TCREUR_Public/090821.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Friday, August 21, 2009, Vol. 10, No. 165

                            Headlines

F I N L A N D

STORA ENSO: To Close Two Mills; 1,100 Jobs at Risk


F R A N C E

ALCATEL-LUCENT: Appoints Olivier Lauras as Head of Vietnam Unit
NORTEL NETWORKS: French Court Extends Deadline to Sell Unit


G E R M A N Y

GENERAL MOTORS: Board to Meet Today to Discuss Opel Bids
HYPO REAL: German Officials Defend EUR100 Bil. Bail-Out
LEVEL ONE: Creditors Mull Sale of German Properties


I R E L A N D

BANTRY BAY: Moody's Withdraws Ratings on Six Classes of Notes
CLOVERIE PLC: Moody's Withdraws 'Ca' Rating on Class B Notes
CLOVERIE PLC: Moody's Withdraws 'Ca' Rating on 2007-33 Notes
EUROCREDIT CDO: Moody's Cuts Rating on Class E Notes to 'Ca'
FATE PARK: Court Okays Rescue Plan; 105 Jobs Secured

IRON HILL: Moody's Downgrades Rating on Class C Notes to 'B2'


I T A L Y

SOCOTHERM SPA: Says Potential Bidders Line Up for Assets


K Y R G Y Z S T A N

SOLID WASTE: Creditors Must File Claims by August 29


L U X E M B O U R G

MELCHIOR CDO: S&P Junks Ratings on Three Classes of Notes


N E T H E R L A N D S

AEGON NV: Fitch Downgrades Ratings on Hybrid Instruments to 'BB'
ASTIR BV: S&P Cuts Ratings on Series 27 and Series 31 Notes to CC
DALRADIAN EUROPEAN: Moody's Cuts Rating on Class E Notes to 'Caa3'
DUCHESS IV: S&P Puts 'BB'-Rated Class E Notes on Watch Negative
ELM BV: Moody's Junks Ratings on Four Classes of Notes

HEAD NV: Moody's Changes Probability of Default Rating to Caa1/LD
JUBILEE CDO: S&P Puts Two 'BB'-Rated Notes on Watch Negative
LEOPARD CLO: S&P Puts 'BB'-Rated Class D Notes on Watch Negative


P O L A N D

LUKAS BANK: Moody's Cuts Bank Financial Strength Rating to 'D+'


P O R T U G A L

JET REPUBLIC: Halts Operations on Lack of Funding


R U S S I A

ARGUNSKIY MACHINE: Creditors Must File Claims by August 24
BELOMORSKAYA WOOD: Creditors Must File Claims by August 24
BSK-STROY LLC: Creditors Must File Claims by August 24
BTA BANK: Moody's Junks Long-Term Deposit Ratings From 'B3'
DIZAIN-STROY LLC: Creditors Must File Claims by August 24

DON-LES LLC: Creditors Must File Claims by August 24
EVRAZ GROUP: Delong Bid Fails; To Explore "Cheaper" China Options
GROS-WOOD CJSC: Creditors Must File Claims by August 24
KERAMOS LLC: Creditors Must File Claims by August 24
KRASNOPOLYANSKAYA PAPER: Creditors Must File Claims by August 24

MOBIL-SPETS LLC: Creditors Must File Claims by August 24
NOVOSIBIRSK METALLURGIC: Creditors Must File Claims by August 24
ONIKS LLC: Creditors Must File Claims by August 24
PARFINO LES: Creditors Must File Claims by August 24
SIB-PROM LLC: Creditors Must File Claims by August 24

SIB-STROY LLC: Creditors Must File Claims by August 25
SILUR LLC: Creditors Must File Claims by August 24
STROY-TRANS LLC: Creditors Must File Claims by August 24
URAL-STROY-KOMPLEKS: Creditors Must File Claims by August 24
URALSKIY FOUNDRY: Creditors Must File Claims by August 24

VOLGA-URAL-STROY: Creditors Must File Claims by August 24


S W E D E N

MODERNA FORSAKRINGAR: Moody's Cuts Insurance Fin'l Rating to 'Ba1'


S W I T Z E R L A N D

COMMS ONE: Creditors Must File Claims by August 24
CORPORATE LEGAL: Claims Filing Deadline is August 24
CRR CENTER: Creditors Must File Claims by August 26
EBS EXPERTENBUERO: Claims Filing Deadline is August 24
EFEKA AG: Claims Filing Deadline is August 24

FS AG: Creditors Must File Claims by August 24
SAFIMEX AG: Claims Filing Deadline is August 25
TABROT AG: Claims Filing Deadline is August 24
UBS AG: Inks Settlement Pact With IRS Regarding Summons


T U R K E Y

TOPLU KONUT: Fitch Affirms Long-Term Currency Ratings at 'BB-'


U K R A I N E

ANTENT MELDIS: Creditors Must File Claims by August 23
KAGARLIKINVESTTRADE LLC: Claims Filing Period Ends August 23
KARPATY LTD: Creditors Must File Claims by August 23
MONOBUD-S LLC: Creditors Must File Claims by August 23
NIKOLAYEV-LIDER LLC: Creditors Must File Claims by August 23

PARM MEDICAL: Creditors Must File Claims by August 23
RESOURCE-INVEST-AGRO: Creditors Must File Claims by August 23
TOPOL LLC: Creditors Must File Claims by August 23
YAROPOVICHI AGRICULTURAL: Creditors Must File Claims by August 23
ZODIAC-OMEGA LLC: Creditors Must File Claims by August 23


U N I T E D   K I N G D O M

AEOLUS CDO: S&P Junks Rating on Class D Notes From 'BBB-'
CLARIS LTD: S&P Withdraws 'CCC-' Rating on EUR12 Mil. Notes
CLUB ASIA: Mazars Appointed as Administrators
EMI GROUP: Terra Firm Ousts UK Pension Fund Head
JESSOPS PLC: Nears Debt Restructuring Deal with HSBC

LEHMAN BROTHERS: FSA Findings in Structured Products Probe Delayed
LLOYDS BANKING: Reviews Cheltenham & Gloucester Closure Plan
LOOKERS PLC: Wants Government's Scrappage Scheme Extended
NORTHERN ROCK: Fitch Cuts Rating on Hybrid Debt Securities to 'C'
NORTHERN ROCK: S&P Lowers Ratings on Seven Securities to 'CC'

OPERA FINANCE: Moody's Downgrades Rating on Class D Notes to 'Ba1'
STERLING ENERGY: To Raise GBP62.5 Million in Share Placing

* BOOK REVIEW: Dangerous Pursuits - Mergers and Acquisitions in


                         *********



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F I N L A N D
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STORA ENSO: To Close Two Mills; 1,100 Jobs at Risk
--------------------------------------------------
Diana ben-Aaron and Kati Pohjanpalo at Bloomberg News report that
Stora Enso Oyj said it will shutter the Sunila pulp mill during
the second quarter and plans to close the Varkaus paper mill
complex by the end of next year if poor sales and pricing of
uncoated fine paper continue.

According to Bloomberg, job losses from Sunila and other planned
cuts would total 450, rising to 1,100 if Varkaus is closed.

Bloomberg relates Finnish Prime Minister Matti Vanhanen's
government said Wednesday in an e-mailed statement that towns
affected by the closures will be declared areas of sudden
structural change and will be given funds to help create new jobs
and prevent long-term unemployment.

Bloomberg recalls Stora Enso has closed six mills worldwide since
2006, sold off operations and reduced its workforce by 37% to
29,000 employees.  The company currently has 25% of its 80
production sites and 33% of its workforce in Finland.

Stora Enso, as cited by Bloomberg, said it will report about
EUR592 million in writedowns and other charges in the third
quarter.

Headquartered in Helsinki, Finland, Stora Enso Oyj --
http://www.storaenso.com/-- is a global paper, packaging and
forest products company producing newsprint and book paper,
magazine paper, fine paper, consumer board, industrial packaging
and wood products.   Stora Enso employs 29,000 people worldwide,
and sales in 2008 amounted to EUR11 billion.  During the year
ended December 31, 2008, the annual production for the Company was
12.7 million tons of paper and board, 1.5 billion square meters of
corrugated packaging and 6.9 million cubic meters of sawn wood
products, including 3.2 million cubic meters of products.  The
customers for the Company include publishers, printing houses and
paper merchants, as well as the packaging, joinery and
construction industries.  In August 2007, the Company completed
the acquisition of 28% shares in Stora Enso Poland SA.  In 2008,
the Company completed the disposal of Papyrus Merchant business
area.

                    *      *      *

As reported in the Troubled Company Reporter-Europe on July 28,
2009, Fitch Ratings downgraded Finland-based Stora Enso Oyj's
Long-term Issuer Default Rating and senior unsecured rating to
'BB' from 'BB+', respectively.  The agency affirmed the Short-term
IDR of 'B'.  The Outlook on the Long-term IDR is Negative.
Fitch said the downgrade reflects Fitch's view that the current
cyclical erosion in demand is intensifying the challenges faced by
Stora and durably impacting its already weak credit profile.


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F R A N C E
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ALCATEL-LUCENT: Appoints Olivier Lauras as Head of Vietnam Unit
---------------------------------------------------------------
Alcatel-Lucent SA has appointed Olivier Lauras as head of the
company's business in Vietnam, effective August 1, 2009.
Mr. Lauras will report to Nicolas Van Den Abeele, head of Alcatel-
Lucent's activities in South and South East Asia.

The company said Mr. Lauras assumes overall responsibility for
managing day-to-day operations, as well as taking the lead on
strategic business directions for Alcatel-Lucent in Vietnam.

"I am very pleased to have Olivier on board in Vietnam to support
the ever-increasing potential in this market," said Sean Dolan,
president of Alcatel-Lucent Asia Pacific.  "Olivier's
international experience in sales and operations will reinforce
the company's business and presence in the country, and extend the
growth path that Alcatel-Lucent has developed in this market."

Prior to his appointment in Vietnam, Mr. Lauras was Chief
Executing Officer (CEO) for Alcatel-Lucent Pakistan Ltd and
Country Senior Officer (CSO) for Pakistan and Afghanistan.
Mr. Lauras has been working at Alcatel-Lucent since 1996, holding
various management positions in Europe, America and Asia.

Alcatel-Lucent has been active and present in Vietnam for 20
years, hosting 250 employees and serving a customer base of major
fixed and mobile operators in the country.

                      About Alcatel-Lucent SA

France-based Alcatel-Lucent SA (Euronext Paris and NYSE: ALU) --
http://www.alcatel-lucent.com/-- provides product offerings that
enable service providers, enterprises and governments worldwide,
to deliver voice, data and video communication services to end
users.  In the field of fixed, mobile and converged broadband
networking, Internet protocol (IP) technologies, applications and
services, the company offers the end-to-end product offerings that
enable communications services for residential, business customers
and customers.  It has operations in more than 130 countries.  It
has three segments: Carrier, Enterprise and Services.  The Carrier
segment is organized into seven business divisions: IP, fixed
access, optics, multicore, applications, code division multiple
access networks and mobile access.  Its Enterprise business
segment provides software, hardware and services that interconnect
networks, people, processes and knowledge.  Its Services business
segment integrates clients' networks.  In October 2008, the
company completed the acquisition of Motive, Inc.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on March 5,
2009, Standard & Poor's Ratings Services lowered to 'B+' from
'BB-' its long-term corporate credit ratings and senior unsecured
ratings on France-based telecom equipment and services supplier
Alcatel Lucent and its subsidiary Alcatel-Lucent USA Inc.
(formerly Lucent Technologies Inc.).  The 'B' short-term rating on
Alcatel Lucent was affirmed.  S&P said the outlook is negative.


