TCREUR_Public/090819.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

           Wednesday, August 19, 2009, Vol. 10, No. 163

                            Headlines

A U S T R I A

ARDEMO GMBH: Claims Filing Deadline is August 27
BEKUM MASCHINENFABRIK: Creditors Must File Claims by August 25
RS HOLDING: Creditors Must File Claims by August 27
MGG GMBH: Creditors Must File Claims by August 25


C Z E C H   R E P U B L I C

J&T BANKA: Moody's Cuts Nat'l Scale Ratings to Ba1.cz/CZ-4


E S T O N I A

ALTA CAPITAL: Danske Files Bankruptcy Petition Over Bonds
BALTIC PANEL: SEB Liising Buys Property for US$2.2 Million


G E R M A N Y

ARCANDOR AG: Sale of Thomas Cook Stake in Market Placing Likely
ESCADA AG: Nickolaus Becker Makes Bid for Assets
FRESENIUS SE: Fitch Changes Outlook to Stable; Affirms 'BB' Rating
IKB DEUTSCHE: European Commission Okays EUR7-Bil. State Guarantee
WADAN YARDS: Creditors Back EUR40 Bil. Sale to Igor Yusufov


H U N G A R Y

TISZA CIPOGYARTO: Enters Into Liquidation After Sale Revenue Drops


I C E L A N D

EIMSKIPAFELAG ISLANDS: Creditors Back Debt-for-Equity Swap
LANDSBANKI ISLANDS: To Own 45% of Eimskip in Debt/Equity Swap


I R E L A N D

ANGLO IRISH BANK: Appoints Mike Aynsley as New Chief Executive
MORSTON INVESTMENTS: ACC Threatens to Liquidate Subsidiaries
VANTIVE HOLDINGS: ACC to Liquidate Subsidiaries if Loans Not Paid
ZOE GROUP: Ultster Blocks Sale of 15.9% Greencore Stake


I T A L Y

* ITALY: 50,000 Shops Face Closure This Year, Repubblica Says


K Y R G Y Z S T A N

GLOBAL NET: Creditors Must File Claims by August 29


P O L A N D

STOCZNIA GDYNIA: Investor Fails to Meet Payment Deadline
STOCZNIA SZCZECINSKA: Investor Fails to Meet Payment Deadline


R U S S I A

BALT-INSTRUMENT LLC: Creditors Must File Claims by August 24
BANK SAINT-PETERSBURG: Moody's Confirms 'Ba3' Senior Debt Ratings
NORD-OIL LLC: Creditors Must File Claims by August 24
SIB-STONE CJSC: Creditors Must File Claims by August 24
SILIKAT-LES LLC: Creditors Must File Claims by August 24


S P A I N

AYT BONOS I: Moody's Confirms Rating on Class C Notes at 'Ba3'
AYT BONOS II: Moody's Cuts Ratings on Class C Notes to 'Ba2'


S W E D E N

SAS AB: Moody's Downgrades Corporate Family Rating to 'B3'


S W I T Z E R L A N D

3L MEDIA: Creditors Must File Claims by August 24
AMICA MEDIA: Claims Filing Deadline is August 24
BM BAUINGENIEURE: Creditors Have Until August 24 to File Claims
ELECTRO CALORIQUE: Claims Filing Deadline is August 24
EVA ROSENSTAND: Claims Filing Deadline is August 24

FINANCIALYTIC INTERNATIONAL: Claims Filing Deadline is August 24
FOSECO AG: Creditors Have Until August 24 to File Claims
GALAXY HOLDING: Claims Filing Deadline is August 24
PARAMEDIA AG: Claims Filing Period Ends August 24
SWISS KER: Creditors Must File Claims by August 24


U K R A I N E

ALFA BANK: Moody's Confirms 'Caa1' Senior Unsecured Debt Ratings
ALTAIR LLC: Creditors Must File Claims by August 22
AUTOSCHOOL LLC: Creditors Must File Claims by August 21
BC RODOS: Creditors Must File Claims by August 22
EVEREST LLC: Creditors Must File Claims by August 21

FLAGMAN LLC: Creditors Must File Claims by August 22
KRAPON PLANT: Court Starts Bankruptcy Supervision Procedure
NATSIONALNYI KREDIT: Brovary Buys 52.08% Stake for UAH2 Million
TERRA LLC: Creditors Must File Claims by August 22
TISA LLC: Creditors Must File Claims by August 22


T U R K E Y

ANADOLUBANK AS: Fitch Affirms LT Issuer Default Rating at 'BB-'
FINANSBANK AS: Fitch Affirms 'BB' Long-Term Issuer Default Rating


U N I T E D   K I N G D O M

BETONSPORTS PLC: Founder Pleads Guilty to Racketeering Charges
BRITISH AIRWAYS: Still Faces Bankruptcy Threat, Executive Says
BRITISH AIRWAYS: Branson Calls on U.S. Gov't to Turn Down AA Deal
COBRA BEER: Lord Bilimoria Defends "Pre-Pack" Deal
RAYMARINE PLC: In Takeover Talks with Garmin

ROYAL BANK: FSA Commences Probe Into ABN Amro Acquisition
TATA MOTORS: To Take Tighter Management Control of Jaguar Unit

* Financial Times Says Oil Tankers Face Seizure by Banks


                         *********



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


ARDEMO GMBH: Claims Filing Deadline is August 27
------------------------------------------------
Creditors of ardemo GmbH have until August 27, 2009, to file their
proofs of claim.

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

For further information, contact the company's administrator:

         Mag. Dr. Michael Pacher
         Kaiserfeldgasse 1
         Second Floor/3
         8010 Graz
         Austria
         Tel: 0316/829073
         Fax: 0316/829073-73
         E-mail: rechtsanwaelte@pacherundpartner.at


BEKUM MASCHINENFABRIK: Creditors Must File Claims by August 25
--------------------------------------------------------------
Creditors of BEKUM Maschinenfabrik GmbH have until August 25,
2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for September 15, 2009 at 10:50 a.m. at:

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

For further information, contact the company's administrator:

         Mag. Hans-Peter Pfluegl
         Oberndorfer Ortsstrasse 56a
         3130 Herzogenburg
         Austria
         Tel: 02782/83 553
         Fax: 02782/83 553-55
         E-mail: kanzlei@pfluegl-hutecek.at


RS HOLDING: Creditors Must File Claims by August 27
---------------------------------------------------
Creditors of RS Holding GmbH have until August 27, 2009, to file
their proofs of claim.

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

         Civil Court of Graz
         Room 221
         First Floor
         Graz
         Austria

For further information, contact the company's administrator:

         Dr. Paul Wuntschek
         Kaiser-Franz-Josef-Kai 70
         8010 Graz
         Austria
         Tel: 0316/813862
         Fax: 0316/813862-2
         E-mail: office@klein-wuntschek-partner.at


MGG GMBH: Creditors Must File Claims by August 25
-------------------------------------------------
Creditors of MGG GmbH have until August 25, 2009, to file their
proofs of claim.

A court hearing for examination of the claims has been scheduled
for September 15, 2009 at 11:00 a.m. at:

         Land Court of St. Poelten
         Room 216
         Second Floor

For further information, contact the company's administrator:

         Dr. Franz Hofbauer
         Hauptplatz 6
         3370 Ybbs/Donau
         Austria
         Tel: 07412/52731
         Fax: 07412/52731-22
         E-mail: kanzlei@hofbauer-nokaj.at


===========================
C Z E C H   R E P U B L I C
===========================


J&T BANKA: Moody's Cuts Nat'l Scale Ratings to Ba1.cz/CZ-4
----------------------------------------------------------
Moody's Investors Service concluded its review for possible
downgrade of the ratings of six Czech financial institutions.  The
long-term foreign currency deposit ratings and bank financial
strength ratings of three banks (Ceska Sporitelna, Komercni Banka
and Ceskoslovenska obchodni Banka), that were on review, were
confirmed with a negative outlook.  At the same time, the long-
term local currency deposit ratings of the same banks were
downgraded by one notch to A1 from Aa3.  Detail of the reasoning
for the different rating actions on foreign and local currency
deposit ratings is given below.  The Baa3.cz national scale issuer
rating of BH Securities was confirmed with a negative outlook.  In
addition the long-term foreign currency issuer and senior
unsecured ratings of Czech Export Bank were downgraded to A1 from
Aa1, while the national scale ratings of J&T Banka were downgraded
to Ba1.cz/CZ-4 from Baa2.cz/CZ-2.

Moody's review, during which it carried out an analysis of loss
estimates under certain scenarios affecting the banks' asset
quality, earnings and capitalization, showed that the BFSRs were
generally well placed in their current rating categories to
withstand further deterioration in the banks' financial
performance arising from the economic downturn.  As a result,
Moody's confirmed all the BFSRs, although with a negative outlook
to reflect the vulnerability of the banks to a deterioration of
the operating environment beyond the rating agency's current
expectations.

Given the stability in the BFSRs, the changes to the long-term
deposit ratings were limited to a one-notch downgrade of the local
currency deposit ratings -- while the foreign currency deposit
ratings were confirmed.  The local currency deposit rating
downgrades resulted from Moody's review of the parental and
systemic support assessment with respect to each bank and also
from the refinement of its systemic support assumptions.  The
foreign currency ratings of those banks were already capped by the
A1 ceiling for foreign currency deposits in the Czech Republic and
therefore the change in systemic and/or parental support inputs
did not have any rating effect.

Moody's said that during the current downturn, it considers the
ability of the Czech state and its central bank to support the
nation's banks to be more closely aligned with the government's
own fiscal flexibility (as expressed by the government bond rating
of A1).  Prior to the crisis, Moody's did not expect government
support for banks to be required on a systemic basis and, together
with the tools of its Central Bank, the ability of the government
to support any of its banks was considered to be higher, at Aaa.
The input for systemic support has however now been lowered to
Aa2, two notches above the A1 government bond rating.
Consequently, some of those banks that had benefited in their
ratings from such systemic importance have been negatively
affected.

These rating actions concluded the reviews for possible downgrade
initiated on 26 May 2009 with the exception of Home Credit a.s.,
which remain on review and will be concluded separately given its
specific profile as a consumer finance company.

During the review, Moody's assessed the potential pressure on the
banks' asset quality indicators and earnings generating ability in
the current distressed operating environment and their combined
effect on the banks' capitalization and standalone
creditworthiness.  The rating agency also reviewed the ability and
willingness of parent banks and the system, where applicable, to
support the banks, which represents an important input for
assigning the final ratings.

            Review of Bank Financial Strength Ratings

Moody's did not downgrade any Czech banks' BFSR.  The stress-
testing exercise showed that the standalone ratings of the Czech
banks already reflected their ability to cope with Moody's
anticipated scenario -- given their capital positions and earnings
generating capacity -- with an increase in expected losses in a
deteriorating operating environment.  However, Moody's changed the
outlook on the BFSRs of all the banks to negative as it believes
that they could come under material pressure under a more stressed
scenario.

                Refined Systemic Support Assessment

The rating actions of the banks' local and foreign currency
deposit ratings were driven by Moody's review of parental and
systemic support probabilities, and in particular by the
application of its refined systemic support assumptions.  The
rating agency previously used the local currency deposit ceiling
(LCDC; Aaa in the case of the Czech Republic) as the main input
for its assessment of the ability of a national government to
support its banks.  Although anchoring the probability of support
at the LCDC is appropriate in most circumstances -- regarding the
provision of liquidity to a selected number of institutions over a
short period of time -- this might overestimate the capacity, and
even willingness, of a central bank to support financial
institutions in the event of a banking crisis becoming both truly
systemic and protracted.

