S.A.; MG Rover Italia S.p.A.; MG Rover Portugal-
Veiculos e Pecas LDA; Rover France S.A.S., and Rover Ireland
Limited -- were placed into administration.


* BOOK REVIEW: Bankruptcy in United States History
--------------------------------------------------
Author: Charles Warren
Publisher: Beard Books
Softcover: 195 pages
List Price: US$34.95
by Henry Berry

Written by a lawyer, this book on the history of bankruptcy in the
United States from the latter 1700s, when the country first gained
its independence, through the years of the Great Depression in the
early 1930s has a legalistic slant.  Warren, a Harvard-educated
lawyer, gives some attention to social conditions of the day, the
effects on individuals such as debtors, and the overall evolution
of bankruptcy in the U.S., but he is mainly interested in the
groundbreaking legal decisions concerning bankruptcy, and
especially in major U.S. Supreme Court decisions.

The book is an amplification of lectures the author gave in 1934
at the Law School of Northwestern University.  As Warren explains,
"This book is an attempt to place the subject [of bankruptcy] in
its proper historical setting."  The author proceeds to argue that
American history has neglected the important economic and social
subject of bankruptcy because "[h]istory and law have long been
regarded as distinct subjects."  By bringing the subjects of
history and bankruptcy law together, Warren provides the first
history of bankruptcy in the U.S. In doing so, he makes bankruptcy
law a useful, adaptable, comprehensible, and beneficial resource.

Warren was motivated to write the book after witnessing the
effects of the Great Depression.  He hoped that public officials,
lawyers, economists, and general readers would not only be
heartened, but also get practicable economic ideas, from the
book's "sketch of the great depressions of the past, and the
description of the attempts at legislative adjustment of the
relations of debtor and creditor . . . bearing upon present
conditions."

Throughout U.S. history, major changes in bankruptcy laws have
always been related to financial crises and periods of economic
depression. During such times, states usually took the lead in
revising bankruptcy laws.  From time to time, the U.S. Congress
also intervened to make changes in national bankruptcy and
business law.  In many cases, with both state and national
legislation, the U.S. Supreme Court would have the final word on
the constitutionality of changes in existing laws or on new laws.
The phrase "to establish uniform laws upon the subject of
bankruptcy . . . ." was included as a late addition to Article I,
Section 8 of the U.S. Constitution.

During times of financial crisis, Warren discerns three distinct,
fundamental themes concerning bankruptcy law.  In its earliest
period, up until the 1820s, U.S. bankruptcy laws were modeled
after English laws, which favored creditors.  In the following
years, up to the start of the Civil War in 1861, new bankruptcy
laws favored debtors.  The turmoil of the Civil War and the
subsequent Southern Reconstruction, large inflows of immigrants,
and the economic development of all parts of the country in the
latter 1800s and early 1900s produced bankruptcy laws with the
national interest in mind.  This national perspective of
bankruptcy law continues through today, sometimes favoring the
creditor and sometimes the debtor depending on prevailing social
conditions and political agendas.

Bankruptcy in United States History is a readable book which both
bankruptcy professionals and general readers will find informative
on the subject of bankruptcy.

After graduating from Harvard law school, Charles Warren (1868-
1954) practiced law in Boston.  He also served as Assistant
Attorney General of the United States in Washington, D.C.

                            *********

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 * * *