NORTEL NETWORKS: French Court Extends Deadline to Sell Unit
-----------------------------------------------------------
Heather Smith at Bloomberg News reports that Nortel Networks Corp.
said the commercial court in Versailles, near Paris, has extended
the company's deadline to sell its French research and development
unit for another three months.

Bloomberg relates Nortel said the commercial court in Versailles
approved a request by Michel Clement, general manager for Nortel's
French operations, for a one-time extension to Nov. 20.

"Within this new extended mandate, we will be able to at least
get a secure offer for the business," Bloomberg quoted Isabelle
Tadmoury, a Nortel spokeswoman in France, as saying.
Ms. Tadmoury, as cited by Bloomberg, said discussions are
"advancing" with "multiple" possible buyers.

Bloomberg recalls Ericsson AB, the world's largest maker of
wireless phone networks, said on July 25 that it will buy Nortel’s
wireless equipment unit for USUS$1.13 billion.  Bloomberg says the
sale is under review by the Canadian government.  According to
Bloomberg, discussions concerning the French unit's sale focus on
its GSM, or global system for mobile communications, business.

Bloomberg discloses Ms. Tadmoury said Ernst & Young will release
funds as a result of yesterday's court decision to allow severance
payments for employees at the French research group.

As reported in the Troubled Company Reporter-Europe on July 10,
2009, Bloomberg News said Nortel requested the sale of the unit,
one of its two French subsidiaries, as part of bankruptcy
procedures filed in London in January 2009.  A court in Versailles
set an initial deadline of August 20, 2009, for a possible sale of
the unit.

                       About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers next-
generation technologies, for both service provider and enterprise
networks, support multimedia and business-critical applications.
Nortel does business in more than 150 countries around the world.
Nortel Networks Limited is the principal direct operating
subsidiary of Nortel Networks Corporation.

Nortel Networks Corp., Nortel Networks Inc., and other affiliated
corporations in Canada sought insolvency protection under the
Companies' Creditors Arrangement Act in the Ontario Superior Court
of Justice (Commercial List).  Ernst & Young has been appointed to
serve as monitor and foreign representative of the Canadian Nortel
Group.  The Monitor also sought recognition of the CCAA
Proceedings in the Bankruptcy Court under Chapter 15 of the
Bankruptcy Code.

Nortel Networks Inc. and 14 affiliates filed separate Chapter 11
petitions on January 14, 2009 (Bankr. D. Del. Case No. 09-10138).
Judge Kevin Gross presides over the case.  James L. Bromley, Esq.,
at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serves as
general bankruptcy counsel; Derek C. Abbott, Esq., at Morris
Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware
counsel.  The Chapter 11 Debtors' other professionals are Lazard
Freres & Co. LLC as financial advisors; and Epiq Bankruptcy
Solutions LLC as claims and notice agent.

The Chapter 15 case is Bankr. D. Del. Case No. 09-10164.  Mary
Caloway, Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll
& Rooney PC, in Wilmington, Delaware, serves as Chapter 15
petitioner's counsel.

Certain of Nortel's European subsidiaries have also made
consequential filings for creditor protection.  The Nortel
Companies related in a press release that Nortel Networks UK
Limited and certain subsidiaries of the Nortel group incorporated
in the EMEA region have each obtained an administration order
from the English High Court of Justice under the Insolvency Act
1986.  The applications were made by the EMEA Subsidiaries under
the provisions of the European Union's Council Regulation (EC)
No. 1346/2000 on Insolvency Proceedings and on the basis that
each EMEA Subsidiary's centre of main interests is in England.
Under the terms of the orders, representatives of Ernst & Young
LLP have been appointed as administrators of each of the EMEA
Companies and will continue to manage the EMEA Companies and
operate their businesses under the jurisdiction of the English
Court and in accordance with the applicable provisions of the
Insolvency Act.

Several entities, particularly, Nortel Government Solutions
Incorporated and Nortel Networks (CALA) Inc., have material
operations and are not part of the bankruptcy proceedings.

As of September 30, 2008, Nortel Networks Corp. reported
consolidated assets of US$11.6 billion and consolidated
liabilities of US$11.8 billion.  The Nortel Companies' U.S.
businesses are primarily conducted through Nortel Networks Inc.,
which is the parent of majority of the U.S. Nortel Companies.  As
of September 30, 2008, NNI had assets of about US$9 billion and
liabilities of US$3.2 billion, which do not include NNI's
guarantee of some or all of the Nortel Companies' about US$4.2
billion of unsecured public debt.

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


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GENERAL MOTORS: Board to Meet Today to Discuss Opel Bids
--------------------------------------------------------
General Motors Co. directors will conduct a conference call today,
Aug. 21, to discuss bids for its Opel division, Katie Merx and
Laurence Frost at Bloomberg News report, citing two people
familiar with the planning.

According to Bloomberg, one of the people who asked not to be
identified because the deliberations aren’t public, said the board
will weigh those two bids against insolvency.  The source told
Bloomberg a group led by Aurora, Ontario-based car-parts maker
Magna International Inc. is likely to win the bidding, because
Germany's EUR4.5-billion (US$6.4 billion) financing package favors
it.

                        Credit Guarantees

Patrick Donahue at Bloomberg News reports Chancellor Angela
Merkel’s government offered to contribute EUR4.5 billion (US$6.4
billion) in credit guarantees toward an offer by Magna for GM’s
Opel division.  Bloomberg relates Steffen Moritz, an Economy
Ministry spokesman, said yesterday in Berlin Germany’s federal and
state governments will put forward the entire amount toward
Magna’s bid and negotiate with European Union countries afterward.

According to Bloomberg, the German chancellor, faced with rising
unemployment as national elections loom on Sept. 27, prefers the
bid by the Magna, believing it will secure more jobs.

                             Magna Bid

On August 17, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported GM received a revised bid from Magna
and Sberbank.  Bloomberg disclosed Siegfried Wolf, co-chief
executive officer of Magna, said Thursday last week Magna and
Sberbank are offering to pay about EUR500 million (US$714 million)
for a combined 55% stake in Opel.  Bloomberg said each of the
partners would own 27.5%, leaving GM with 35% and Opel workers
holding the remaining 10%.  Mr. Wolf, as cited by Bloomberg said,
Magna's revised bid addresses cooperation with GM's Chevrolet
division and answers any intellectual property questions.
According to Bloomberg, Christopher Preuss, a spokesman for GM,
said the U.S. carmaker requested an "outline of the financing
package" that Germany and other European governments are prepared
to offer under the revised proposal.

                       About General Motors

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

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

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

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

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

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

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


HYPO REAL: German Officials Defend EUR100 Bil. Bail-Out
-------------------------------------------------------
dpa reports that German government insiders defended the state's
bailout of Hypo Real Estate Holding AG on Wednesday, during the
final stages of a parliamentary inquiry into last year's
EUR100-billion rescue of the bank from insolvency.

The report relates Secretary of State for Finance Joerg Asmussen
and Jens Weidmann, advisor to German Chancellor Angela Merkel,
both told the inquiry there had been no alternative to rescuing
the mortgage lender.  According to the report, both said no errors
had been made ahead of the bail-out, and said there had been no
indications that problems at the bank threatened its very
existence.  Mr. Asmussen maintained that he had not acted
negligently and had not entered last year's crisis talks
unprepared, while Mr. Weidmann justified the government's late
response to HRE's looming bankruptcy, explaining that the earlier
the government intervened, the greater the banks' demands would
have been.

The inquiry is due to wind up in September, when its findings will
be presented imminently before Germany's general election, on
September 27, the report says.

                         Merkel Testimony

As reported in the Troubled Company Reporter-Europe on Aug. 4,
2009, Bloomberg News said that the parliamentary committee
investigating Hypo Real Estate Holding AG's near-collapse failed
in its bid to seek testimony by Chancellor Angel Merkel on her
government's role in the rescue of the lender.  Bloomberg
disclosed Winfried Holz, the committee's chief of staff, said that
the panel, "failed to find the required majority" to pass the
motion.

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

On July 31, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that Gerhard Schick, the opposition Green
Party's main representative, told fellow panel members that the
investigative committee needs to call Ms. Merkel to explain how
she defended tax payers' interests in talks with banks on a first
rescue package for Hypo.  According to Bloomberg, Josef Ackermann,
Deutsche Bank AG's chief executive officer, told lawmakers that
Ms. Merkel stepped in at the last minute to negotiate a rescue
package for Hypo.

                           Expropriation

In an Aug. 14 report Deutsche Welle said the German government
plans a so-called squeeze-out to eject the remaining investors of
Hypo, in exchange for a compensation payment.  According to
Deutsche Welle, among the remaining shareholders that the state is
attempting to cast out is American private equity firm JC Flowers,
which invested EUR1.1 billion in HRE as collapsing real estate
markets battered the bank in the spring of 2008.  The US investor,
Deutsche Welle disclosed, has fought the government's takeover
attempts, arguing it would ruin Germany's reputation as a safe
place for foreign investment.  Mr. Flowers will likely receive
about 5% of his investment back under the government's buyout
plan, Deustche Welle noted.

                      About Hypo Real Estate

Germany-based Hypo Real Estate Holding AG (FRA:HRXG) --
http://www.hyporealestate.com/-- is a German holding company for
the Hypo Real Estate Group.  It is an international real estate
financing company, combining commercial real estate financing
products with investment banking.  The Company divides its
operations into three business units: Commercial Real Estate,
which provides real estate financing on the international and
German market; Public Sector & Infrastructure Finance, and Capital
Markets & Asset Management.  Hypo Real Estate Group operates
through a number of subsidiaries, including, among others, Hypo
Real Estate Bank International AG that focuses on Pfandbrief-based
commercial real estate financing in all international markets, and
offers large-volume investment banking and structured finance
transactions; Hypo Real Estate Bank AG that focuses on the
commercial real estate financing and refinancing business in
Germany, and DEPFA Bank plc in Dublin, Ireland, which is a
provider of public finance.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on July 6,
2009, Fitch Ratings affirmed Hypo Real Estate Holding AG's
individual rating at 'F'.


LEVEL ONE: Creditors Mull Sale of German Properties
---------------------------------------------------
Esteban Duarte and Simon Packard at Bloomberg News report that
creditors of Level One are preparing to sell 3,247 homes pledged
as collateral in an attempt to recover EUR163 million (US$230
million) owed by the company.

Bloomberg recalls Level One bought the properties with a loan
provided by Credit Suisse Group AG, which packaged the debt into
securities sold by special-purpose company Titan Europe 2007-2.
The loan, known as Portier, has been in default since August 2008
when Level One's two main holding companies were placed under
court administration in the U.K.

According to Bloomberg, Capita Asset Services, the manager of the
defaulted debt, said in a report it plans "to commence the
marketing process of the portfolio" of apartment blocks mostly in
the Berlin area.  Capita, as cited by Bloomberg, said it will hire
a broker and have the estimated values of the homes by the end of
August.

Bloomberg relates Christian Koehler-Ma, a partner of Berlin
insolvency firm Leonhardt Westhelle & Partner and an administrator
of Level One companies in Germany, said the sales may take time
because "prior investments in the properties" are required before
an "orderly and structured sales process" can begin.