Thus, the anchor used for measuring the influence of the
probability of systemic support on banks' ratings is now the Czech
government bond rating of A1 (stable outlook) plus two notches of
uplift, resulting in a Aa2 input.  This 2 notch uplift to the
government's rating reflects Moody's view that the government's
ability to support a bank can be higher than the government debt
rating as the state has an array of tools -- financial and non-
financial -- that it can employ, especially when the authorities
fear that a collapse of the banking system might amplify economic
stress.

The extent of the uplift in the case of the Czech Republic
reflects Moody's view that the risk of a systemic crisis in the
banking system remains relatively low and its assessment of the
state's high willingness to support its banks.

                     List of Rating Actions

Moody's has taken these rating actions on the Czech banks:

                       Ceska Sporitelna (CS)

CS's BFSR of C, which maps to a Baseline Credit Assessment (BCA)
of A3, was confirmed with a negative outlook.  In reviewing the
rating, Moody's took into account the bank's leading retail
franchise, which translates into good and relatively stable
earnings generation ability and satisfactory capital adequacy
ratings.  However, given the bank's relatively large portfolio of
higher-risk consumer finance loans, relatively high borrower
concentration and some exposure to commercial real estate, Moody's
views the rating as being relatively vulnerable to further
deterioration of the operating environment; hence, the negative
outlook on the BFSR.

Moody's adjustments to the systemic support inputs resulted in a
downgrade of the local currency deposit rating to A1 from Aa3.
CS's foreign currency deposit ratings of A1/Prime 1 were
confirmed.  The local and foreign currency A1 deposit ratings
carry a negative outlook, in line with the negative outlook on the
bank's BFSR.

                       Komercni Banka (KB)

Moody's confirmed KB's BFSR of C, which maps to a BCA of A3, with
a negative outlook.  In its review, the rating agency took into
consideration the strong leading domestic franchise of the bank,
its strong capitalization and good revenue generation ability.
The rating agency views a negative outlook on the BFSR as
appropriate, reflecting the vulnerability of the rating to further
deterioration of the operating environment.  This is mainly a
reflection of the high single borrower concentration of its
lending portfolio combined with its predominant exposure to the
corporate sector in particular SMEs, which, in Moody's opinion,
carry a higher likelihood of losses than other asset classes
during an economic downturn.

Due to Moody's review of the parental and systemic support
probabilities, the local currency deposit rating was downgraded to
A1 from Aa3.  KB's foreign currency deposit ratings of A1/Prime 1
were confirmed.  The A1 local and foreign currency deposit ratings
carry a negative outlook, in line with the negative outlook on the
bank's BFSR.

                Ceskoslovenska obchodni Banka (CSOB)

CSOB's BFSR of C, which maps to a BCA of A3, was confirmed with a
negative outlook.  In reviewing the rating, Moody's considered the
bank's strong domestic franchise, traditionally good revenue
generation ability and large proportion of lower-risk residential
mortgages.  However, the rating agency notes some potential
vulnerability to the weakening operating environment, given the
bank's relatively high single borrower concentration and large
proportion of corporate lending, particularly in the higher risk
SMEs category coupled with its satisfactory but still modest
capital adequacy (in comparison with that of its domestic peers);
hence, the negative outlook on CSOB's BFSR.

Due to Moody's review of parental and systemic support
probabilities, the local currency deposit rating was downgraded to
A1 from Aa3.  CSOB's A1/Prime 1 foreign currency deposit ratings
were confirmed.  The A1 local and foreign currency deposit ratings
carry a negative outlook, in line with the negative outlook on the
bank's BFSR.

                       BH Securities (BHS)

BHS's national scale rating of Baa3.cz was confirmed with a
negative outlook.  The securities broker and asset manager has
been negatively affected by the economic crisis, which lead to a
significant drop in its revenues due to lower activity by its
clients and a decline in stock prices.  Although the current low
rating incorporates the potentially volatile financial
fundamentals, the negative outlook reflects the challenges the
company is facing going forward.  BHS has managed to remain in
profit in H1 2009, but a prolonged economic downturn and market
volatility may hit its financial fundamentals more significantly
and also weigh down on the company's franchise.

Moody's does not incorporate any parental or systemic support into
the company's national scale rating.

                      Czech Export Bank (CEB)

Moody's adjustments to the systemic support inputs, primarily the
refined systemic support assessment, resulted in a downgrade of
CEB's long-term foreign currency issuer and senior unsecured
ratings to A1 from Aa1, with a stable outlook.  Given CEB's strong
links with the government as the Czech Republic's export credit
agency, the rating downgrade reflects Moody's view that the
state's ability and willingness to support CEB has become more
closely aligned with the government bond ratings, which also carry
a stable outlook.

                             J&T Banka

J&T Banka's E+ BFSR was confirmed with a negative outlook.  This
reflects Moody's opinion that the bank's BFSR has weakened within
the E+ category due to its significant exposures to sizeable
commercial real estate projects in the context of a worsened
macro-economic domestic outlook, which has already severely
affected the commercial real estate sector.  Moody's is also
concerned about the bank's vulnerable risk profile due to its high
concentration risks on both sides of the balance sheet.

Moody's does not incorporate any parental or systemic support into
the bank's national scale ratings.  Therefore, the downgrade of
its BCA resulted in a downgrade of its national scale ratings to
Ba1.cz/CZ-4 from Baa2.cz/CZ-2.

Moody's last rating action on Ceska Sporitelna was on May 26,
2009, when all the ratings were placed on review for possible
downgrade.

Headquartered in Prague, Czech Republic, Ceska Sporitelna reported
total consolidated assets of CZK858 billion (EUR33.1 billion) as
of June 30, 2009.

Moody's last rating action on Komercni Banka was on May 26, 2009,
when all the ratings were placed on review for possible downgrade.

Headquartered in Prague, Czech Republic, Komercni Banka reported
total consolidated assets of CZK675 billion (EUR25.9 billion) as
of June 30, 2009.

Moody's last rating action on Ceskoslovenska obchodni Banka was on
May 26, 2009, when all the ratings were placed on review for
possible downgrade.

Headquartered in Prague, Czech Republic, Ceskoslovenska obchodni
Banka reported total consolidated assets of CZK900 billion
(EUR34.7 billion) as of June 30, 2009.

Moody's last rating action on BH Securities was on May 26, 2009,
when all the ratings were placed on review for possible downgrade.

Headquartered in Prague, Czech Republic, BH Securities reported
total consolidated assets of CZK869 million (EUR32 million) as of
December 31, 2008.

Moody's last rating action on Czech Export Bank was on May 26,
2009, when all the ratings were placed on review for possible
downgrade.

Headquartered in Prague, Czech Republic, Czech Export Bank
reported total assets of CZK42.5billion (EUR1.6billion) as of
December 31, 2008.

Moody's last rating action on J&T Banka was on May 26, 2009, when
all the ratings were placed on review for possible downgrade.

Headquartered in Prague, Czech Republic, J&T Banka reported total
assets of CZK36.5 billion (EUR1.41 billion) as of June 30, 2009.


=============
E S T O N I A
=============


ALTA CAPITAL: Danske Files Bankruptcy Petition Over Bonds
---------------------------------------------------------
Marge Tubalkain-Trell at aripaev.ee, citing Eesti Paevaleht,
reports that Danske Capital on Aug. 12 filed a bankruptcy
application against Estonian investment company Alta Capital
Partners.

According to the report, Latvian real estate developer Alta Real
Estate Partners, a subsidiary of Alta Capital Partners, hasn’t
been able to redeem the bonds which were issued in 2005 with a
deadline of April 2009, prompting the bankruptcy filing.

"Our nominal claim amounts to EUR940,000 (nearly EEK15 mln), plus
coupon interest," the report quoted Silja Saar, the CEO of Danske
Capital, a saying.

The report relates Ms. Saa explained that Alta Capital got
troubles with redeeming the bonds last year, when they extended
the bonds to this spring.

The report recalls four years ago Sampo’s pension fund invested to
the bonds.


BALTIC PANEL: SEB Liising Buys Property for US$2.2 Million
----------------------------------------------------------
Ott Ummelas at Bloomberg News, citing Baltic News Service, reports
that SEB Liising, a local unit of Stockholm-based SEB AB, has
bought OU Baltic Panel Group's property in Kohila, northern
Estonia, for EEK25 million (US$2.2 million).

Bloomberg recalls Baltic Panel Group, which had about 130
production staff, was declared bankrupt by the court last May as
rising labor and raw material costs were exacerbated by equipment
faults.

As reported in the Troubled Company Reporter-Europe on May 15,
2008, Bloomberg News, citing Judge Anne Randjaerv, said the
company's debts exceeded its assets by around EEK84 million or
US$8.3 million.

Based in Tallinn, Estonia, Baltic Panel Group OU --
http://www.bpg.ee/-- produces veneer, plywood and various panels
to furniture manufacturing.


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


ARCANDOR AG: Sale of Thomas Cook Stake in Market Placing Likely
---------------------------------------------------------------
Arcandor AG's 43.9% stake in Thomas Cook Group Plc will probably
be offered to institutional investors, rather than sold as a block
to another travel company, Holger Elfes at Bloomberg News reports,
citing three people with knowledge of the situation.

According to Bloomberg, the stake held by lenders Bayerische
Landesbank, Royal Bank of Scotland Group Plc and Commerzbank AG
has a market value of about GBP795 million (US$1.3 billion).
Bloomberg relates one the people said the sale will take place in
a few weeks.

Bloomberg recalls the banks seized the Thomas Cook shares as
collateral after Arcandor, the owner of the Karstadt department-
store chain, collapsed into insolvency administration earlier this
year.

Bloomberg notes Reuters, citing unidentified people familiar with
the case, said a placement of the shares is expected to be
oversubscribed following strong levels of institutional interest
in the stake.

                           Legal Action

Separately, Bloomberg News, citing Welt, reports Arcandor's
insolvency administrator Klaus Hubert Goerg may take the company's
former executive board to court because of the amount of money
spent by the company.  Bloomberg relates Mr. Goerg told the
newspaper in an interview that he has three years time to make a
decision about possible legal actions.

                         About Arcandor AG

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

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


ESCADA AG: Nickolaus Becker Makes Bid for Assets
------------------------------------------------
Christian Kraemer and Edward Taylor at Reuters report that German
investor Nickolaus Becker has expressed interest in acquiring
Escada AG's assets.

Mr. Becker, a Munich-based lawyer and former supervisory board
chairman of EM.TV, told Reuters he made a written offer on Friday
and hoped to meet the Escada administrator in the next week or
two.  Reuters relates the German investor said he would be
interested in acquiring the Escada brand, licensing rights,
individual stores and some inventory, but not the whole company.

According to Reuters, Escada said it would be open to offers, but
administrator Christian Gerloff had not received Becker's bid yet.

                          About Escada AG

The ESCADA Group -- http://www.escada.com/-- is an international
fashion group for women's apparel and accessories, which is active
on the international luxury goods market.  It has pursued a course
of steady expansion since its founding in 1976 by Margaretha and
Wolfgang Ley and today has 182 own shops and 225 franchise
shops/corners in more than 60 countries.

As of August 10, 2009 the Escada Group operated 176 owned stores
and so-called shop in shops, of which 26 owned stores are located
in the United States and operated by Escada (USA) Inc. and 2
stores are planned to be opened in the United States before year
end.  Escada Group products are also sold in 163 stores worldwide
which are operated by franchisees.  Escada Group had total assets
of EUR322.2 million against total liabilities of 338.9 million as
of April 30, 2009.