On Jan. 30, 2009, the Troubled Company Reporter-Europe, citing
Monsters and Critics, reported that British-run property investor
Level One declared insolvency after being hit by the British
slump.  M&C disclosed Level One, which invested mainly in
substandard communist-era public housing in eastern Germany and
Berlin, ran out of credit to renovate the apartments as bank
lending tightened up.  Citing insolvency administrator Rolf
Rattunde, M&C said the group, which owns 20,000 apartments and 500
commercial properties, racked up debts of EUR1.5 billion (US$2
billion).  According to M&C, 38 companies in the group applied for
protection from creditors.


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BANTRY BAY: Moody's Withdraws Ratings on Six Classes of Notes
-------------------------------------------------------------
Moody's Investors Service has withdrawn the ratings of six classes
of Notes issued by Bantry Bay CDO I P.L.C.  due to the liquidation
of collateral held by the Issuer.

The transaction experienced an Event of Default on 3 December 2007
and the Trustee was directed on January 2009 to liquidate the
collateral as a post-event-of-default remedy.  Moody's was
notified by the Trustee that a final distribution of liquidation
proceeds has taken place.  As a result of the liquidation, the
Class A-1 Notes suffered a loss of 45% on the principal amount
whereas all other classes of Notes suffered a 100% loss.

The rating actions are:

Issuer: Bantry Bay CDO I P.L.C.

  -- Class A-1 Floating Rate Notes, due 2052, Withdrawn;
     previously on Apr 23, 2009 Downgraded to Ca

  -- Class A-2 Floating Rate Notes, due 2052, Withdrawn;
     previously on Apr 23, 2009 Downgraded to C

  -- Class A-3 Floating Rate Notes, due 2052, Withdrawn;
     previously on Jun 17, 2008 Downgraded to C

  -- Class B Floating Rate Notes, due 2052, Withdrawn; previously
     on Jun 17, 2008 Downgraded to C

  -- Class C Deferrable Floating Rate Notes, due 2052, Withdrawn;
     previously on Feb 22, 2008 Downgraded to C

  -- Class D Deferrable Floating Rate Notes, due 2052, Withdrawn;
     previously on Feb 22, 2008 Downgraded to C


CLOVERIE PLC: Moody's Withdraws 'Ca' Rating on Class B Notes
------------------------------------------------------------
Moody's Investors Service has withdrawn its ratings of one class
of notes issued by Cloverie Plc.

The rating action follows the repurchase in full of the notes on
the August 15, 2009.

The rating action is:

Cloverie Plc - Series 2007-32/33

  -- US$80,000,000 Series 2007-32 Class B Credit Linked Notes,
     Withdrawn; previously on Apr 18, 2008 Downgraded to Ca


CLOVERIE PLC: Moody's Withdraws 'Ca' Rating on 2007-33 Notes
------------------------------------------------------------
Moody's Investors Service announced it has withdrawn its ratings
of one class of notes issued by Cloverie Plc.  The rating action
follows the repurchase in full of the notes on the August 15,
2009.  The rating action is:

Issuer: Cloverie Plc - Series 2007-32/33

  -- Series 2007-33 US$20,000,000.00 Class C Secured Floating Rate
     Portfolio Credit Linked Notes due 2050, Withdrawn; previously
     on April 18, 2008 Downgraded to Ca


EUROCREDIT CDO: Moody's Cuts Rating on Class E Notes to 'Ca'
------------------------------------------------------------
Moody's Investors Service announced it has downgraded its ratings
of twelve classes of notes issued by EUROCREDIT CDO VII PLC.

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

According to Moody's, the rating actions taken on the notes are a
result of credit deterioration of the underlying portfolio.  This
is observed in, among other measures as per Trustee Report dated
31 July 2009, a decline in the average credit rating as measured
through the weighted average rating factor (currently 2690), an
increase in the amount of defaulted securities (currently 7% of
the portfolio), an increase in the proportion of securities from
issuers rated Caa1 and below (currently 8.36% of the portfolio),
and a failure of Class D and Class E Par Value tests.  Moody's
also performed a sensitivity analysis, including amongst others, a
further decline in portfolio weighted average rating factor
quality combined with a decrease in the expected recovery rates.

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

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

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

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

  -- Moody's Approach to Rating Collateralized Loan Obligations
     (August 2009)

The rating actions are:

Issuer: EUROCREDIT CDO VII PLC:

  -- EUR125M Revolving Loan Facility Notes, Downgraded to Aa2;
     previously on May 21, 2007 Assigned Aaa

  -- EUR221.5M Class A Senior Secured Floating Rate Notes due 2023
     Notes, Downgraded to Aa2; previously on May 21, 2007 Assigned
     Aaa

  -- EUR38.3M Class B Senior Secured Deferrable Floating Rate
     Notes due 2023-1 Notes, Downgraded to Baa1; previously on
     March 4, 2009 Aa2 Placed Under Review for Possible Downgrade

  -- EUR31.2M Class C Senior Secured Deferrable Floating Rate
     Notes due 2023 Notes, Downgraded to Ba2; previously on
     March 17, 2009 Downgraded to Baa3 and Remains On Review for
     Possible Downgrade

  -- EUR29.1M Class D Senior Secured Deferrable Floating Rate
     Notes due 2023 Notes, Downgraded to Caa1; previously on
     March 17, 2009 Downgraded to B1 and Remains On Review for
     Possible Downgrade

  -- EUR19.8M Class E Senior Secured Deferrable Floating Rate
     Notes due 2023-1 Notes, Downgraded to Ca; previously on
     March 17, 2009 Downgraded to Caa1 and Remains On Review for
     Possible Downgrade

  -- EUR4M Class P Combination Notes due 2023 Notes, Downgraded to
     Ba2; previously on March 4, 2009 A3 Placed Under Review for
     Possible Downgrade

  -- EUR8M Class Q Combination Notes due 2023 Notes, Downgraded to
     Caa1; previously on March 4, 2009 Baa3 Placed Under Review
     for Possible Downgrade

  -- EUR15M Class R Combination Notes due 2023 Notes, Downgraded
     to Ba3; previously on March 4, 2009 Baa1 Placed Under Review
     for Possible Downgrade

  -- EUR6M Class S Combination Notes due 2023 Notes, Downgraded to
     Ba2; previously on March 4, 2009 A3 Placed Under Review for
     Possible Downgrade

  -- EUR3M Class V Combination Notes due 2023 Notes, Downgraded to
     Caa2; previously on March 4, 2009 Baa3 Placed Under Review
     for Possible Downgrade

  -- EUR8M Class W Combination Notes due 2023 Notes, Downgraded to
     B3; previously on March 4, 2009 Baa2 Placed Under Review for
     Possible Downgrade


FATE PARK: Court Okays Rescue Plan; 105 Jobs Secured
----------------------------------------------------
RTE Business reports that the High Court has approved survival
proposals put forward by an examiner for Fate Park Ltd., securing
105 jobs at the oil distribution company.

According to the report, under the plans, Fate Park trading as
Sweeney Oil, and a related company Castlebar Oil Company Ltd,,
will be completely taken over by fuel company Tedcastle Holdings,
in return for a EUR12 million investment.

Under the scheme of arrangement put forward by examiner Billy
O'Riordan of PwC, secured creditor AIB, which is owed
EUR20 million, will receive EUR6.6 million, while Nire Oil,
another secured creditor, will receive EUR250,000 of a debt of
EUR5 million.

The report recalls Fate Park went into examinership in April as a
result the company's running into financial difficulties over
cashflow constraints arising from the funding of subsidiaries
within the group.

Fate Park Ltd. is an oil distribution company.  It has 16 depots,
65 trucks, two petrol stations and 15% of the market share in
Connacht.


IRON HILL: Moody's Downgrades Rating on Class C Notes to 'B2'
-------------------------------------------------------------
Moody's Investors Service has downgraded its ratings of two
classes of notes issued by Iron Hill CLO Limited.

Issuer: Iron Hill CLO Limited

  -- Class B Senior Secured Deferrable Floating Rate Notes due
     2025, Downgraded to Ba3; previously on Mar 4, 2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Class C Senior Secured Deferrable Floating Rate Notes due
     2025, Downgraded to B2; previously on Mar 4, 2009 Ba3 Placed
     Under Review for Possible Downgrade

This transaction is a managed cash leveraged loan collateralized
loan obligation with exposure to predominantly European senior
secured loans.

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

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

According to Moody's, the rating actions taken on the notes are
also a result of credit deterioration of the underlying portfolio.
This is observed in, among other measures as per Trustee Report
dated 10 July 2009, a decline in the average credit rating as
measured through the weighted average rating factor (currently
2914), an increase in the amount of defaulted securities
(currently 2.56% of the portfolio), and an increase in the
proportion of securities from issuers rated Caa1 and below
(currently 13.52% of the portfolio).  Moody's also performed a
sensitivity analysis, including amongst others, a further decline
in portfolio WARF quality.

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


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


SOCOTHERM SPA: Says Potential Bidders Line Up for Assets
--------------------------------------------------------
Armorel Kenna at Bloomberg News reports that Socotherm SpA said
the sale of assets that fall short of its profit targets or no
longer make up a central part of the business is progressing as
potential bidders line up.

"It's a buyers' world out there, we've got much interest from
potential buyers, but if the price isn't right we may look for
partners," Bloomberg quoted Socotherm Chairman Zeno Soave as
saying in an interview.

Mr. Soave, as cited by Bloomberg, said selling assets may cut
sales to less than EUR200 million (US$283 million) this year from
EUR260 million in 2008, and will help efforts to return to profit
in 2009 following a loss of EUR4 million last year.  He declined
to name units that Socotherm has put up on the block.

Bloomberg relates Mr. Soave attributed the company's woes to
losses of about US$100 million that stemmed from contracts in
Qatar, West Africa and the U.S., as well as lack of credit.

                       Restructuring Plan

On Aug. 6, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that Socotherm was suspended indefinitely
from trading in Milan after its board agreed to propose a pre-
insolvency restructuring plan.  Bloomberg disclosed the company
said the restructuring plan protects its goodwill and will give
creditors "a greater value than the liquidation value of the
individual assets".

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


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


SOLID WASTE: Creditors Must File Claims by August 29
----------------------------------------------------
LLC Refuse Collection Company Solid Waste is currently undergoing
liquidation.  Creditors have until August 29, 2009, to submit
proofs of claim to:

For further information, contact (+996 312) 32-06-65,
(0-555) 71-72-79.


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


MELCHIOR CDO: S&P Junks Ratings on Three Classes of Notes
---------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on the class B-1, B-2, C-
1, C-2, and D notes issued by Melchior CDO I S.A.  At the same
time, S&P affirmed the rating on the class A-1 notes.

The rating actions reflect S&P's assessment of the effect of
negative rating migration and defaults in the transaction's
underlying portfolio on its cash flows.  In S&P's opinion, these
recent developments have increased the risk that cash flows from
the portfolio may not be sufficient to repay all junior
noteholders in full.

The transaction has been structured to include interest coverage
and collateral coverage tests.  While the class A OC, class B OC,
class A IC, class B IC, and class C IC ratios exceed their
respective triggers, the OC ratios for classes C and D and the IC
ratio for class D are failing, with the OC ratio for class D being
substantially below 100%.

Taking these factors into account, S&P's analysis indicates that
the credit enhancement available to classes B-1, B-2, C-1, C-2,
and D no longer supports their previous ratings.  As such, S&P
lowered its ratings on these classes to levels that, in its view,
reflect the current likelihood of principal and interest repayment
to noteholders.

The most recent rating action on Melchior CDO I took place on May
20, when S&P placed the class B-1, B-2, C-1, C-2, and D notes on
CreditWatch negative.

Melchior CDO I, which is managed by Henderson Global Investors
Ltd., is a cash flow collateralized debt obligation of loans,
high-yield bonds, and structured finance securities.  The
transaction closed in July 2001 and is currently in its amortizing
period.

                            Ratings List

                        Melchior CDO I S.A.
   EUR404 Million Fixed- And Floating-Rate Notes, Subordinated,
                       and Combination Notes

      Ratings Lowered and Removed From CreditWatch Negative

                               Rating
                               ------
              Class       To            From
              -----       --            ----
              B-1         BBB-          AA/Watch Neg
              B-2         BBB-          AA/Watch Neg
              C-1         CCC-          BB-/Watch Neg
              C-2         CCC-          BB-/Watch Neg
              D           CCC-          B-/Watch Neg

                         Rating Affirmed

                        Class       Rating
                        -----       ------
                        A-1         AAA


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


AEGON NV: Fitch Downgrades Ratings on Hybrid Instruments to 'BB'
----------------------------------------------------------------
Fitch Ratings has downgraded AEGON N.V.'s and some of its
subsidiaries' hybrid debt instruments to 'BB' from 'BBB+' and
maintained them on Rating Watch Negative.

The downgrade and RWN reflect Fitch's review of the risk of coupon
deferral on these instruments, taking into account recent
developments -- in particular comments published by the European
Commission on the concept of 'burden sharing' for state-aided
financial institutions.  AEGON received EUR3 billion of support
from the Dutch government in December 2008 and is at an early
stage of discussions with the EC over the "viability plan" it has
submitted in line with the European Union's state aid rules.
Fitch notes and views positively AEGON's recent raising of EUR1bn
of equity, with which it intends to repay EUR1bn of the government
support.

Fitch will publish a comment on the issue of burden sharing
shortly and will monitor the ratings implications of AEGON's
viability plan and ongoing discussions with the EC.

The rating action on AEGON's hybrids is consistent with actions
taken or expected on the hybrids of several financial institutions
that are subject to government support.

AEGON's ratings are:

AEGON N.V.

  -- Long-term IDR 'A+'; Outlook Negative

  -- Senior unsecured debt 'A'

  -- Subordinated debt 'A-'

  -- Perpetual capital securities downgraded to 'BB' from 'BBB+';
     remain on RWN.

  -- Short-term IDR and commercial paper programme 'F1'

These AEGON subsidiary companies' Long-term IFS ratings are 'AA';
all the companies have a Negative Outlook:

  -- Merrill Lynch Life Insurance Company;
  -- ML Life Insurance Company of New York;
  -- Monumental Life Insurance Company;
  -- Stonebridge Life Insurance Company;
  -- Transamerica Financial Life Insurance Company;
  -- Transamerica Life Canada;
  -- Transamerica Life Insurance Company;
  -- Transamerica Life International (Bermuda) Ltd.; and
  -- Western Reserve Life Assurance Co.  of Ohio.

These AEGON subsidiary companies' Short-term IDR and Short-term
IFS ratings are 'F1+':

  -- Monumental Life Insurance Company;
  -- Transamerica Financial Life Insurance Company; and
  -- Transamerica Life Insurance Company.

These AEGON subsidiary companies' secured notes programme and
outstanding issues are rated 'AA':

  -- Monumental Global Funding III (Monumental Global Funding
     III's outstanding issues short-term ratings are 'F1+');

  -- Monumental Global Funding II; and

  -- Monumental Global Funding Ltd.

  -- Transamerica Corp.:

  -- Long-term IDR 'A+'; Negative Outlook

  -- Transamerica Capital II, Transamerica Capital III:

  -- Trust preferred stock downgraded to 'BB' from 'BBB+'; remains
     on RWN

AEGON Funding Company LLC:

  -- Commercial paper 'F1'
  -- Senior debt 'A'

These AEGON subsidiary companies' senior debt and medium-term
notes are rated 'A':

  -- Transamerica Finance Corp.
  -- Commonwealth General Corporation.


ASTIR BV: S&P Cuts Ratings on Series 27 and Series 31 Notes to CC
------------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its credit ratings on
three European synthetic collateralized debt obligation series
issued by Astir B.V.

Specifically, S&P:

  -- Downgraded and withdrew its rating on series 27 and 31; and
     Withdrew S&P's ratings on series 30.

Based on S&P's assessment on the credit enhancement in the
reference portfolios of series 27 and 31, S&P believes that the
'CC' rating for both series is more appropriate.  S&P withdrew the
ratings assigned to these series following the arranger's early
termination of the notes.

                           Ratings List

                            Astir B.V.

                  Ratings Lowered and Withdrawn

    EUR10 Million Limited-Recourse Secured Variable-Rate Notes
                      Series 27 (Pearl CDO 1)

                              Rating
                              ------
                    To                   From
                    --                   ----
                    CC                   CCC-
                    NR                   CC

    EUR10 Million Limited-Recourse Secured Variable-Rate Notes
                             Series 31

                              Rating
                              ------
                    To                   From
                    --                   ----
                    CC                   CCC-
                    NR                   CC

                         Rating Withdrawn

    EUR10 Million Limited-Recourse Secured Variable-Rate Notes
                            Series 30

                              Rating
                              ------
                    To                   From
                    --                   ----
                    NR                   CCC-


DALRADIAN EUROPEAN: Moody's Cuts Rating on Class E Notes to 'Caa3'
------------------------------------------------------------------
Moody's Investors Service has downgraded its ratings of five
classes of notes and two combination notes issued by Dalradian
European CLO III B.V.  The Class A-1 and the Variable Funding
Notes remain Aaa mainly due to the current over collateralization.

This transaction is a managed high yield collateralized loan
obligation related to a portfolio of senior loans, mezzanine
loans, second lien loans and high yield bonds.

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

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

According to Moody's, the rating actions taken on the notes are
also a result of credit deterioration of the underlying portfolio.
This is observed in, among other measures as per Trustee Report
dated 30 June 2009, a decline in the average credit rating as
measured through the weighted average rating factor (currently
2564), an increase in the amount of defaulted securities
(currently approximately 10% of the portfolio), an increase in the
proportion of securities from issuers rated Caa1 and below
(currently 5.57% of the portfolio), and a failure of some Par
Value tests.  Moody's also performed a sensitivity analysis,
including amongst others, a further decline in portfolio WARF
quality combined with a decrease in the expected recovery rates.
Due to the impact of all the aforementioned stresses, key model
inputs used by Moody's in its analysis, such as par, weighted
average rating factor, and weighted average recovery rate, may be
different from trustee's reported numbers.

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

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

  -- Moody's Approach to Rating Collateralized Loan Obligations
     (August 2009)

The rating actions are:

Dalradian European CLO III B.V.:

  -- Class A2 Senior Secured Floating Rate Notes due 2023,
     Downgraded to Aa1; previously on March 4, 2009 Aaa Placed
     Under Review for Possible Downgrade

  -- Class B Deferrable Secured Floating Rate Notes due 2023,
     Downgraded to A3; previously on March 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade

  -- Class C Deferrable Secured Floating Rate Notes due 2023,
     Downgraded to Ba2; previously on March 17, 2009 Downgraded to
     Baa3 and Placed Under Review for Possible Downgrade

  -- Class D Deferrable Secured Floating Rate Notes due 2023,
     Downgraded to B3; previously on March 17, 2009 Downgraded to
     B1 and Placed Under Review for Possible Downgrade

  -- Class E Deferrable Secured Floating Rate Notes due 2023,
     Downgraded to Caa3; previously on March 17, 2009 Downgraded
     to Caa1 and Placed Under Review for Possible Downgrade

  -- Class W Combination Notes due 2023, Downgraded to Ba3;
     previously on March 4, 2009 Baa1 Placed Under Review for
     Possible Downgrade

  -- Class X Combination Notes due 2023, Downgraded to Baa2;
     previously on March 4, 2009 A3 Placed Under Review for
     Possible Downgrade


DUCHESS IV: S&P Puts 'BB'-Rated Class E Notes on Watch Negative
---------------------------------------------------------------
Standard & Poor's Rating Services placed on CreditWatch negative
its credit ratings on 23 tranches issued in seven European cash
flow collateralized debt obligation transactions.  This follows
S&P's preliminary review of how recent deterioration in collateral
credit quality has affected cash flow CDOs.

Generally, in the affected transactions, S&P has observed an
increase in the share of assets rated below 'B-' as well as assets
S&P treat as nonperforming in its analysis (those rated 'CC', 'SD'
{selective default}, and 'D').  A number of transactions have also
reported breaches of their overcollateralization tests.

In S&P's opinion, these factors increase the risk that cash flows
may be insufficient to fully repay certain classes of notes,
putting downward pressure on the ratings.  In determining whether
to place a CDO tranche rating on CreditWatch negative, S&P
consider a number of factors, including but not limited to:
The percentage of assets (including any change to this percentage)
rated below 'B-' based on S&P's calculation, and the percentage of
defaults already in the portfolios;

S&P's rated overcollateralization metric, which provides an
estimate of rating stability for cash CDO tranches based on output
from S&P's CDO Evaluator model and a simplified cash flow
analysis; Trends in performance results across similar
transactions; and The results of S&P's CDO Monitor test.

S&P will monitor the transactions' performance and perform further
cash flow analyses before resolving these CreditWatch placements
in due course.

                            Ratings List

              Ratings Placed on Creditwatch Negative

                        Leopard CLO II B.V.
                EUR375 Million Floating-Rate Notes

                                   Rating
                                   ------
              Class        To                   From
              -----        --                   ----
              C            BBB/Watch Neg        BBB
              D            BB/Watch Neg         BB

                       Jubilee CDO IV B.V.
      EUR410 Million Secured Floating- And Fixed-Rate Notes

                                   Rating
                                   ------
              Class        To                   From
              -----        --                   ----
              C            A-/Watch Neg         A-
              D-1          BBB/Watch Neg        BBB
              D-2          BBB/Watch Neg        BBB
              E            BB/Watch Neg         BB
              E-1          BB/Watch Neg         BB

                       Duchess IV CLO B.V.
            EUR525 Million Secured Floating-Rate Notes

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

                        Jubilee CDO V B.V.
       EUR555 Million Secured Floating- And Fixed-Rate Notes

                                   Rating
                                   ------
              Class        To                   From
              -----        --                   ----
              C            A/Watch Neg          A
              D-1          BBB/Watch Neg        BBB
              D-2          BBB/Watch Neg        BBB

                  European Enhanced Loan Fund S.A.
       EUR400 Million Secured Floating- And Fixed-Rate Notes

                                   Rating
                                   ------
              Class        To                   From
              -----        --                   ----
              D-1          BBB-/Watch Neg       BBB-
              D-2          BBB-/Watch Neg       BBB-
              D-3          BBB-/Watch Neg       BBB-
              D-4          BBB-/Watch Neg       BBB-

                     Eaton Vance CDO VII PLC
             EUR260 Million And $174 Million Secured
                 Floating-Rate Deferrable Notes

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

                       Panther CDO III B.V.
         EUR401.65 Million Fixed- And Floating-Rate Notes

                                   Rating
                                   ------
              Class        To                   From
              -----        --                   ----
              A            AAA/Watch Neg        AAA
              B            AA-/Watch Neg        AA-
              C1           A-/Watch Neg         A-
              C2           A-/Watch Neg         A-
              Q Combo      A-/Watch Neg         A-


ELM BV: Moody's Junks Ratings on Four Classes of Notes
------------------------------------------------------
Moody's Investors Service has downgraded its ratings of seven
classes of notes issued by ELM BV.

The transaction is a managed synthetic CDO referencing a portfolio
of corporate names.  The rating action is a response to credit
deterioration in the underlying portfolio which includes Ambac
Finanical Group Inc and CIT which were recently downgraded
multiple notches.