ESCADA AG filed of an insolvency petition in Munich, Germany, on
August 13, 2009.  The competent Municipal Court of Munich has
appointed Dr. jur. Christian Gerloff as preliminary insolvency
administrator.

Wholly owned subsidiary Escada (USA) Inc. filed for Chapter 11 on
August 14, 2009 (Bankr. S.D.N.Y. Case No. 09-15008).  O'Melveny &
Myers LLP has been tapped as bankruptcy counsel.  Kurtzman Carson
Consultants serves as claims and notice agent.  Judge Stuart M.
Bernstein handles the case.  Escada US listed US$50 million to
US$100 million in assets and US$100 million to US$500 million in
debts in its petition.  A full-text copy of Escada US's Chapter 11
petition and list of largest unsecured creditors is available for
free at http://bankrupt.com/misc/sdny09-15008.pdf


FRESENIUS SE: Fitch Changes Outlook to Stable; Affirms 'BB' Rating
------------------------------------------------------------------
Fitch Ratings has revised Germany-based healthcare group Fresenius
SE's and Fresenius Medical Care AG & CO. KGaA's rating Outlooks to
Stable from Negative.  Fitch has simultaneously affirmed the
entities' Long-term Issuer Default Ratings at 'BB' and other
ratings:

Fresenius SE:

  -- Long-term IDR affirmed at 'BB'; Outlook revised to Stable
     from Negative

  -- Short-term IDR affirmed at 'B'

  -- Senior unsecured debt rating affirmed at 'BB'

  -- Senior secured debt rating affirmed at 'BBB-'

Fresenius Finance B.V.:

  -- Senior unsecured debt rating for the guaranteed senior notes
     affirmed at 'BB'

FMC:

  -- Long-term IDR affirmed at 'BB'; Outlook revised to Stable
     from Negative

  -- Short-term IDR affirmed at 'B'

  -- Senior unsecured debt rating affirmed at 'BB'

  -- Senior secured debt rating affirmed at 'BBB-'

Fresenius Medical Care Capital Trusts V and VI:

  -- Subordinated rating for the guaranteed trust preferred
     securities affirmed at 'B+'

In addition, Fitch has assigned this rating to Fresenius US
Finance II. Inc.:

  -- Senior unsecured debt rating for the senior unsecured notes
     assigned at 'BB'

The revision of the rating Outlooks to Stable reflects the group's
solid cash flow generation and an anticipated reduction in
adjusted net debt / EBITDAR (x) towards pre-acquisition levels by
FYE10, following Fresenius' acquisition of APP Pharmaceuticals,
Inc. (closed in September 2008).  This is supported by Fresenius'
strong cash flow generation capability, as evidenced in the
group's H109 results which showed a 25% increase in group
operating cash flow to EUR600m, and its target to reach net
debt/EBITDA of 2.5x-3x by YE10, which corresponds to a lease-
adjusted net debt /EBITDAR of 3.3x - 3.7x.

Fresenius' ratings are underpinned by its excellent market
positioning in the non-cyclical, steady- growth dialysis market
with stable and relatively predictable cash flow generation.  The
ratings also reflect the group's vertical integration into the
manufacturing of hemodialysis machines and supplies and peritoneal
dialysis products, and accompanying cost advantages.  However, the
ratings are constrained by Fresenius's overreliance on a single
disease area, which derived 60% of FY08 pro forma group EBITDA,
its exposure to private insurers and government reimbursement
policies, especially to changes in the US, as currently discussed,
and its appetite for acquisitions.

As the largest globally operating dialysis service and product
provider, FMC benefits from a geographically broad network of
dialysis clinics and from vertical integration, leading to cost
efficiencies.

The senior unsecured debt rating of 'BB' for the above mentioned
debt-issuing entities of Fresenius SE and FMC reflects Fitch's
view of average recovery prospects on default.  While the senior
notes issued by FMC benefit from unsecured guarantees provided by
certain FMC operating subsidiaries, any claims from FMC's
creditors will rank after its secured bank loan creditors.  The
senior notes issued by Fresenius US Finance II., Inc.  which rank
equally with the unsecured notes issued by Fresenius Finance BV
benefit from senior unsecured guarantees provided by Fresenius SE,
Fresenius Kabi AG and Fresenius ProServe GmbH, and are supported
by the economic value of Fresenius SE's 36% equity in FMC.


IKB DEUTSCHE: European Commission Okays EUR7-Bil. State Guarantee
-----------------------------------------------------------------
Peter Chapman and Aaron Kirchfeld at Bloomberg News report that
the European Commission has approved IKB Deutsche Industriebank
AG's EUR7-billion (US$9.9 billion) guarantee from the German
state.

Bloomberg relates the commission said in a statement from Brussels
Monday the guarantee, which must be accompanied by a new
restructuring plan for the lender, was necessary to "protect IKB's
liquidity and financial stability in Germany".

Bloomberg recalls IKB became Germany's first casualty of the U.S.
subprime-mortgage crisis in 2007 after investments in asset-backed
securities soured, requiring a government-led bailout.  The
lender, Bloomberg discloses, sought an additional EUR7 billion in
debt guarantees from Germany's bank-rescue fund Soffin because it
was struggling to raise financing on capital markets.  According
to Bloomberg, the commission said it had "doubts" about an earlier
restructuring plan for the bank, which has already received aid.

                 About IKB Deutsche Industriebank

IKB Deutsche Industriebank AG -- http://www.ikb.de/-- is a
Germany-based banking company, which specializes in the field of
long-term financing.  It offers a range of financial products and
services directed at medium-sized domestic as well as
international companies and project partners.  The Company's
focuses on the two segments Corporate Customers, including
domestic corporate financing, especially lending, but also product
leasing and private equity; and Real Estate Customers, which
provides customized financing solutions as well as related
services for industrial real estate.  As of March 31, 2009, it
operated through direct and indirect subsidiaries, including the
wholly owned IKB Capital Corporation and IKB Equity Finance GmbH,
among others; its two majority owned subsidiaries; as well as two
affiliated companies.  The Company's subsidiaries are located in
Germany, the United States, the Netherlands, Luxembourg, Austria,
the Czech Republic, France, Hungary, Poland, Russia, Slovakia and
Romania.


WADAN YARDS: Creditors Back EUR40 Bil. Sale to Igor Yusufov
-----------------------------------------------------------
The Associated Press reports state authorities and creditors of
Wadan Yards MTW GmbH on Monday approved a EUR40-billion (US$56
billion) takeover deal with former Russian energy minister Igor
Yusufov.

The report relates Wadan shipyard's insolvency administrator, Marc
Odebrecht, said that all parties involved have agreed in principle
on the terms of a deal.  That agreement still needs to be signed
by the parties.

The takeover, the report says, foresees Mr. Yusufov founding a new
company called Nordic Yards, which will then take over the Wadan
production.  According to the report, some 1,600 of the 2,500 jobs
at the yards, located in Wismar and Rostock, are to be kept.

The report recalls German Chancellor Angela Merkel discussed the
terms of the takeover last week in a meeting with Russian
President Dmitry Medvedev and expressed confidence in the deal.

On Aug. 7, 2009, the Troubled Company Reporter-Europe, citing
Lloyd's List, reported that a local court in the city of Schwerin
opened the main insolvency proceedings for bankrupt Wadan Yards in
Rostock-Warnemuende and Wismar.  Lloyd's List, citing the court,
disclosed creditors have until September 14 to give notice of
claims.  According to Lloyd's List, Wadan has about EUR90 million
(US$128.9 million) in debts.

As reported in the Troubled Company Reporter-Europe on June 9,
2009, Wadan filed for insolvency in the District Court in
Schwerin, Germany, putting 2,500 jobs at the shipyards in Wismar
and Rostock at risk.  The court appointed Marc Odebrecht at
Brinckmann & Partners, as insolvency administrator.

Wadan Yards MTW GmbH is a unit of Wadan Yards Group AS --
http://www.wadanyards.com/-- a multinational maritime engineering
and construction group comprising leading German and Ukrainian
ship yards.  The group specializes in advanced marine solutions
for hydrocarbon exploration, production and transportation,
particularly for Arctic conditions.


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


TISZA CIPOGYARTO: Enters Into Liquidation After Sale Revenue Drops
------------------------------------------------------------------
MTI-ECONEWS, citing business daily Napi Gazdasag, reports that
Hungarian shoe company Tisza Cipogyarto Termelo es Kereskedelmi
Kft has entered liquidation following a decline in sales revenue.

The report relates Andras Gladinetz, who serves as supervisory-
committee president of Tisza Cipogyarto's owner, Tisza Cipo, told
the newspaper that the company sustained a drastic decline in
sales revenue beginning in 2008 as a result of the economic
crisis.  Tisza Cipogyarto's revenue from sales declined from
HUF547 million in 2007 to HUF282 million (EUR1.04 million) in
2008, the report discloses.


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


EIMSKIPAFELAG ISLANDS: Creditors Back Debt-for-Equity Swap
----------------------------------------------------------
Martin Arnold at The Financial Times reports that creditors of Hf.
Eimskipafelag Islands unanimously approved a plan to take over the
company.

The FT relates Eimksip, which employs 15,000 staff, said on Monday
its 57 unsecured creditors all agreed to swap their loans for
equity, completing a financial restructuring that would cut the
company's net debt from about EUR1.6 billion (US$2.2 billion) to
EUR100 million.

Landsbanki Islands hf, the nationalized bank that is Eimskip's
biggest lender, is to become its biggest investor with 45%, the FT
discloses.  According to the FT, Yucaipa, the Los Angeles-based
private equity group run by billionaire Ron Burkle, would become
its second biggest shareholder after agreeing to swap part of its
loans for a 32% stake.  Eimskip, as cited by the FT, said the
restructuring would generate a recovery of 12 cents in the euro
for creditors.

The FT recalls Eimskip ran into trouble after taking on big debts
to fund an ill-timed acquisition spree shortly before the economic
downturn.

Hf. Eimskipafelag Islands -- http://www.eimskip.is/-- is an
Iceland-based company engaged in the transportation and logistics
industry.  It focuses in shipping, logistics and supply chain
management, with a special focus on temperature-controlled cargo.
Through its subsidiaries, Eimskip operates 50 vessels, 2,000
trucks and trailers and approximately 180 cold stores.  Eimskip
has an extensive branch network, with a total of 200 operational
bases in 30 countries.  Its total transport solutions include all
cargo handling, administration and information exchange regarding
its services.  Eimskip offers transport solutions, whether it's by
land transport, airfreight, ocean shippping, warehousing and
distribution, or other transport related services.


LANDSBANKI ISLANDS: To Own 45% of Eimskip in Debt/Equity Swap
-------------------------------------------------------------
Martin Arnold at The Financial Times reports that creditors of Hf.
Eimskipafelag Islands unanimously approved a plan to take over the
company.

The FT relates Eimksip, which employs 15,000 staff, said on Monday
its 57 unsecured creditors all agreed to swap their loans for
equity, completing a financial restructuring that would cut the
company's net debt from about EUR1.6 billion (US$2.2 billion) to
EUR100 million.

Landsbanki Islands hf, the nationalized bank that is Eimskip's
biggest lender, is to become its biggest investor with 45%, the FT
discloses.  According to the FT, Yucaipa, the Los Angeles-based
private equity group run by billionaire Ron Burkle, would become
its second biggest shareholder after agreeing to swap part of its
loans for a 32% stake.  Eimskip, as cited by the FT, said the
restructuring would generate a recovery of 12 cents in the euro
for creditors.

The FT recalls Eimskip ran into trouble after taking on big debts
to fund an ill-timed acquisition spree shortly before the economic
downturn.