Moody's monitors 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:

ELM B.V. - Morro Bay

  -- US$4.6M Series 59-Class JSS US$ 4,600,000 due 2013 Notes,
     Downgraded to Ba1; previously on March 25, 2009 Downgraded to
     Baa1

  -- US$18M Series 65-Class H US$18,000,000 due 2016 Notes,
     Downgraded to Caa3; previously on March 25, 2009 Downgraded
     to B3

  -- US$125M Series 66-Class JSS US$125,000,000 due 2016 Notes,
     Downgraded to Baa2; previously on March 25, 2009 Downgraded
     to A2

  -- US$2M Series 67-Class J US$2,000,000 due 2016 Notes,
     Downgraded to Caa2; previously on March 25, 2009 Downgraded
     to B1

  -- US$9.5M Series 75-Class G US$9,500,000 due 2016 Notes,
     Downgraded to Caa1; previously on March 25, 2009 Downgraded
     to Ba3

  -- EUR10M Series 81-Class JSS EUR10,000,000 due 2016 Notes,
     Downgraded to Baa3; previously on March 25, 2009 Downgraded
     to Baa1

  -- US$10M Series 83-Class L US$10,000,000 Short Strategy Linked
     due 2016 Notes, Downgraded to Caa1; previously on March 25,
     2009 Downgraded to Ba3


HEAD NV: Moody's Changes Probability of Default Rating to Caa1/LD
-----------------------------------------------------------------
Moody's Investors Service has changed the Probability of Default
Rating of Head N.V. to Caa1/LD (Limited Default) from Ca, raised
the Corporate Family Rating to Caa1 from Ca and the senior
unsecured rating on the EUR135 million notes issued by HTM Sport-
und Freizeitgeräte AG due 2014 to Caa3 (LGD5, 86%) from Ca.  The
outlook on the ratings is negative.

Moody's views the completion of the debt exchange as a distressed
exchange for the particular securities involved.  This is
reflected with an LD designation indicating a limited default.
Moody's expects to remove the LD designation from the PDR after
approximately three business days.  Moody's understands that
approximately 75% of existing bond holders have accepted the
exchange and this will result in overall debt reduction by
approximately EUR42 million.  The exchange proposal was completed
on August 14, 2009 with approximately 75% of note holders,
equivalent to EUR85.7 million of outstanding notes, accepting the
exchange.  Note holders who tendered their notes will receive
approximately EUR43.7 million of newly issued Senior secured notes
and EUR22.5 million in Head N.V. ordinary shares.

Despite the reduction in financial debt resulting from the
exchange, the PDR and CFR of Caa1 reflects Moody's view that the
company's operating performances are likely to remain subdued over
the short to medium term due to ongoing pressure on consumer
spending across Europe and North America.  The company's top line
is expected to remain challenged by the sustained price
competition in both the tennis and ski markets, and by pressure on
volumes due to the general economic downturn and the winter sports
market's steady move towards the rental business.  In addition,
although the rating agency recognizes management's effort in
reducing operating leverage by increasing production in low-cost
countries and outsourcing activity, a positive impact on
profitability is not expected in the short term.

The negative outlook reflects Moody's view that pressure on top
line and margin might offset the reduction in financial debt which
could challenge an improvement of credit metrics.  The outlook
reflects also the modest liquidity profile of the group.  The
outlook could be moved to stable if the company shows signs of
improvements in operating margins and success in weathering
current difficult market conditions.

The new notes will be secured on a pool of inventories,
receivables, and cash under certain circumstances, will offer a
coupon of 10% and mature in 2012, although the Group has the right
to extend the maturity to 2014, in line with the existing senior
unsecured notes.  The pool of assets offered as a collateral will
have to remain at all times greater than the amount of the new
senior secured notes.

Rating actions:

Issuer: Head N.V.

  -- Probability of Default Rating, moved to Caa1/LD from Ca

  -- Corporate Family Rating, moved to Caa1 from Ca

Issuer: HTM Sport- und Freizeitgerate AG

  -- Senior Unsecured Regular Bond, moved to Caa3 (LGD5, 86%) from
     Ca,

The last rating action on Head was on April 21, 2009, when Moody's
downgraded the company's CFR, PDR and the senior unsecured rating
on notes to Ca following the company's announcement of its debt
exchange offer.

Located in the Netherlands, Head is a leading global manufacturer
and marketer of branded sporting goods serving the skiing, tennis
and diving markets, with strong market positions and a good
reputation for product innovation.  The company reported revenues
of EUR326 million at FYE December 2008.


JUBILEE CDO: S&P Puts Two 'BB'-Rated Notes on Watch Negative
------------------------------------------------------------
Standard & Poor's Rating Services placed on CreditWatch negative
its credit ratings on 23 tranches issued in seven European cash
flow collateralized debt obligation transactions.  This follows
S&P's preliminary review of how recent deterioration in collateral
credit quality has affected cash flow CDOs.

Generally, in the affected transactions, S&P has observed an
increase in the share of assets rated below 'B-' as well as assets
S&P treat as nonperforming in its analysis (those rated 'CC', 'SD'
{selective default}, and 'D').  A number of transactions have also
reported breaches of their overcollateralization tests.

In S&P's opinion, these factors increase the risk that cash flows
may be insufficient to fully repay certain classes of notes,
putting downward pressure on the ratings.  In determining whether
to place a CDO tranche rating on CreditWatch negative, S&P
consider a number of factors, including but not limited to:
The percentage of assets (including any change to this percentage)
rated below 'B-' based on S&P's calculation, and the percentage of
defaults already in the portfolios;

S&P's rated overcollateralization metric, which provides an
estimate of rating stability for cash CDO tranches based on output
from S&P's CDO Evaluator model and a simplified cash flow
analysis; Trends in performance results across similar
transactions; and The results of S&P's CDO Monitor test.

S&P will monitor the transactions' performance and perform further
cash flow analyses before resolving these CreditWatch placements
in due course.

                            Ratings List

              Ratings Placed on Creditwatch Negative

                        Leopard CLO II B.V.
                EUR375 Million Floating-Rate Notes

                                   Rating
                                   ------
              Class        To                   From
              -----        --                   ----
              C            BBB/Watch Neg        BBB
              D            BB/Watch Neg         BB

                       Jubilee CDO IV B.V.
      EUR410 Million Secured Floating- And Fixed-Rate Notes

                                   Rating
                                   ------
              Class        To                   From
              -----        --                   ----
              C            A-/Watch Neg         A-
              D-1          BBB/Watch Neg        BBB
              D-2          BBB/Watch Neg        BBB
              E            BB/Watch Neg         BB
              E-1          BB/Watch Neg         BB

                       Duchess IV CLO B.V.
            EUR525 Million Secured Floating-Rate Notes

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

                        Jubilee CDO V B.V.
       EUR555 Million Secured Floating- And Fixed-Rate Notes

                                   Rating
                                   ------
              Class        To                   From
              -----        --                   ----
              C            A/Watch Neg          A
              D-1          BBB/Watch Neg        BBB
              D-2          BBB/Watch Neg        BBB

                  European Enhanced Loan Fund S.A.
       EUR400 Million Secured Floating- And Fixed-Rate Notes

                                   Rating
                                   ------
              Class        To                   From
              -----        --                   ----
              D-1          BBB-/Watch Neg       BBB-
              D-2          BBB-/Watch Neg       BBB-
              D-3          BBB-/Watch Neg       BBB-
              D-4          BBB-/Watch Neg       BBB-

                     Eaton Vance CDO VII PLC
             EUR260 Million And $174 Million Secured
                 Floating-Rate Deferrable Notes

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

                       Panther CDO III B.V.
         EUR401.65 Million Fixed- And Floating-Rate Notes

                                   Rating
                                   ------
              Class        To                   From
              -----        --                   ----
              A            AAA/Watch Neg        AAA
              B            AA-/Watch Neg        AA-
              C1           A-/Watch Neg         A-
              C2           A-/Watch Neg         A-
              Q Combo      A-/Watch Neg         A-


LEOPARD CLO: S&P Puts 'BB'-Rated Class D Notes on Watch Negative
----------------------------------------------------------------
Standard & Poor's Rating Services placed on CreditWatch negative
its credit ratings on 23 tranches issued in seven European cash
flow collateralized debt obligation transactions.  This follows
S&P's preliminary review of how recent deterioration in collateral
credit quality has affected cash flow CDOs.

Generally, in the affected transactions, S&P has observed an
increase in the share of assets rated below 'B-' as well as assets
S&P treat as nonperforming in its analysis (those rated 'CC', 'SD'
{selective default}, and 'D').  A number of transactions have also
reported breaches of their overcollateralization tests.

In S&P's opinion, these factors increase the risk that cash flows
may be insufficient to fully repay certain classes of notes,
putting downward pressure on the ratings.  In determining whether
to place a CDO tranche rating on CreditWatch negative, S&P
consider a number of factors, including but not limited to:
The percentage of assets (including any change to this percentage)
rated below 'B-' based on S&P's calculation, and the percentage of
defaults already in the portfolios;

S&P's rated overcollateralization metric, which provides an
estimate of rating stability for cash CDO tranches based on output
from S&P's CDO Evaluator model and a simplified cash flow
analysis; Trends in performance results across similar
transactions; and The results of S&P's CDO Monitor test.

S&P will monitor the transactions' performance and perform further
cash flow analyses before resolving these CreditWatch placements
in due course.

                            Ratings List

              Ratings Placed on Creditwatch Negative

                        Leopard CLO II B.V.
                EUR375 Million Floating-Rate Notes

                                   Rating
                                   ------
              Class        To                   From
              -----        --                   ----
              C            BBB/Watch Neg        BBB
              D            BB/Watch Neg         BB

                       Jubilee CDO IV B.V.
      EUR410 Million Secured Floating- And Fixed-Rate Notes

                                   Rating
                                   ------
              Class        To                   From
              -----        --                   ----
              C            A-/Watch Neg         A-
              D-1          BBB/Watch Neg        BBB
              D-2          BBB/Watch Neg        BBB
              E            BB/Watch Neg         BB
              E-1          BB/Watch Neg         BB

                       Duchess IV CLO B.V.
            EUR525 Million Secured Floating-Rate Notes

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

                        Jubilee CDO V B.V.
       EUR555 Million Secured Floating- And Fixed-Rate Notes

                                   Rating
                                   ------
              Class        To                   From
              -----        --                   ----
              C            A/Watch Neg          A
              D-1          BBB/Watch Neg        BBB
              D-2          BBB/Watch Neg        BBB

                  European Enhanced Loan Fund S.A.
       EUR400 Million Secured Floating- And Fixed-Rate Notes

                                   Rating
                                   ------
              Class        To                   From
              -----        --                   ----
              D-1          BBB-/Watch Neg       BBB-
              D-2          BBB-/Watch Neg       BBB-
              D-3          BBB-/Watch Neg       BBB-
              D-4          BBB-/Watch Neg       BBB-

                     Eaton Vance CDO VII PLC
             EUR260 Million And $174 Million Secured
                 Floating-Rate Deferrable Notes

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

                       Panther CDO III B.V.
         EUR401.65 Million Fixed- And Floating-Rate Notes

                                   Rating
                                   ------
              Class        To                   From
              -----        --                   ----
              A            AAA/Watch Neg        AAA
              B            AA-/Watch Neg        AA-
              C1           A-/Watch Neg         A-
              C2           A-/Watch Neg         A-
              Q Combo      A-/Watch Neg         A-


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


LUKAS BANK: Moody's Cuts Bank Financial Strength Rating to 'D+'
---------------------------------------------------------------
Moody's Investors Service has downgraded the bank financial
strength rating of Lukas Bank to D+ (mapping to a BCA of Ba1) from
C- (which mapped to a BCA of Baa2).  Concurrently, Lukas's long-
and short-term deposit ratings were downgraded to A3/Prime-2 from
A2/Prime-1 respectively.  All Lukas's ratings now carry negative
outlook.  At the same time, the issuer rating of Poland's leading
leasing financing company Europejski Fundusz Leasingowy was
downgraded to Baa1 with negative outlook, from A2.  Lukas Bank and
EFL are Polish subsidiaries of France's Crédit Agricole SA (CASA
-- rated Aa1/P-1/B-).