Hf. Eimskipafelag Islands -- http://www.eimskip.is/-- is an
Iceland-based company engaged in the transportation and logistics
industry.  It focuses in shipping, logistics and supply chain
management, with a special focus on temperature-controlled cargo.
Through its subsidiaries, Eimskip operates 50 vessels, 2,000
trucks and trailers and approximately 180 cold stores.  Eimskip
has an extensive branch network, with a total of 200 operational
bases in 30 countries.  Its total transport solutions include all
cargo handling, administration and information exchange regarding
its services.  Eimskip offers transport solutions, whether it's by
land transport, airfreight, ocean shippping, warehousing and
distribution, or other transport related services.

                     About Landsbanki Islands

Landsbanki Islands hf, also commonly known as Landsbankinn in
Iceland, is an Icelandic bank.  On October 7, 2008, the Icelandic
Financial Supervisory Authority took control of Landsbanki and two
other major banks.

Landsbanki filed for Chapter 15 protection on Dec. 9, 2008 (Bankr.
S.D. N.Y. Case No.: 08-14921).  Gary S. Lee, Esq., at Morrison &
Foerster LLP, represents the Debtor.  When it filed for protection
from its creditors, it listed assets and debts of more than US$1
billion each.

As reported in the Troubled Company Reporter-Europe on June 18,
2009, on June 15, 2009, British authorities revoked the October
2008 Freezing Order on the assets of Landsbanki in Britain, which
were set using anti-terrorism legislation.  Following the fall of
Iceland's three largest banks, Icelandic banking assets in the UK
were frozen on October 8, 2008 using anti-terrorism laws.  The
Icelandic government has ever since protested the application of
this legislation against Iceland.


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


ANGLO IRISH BANK: Appoints Mike Aynsley as New Chief Executive
--------------------------------------------------------------
John Murray Brown at The Financial Times reports that Anglo Irish
Bank has appointed Mike Aynsley as chief executive.

The FT relates Mr. Aynsley, who previously worked for the Asian
Development Bank, the Manila-based multilateral lender, succeeds
David Drumm, who resigned along with former chairman Sean
Fitzpatrick in December.  The appointment, the FT says, allows
Donal O'Connor to move from executive chairman to chairman.

The FT recalls the Irish government nationalized the bank in
mid-January amid a run on deposits and fears it could be tipped
into insolvency.

Anglo Irish Bank Corp PLC -- http://www.angloirishbank.com/--
operates in three core areas: business lending, treasury and
private banking.  The Bank's non-retail business is made up of
more than 11,000 commercial depositors spanning commercial
entities, charities, public sector bodies, pension funds, credit
unions and other non-bank financial institutions.  The Company's
retail deposits comprise demand, notice and fixed term deposit
accounts from personal savers with maturities of up to two years.
Non-retail deposits are sourced from commercial entities,
charities, public sector bodies, pension funds, credit unions and
other non-bank financial institutions.  In addition, at September
30, 2008, its non-retail deposits included deposits from Irish
Life Assurance plc.  The Private Bank offers tailored products and
solutions for high net worth clients and operates the Bank's
lending business in Ireland and the United Kingdom.

                           *     *     *

As reported in the Troubled Company Reporter-Europe, Moody's
Investors Service downgraded the Tier 1 securities of Anglo Irish
Bank Corporation Ltd (Anglo Irish, rated A3/P-1/E) to C (with the
exception of the non-cumulative preference shares with voting
rights that are already rated C).  The outlook on these securities
is now stable.  Previously the bank's cumulative Tier 1 securities
were rated Caa1 and the bank's non-cumulative Tier 1 securities
were rated Caa3, all on review for possible downgrade.


MORSTON INVESTMENTS: ACC Threatens to Liquidate Subsidiaries
------------------------------------------------------------
Simon Carswell at the Irish Times reports that ACCBank threatened
to liquidate 10 subsidiaries of two insolvent holding companies in
Liam Carroll's Zoe development group if it was not repaid EUR136
million in outstanding loans.

According to the report, ACC warned it would liquidate Vantive
Holdings and Jersey-registered Morston Investments and make
funding available to liquidate any of their subsidiaries owing
money to the two firms in an attempt to recover the outstanding
loans.

The report relates the bank named Danninger, Eppo Developments,
North Quay Investments and Peytor Developments as subsidiaries
that owed money to Morston and said the sums owing in each case at
March 2008 were EUR86 million, EUR17 million, EUR18.8 million and
EUR69 million, while in another warning letter seeking repayment
of a loan to Vantive, ACC listed 11 companies as debtors, with
Danninger, Mr. Carroll's well-known development firm, owing the
company the largest sum, EUR237 million.

The other companies and debts owing in March 2008 were Bronzone
EUR16.8 million, Crossman Properties EUR80.4 million, Jamar
Properties EUR12.6 million, Morston Investments EUR18 million,
NetUSA EUR49 million, North Quay Investments EUR84 million, Peytor
Developments EUR15.6 million, Villeer Developments EUR19.6 million
and Zed Developments EUR27.3 million, the report discloses.

On Aug. 14, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News reported 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 disclosed ACC lawyer
Rossa Fanning told the court Wednesday last week that the
companies were "grossly insolvent" and "unable to meet their debt
as they fell due."  Citing Mr. Carroll's lawyer Michael Cush,
Bloomberg said 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.


VANTIVE HOLDINGS: ACC to Liquidate Subsidiaries if Loans Not Paid
-----------------------------------------------------------------
Simon Carswell at the Irish Times reports that ACCBank threatened
to liquidate 10 subsidiaries of two insolvent holding companies in
Liam Carroll's Zoe development group if it was not repaid EUR136
million in outstanding loans.

According to the report, ACC warned it would liquidate Vantive
Holdings and Jersey-registered Morston Investments and make
funding available to liquidate any of their subsidiaries owing
money to the two firms in an attempt to recover the outstanding
loans.

The report relates the bank named Danninger, Eppo Developments,
North Quay Investments and Peytor Developments as subsidiaries
that owed money to Morston and said the sums owing in each case at
March 2008 were EUR86 million, EUR17 million, EUR18.8 million and
EUR69 million, while in another warning letter seeking repayment
of a loan to Vantive, ACC listed 11 companies as debtors, with
Danninger, Mr. Carroll's well-known development firm, owing the
company the largest sum, EUR237 million.

The other companies and debts owing in March 2008 were Bronzone
EUR16.8 million, Crossman Properties EUR80.4 million, Jamar
Properties EUR12.6 million, Morston Investments EUR18 million,
NetUSA EUR49 million, North Quay Investments EUR84 million, Peytor
Developments EUR15.6 million, Villeer Developments EUR19.6 million
and Zed Developments EUR27.3 million, the report discloses.

On Aug. 14, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News reported 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 disclosed ACC lawyer
Rossa Fanning told the court Wednesday last week that the
companies were "grossly insolvent" and "unable to meet their debt
as they fell due."  Citing Mr. Carroll's lawyer Michael Cush,
Bloomberg said 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.


ZOE GROUP: Ultster Blocks Sale of 15.9% Greencore Stake
-------------------------------------------------------
Arthur Beesley and Simon Carswell at the Irish Times report that
Ulster Bank has moved to block any sale by property developer Liam
Carroll of over half his 29.5% stake in food group Greencore.

According to the Irish Times, the move by Ulster, owned by Royal
Bank of Scotland, involves its exercising of security over 15.9%
of Greencore held by Mr. Carroll.

The Irish Times relates the move by Ulster comes ahead of a
crucial High Court hearing tomorrow at which Mr. Carroll will make
a new application for an examinership of his Zoe group companies.
Ulster, the report says, supported the original application but
the High Court heard last Friday night that Ulster has adopted a
"neutral" stance in relation to the new proceedings.


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


* ITALY: 50,000 Shops Face Closure This Year, Repubblica Says
-------------------------------------------------------------
Armorel Kenna at Bloomberg News, citing daily la Repubblica,
reports that Italian retailers' association Confesercenti said
50,000 shops across the country may have to close in 2009 because
of the economic slump.

Bloomberg relates the newspaper, citing Marco Venturi,
Confesercenti's chairman, said "Businesses can't avoid feeling
the fall in consumption".


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


GLOBAL NET: Creditors Must File Claims by August 29
---------------------------------------------------
LLC Global Net is currently undergoing liquidation.  Creditors
have until August 29, 2009, to submit proofs of claim to:

          Eginchiev Str. 10
          Bishkek
          Kyrgyzstan


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


STOCZNIA GDYNIA: Investor Fails to Meet Payment Deadline
--------------------------------------------------------
Trade Arabia reports that Poland said on Tuesday it had failed to
receive payment from private investor Stichting Particulier Fonds
Greenrights for Szczecin and Gdynia shipyards by a midnight Monday
deadline.

According to the report, the investor, backed by Qatar's QInvest,
asked for a delay in payment of some PLN380 million (US$129
million) until August 17.  The report relates the Treasury
Ministry said in a statement on Tuesday that "the amount offered
by private investor Stichting Particulier Fonds Greenrights . . .
did not arrive by midnight, Aug 17."

The report recalls Prime Minister Donald Tusk warned last month he
would fire Treasury Minister Aleksander Grad if he failed to sell
the two loss-making shipyards by the end of August.

On June 3, 2009, the Troubled Company Reporter-Europe, citing the
Financial Times, reported that the Investment Development Agency
signed an agreement selling the bulk of the assets of two of
Poland's shipyards, Gdynia and Szczecin, to Netherlands-registered
United International Trust.  The FT disclosed the core of both
shipyards was sold to Stichting Particulier Fonds Greenrights,
representing United International Trust, which offered PLN288
million (US$90 million, EUR65 million, GBP56 million) for most of
the yard in Gdynia and PLN161 million for the Szczecin shipyard.

The yards were forced into liquidation by the European Commission,
which found they had received illegal government aid.  The
Commission ruled that the yards had to be broken up into smaller
units, which were offered for sale via auction.

As reported in the Troubled Company Reporter-Europe Nov. 12, 2008,
following four years of investigation, the European Commission
concluded that state aid granted to Gdynia shipyard and Szczecin
shipyard gives rise to disproportionate distortions of competition
within the Single Market, in breach of EC Treaty state aid rules,
and must be repaid.

Since 2002, Gdynia Shipyard benefited from various aid measures
(in particular capital injections, loans and tax write-offs)
amounting to EUR700 million and from production guarantees of
EUR916 million (both in nominal value).  Szczecin Shipyard
received aid of EUR1 billion as well as production guarantees of
EUR697 million (again, in nominal value).

The two yards have been in difficulties since the 1990s.  In April
2004, Poland notified restructuring aid for the two yards and the
Commission opened formal investigations in June 2005.  Poland
submitted restructuring plans for both yards in September 2005 and
September 2006, both with substantial delays.  None of the plans
would have ensured long-term viability to the yards and the
restructuring would have been financed entirely by state aid.

In December 2006, Poland decided to privatize the shipyards, a
process, delayed several times, that eventually progressed in the
course of the year and lead to potential investors submitting
restructuring plans for the two yards on September 12, 2008.  The
plans represented an improvement in comparison to previous
versions.  However, despite further large amounts of state aid and
substantial job losses foreseen in these plans, the yards would
still not have been commercially viable.  The Commission therefore
concluded that the subsidies received by the Gdynia and Szczecin
shipyards did not comply with the guidelines on rescue and
restructuring aid but rather constituted illegal operating aid.
The Commission decision requires repayment of the illegal aid.