"The downgrades conclude the reviews initiated on May 26, 2009 and
reflect Moody's view that the deterioration in the Polish
operating environment is putting pressure on Lukas' and EFL's
financial fundamentals and post-provision profitability," says
Irakli Pipia, a Moody's Assistant Vice President - Analyst, and
lead analyst for these institutions.

With the Polish economy having entered a downturn, the likelihood
of rising unemployment can be expected to increase losses in
Lukas' unsecured consumer portfolios.  "Moody's also highlights
that the risk profile of corporate entities -- especially in the
SME segment -- has been rising since the end of the last year, and
affecting the pre- and post-provisioning revenues of EFL,"
Mr. Pipia added.

Declining profitability trends, resulting from the weakening
operating environment, have already been evidenced in the
financial results of most of the Polish banks rated by Moody's.  A
marked deterioration in asset quality indicators has also become
apparent, prompting most of the banks to increase their
provisioning levels, which has contributed to a considerable
contraction in their net profitability in 2009.  As the market
leaders in their respective segments both Lukas and EFL have been
susceptible to these general trends.

On the other hand, the general system-wide funding position
remains relatively comfortable for most of the rated banks, with
customer deposits funding close to 100% of loan books.  However,
Moody's observed that the pricing of, and intense competition for
funding, will significantly constrain the growth aspirations and
profitability of specialized entities, such as Lukas and EFL (as a
non-depository institution), which have a larger proportion of
wholesale funding reliance compared to their retail banking peers.
The rating agency added however, that being controlled by CASA is
likely to prove of significant benefit to Lukas and EFL in
ensuring ongoing access to the funding they require.

                            Lukas Bank

As Poland's largest specialized consumer lender, which experienced
rapid loan portfolio growth rates in the recent past, Lukas has
been affected by deterioration in the domestic economic
environment.  Moody's said that it expects a reduction in Lukas's
net profitability as a result of contraction in net interest
margins and significantly increased cost of risk.  Although the
expense base has been managed conservatively, efficiency ratios
will come under pressure due to higher funding costs and lower
growth prospects.  The bank's Tier 1 ratio has declined due to
rapid growth over the past three years, and reduced internal
capital creation prospects are likely to constrain the ability to
restore this to a higher level.  In addition, further pressure on
the bank's fundamentals could materialize if there is continued
contraction in consumer lending coupled with low recovery
prospects on the unsecured loan book.  This explains Moody's
decision to assign a negative outlook to the bank's BFSR.

However, Moody's stress-test results of Lukas's granular consumer
portfolio also indicate that the bank's historically high
provisioning levels could mitigate to some extent the impact of
potential losses on its capital.  Moody's also considers that due
to strong risk management input from its parent CASA as well as
support in funding, Lukas's rating is comfortably placed at A3.
Moody's very high expectation of support from CASA, thus results
in a four notch uplift for the long-term deposit rating, from
Lukas' Ba1 BCA.  The negative outlook on the bank's long-term
ratings reflects the combination of the negative outlooks on the
parental and its own BFSRs.

                   Europejski Fundusz Leasingowy

The financial fundamentals of EFL (the largest leasing company in
Poland) have been put under pressure by increasing delinquencies
in the Polish leasing market.  The most affected segment in EFL's
portfolio was its heavy-vehicles portfolio where the market fell
substantially in the second half of 2008.  As a non-deposit-taking
institution, EFL has higher leverage ratios and is dependent on
market funding for its operations.  Although Moody's notes that
most of the existing funding limits have been maintained and
expanded, the rating agency considers that in this environment
EFL's funding profile will be a constraining factor to its growth
prospects.  Given these factors coupled with EFL's specialised and
relatively concentrated loan portfolio, Moody's considers that
there is additional negative pressure on EFL's financial
fundamentals from the current downturn, which reflects the rating
agency's negative outlook on the rating.  Similar to CASA's
banking subsidiary, Moody's consider that a four notch uplift,
from EFL's Ba2 BCA, to its Baa1 Issuer Rating, is justified, due
to the very high expectation of parental support from CASA.
Leasing represents one of the core products for the group and
CASA's financial and strategic assistance is evidenced by direct
funding and back-up facilities provided to EFL.  The negative
outlook on EFL's issuer rating also reflects the negative outlook
on the parental BFSR.

Moody's has incorporated expected losses on bank loan portfolios
into its ratings for some time, but the weight that it attaches to
certain rating considerations, particularly capital and future
earnings prospects, has been increased to better reflect the
present conditions.  This is discussed in Moody's Special Comment
entitled "Calibrating Bank Ratings in the Context of the Global
Financial Crisis", published in February 2009.

Moody's last rating action on Lukas Bank and Europejski Fundusz
Leasingowy was on 26 May 2009 when Moody's placed the ratings of
eight Polish banks -- including those of the aforementioned -- on
review for possible downgrade.

Headquartered in Wroclaw, Poland, Lukas Bank reported consolidated
IFRS net income of PLN234 million (EUR56.8 million) in 2008 and
total assets of PLN11.3 billion (EUR2.7 billion) as of
December 31, 2008.

Headquartered in Wroclaw, Poland, Europejski Fundusz Leasingowy
reported consolidated IFRS net income of PLN112 million
(EUR26.8 million) in 2008 and total assets of PLN6.4 billion
(EUR1.55 billion) as of December 31, 2008.

These ratings were downgraded:

Lukas Bank:

  -- Bank financial strength rating to D+ from C-

  -- Local currency deposit rating to A3 from A2

  -- Foreign currency deposit rating to A3 from A2

  -- Short-term deposit rating to P-2 from P-1

EFL:

  -- Issuer rating to Baa1 from A2


===============
P O R T U G A L
===============


JET REPUBLIC: Halts Operations on Lack of Funding
-------------------------------------------------
Jeremy Lemer at The Financial Times reports that Jet Republic Ltd.
has suspended its operations after failing to secure crucial
funding.

"It is with great regret that I announce that Jet Republic appears
to be technically insolvent," the FT quoted Jonathan Breeze,
founder and chief executive, as saying in an e-mail sent to his 84
employees on Wednesday.  "The business expected to receive funds
that have not arrived, nor do we expect them to arrive in the
immediate future.  We needed these funds in order to continue as
an operation.  As such, we must stop trading immediately."

According to the FT, Jet Republic has halted operations at its
Portuguese base but its holding company, with headquarters in
Switzerland, remains solvent and the company said yesterday it
would work with shareholders to protect clients, employees and
suppliers.

Jet Republic, the FT discloses, has terminated an order from
Bombardier Inc. for 110 Learjet 60XR mid-size jets.

Jet Republic Ltd. -- http://www.jetrepublic.com/-- is a private
aviation company.  It typically carries passengers to Europe, the
US, Mexico, and the Caribbean, but it also provides special
destination service to other parts of the world.


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


ARGUNSKIY MACHINE: Creditors Must File Claims by August 24
----------------------------------------------------------
Creditors of SUE Argunskiy Machine-Building Plant have until
August 24, 2009, to submit proofs of claims to:

         V. Shabunin
         Insolvency Manager
         Office 525
         Lenina Str. 392
         355000 Stavropol
         Russia

The Arbitration Court of Chechnya commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ?77–825/08.

The Debtor can be reached at:

         SUE Argunskiy Machine-Building Plant
         Dzerzhinskogo Str. 23
         Argun
         Russia


BELOMORSKAYA WOOD: Creditors Must File Claims by August 24
----------------------------------------------------------
Creditors of LLC Belomorskaya Wood-Processing Company have until
August 24, 2009, to submit proofs of claims to:

         A. Belyaninov
         Temporary Insolvency Manager
         Prospect Lenina 28-37
         185035 Petrozavodsk
         Russia

The Arbitration Court of Karelia commenced bankruptcy supervision
procedure.  The case is docketed under Case No. ?26–1648/2009.


BSK-STROY LLC: Creditors Must File Claims by August 24
------------------------------------------------------
Creditors of LLC BSK-Stroy (TIN 3444158059, PSRN 1083444003378)
(Construction) have until August 24, 2009, to submit proofs of
claims to:

         D. Shevchenko
         Temporary Insolvency Manager
         Post User Box 3544
         400066 Volgograd
         Russia

The Arbitration Court of Volgogradskaya will convene on
October 29, 2009 to hear bankruptcy supervision procedure on the
company.  The case is docketed under Case No. ?12–11365/09.

The Debtor can be reached at:

         LLC BSK-Stroy
         Lenina Str. 9
         Volgograd
         Russia


BTA BANK: Moody's Junks Long-Term Deposit Ratings From 'B3'
-----------------------------------------------------------
Moody's Investors Service has downgraded to Caa2 from B3 the long-
term local and foreign currency deposit ratings and foreign
currency senior unsecured debt rating of BTA Bank (Russia); the
bank's financial strength rating was downgraded to E from E+.
Concurrently, Moody's Interfax Rating Agency downgraded the
National Scale Rating of BTA Russia to B3.ru from Baa3.ru.  At the
same time, Moody's and Moody's Interfax announced that they would
withdraw all ratings of BTA Bank (Russia) for business reasons.
BTA Russia's global deposit and debt ratings had a negative
outlook, while the outlook on the BFSR was stable.  The bank's
Not-Prime short-term local and foreign currency deposit ratings
were affirmed before the withdrawal of Moody's ratings.  The
National Scale Rating carries no specific outlook.  Moscow-based
Moody's Interfax is majority-owned by Moody's, a leading global
rating agency.

According to Moody's, the rating downgrade reflects the prolonged
deterioration of BTA Russia's financial fundamentals, in
particular its liquidity and asset quality, and growing
uncertainty about the bank's business model.

Moody's and Moody's Interfax's withdrawal of all the
aforementioned ratings of BTA Russia for business reasons follows
the bank's official request.  BTA Russia's loan participation
notes previously rated by Moody's remain outstanding in the amount
of US$81.8 million maturing on December 21, 2009.  Moody's notes
that it will no longer maintain rating or research coverage on
these loan participation notes.  There is no other Moody's rated
debt outstanding for BTA Russia.

Moody's most recent rating action on BTA Bank (Russia) was taken
on February 25, 2009, when the rating agency downgraded the bank's
deposit and debt ratings to B3 from B1 and assigned a negative
outlook on all of the bank's global scale ratings.

Headquartered in Moscow, BTA Bank (Russia) reported total IFRS
assets of US$2.4 billion as at YE2008 (YE2007: US$1.4 billion) and
total shareholders' equity of US$475 million (YE2007:
US$268 million).  The bank reported net profits for 2008 of
US$5.2 million, compared to US$26.0 million a year earlier.


DIZAIN-STROY LLC: Creditors Must File Claims by August 24
---------------------------------------------------------
Creditors of LLC Dizain-Stroy (TIN 3447023395, PSRN 1053478038481,
RVC 344701001) (Construction) have until August 24, 2009, to
submit proofs of claims to:

         V. Pismenny
         Insolvency Manager
         Post User Box 1883
         Ladygina Str. 2
         400017 Volgograd
         Russia

The Arbitration Court of Volgogradskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?12–5993/2009.

The Debtor can be reached at:

         LLC Dizain-Stroy
         Promyslovaya Str. 15
         400057 Volgograd
         Russia


DON-LES LLC: Creditors Must File Claims by August 24
----------------------------------------------------
Creditors of LLC Don-Les-Stroy (TIN 6168018344, RCV 616801001)
(Furniture Manufacturing)have until August 24, 2009, to submit
proofs of claims to:

         Yu.Galadzheva
         Temporary Insolvency Manager
         Apt. 28
         Turgenevskaya Str. 8
         344002 Rostov-on-Don
         Russia

The Arbitration Court of Rostovskaya will convene at 2:30 p.m. on
September 15, 2009, to hear bankruptcy supervision procedure on
the company.  The case is docketed under Case No. ?53–2419/2009.

The Debtor can be reached at:

         LLC Don-Les-Stroy
         Bukvennaya Str. 53/144/27
         Rostov-on-Don
         Russia


EVRAZ GROUP: Delong Bid Fails; To Explore "Cheaper" China Options
-----------------------------------------------------------------
Yuriy Humber at Bloomberg News reports that Evraz Group SA said it
will explore "cheaper" options to enter China after its
US$1.5 billion bid for Delong Holdings Ltd. failed.

Bloomberg relates Evraz said the company's option to raise its
stake in Delong, a rolling steel producer and trader, to 51% from
the current 10% lapsed after it failed to get antitrust approval
from Chinese authorities.

"We saw that the option to gain control wasn't happening as
Chinese regulators wouldn't consider it," Bloomberg quoted
Alexander Boreyko, head of investor relations at Evraz, as saying.
"We're looking at several options for a cheaper expansion in
China, which is a market we're still interested in."

According to Bloomberg, the lapse of the Delong option may help
Evraz as it faces almost US$9 billion of debt payments after a
two-year, US$8 billion shopping spree for assets in the U.S.,
South Africa, and Ukraine.  Mr. Boreyko told Bloomberg the Russian
steelmaker didn’t plan on making the payment for Delong this year.

Evraz Group SA. -- http://www.evraz.com/-- is a vertically
integrated steel and mining businesses with operations based in
the Russian Federation, the United States, Canada, Ukraine, Czech
Republic, Italy and South Africa.  Evraz’s business is divided
into three segments: steel production segment, comprising the
production and sale of semi-finished and finished steel products,
coke and coking products, and refractory products; the mining
segment, comprising the production, enrichment and sale of iron
ore and coal, and the vanadium segment, comprising the production
and sale of vanadium products.  Other operations include
management, logistics and supporting activities.  During the year
ended December 31, 2008, Evraz produced 17.7 million tonnes of
crude steel.  Evraz’s assets comprise of nine steel plants, five
iron ore mining and processing facilities and coal mining assets.
During 2008, Evraz acquired Claymont Steel Holdings, In.c.,
General Scrap Inc and Palmrose Limited.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Aug. 3,
2009, Fitch Ratings downgraded Russia-based metals and mining
company Evraz Group SA's Long-term foreign currency Issuer Default
Rating and senior unsecured rating to 'BB-' from 'BB'
respectively.  Fitch maintained the Rating Watch Negative on
Evraz.  Fitch said the downgrade reflects Fitch's view that
measures undertaken by Evraz's management to-date have not been
sufficient to offset a fall in revenues following the significant
decrease in global demand and prices for steel products,
especially in the construction and infrastructure industry to
which Evraz is most exposed.  The RWN continues to reflect risks
of potential covenant breaches under the company's various
facilities.


GROS-WOOD CJSC: Creditors Must File Claims by August 24
-------------------------------------------------------
Creditors of CJSC Gros-Wood (Construction Materials) have until
August 24, 2009, to submit proofs of claims to:

         S. Cherkasova
         Insolvency Manager
         K. Marksa Str. 21
         660049 Krasnoyarsk
         Russia

The Arbitration Court of Krasnoyarskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?33–8417/2009.

The Debtor can be reached at:

         CJSC Gros-Wood
         Krasnoyarskaya Str. 80a
         Zheleznogorsk
         662971 Krasnoyarskiy
         Russia


KERAMOS LLC: Creditors Must File Claims by August 24
----------------------------------------------------
Creditors of LLC Keramos (TIN 5904090670, PSRN 1025900899166)
(Brick Plant) have until August 24, 2009, to submit proofs of
claims to:

         A. Zlotnikov
         Temporary Insolvency Manager
         Post User Box 9201
         614070 Perm
         Russia

The Arbitration Court of Permskiy will convene on December 9,
2009, to hear bankruptcy supervision procedure on the company.
The case is docketed under Case No. ?50–11544/2009.

The Debtor can be reached at:

         LLC Keramos
         Zheleznodorozhnaya Str. 22
         Novye Lyady
         614105 Perm
         Russia


KRASNOPOLYANSKAYA PAPER: Creditors Must File Claims by August 24
----------------------------------------------------------------
Creditors of LLC Krasnopolyanskaya Paper Mill (TIN 4421004760,
PSRN 1034486260863) have until August 24, 2009, to submit proofs
of claims to:

         V. Ivanov
         Temporary Insolvency Manager
         Building 4a
         3-y Rabfakovskiy pereulok 5
         192012 Saint-Petersburg
         Russia

The Arbitration Court of Kostromskaya will convene at 10:00 a.m.
on October 22, 2009, to hear bankruptcy supervision procedure. T
he case is docketed under Case No. ?31–2254/2009.

The Debtor can be reached at:

         LLC Krasnopolyanskaya Paper Mill
         Krasnaya Polyana
         Ostrovskoy
         Kostromskaya
         Russia


MOBIL-SPETS LLC: Creditors Must File Claims by August 24
--------------------------------------------------------
Creditors of LLC Mobil-Spets-Stroy (TIN 5615019291, RCV 561501001)
(Construction) have until August 24, 2009, to submit proofs of
claims to:

         M. Abrosimov
         Insolvency Manager
         Gaya Str. 23a
         460000 Orenburg
         Russia

The Arbitration Court of Orenburgskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?47–3999/2009.

The Court is located at:

         The Arbitration Court of Orenburgskaya
         Volodarskogo Str. 39
         460046 Orenburg
         Russia

The Debtor can be reached at:

         LLC Mobil-Spets-Stroy
         Soyuznaya Str. 16
         Orsk
         462406 Orenburgskaya
         Russia


NOVOSIBIRSK METALLURGIC: Creditors Must File Claims by August 24
----------------------------------------------------------------
Creditors of OJSC Novosibirsk Metallurgic Plant named after Kuzmin
(TIN 5404161429, PSRN 1025401486373) have until August 24, 2009,
to submit proofs of claims to:

         Yu.Petrushchenkov
         Temporary Insolvency Manager
         Stantsionnaya Str. 28
         630108 Novosibirsk
         Russia

The Arbitration Court of Novosibirskaya will convene at 10:30 a.m.
on December 9, 2009, to hear bankruptcy supervision procedure.
The case is docketed under Case No. ?45–11378/2009.

The Debtor can be reached at:

         OJSC Novosibirsk Metallurgic Plant named after Kuzmin
         Stantsionnaya Str. 28
         630108 Novosibirsk
         Russia


ONIKS LLC: Creditors Must File Claims by August 24
--------------------------------------------------
Creditors of LLC Oniks (Construction) have until August 24, 2009,
to submit proofs of claims to:

         I. Shirshov
         Temporary Insolvency Manager
         Apt. 103
         Entuziastov Str. 7
         Belaya Kalitva
         347042 Rostovskaya
         Russia

The Arbitration Court of Rostovskaya will convene on October 20,
2009, to hear bankruptcy supervision procedure on the company.
The case is docketed under Case No. ?53–8146/2009.

The Debtor can be reached at:

         LLC Oniks
         Office 404
         Sotsialisticheskaya Str. 2
         Taganrog
         347905 Rostovskaya
         Russia


PARFINO LES: Creditors Must File Claims by August 24
----------------------------------------------------
Creditors of LLC Parfino Les (TIN 5312003310, PSRN 1025302189054)
(Lumbering) have until August 24, 2009, to submit proofs of claims
to:

         I. Kozhemyakin
         Temporary Insolvency Manager
         Vokzalnaya Str. 1A
         180004 Pskov
         Russia

The Arbitration Court of Novgorodskaya commenced bankruptcy
supervision procedure.  The case is docketed under Case No.
?44–1857/2009.


SIB-PROM LLC: Creditors Must File Claims by August 24
-----------------------------------------------------
Creditors of LLC Sib-Prom-Stroy (Construction) have until
August 24, 2009, to submit proofs of claims to:

         V. Permikin
         Temporary Insolvency Manager
         Post User Box 745
         620000 Yekaterinburg
         Russia

The Arbitration Court of Tumenskaya will convene at 9:40 a.m. on
October 13, 2009, to hear bankruptcy supervision procedure on the
company.  The case is docketed under Case No. ?70–4067/2009.

The Debtor can be reached at:

         LLC Sib-Prom-Stroy
         Office 31
         Babrynka Str. 69
         Tumen
         625001 Tumenskaya
         Russia


SIB-STROY LLC: Creditors Must File Claims by August 25
------------------------------------------------------
Creditors of LLC Sib-Stroy-Sevis (TIN 2223042022, PSRN
1032202063080) (Construction) have until August 25, 2009, to
submit proofs of claims to:

         S. Pupkov
         Insolvency Manager
         Post User Box 130
         Vorovskogo Str. 140
         Barnaul
         656002 Altayskiy
         Russia

The Arbitration Court of Altayskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ???–3454/2009.

The Debtor can be reached at:

         LLC Sib-Stroy-Sevis
         A. Petrova Str. 118a
         Barnaul
         656052 Altayskiy
         Russia


SILUR LLC: Creditors Must File Claims by August 24
--------------------------------------------------
Creditors of LLC Silur (TIN 1105015856, PSRN 1031100742771)
(Drilling Company)have until August 24, 2009, to submit proofs of
claims to:

         G. Bobkova
         Insolvency Manager
         Office 31
         Kavalergardskaya Str. 6
         191015 Saint-Petersburg
         Russia

The Arbitration Court of Komi commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ?29–4402/2009.

The Debtor can be reached at:

         LLC Silur
         Apt. 12
         Building 31
         Sosnogorsk
         Microregion 6
         Russia


STROY-TRANS LLC: Creditors Must File Claims by August 24
--------------------------------------------------------
Creditors of LLC Stroy-Trans-Servis (TIN 2317049094)
(Construction) have until Aug. 24, 2009, to submit proofs of
claims to:

         S. Zaikin
         Temporary Insolvency Manager
         Post User Box 84
         Kyshtym
         456870 Chelyabinskaya
         Russia

The Arbitration Court of Krasnodarskiy will convene at 2:00 p.m.
on October 19, 2009, to hear bankruptcy supervision procedure on
the company.  The case is docketed under Case No. ?-32–11832/09–
37/333B.

The Debtor can be reached at:

         LLC Stroy-Trans-Servis
         Prosveshcheniya Str. 122
         Sochi
         354340 Krasnodarskiy
         Russia


URAL-STROY-KOMPLEKS: Creditors Must File Claims by August 24
------------------------------------------------------------
Creditors of LLC Ural-Stroy-Kompleks (TIN 7453155816)
(Construction) have until August 24, 2009, to submit proofs of
claims to:

         B. Minigulov
         Insolvency Manager
         Apt. 130
         Mendeleeva Str. 138
         450022 Ufa
         Russia

The Arbitration Court of Chelyabinsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?-76–24619/2008–48-203.