                       About Stocznia Gdynia

Located in Port of Gdynia, Poland, Stocznia Gdynia S.A. --
http://www.stocznia.gdynia.pl/-- engages in the construction of
ships, partly equipped hulls, ship's sections, superstructures,
and steel constructions.  The company also engages in the
production and distribution of technical gases, hot water, and
steam, as well as research and development works in technical
studies.


STOCZNIA SZCZECINSKA: Investor Fails to Meet Payment Deadline
-------------------------------------------------------------
Trade Arabia reports that Poland said on Tuesday it had failed to
receive payment from private investor Stichting Particulier Fonds
Greenrights for Szczecin and Gdynia shipyards by a midnight Monday
deadline.

According to the report, the investor, backed by Qatar's QInvest,
asked for a delay in payment of some PLN380 million (US$129
million) until August 17.  The report relates the Treasury
Ministry said in a statement on Tuesday that "the amount offered
by private investor Stichting Particulier Fonds Greenrights . . .
did not arrive by midnight, Aug 17."

The report recalls Prime Minister Donald Tusk warned last month he
would fire Treasury Minister Aleksander Grad if he failed to sell
the two loss-making shipyards by the end of August.

On June 3, 2009, the Troubled Company Reporter-Europe, citing the
Financial Times, reported that the Investment Development Agency
signed an agreement selling the bulk of the assets of two of
Poland's shipyards, Gdynia and Szczecin, to Netherlands-registered
United International Trust.  The FT disclosed the core of both
shipyards was sold to Stichting Particulier Fonds Greenrights,
representing United International Trust, which offered PLN288
million (US$90 million, EUR65 million, GBP56 million) for most of
the yard in Gdynia and PLN161 million for the Szczecin shipyard.

The yards were forced into liquidation by the European Commission,
which found they had received illegal government aid.  The
Commission ruled that the yards had to be broken up into smaller
units, which were offered for sale via auction.

As reported in the Troubled Company Reporter-Europe Nov. 12, 2008,
following four years of investigation, the European Commission
concluded that state aid granted to Gdynia shipyard and Szczecin
shipyard gives rise to disproportionate distortions of competition
within the Single Market, in breach of EC Treaty state aid rules,
and must be repaid.

Since 2002, Gdynia Shipyard benefited from various aid measures
(in particular capital injections, loans and tax write-offs)
amounting to EUR700 million and from production guarantees of
EUR916 million (both in nominal value).  Szczecin Shipyard
received aid of EUR1 billion as well as production guarantees of
EUR697 million (again, in nominal value).

The two yards have been in difficulties since the 1990s.  In April
2004, Poland notified restructuring aid for the two yards and the
Commission opened formal investigations in June 2005.  Poland
submitted restructuring plans for both yards in September 2005 and
September 2006, both with substantial delays.  None of the plans
would have ensured long-term viability to the yards and the
restructuring would have been financed entirely by state aid.

In December 2006, Poland decided to privatize the shipyards, a
process, delayed several times, that eventually progressed in the
course of the year and lead to potential investors submitting
restructuring plans for the two yards on September 12, 2008.  The
plans represented an improvement in comparison to previous
versions.  However, despite further large amounts of state aid and
substantial job losses foreseen in these plans, the yards would
still not have been commercially viable.  The Commission therefore
concluded that the subsidies received by the Gdynia and Szczecin
shipyards did not comply with the guidelines on rescue and
restructuring aid but rather constituted illegal operating aid.
The Commission decision requires repayment of the illegal aid.

                   About Stocznia Szczecinska

Headquartered in Szczecin, Poland, Stocznia Szczecinska Nowa
Sp. z o.o. -- http://www.ssn.pl/-- specialized in the
construction of container, chemicals transport, multi-purpose
and Con-Ro ships.  The company has been in insolvency after
experiencing substantial reduction of new ship orders, sharp
price decline, and several years of high exchange rate
between the Polish zloty and U.S. dollar.


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


BALT-INSTRUMENT LLC: Creditors Must File Claims by August 24
------------------------------------------------------------
Creditors of LLC Balt-Instrument (TIN 3917014088, PSRN
1023902300839)(Tools Manufacturing) have until August 24, 2009, to
submit proofs of claims to:

         S. Birkle
         Insolvency Manager
         Post User Box 15
         Alyabyeva Str. 12
         236000 Kaliningrad
         Russia

The Arbitration Court of Kaliningradskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?21–4503/2009.

The Debtor can be reached at:

         LLC Balt-Instrument
         Lenina Str. 5
         Guryevsk
         Guryevskiy
         Kaliningradskaya
         Russia


BANK SAINT-PETERSBURG: Moody's Confirms 'Ba3' Senior Debt Ratings
-----------------------------------------------------------------
Moody's Investors Service has confirmed the long-term deposit and
senior unsecured debt ratings of Bank Saint-Petersburg at Ba3 and
assigned a negative outlook on these ratings.  BSPB's D- bank
financial strength rating was confirmed with negative outlook.
The bank's Not Prime short-term ratings were affirmed.  The bank's
B1 subordinated long-term debt rating was also confirmed and
carries a negative outlook.

This rating action completes the process of review of BSPB's
ratings which commenced on April 7, 2009, when Moody's placed the
bank's D- BFSR and Ba3 long-term ratings on review for possible
downgrade.  (These rating actions represent the last rating
actions for BSPB taken by Moody's.)

"Despite the evident deterioration of the bank's assets, BSPB has
been in a position to successfully attract capital from external
sources and continues to report sound income before provisions
that allows its to absorb mounting losses arising from its loan
book," said Semyon Isakov, a Moscow-based Moody's Assistant Vice
President -Analyst and lead analyst for Bank Saint-Petersburg.

Moody's notes that since late 2008 BSPB has been successful in
attracting into its capital subordinated loans exceeding
RUB5 billion (US$175 million), and is progressing towards
conversion of part of its subordinated debts into Tier 1 capital
that should further support the bank's ability to absorb possible
losses arising from its deteriorating loan book.  "In addition,
the bank continues to report healthy performance results before
provisions, due to its strong efficiency profile that materially
helps it in absorbing of losses arising from impairment of its
assets", adds Mr. Isakov.

Due to a limited reliance on wholesale sources for funding
together with a relatively stable -- albeit concentrated --
customer deposit base, the bank's liquidity position marginally
improved over the recent period and was additionally supported by
the recent cash injections into its capital.  However, in Moody's
view, the short-term and concentrated deposit base is not immune
to the difficult economic environment, and may be vulnerable to
external systemic stresses.

At the same time Moody's assigns a negative outlook to BSPB's
ratings reflecting the ongoing impairment of its assets possibly
resulting into a rating downgrade in the longer term if the
impairment of the bank's assets is higher than currently
anticipated by Moody's.

Headquartered in St. Petersburg, Russia, BSPB is the largest
private bank in St. Petersburg (Russia's second-largest city).  As
at end-March 2009 the bank reported total IFRS assets of
RUB219 billion (US$6.4 billion) and shareholder's equity of
RUB19.1 billion (US$561 million).  The reported net income for the
first quarter of 2009 was RUB240 million (US$7 million).


NORD-OIL LLC: Creditors Must File Claims by August 24
-----------------------------------------------------
Creditors of LLC Nord-Oil (PSRN 1078913000650) (Oil Trading
Company) have until August 24, 2009, to submit proofs of claims
to:

         S. Chepik
         Temporary Insolvency Manager
         Post User Box 138
         625048 Tumen-48
         Russia

The Arbitration Court of Yamalo-Nenetskiy will convene on
September 15, 2009, to hear bankruptcy supervision procedure on
the company.  The case is docketed under Case No. ?81–1997/2009.

The Debtor can be reached at:

         LLC Nord-Oil
         Apt. 57
         Microregion 9
         Gubkinskiy
         629830 Yamalo-Nenetskiy
         Russia


SIB-STONE CJSC: Creditors Must File Claims by August 24
-------------------------------------------------------
Creditors of CJSC Sib-Stone (TIN 2461006914, PSRN 1022401947633)
(Construction) have until August 24, 2009, to submit proofs of
claims to:

         Kh.Malaev
         Temporary Insolvency Manager
         Post User Box 20647
         660017 Krasnoyarsk
         Russia

The Arbitration Court of Krasnoyarskiy will convene at 11:00 a.m.
on September 1, 2009, to hear bankruptcy supervision procedure on
the company.  The case is docketed under Case No. ?33–2805/2009.

The Court is located at:

         The Arbitration Court of Krasnoyarskiy
         Lenina Str. 143
         Krasnoyarsk
         Russia

The Debtor can be reached at:

         CJSC Sib-Stone
         Office 206
         Michurina St. 3V
         660058 Krasnoyarsk
         Russia


SILIKAT-LES LLC: Creditors Must File Claims by August 24
--------------------------------------------------------
Creditors of LLC Silikat-Les-Prom (TIN 4345113563, PSRN
1054316709842) (Forestry) have until August 24, 2009, to submit
proofs of claims to:

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

The Arbitration Court of Kirovskaya will convene at 9:00 a.m. on
December 7, 2009, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. ?28–7562/2009–270/3.

The Court is located at:

         The Arbitration Court of Kirovskaya
         Courtroom 208
         K. Libknekhta Str. 102
         610017 Kirov
         Russia

The Debtor can be reached at:

         LLC Silikat-Les-Prom
         Kirova Str. 12
         Strizhi
         Orichevskiy
         612090 Kirovskaya
         Russia


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


AYT BONOS I: Moody's Confirms Rating on Class C Notes at 'Ba3'
--------------------------------------------------------------
Moody's Investors Service has confirmed the ratings of three
classes of notes issued by AyT Bonos Tesoreria I, FTA.  The
transaction is a static cash CBO of a pool of EUR-denominated
bonds issued by 11 Spanish savings banks, all of which are
scheduled to mature in April 2010.

The rating actions reflect the recent updates to the public
ratings of the issuers and the Spanish banking sector in general,
and the revision of certain key assumptions that the agency uses
to rate and monitor corporate CDOs.  These revised assumptions
incorporate Moody's expectation that European corporate default
rates are likely to greatly exceed their historical long-term
averages.

Specifically, the changes include: (1) an increase in the assumed
likelihood of default for corporate credits in CDOs (2) an
increase in the degree to which ratings are adjusted according to
other credit indicators such as rating Reviews and Outlooks and
(3) an increase in the default correlation applied to corporate
portfolios as generated through a combination of higher default
rates and increased asset correlations.

These revised assumptions are described in greater detail in the
press release titled "Moody's updates key assumptions for rating
corporate synthetic CDOs" published on 15 January 2009 as updated
from time to time.

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

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

The rating actions are:

AyT Bonos Tesoreria I, FTA

  -- EUR935,100,000 Class A Notes, Confirmed at A2; previously
     on June 2, 2009 downgraded to A2 and placed under review for
     possible downgrade

  -- EUR151,600,000 Class B Notes, Confirmed at Ba1; previously
     on June 2, 2009 downgraded to Ba1 and placed under review
     for possible downgrade

  -- EUR93,300,000 Class C Notes, Confirmed at Ba3; previously on
     June 2, 2009 downgraded to Ba3 and placed under review for
     possible downgrade


AYT BONOS II: Moody's Cuts Ratings on Class C Notes to 'Ba2'
------------------------------------------------------------
Moody's Investors Service has downgraded its ratings of three
classes of notes issued by AyT Bonos Tesoreria II, FTA.  The
transaction is a static cash CBO of a pool of EUR-denominated
bonds issued by 8 (at closing 9) Spanish savings banks, all of
which are scheduled to mature in February 2013.

The rating actions reflect the recent updates to the public
ratings of the issuers and the Spanish banking sector in general,
and the revision of certain key assumptions that the agency uses
to rate and monitor corporate CDOs.  These revised assumptions
incorporate Moody's expectation that European corporate default
rates are likely to greatly exceed their historical long-term
averages.  Specifically, the changes include: (1) an increase in
the assumed likelihood of default for corporate credits in CDOs
(2) an increase in the degree to which ratings are adjusted
according to other credit indicators such as rating Reviews and
Outlooks and (3) an increase in the default correlation applied to
corporate portfolios as generated through a combination of higher
default rates and increased asset correlations.

These revised assumptions are described in greater detail in the
press release titled "Moody's updates key assumptions for rating
corporate synthetic CDOs" published on 15 January 2009 as updated
from time to time.

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

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

The rating actions are:

AyT Bonos Tesoreria II, FTA

  -- EUR1,167,200,000 Class A Notes (current balance EUR
     967,200,000), Downgraded to Aa3; previously on June 2, 2009
     downgraded to Aa2 and placed under review for possible
     downgrade

  -- EUR210,300,000 Class B Notes, Downgraded to Baa3; previously
     on June 2, 2009 downgraded to Baa1 and placed under review
     for possible downgrade

  -- EUR72,500,000 Class C Notes, Downgraded to Ba2; previously
     on June 2, 2009 downgraded to Ba1 and placed under review
     for possible downgrade


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


SAS AB: Moody's Downgrades Corporate Family Rating to 'B3'
----------------------------------------------------------
Moody's Investors Service lowered to B3 from B2 the Corporate
Family Rating and Probability of Default Rating of SAS AB and to
Caa2 from Caa1 the subordinate rating; the baseline credit
assessment is lowered to 17 -- equivalent to a Caa1 rating -- from
16; the outlook remains negative.

The rating action follows the continued weakening in earnings as a
result of persistent weak demand in the industry, with SAS
reporting a 15% year-on-year decline in revenues in the second
quarter of 2009 and income before non-recurring items of SEK38
million versus SEK499 million a year earlier, partly reflecting
the company's efforts to reduce capacities.  As with other
airlines, Moody's notes that this trend was in spite of lower fuel
prices in the period.  Moody's estimate gross adjusted leverage on
a last twelve month basis to be in excess of 8x (before
restructuring costs) while noting that cash flows from operations
have been negative in recent quarters.  Operationally, Moody's
note the company's continued restructuring efforts, which should
provide longer-term benefits to its cost structure.

The SEK6 billion rights issue in April 2009 improved the company's
liquidity in the short-term as measured in terms of financial
preparedness, although by this measure headroom has been reduced
on account of negative free cash flows in recent quarters.
Moody's nevertheless believes that the company's liquidity should
remain sufficient over a 12-month horizon, although the company
will need to reduce its level of cash utilization or find
alternative sources of funding to maintain satisfactory liquidity
and its own targeted level of financial preparedness (ie 20% of
revenues) and in order to avoid further downward pressure on the
rating.

The negative outlook reflects Moody's view that industry demand is
expected to remain depressed at least for the remainder of this
year, and put pressure on both metrics and liquidity.  In light of
the weakness in credit metrics, Moody's believe that upward
pressure on the rating or outlook is unlikely for the remainder of
the year.  The rating could come under renewed downward pressure
if there is a continued deterioration in earnings or if concerns
were to develop about liquidity.

Moody's last rating action on SAS AB was on February 9, 2009, when
Moody's affirmed the B2 Corporate Family Rating with a negative
outlook.

Headquartered in Stockholm, Sweden, SAS is a leading European
passenger airline with about 29 million passengers flown and total
revenues of SEK53.2 billion in 2008 (excluding Spanair).


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


3L MEDIA: Creditors Must File Claims by August 24
-------------------------------------------------
Creditors of 3L Media AG are requested to file their proofs of
claim by August 24, 2009, to:

         MBT Baumann Treuhand AG
         Liquidator
         Muehlemattstrasse 25
         4104 Oberwil BL
         Switzerland

The company is currently undergoing liquidation in Basel.  The
decision about liquidation was accepted at an extraordinary
general meeting held on June 30, 2009.


AMICA MEDIA: Claims Filing Deadline is August 24
------------------------------------------------
Creditors of Amica Media GmbH are requested to file their proofs
of claim by August 24, 2009, to:

         Rolf P. Sonderegger
         Liquidator
         Thalerstrasse 46a
         9404 Rorschacherberg
         Switzerland

The company is currently undergoing liquidation in
Rorschacherberg.  The decision about liquidation was accepted at
an extraordinary shareholders' meeting held on June 26, 2009.


BM BAUINGENIEURE: Creditors Have Until August 24 to File Claims
---------------------------------------------------------------
Creditors of bm Bauingenieure AG are requested to file their
proofs of claim by August 24, 2009, to:

         Bernhard Mueller
         Liquidator
         Merzenacker 6 A
         3006 Bern
         Switzerland

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


ELECTRO CALORIQUE: Claims Filing Deadline is August 24
------------------------------------------------------
Creditors of electro calorique suisse GmbH are requested to file
their proofs of claim by August 24, 2009, to:

         DW Finanz GmbH
         im Boelli 8
         8259 Kaltenbach
         Switzerland

The company is currently undergoing liquidation in Diessenhofen.
The decision about liquidation was accepted at a shareholders'
meeting held on July 6, 2009.


EVA ROSENSTAND: Claims Filing Deadline is August 24
---------------------------------------------------
Creditors of Eva Rosenstand Holding AG are requested to file their
proofs of claim by August 24, 2009, to:

         Dr. Xavier Lienert
         Vogelsangstrasse 17
         8006 Zurich
         Switzerland

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


FINANCIALYTIC INTERNATIONAL: Claims Filing Deadline is August 24
----------------------------------------------------------------
Creditors of Financialytic International GmbH are requested to
file their proofs of claim by August 24, 2009, to:

         Ferax Treuhand AG
         Letzigraben 89
         8040 Zurich
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on July 6, 2009.


FOSECO AG: Creditors Have Until August 24 to File Claims
--------------------------------------------------------
Creditors of Foseco (Switzerland) AG are requested to file their
proofs of claim by August 24, 2009, to:

         Haussmann & Partner
         Liquidator
         Seefeldstrasse 45
         8008 Zurich
         Switzerland

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


GALAXY HOLDING: Claims Filing Deadline is August 24
---------------------------------------------------
Creditors of Galaxy Holding AG are requested to file their proofs
of claim by August 24, 2009, to:

         Dr. Alexander Vogel
         Liquidator
         Grabenstrasse 25
         6340 Baar
         Switzerland

The company is currently undergoing liquidation in Baar.  The
decision about liquidation was accepted at an extraordinary
general meeting held on June 26, 2009.


PARAMEDIA AG: Claims Filing Period Ends August 24
-------------------------------------------------
Creditors of Paramedia AG are requested to file their proofs of
claim by August 24, 2009, to:

         Christoph Weber
         Liquidator
         6207 Nottwil
         Switzerland

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


SWISS KER: Creditors Must File Claims by August 24
--------------------------------------------------
Creditors of Swiss Ker Basel GmbH are requested to file their
proofs of claim by August 24, 2009, to:

         Daniel M. Kaser
         Liquidator
         Hardstrasse 73
         4052 Basel
         Switzerland

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


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


ALFA BANK: Moody's Confirms 'Caa1' Senior Unsecured Debt Ratings
----------------------------------------------------------------
Moody's Investors Service has confirmed Alfa Bank Ukraine's long-
term local and foreign currency deposit and senior unsecured debt
ratings of Caa1, as well as its National Scale Rating of Ba3.ua.
The bank's Not Prime short-term deposit ratings and E bank
financial strength rating were affirmed.  Following the
confirmation of the ratings, Moody's assigned a negative outlook
on Alfa Bank Ukraine's deposit and debt ratings, while the outlook
on the BFSR remains stable.

Moody's rating action follows the successful completion of the
debt exchange offered by Alfa Bank Ukraine to the holders of its
Eurobonds.  As a result of the debt exchange Alfa Bans Ukraine
swapped its outstanding US$1.05 billion Eurobonds maturing or
puttable in 2009 and 2010 with a new US$840.6 million three-year
bond and a US$204.4 million of upfront cash payment.  The new
bonds -- with 13% coupon rate -- will have a one-year grace period
after which they will be amortized through quarterly repayments.

Moody's believes that the debt exchange, which affected about half
of the bank's total market funding and a third of its liabilities,
substantially improved Alfa Bank Ukraine's short-term liquidity
position by extending and spreading out its debt maturity.
However, the total debt burden of the bank has not materially
declined.  According to the bank, most of its around
US$700 million of interbank liabilities payable over the next 12
months are likely to be prolonged.  Starting from November 2010
the newly-issued bonds of US$840.6 million should be amortized
with US$105 million quarterly payments through August 2012.

Moody's believes that based on the analysis of the bank's
liquidity position it should be able to meet its debt repayments
over the next 12 months, assuming the current level of cash flow
generated by the bank from its loan portfolio repayments will not
decline and there will be no substantial net outflow of deposits
from the bank.

However, over the 12-month period, when Alfa Bank Ukraine would
have to start the bonds amortization, the cash flows it generates
internally may not be sufficient to cover the debt repayments, and
therefore either substantial increase of deposits or capital may
be required to make the upcoming repayments.

The bank's loan book deterioration is also likely to continue in
the short-term, stemming from material exposure to retail loans,
as well as high borrower concentration.  As a result the loan loss
provisions that stood at 7.2% of the gross loans at year-end 2008
may be increased substantially.

Moody's observes that the negative outlook on the Alfa Bank
Ukraine's debt and deposit ratings reflects the uncertainties
regarding the bank's liquidity position in the short-term term, as
well as the ongoing weakening of the bank's asset quality that is
expected to weigh negatively on its profitability and
capitalization.

Any material deterioration in Alfa Bank Ukraine's liquidity
position that could decrease its ability to service its short-term
obligations could result in a downgrade of the bank's deposit and
debt ratings.  Further material deterioration in the bank's asset
quality not covered sufficiently by loan loss provisions and
capital would also have negative implications for the ratings.

Conversely, Moody's notes that upward pressure could be exerted on
the ratings if the bank demonstrates a notable and sustainable
increase in internal cash generation and considerable improvement
in asset quality.

The previous rating action on Alfa Bank Ukraine was implemented on
July 3, 2009 when the bank's ratings were downgraded to
Caa1/E/Ba3.ua and were kept on review for further possible
downgrade.

Headquartered in Kiev, Alfa Bank Ukraine reported total assets of
US$3.8 billion and total equity of US$447 million, according to
IFRS financial statements at the end of 2008.


ALTAIR LLC: Creditors Must File Claims by August 22
----------------------------------------------------
Creditors of LLC Altair (code EDRPOU 34003842) have until
August 22, 2009, to submit proofs of claim to LLC Meta-Obriy.

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on July 10, 2009.  The case is docketed under
Case No. 50/484.

The Court is located at:

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

The Debtor can be reached at:

         LLC Altair
         Kotovsky Str. 11
         04060 Kiev
         Ukraine


AUTOSCHOOL LLC: Creditors Must File Claims by August 21
-------------------------------------------------------
Creditors of LLC Autoschool (code EDRPOU 25516288) have until
August 21, 2009, to submit proofs of claim to V. Vernigora, the
company's insolvency manager.

The Economic Court of Dnepropetrovsk commenced bankruptcy
proceedings against the company on July 2, 2009.  The case is
docketed under Case No. B26/167-09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Autoschool
         Butlerov Lane 10
         Krivoy Rog
         50053 Dnepropetrovsk
         Ukraine


BC RODOS: Creditors Must File Claims by August 22
-------------------------------------------------
Creditors of LLC BC Rodos (code EDRPOU 35256695) have until
August 22, 2009, to submit proofs of claim to LLC Splav.

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on July 10, 2009.  The case is docketed under
Case No. 50/486.

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 BC Rodos
         Makarovskaya Str. 4
         04107 Kiev
         Ukraine


EVEREST LLC: Creditors Must File Claims by August 21
----------------------------------------------------
Creditors of LLC Everest (code EDRPOU 22701329) have until
August 21, 2009, to submit proofs of claim to:

         E. Sevostianov
         Insolvency Manager
         Universitetskaya Str. 9
         61003 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company on July 2, 2009.  The case is docketed under
Case No. B-24/61-09.

The Court is located at:

          The Economic Court of Kharkov
          Svoboda Square 5
          61022 Kharkov
          Ukraine

The Debtor can be reached at:

          LLC Everest
          Office 186
          Pobeda Ave. 71-b
          61174 Kharkov
          Ukraine


FLAGMAN LLC: Creditors Must File Claims by August 22
----------------------------------------------------
Creditors of LLC Flagman have until August 22, 2009, to submit
proofs of claim to:

         A. Spasibukhova
         Office 17
         Gogolevskaya Str. 27
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on July 8, 2009.  The case is docketed under
Case No. 50/353.

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 Flagman
         Alisher Navoya Ave. 76
         02125 Kiev
         Ukraine


KRAPON PLANT: Court Starts Bankruptcy Supervision Procedure
-----------------------------------------------------------
The Economic Court of Lugansk commenced bankruptcy supervision
procedure on Foreign Enterprise Krapon Plant (code EDRPOU
32898895).

The Insolvency Manager is:

         A. Shvidkiy
         Office 132
         Norinsky Quarter 5
         Lugansk
         Ukraine

The Court is located at:

         The Economic Court of Lugansk
         Heroes of GPW Square 3-a
         91000 Lugansk
         Ukraine

The Debtor can be reached at:

         Foreign Enterprise Krapon Plant
         Gorky Str. 99-A
         Alchevsk
         94200 Lugansk
         Ukraine


NATSIONALNYI KREDIT: Brovary Buys 52.08% Stake for UAH2 Million
---------------------------------------------------------------
Kateryna Choursina at Bloomberg News, citing Ekonomicheskie
Izvestia, reports that Ukraine's VAT Investytsiyna Kompaniya
Brovary-Invest has bought a 52.08% stake in Ukrainian lender AKB
Natsionalnyi Kredit for UAH2 million (US$250,000).

Bloomberg News relates the newspaper said Brovary will invest
UAH120 to UAH150 million in the lender to support liquidity.

As reported in the Troubled Company Reporter-Europe on Aug. 11,
2009, Bloomberg News, citing Izvestia, reports said that suspended
payments for six months by AKB Natsionalnyi Kredit.  Bloomberg
disclosed the bank is under temporary state administration.


TERRA LLC: Creditors Must File Claims by August 22
----------------------------------------------------
Creditors of LLC Terra (code EDRPOU 34821630) have until
August 22, 2009, to submit proofs of claim to LLC Rubin.

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on July 10, 2009.  The case is docketed under
Case No. 50/481.

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 Terra
         Degtiarevskaya Str. 31
         Kiev
         Ukraine


TISA LLC: Creditors Must File Claims by August 22
----------------------------------------------------
Creditors of LLC Tisa (code EDRPOU 34190832) have until August 22,
2009, to submit proofs of claim to LLC Industrial Center
Megapolis.

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on July 10, 2009.  The case is docketed under
Case No. 50/483.

The Court is located at:

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

The Debtor can be reached at:

         LLC Tisa
         Pilipovsky Lane 4
         04107 Kiev
         Ukraine


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


ANADOLUBANK AS: Fitch Affirms LT Issuer Default Rating at 'BB-'
---------------------------------------------------------------
Fitch Ratings has affirmed Turkey-based Anadolubank A.S.'s ratings
at Long-term (LT) foreign and local currency Issuer Default 'BB-'
with Stable Outlooks.

The ratings of Anadolubank reflect its good asset quality, its
steady strategy, sound performance and moderate capitalisation.
These features are counterbalanced by its relatively small size
and the current difficult economic and operating environment.

Anadolubank has a stable strategy where it focuses on commercial
banking and providing foreign trade finance services to medium-
sized companies.  Retail banking complements the main business and
is a channel to collect deposits.  Anadolubank's historically good
asset quality has been supported by slower lending growth and
modest growth targets relative to the sector.  While impaired
loans increased significantly in Q109 and 2008, the deterioration
was from a low base and impaired loans stood at 2.5% of total
gross loans at end-Q109, well below the banking sector average at
4.6%.

Performance ratios continue to be sound, supported by high
interest margin and non-interest operating income, despite higher
non-interest expenses and loan impairment charges.  Market risk is
low with fairly matched re-pricing periods between assets and
liabilities, resulting in limited interest rate risk.  While
Anadolubank's foreign currency liquidity is comfortable, its TRY
liquidity is adequate.  Capitalization is moderate with a Fitch-
eligible capital ratio of 17.5% at end-Q109, sustained by
continued support from shareholders in the form of cash equity
injections and by full retention of all net income.

Anadolubank's Support rating reflects the high propensity of
support from its majority shareholder, Habas Sinai ve Tibbi Gazlar
Istihsal Endustri A.S.  However, Habas's ability to provide
support would be limited, given its LT foreign currency IDR of
'B+'.

Anadolubank is a medium-sized bank, ranking 19th among the
country's 45 banks, with a 0.59% share in total end-Q109
unconsolidated assets.  It is 69.98%-owned by Habas and 27.32% by
Mehmet RUS$u Basaran, the main shareholder of Habas.  The balance
is owned by the Basaran family members and other companies owned
by the Basaran family.

In Fitch's rating criteria, the Individual Rating reflects the
standalone strength of a bank while the Support Rating reflects
the probability of support from a majority shareholder and/or the
State.

The rating actions with respect to Anadolubank are:

  -- LT foreign and local currency IDR affirmed at 'BB-'; Outlook
     Stable

  -- Short-term (ST) foreign and local currency IDR affirmed at
     'B'

  -- Individual rating affirmed at 'C/D'

  -- Support rating affirmed at '4'

  -- National LT rating affirmed at 'A+(tur)'; Outlook Stable


FINANSBANK AS: Fitch Affirms 'BB' Long-Term Issuer Default Rating
-----------------------------------------------------------------
Fitch Ratings has affirmed Turkey-based Finansbank A.S.'s ratings
at Long-term foreign currency Issuer Default 'BB', Long-term local
currency IDR 'BBB-', Short-term foreign currency IDR 'B', Short-
term local currency IDR F3', National Long-term 'AAA(tur)',
Support '3' and Individual 'C'.  The Outlooks for the Long-term
IDRs and National Long-term rating are Stable.

The Long- and Short-term IDRs of Finansbank reflect the intrinsic
strength of the bank while the Support Rating reflects its
ownership by the National Bank of Greece (NBG, 'A-'/ Outlook
Negative).  The Individual Rating reflects the bank's improving
franchise, good efficiency, strong profitability and adequate
capitalization backed by supportive shareholders.  These are
balanced by a marked deterioration in asset quality due to a
difficult economic environment.  The Long-term and Short-term
foreign currency IDRs are constrained by Turkey's 'BB' Country
Ceiling.

Finansbank has higher loan yields and better margins than its
peers, mainly due to its strong position in high-yielding credit
cards and retail lending.  Operating profitability remained strong
in Q109, benefiting from better margins, strong non-interest
income and improving efficiency, despite increasing credit
impairment charges, which will put pressure on its profitability
for the rest of 2009.  Finansbank prioritizes cost control and
efficiency improvement, which should provide a buffer against
increasing CICs.  Asset quality in Finansbank markedly
deteriorated in 2008 and Q109.  The tough economic environment
increases the risk of further asset quality deterioration for all
financial institutions, although Finansbank's more diversified
loan portfolio may help to mitigate this risk to some extent.

Finansbank is not reliant on funding from NBG.  Its improving
customer deposit franchise and NBG's commitment to provide funding
support, if needed, help offset any liquidity risk from structural
maturity mismatches.  Capitalization has improved, thanks to
retained earnings and NBG's provision of subordinated debt in
2008.  At end-Q109 the tier 1 and total regulatory capital
adequacy ratios improved to 12.2% (end-2008: 11.9%) and 17.89%
(16.22%), respectively, reflecting slightly lower risk-weighted
assets and the contribution of net income for the period.  In
Fitch's opinion, capitalization is adequate given asset quality
risks and the difficult operating environment.

Finansbank is 94.79%-owned by NBG and 5% held by the International
Finance Corporation.  The remainder is publicly listed.  NBG
became Finansbank's controlling shareholder in August 2006.
Finansbank is NBG's largest foreign operation and in Q109
generated 33% of NBG's net income.  It is the eighth-largest bank
in Turkey by total assets and at end-Q109 had a 3.75% share of
total unconsolidated banking assets in Turkey.  It provides a wide
range of banking services, with a focus on retail and SME banking,
through its 461 domestic branches.

According to Fitch's rating definitions, the Individual Rating
reflects the standalone strength of a bank while the Support
Rating reflects the probability of support from a major
shareholder and/or the government.


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


BETONSPORTS PLC: Founder Pleads Guilty to Racketeering Charges
--------------------------------------------------------------
Andrew M. Harris and Laurel Brubaker Calkins at Bloomberg News
report that Gary S. Kaplan, the founder of the now-defunct
Internet gambling firm Betonsports Plc, pleaded guilty to
conspiracy and racketeering charges.

Mr. Kaplan was indicted in 2006 for violating federal laws barring
wagering.

As reported in the Troubled Company Reporter-Europe on June 7,
2007, Vantis Business Recovery Services, a division of Vantis plc,
placed Betonsports into creditors' voluntary liquidation May 16,
2007.  Peter Wastell and Nigel Hamilton-Smith of Vantis were
appointed joint liquidators for the purposes of winding-up the
company.

Betonsports ceased trading as a result of an Indictment and
Permanent Injunction issued by the Department of Justice in the
United States of America against the company and certain of its
subsidiaries.  The suspension of trading in shares in the company
on the London Stock Exchange was confirmed on July 19, 2006, with
de-listing taking effect on Jan. 19, 2007.

                        Racketeering Charges

As reported in the TCR-Europe on May 31, 2007, Betonsports
admitted to its involvement in a racketeering conspiracy.

As part of the plea agreement, the U.S. Attorney for the Eastern
District of Missouri agreed that as long as the company lives up
to its obligations under the plea agreement, including supplying
witnesses and evidence in the pending cases against co-defendants,
no further criminal prosecution will be brought in this District
relative to its participation in the Kaplan Gambling Enterprise
between July 2004 and the present date.

By pleading guilty to the racketeering conspiracy charge,
Betonsports admits that it conducted an enterprise through a
pattern of racketeering acts, including repeated mail and wire
fraud, operated an illegal gambling business, laundered money, and
admitted to multiple state gambling felony charges.  As the
corporation admitted in federal court, the Gambling Enterprise
began as an illegal sports betting business in New York City in
the early 1990s.   After its founder's arrest on New York State
gambling charges in May of 1993, the founder relocated his illegal
gambling operation to Florida, continuing to take sports wagers
from bettors in New York by telephone.  In 1995, the Enterprise
moved to Aruba, in the West Indies.  To facilitate its U.S.
operations, the enterprise established and controlled toll-free
telephone services to accept sports wagers from gamblers in the
United States.  It also started to accept sports wagers
through the Internet.  In 1997, the Enterprise relocated to
Antigua, and then to Costa Rica.

Among the Enterprise's first computer-based sports book was one
called the North American Sports Association International, which
evolved into BETonSPORTS.com, advertised as the largest online
wagering service in the world.  This Web site gave gamblers in the
United States the opportunity to illegally wager on professional
and college football and basketball, as well as many other
professional and amateur sporting events and contests.

Members of the enterprise formed a corporation, Betonsports plc,
in 2004, which subsequently solicited and accepted wagers from
individuals in Missouri and elsewhere throughout the United
States.  Entities and individuals associated with Betonsports plc
also caused fraudulent promotional materials to be available to
prospective and actual bettors and used interstate facilities to
further wagering activity in, to and from Missouri, as well as
throughout the United States, in violation of federal law.


BRITISH AIRWAYS: Still Faces Bankruptcy Threat, Executive Says
--------------------------------------------------------------
Arabian Supply Chain.com, citing a senior British Airways plc
executive, reports that the airline could still go out of business
unless market conditions improve.

The report relates Ashley Cowen, British Airways area general
manager, Asia, the Pacific & Africa, said the airline was still
delving into its cash reserves and that even though the company
was now managing its costs much more effectively, the concern was
that global economic recovery was some way off.

"We cannot say we have seen the bottom of this difficult trading
environment and we are still burning our cash reserves, which
means at some point we will run out of cash and the business will
fold," the report quoted Mr. Cowen a saying.

                           Advertisers

Kaveri Niththyananthan at The Wall Street Journal reports BA is
seeking advertisers for its boarding passes, as it seeks new
revenue to help reverse losses.  The WSJ relates BA said it is now
actively touting for advertisers to use space on its boarding
cards and on its Web site.

According to the WSJ, the ability to advertise on boarding passes
will be available from Oct. 1.

On Aug. 4, 2009, the Troubled Company Reporter-Europe, citing the
WSJ, reported BA posted a pretax loss of GBP148 million (US$247.2
million) for the quarter ended June 30, compared with a profit of
GBP37 million a year earlier, citing declining passenger numbers
and cargo volumes.  According to the WSJ, the airline's revenue
fell 12% to GBP1.98 billion.  BA, as cited by the WSJ, said it was
hit mainly by falling numbers of passengers flying business and
first class during the economic downturn, lower average revenue
per passenger and lower fuel surcharges.

                        About British Airways

Headquartered in Harmondsworth, England, British Airways Plc,
along with its subsidiaries, (LON:BAY) -- http://www.ba.com/-- is
engaged in the operation of international and domestic scheduled
air services for the carriage of passengers, freight and mail and
the provision of ancillary services.  The Company's principal
place of business is Heathrow.  It also operates a worldwide air
cargo business, in conjunction with its scheduled passenger
services.  The Company operates international scheduled airline
route networks together with its codeshare and franchise partners,
and flies to more than 300 destinations worldwide.  During the
fiscal year ended March 31, 2009 (fiscal 2009), the Company
carried more than 33 million passengers.  It carried 777,000 tons
of cargo to destinations in Europe, the Americas and throughout
the world.  In July 2008, the Company's subsidiary, BA European
Limited (trading as OpenSkies), acquired the French airline,
L'Avion.

                           *     *     *

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


BRITISH AIRWAYS: Branson Calls on U.S. Gov't to Turn Down AA Deal
-----------------------------------------------------------------
BBC News reports that Virgin Atlantic founder Sir Richard Branson
has called on the US government to refuse British Airways plc
permission to agree ticket schedules and prices with American
Airlines Inc.

Steve Ridgway, chief executive of Virgin Atlantic, told BBC it is
already difficult to compete with BA at Heathrow.  "We don't have
plenty of slots, we have been at Heathrow now for almost 20 years
and we still have less than 3% of slots at Heathrow, so we are
still a minnow in that sense," BBC quoted Mr. Ridgway as saying.

BBC relates Saj Ahmad, an airline analyst, said "Virgin Atlantic
is concerned about the BA/AA deal because it feels it can't
compete".

According to BBC, in a statement, BA said that it was confident
that regulators would agree and dismissed Sir Richard's concerns.

                       About British Airways

Headquartered in Harmondsworth, England, British Airways Plc,
along with its subsidiaries, (LON:BAY) -- http://www.ba.com/-- is
engaged in the operation of international and domestic scheduled
air services for the carriage of passengers, freight and mail and
the provision of ancillary services.  The Company's principal
place of business is Heathrow.  It also operates a worldwide air
cargo business, in conjunction with its scheduled passenger
services.  The Company operates international scheduled airline
route networks together with its codeshare and franchise partners,
and flies to more than 300 destinations worldwide.  During the
fiscal year ended March 31, 2009 (fiscal 2009), the Company
carried more than 33 million passengers.  It carried 777,000 tons
of cargo to destinations in Europe, the Americas and throughout
the world.  In July 2008, the Company's subsidiary, BA European
Limited (trading as OpenSkies), acquired the French airline,
L'Avion.

                           *     *     *

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


COBRA BEER: Lord Bilimoria Defends "Pre-Pack" Deal
--------------------------------------------------
Rajeev Syal and George Wigmore at The Guardian report that the
Cobra Beer founder, Lord Bilimoria, has defended its use of a
"pre-pack" deal that left creditors GBP71 million out of pocket.

According to the report, Lord Bilmoria said he would personally
apologize to unsecured creditors.  He said the deal was entered
into so that he could raise money to pay them back, the report
relates.

As reported in the Troubled Company Reporter-Europe on Aug. 5,
2009, Telegraph.co.uk, citing documents filed at Companies House,
said that Cobra Beer, which fell into administration earlier this
year, owed GBP71.7 million to several non-preferential creditors,
including Och-Ziff, the US hedge fund.  PricewaterhouseCoopers,
the administrator, told the creditors there will be no payout.

                             Pre-Pack

On June 2, 2009, the Troubled Company Reporter-Europe, citing the
Sunday Times, reported that Cobra Beer was bought out of
administration via a GBP14 million pre-pack deal.  Cobra was
acquired by Molson Coors, maker of Carling lager, in a joint
venture with Lord Bilimoria.

In the June 2 TCR-Europe report Telegraph.co.uk, disclosed Lord
Bilmoria was forced to put the company into administration after
failing to secure a sale or a company voluntary arrangement (CVA).
Citing the administrators, Telegraph.co.uk said the company had
run into financial difficulties as a result of the economic
downturn.

Cobra Beer -- http://www.cobrabeer.com/-- is a British beer
company based in Fulham, south west London.


RAYMARINE PLC: In Takeover Talks with Garmin
--------------------------------------------
David Fickling at The Financial Times reports that Raymarine plc
is holding takeover talks with US satellite navigation
manufacturer Garmin.

The FT relates the group said it was in "preliminary discussion
with a number of parties, including Garmin, which may or may not
lead to a sale of the company".

According to the FT, Oliver Wynne-James, an analyst at Panmure
Gordon, said Raymarine had "an uncertain financial future unless
new funds are raised or a new owner emerges".

The company, the FT says, has suffered from the decline in the
leisure boat market, which is exposed to high-income customers hit
by last year’s financial turmoil.

                           Refinancing

Raymarine, the FT discloses, has been in refinancing discussions
with its lenders since the start of the year, after the fall in
the value of the pound pushed up the cost of its non-sterling
borrowings.  At the start of April the group had net debt of
GBP88.4 million and total banking facilities of GBP104.2 million,
the FT states.

The group, as cited by the FT, said that it was still exploring
the possibility of a capital raising from investors and the chance
to renegotiate more favorable lending conditions with its
syndicate of banks.

Raymarine plc -- http://www.raymarine.co.uk/-- is engaged in the
manufacture and marketing of navigation equipment within the
marine market.  Raymarine designs, manufactures and distributes
worldwide electronic goods and related software for use in the
leisure boating market.  The Company also develops and
manufactures the comprehensive range of electronic equipment for
the recreational boating and light commercial marine markets. I n
February 2008, the Company acquired Deck Marine S.p.A., which is
the distributor of Raymarome products in Italy.  The Company's
main United Kingdom subsidiary, Raymarine UK Limited, has a branch
in Italy (Raymarine UKLimited Italian branch).


ROYAL BANK: FSA Commences Probe Into ABN Amro Acquisition
---------------------------------------------------------
Robert Lindsay at Times Online reports that the Financial Services
Authority has opened an investigation into Royal Bank of Scotland
Group plc's acquisition of ABN Amro and its subsequent GBP12
billion rights issue.

Times Online relates that in a footnote in RBS's interim results
this month the bank said "In April 2009 the FSA notified the group
that it was commencing a supervisory review of the acquisition of
ABN AMRO in 2007 and the 2008 capital raisings.  The group and its
subsidiaries are co-operating fully with this review".

According to Times Online, the review is said to center on how
much risk was on RBS's books and whether management should have
been aware that its GBP12 billion rights issue -- launched six
months after its ABN Amro acquisition -- would not be enough to
allow it to cope with toxic debts.

                              Loss

On Aug. 10, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported RBS posted a net loss of GBP1.04 billion
in the first half of 2009, compared with GBP827 million a year
earlier after setting aside GBP7.52 billion (US$12.62 billion) to
cover bad loans and declining assets.  According to about 70% of
RBS's impairments and writedowns were for assets that will be
covered by the government's asset protection program.

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


TATA MOTORS: To Take Tighter Management Control of Jaguar Unit
--------------------------------------------------------------
Dominic O'Connell at The Sunday Times reports that Tata Motors
Ltd. is set to take tighter management control of Jaguar Land
Rover after withdrawing from talks over government support.

According to the report, Tata is understood to have brought in
senior executives to work alongside JLR's team to improve cash
management and bring down the company's break-even point.

The report relates Tata executives are understood still to be
fuming at how the government handled their request for assistance
when the credit crunch and recession triggered a collapse in
sales.  "Tata feels that it has not been well treated.  It is one
of the biggest inward investors in the UK and yet it has been made
to feel like a company that would take the money and run," the
report quoted one industry source in Mumbai as saying.

On Aug. 12, 2009, the Troubled Company Reporter-Europe, citing
Times of India, reported that Tata has secured a debt facility of
GBP75 million for its Jaguar and Land Rover operations.  Citing
officials at JLR, TOI disclosed the three-year loan has been
extended by Burdale Financial, a member of the Bank of Ireland
Group.  According to the report, the loan has been secured against
inventories of Land Rover's parts and accessories and receivables
in UK and US.

                         About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                           *     *     *

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

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

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


* Financial Times Says Oil Tankers Face Seizure by Banks
--------------------------------------------------------
Robert Wright at The Financial Times reports that specialist ships
that carry oil products are increasingly facing seizure by banks
or being laid up as the sector becomes the latest to be hit by the
crisis in the shipping industry.

According to the FT, the problems these specialist tankers are
facing are the same as those confronting all kinds of tankers,
including large crude oil carriers.

Citing Greg McGrath, an oil industry veteran and finance director
of New York-listed Omega Navigation, the FT discloses at the heart
of the sector's problems is a simple fall in demand for oil and
oil products.

The FT says companies with significant exposure to the short-term
spot market are the worst affected.

The FT relates Harry Theochari, head of the shipping practice at
Norton Rose, a London-based law firm, said the sector's poor
performance had led to the impounding of increasing numbers of
ships belonging to financially weaker operators.  Banks are
particularly concerned about sudden falls in product tanker sale
prices, which are eroding their value as collateral, the FT
states.


                             About RBS

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


                            *********

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.


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