The Debtor can be reached at:

         LLC Ural-Stroy-Kompleks
         Prospect Lenina 83
         Chelyabinsk
         Russia


URALSKIY FOUNDRY: Creditors Must File Claims by August 24
---------------------------------------------------------
Creditors of LLC Uralskiy Foundry (TIN 5908030746, PRSN
1055904134494) have until August 24, 2009, to submit proofs of
claims to:

         A. Simakov
         Temporary Insolvency Manager
         Dekabristov Str. 18-172
         Chaykovskiy
         617766 Permskiy
         Russia

The Arbitration Court of Permskiy will convene at 10:20 a.m. on
December 2, 2009, to hear bankruptcy supervision procedure on the
company.  The case is docketed under Case No. ?50–12767/2009.

The Debtor can be reached at:

         LLC Uralskiy Foundry
         Krylovskaya Str. 5
         Osa
         Permskiy
         Russia


VOLGA-URAL-STROY: Creditors Must File Claims by August 24
---------------------------------------------------------
Creditors of CJSC Volga-Ural-Stroy (Construction) have until
August 24, 2009, to submit proofs of claims to:

         S. Zhandarov
         Insolvency Manager
         Post User Box 14
         Balakovo
         413840 Saratovskaya
         Russia

The Arbitration Court of Saratovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?-57–19774/08–23.

The Debtor can be reached at:

         CJSC Volga-Ural-Stroy
         Zelenyy Klin Str. 38
         Novouzensk
         413362 Saratovskaya
         Russia


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


MODERNA FORSAKRINGAR: Moody's Cuts Insurance Fin'l Rating to 'Ba1'
------------------------------------------------------------------
Moody's Investors Service announced that it had downgraded the
Insurance Financial Strength Rating of Moderna Forsakringar Liv AB
to Ba1 and revised the outlook to stable.  This rating action
concludes the review process initiated on March 3, 2009.  Moderna
Liv is owned by Chesnara plc, as of July 2009, acquiring the
company from Moderna Finance, which in turn was owned by Milestone
EHF, an Icelandic investment firm.

The rating was placed on review for possible downgrade in March
2009 due to the uncertainty surrounding the future ownership of
Moderna Liv following the disclosure that Milestone was selling
the Moderna Finance group of companies, of which Moderna Liv was
part.

Moody's rating review focused on the standalone credit
fundamentals of Moderna Liv, as well as the creditworthiness, and
commitment to Moderna Liv, of Chesnara.  David Masters, Moody's
Analyst and lead analyst for Moderna Liv added "While downgrading
Moderna Liv, Moody's has maintained an element of parental support
to the IFSR of Moderna Liv following its acquisition by Chesnara,
driven by Moody's expectations that Chesnara will continue to
provide capital support to fund the future growth of the
business".  Mr. Masters added that the rating downgrade was thus
driven primarily by the weakening performance of Moderna Liv at a
standalone level, with its Swedish unit linked market share
declining to 8.4% at Q1 2009 (YE 2007: 13.5%), together with the
continued statutory losses in a challenging operating environment,
with the overall life insurance market declining in general.

The rating agency added that Chesnara is a listed entity, and in
the past few years has enjoyed healthy levels of profitability,
relatively low levels of financial leverage and excellent earning
coverage, albeit a high dividend payout ratio.  Furthermore, the
acquisition of Moderna Liv will provide some geographic
diversification from its existing UK closed-life operations,
although synergies are not expected to be meaningful.

The rating agency also noted that positive rating pressure could
arise in the event of a meaningful improvement in profitability or
market share, if high risk assets fell to below 20% of invested
assets, or if the financial fundamentals of Chesnara were to
improve materially.  Conversely, a failure to improve levels of
profitability, a continued decline in market share or
deterioration in the willingness/ability of Chesnara to support
Moderna could all lead to further negative rating action.

Moderna Liv is a Swedish life insurer and, under IFRS at YE2008,
reported insurance premium revenue of MSEK 271 and a loss after
tax of MSEK 41.

This rating was downgraded with a stable outlook:

* Moderna Forsakringar Liv AB -- insurance financial strength
  rating of Ba1

Moody's most recent rating action on Moderna Liv was on March 3,
2009, when the rating of Moderna Liv was placed on review for
possible downgrade.


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


COMMS ONE: Creditors Must File Claims by August 24
--------------------------------------------------
Creditors of Comms One AG are requested to file their proofs of
claim by August 24, 2009, to:

        Anita Kuhn-Stoeckli
        Flammbach 1B
        5632 Buttwil
        Switzerland

The company is currently undergoing liquidation in Buttwil.  The
decision about liquidation was accepted at a general meeting held
on June 16, 2009.


CORPORATE LEGAL: Claims Filing Deadline is August 24
----------------------------------------------------
Creditors of Corporate Legal AG are requested to file their proofs
of claim by August 24, 2009, to:

         Patrick Hofmanninger
         Wenigerstrasse 15
         9011 St. Gallen
         Switzerland

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


CRR CENTER: Creditors Must File Claims by August 26
---------------------------------------------------
Creditors of CRR Center GmbH are requested to file their proofs of
claim by August 26, 2009, to:

         CRR Center GmbH
         Bahnhofstrasse 29
         6454 Flueelen
         Switzerland

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


EBS EXPERTENBUERO: Claims Filing Deadline is August 24
------------------------------------------------------
Creditors of EBS Expertenbuero Schuepbach GmbH are requested to
file their proofs of claim by August 24, 2009, to:

         Ulrich Schuepbach
         Gantrischweg 1
         3076 Worb
         Switzerland

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


EFEKA AG: Claims Filing Deadline is August 24
---------------------------------------------
Creditors of Efeka AG are requested to file their proofs of claim
by August 24, 2009, to:

         Efeka AG
         Grafenauweg 10
         6301 Zug
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
general meeting held on April 14, 2009.


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

         Gianfranco Casciaro
         Liquidator
         Zuercherstrasse 499
         9015 St. Gallen
         Switzerland

The company is currently undergoing liquidation in St. Gallen.
The decision about liquidation was accepted at a general meeting
held on June 15, 2009.


SAFIMEX AG: Claims Filing Deadline is August 25
-----------------------------------------------
Creditors of Safimex AG are requested to file their proofs of
claim by August 25, 2009, to:

         Safimex AG
         Grundwiesstr. 2
         8700 Kuesnacht
         Switzerland

The company is currently undergoing liquidation in 8700 Küsnacht.
The decision about liquidation was accepted at the extraordinary
general meeting held on May 18, 2009.


TABROT AG: Claims Filing Deadline is August 24
----------------------------------------------
Creditors of Tabrot AG are requested to file their proofs of claim
by August 24, 2009, to:

         Treuhand AG Gossau
         Lagerstrasse 4
         9201 Gossau
         Switzerland

The company is currently undergoing liquidation in Herisau.  The
decision about liquidation was accepted at a general meeting held
on May 7, 2009.


UBS AG: Inks Settlement Pact With IRS Regarding Summons
-------------------------------------------------------
UBS AG reported the formal signing of a settlement agreement with
the US Internal Revenue Service regarding the John Doe summons
issued on July 21, 2008.  The summons has been the subject of a
civil action in the United States District Court of the Southern
District of Florida.

The agreement does not call for any payment by UBS.  It resolves
all issues relating to the alleged breaches of UBS's Qualified
Intermediary Agreement with the IRS as set forth in the Notice of
Default dated May 15, 2008.

As part of the settlement, the parties will promptly file a
stipulation with the court to dismiss the enforcement action
relating to the John Doe summons.

In accordance with the separate agreement between the U.S. and
Switzerland, the IRS will submit a request for administrative
assistance pursuant to the existing US-Switzerland Double Taxation
Treaty to the Swiss Federal Tax Administration (SFTA).  This
request will seek information relating to certain accounts of U.S.
persons maintained at UBS in Switzerland.  It is expected that
approximately 4,450 accounts will be provided to the SFTA in
response to this treaty request.  The SFTA will decide which of
those accounts should be disclosed to the IRS, and such decisions
will be subject to judicial review.

UBS is required to provide information on the accounts covered by
the treaty request to the SFTA and to send notices to affected
U.S. persons encouraging them to take advantage of the IRS's
voluntary disclosure practice and to instruct UBS to send their
account information and documentation to the IRS.

The U.S. government will withdraw the John Doe summons with
prejudice as to all accounts not covered by the treaty request no
later than December 31, 2009, provided that UBS has complied with
those obligations that are required to be performed by that date.
The U.S. government will withdraw the John Doe summons with
prejudice as to the remaining accounts -- those subject to the
treaty request -- no later than August 24, 2010, upon the actual
or anticipated delivery to the IRS of information relating to
accounts covered by the treaty request that does not differ
significantly from the expected results.  In addition, the summons
will be withdrawn with prejudice as to those remaining accounts if
at any time on or after January 1, 2010, the IRS has received
information relating to at least 10,000 accounts of U.S. persons
maintained at UBS in Switzerland.  The sources of the information
include, in addition to the treaty request itself, the IRS's
voluntary disclosure practice, client instructions to UBS to send
account information to the IRS and the Deferred Prosecution
Agreement.

If neither of these events were to occur by August 24, 2010, the
two governments would confer and consult in order to consider
alternative mechanisms for achieving the expected levels of
account information exchange expected to occur through the treaty
request.  Possible measures will not impose any financial or new,
non-financial obligations on UBS.  If these efforts were not
successful, the John Doe summons could remain in place beyond
August 24, 2010, as to the portion of the accounts covered by the
treaty request that have not otherwise been disclosed to the IRS.

UBS Chairman Kaspar Villiger said, "This agreement helps resolve
one of UBS's most pressing issues.  I am confident that the
agreement will allow the bank to continue moving forward to
rebuild its reputation through solid performance and client
service.  UBS welcomes the fact that the information-exchange
objectives of the settlement can be achieved in a lawful manner
under the existing treaty framework between Switzerland and the
United States."

Josh Fineman and Elena Logutenkova at Bloomberg News reports that
the Swiss government said it will sell its 6 billion-franc
investment in UBS.  The government gave a mandate to three Swiss
and foreign banks to sell 332.2 million UBS shares, securing a
certain minimum price, the report says, citing Peter Siegenthaler,
director of the federal finance administration.

UBS, Bloomberg relates, said that the Swiss Confederation will
waive its right to receive future coupons on the mandatory
convertible notes for a cash amount of 1.8 billion Swiss francs,
representing the present value of the future coupon payments.

Based in Zurich, Switzerland, UBS AG (VTX:UBSN) --
http://www.ubs.com/-- is a global provider of financial services
for wealthy clients.  UBS's financial businesses are organized on
a worldwide basis into three Business Groups and the Corporate
Center.  Global Wealth Management & Business Banking consists of
three segments: Wealth Management International & Switzerland,
Wealth Management US and Business Banking Switzerland.  The
Business Groups Investment Bank and Global Asset Management
constitute one segment each.  The Industrial Holdings segment
holds all industrial operations controlled by the Group.  Global
Asset Management provides investment products and services to
institutional investors and wholesale intermediaries around the
globe.  The Investment Bank operates globally as a client-driven
investment banking and securities firm.  The Industrial Holdings
segment comprises the non-financial businesses of UBS, including
the private equity business, which primarily invests UBS and
third-party funds in unlisted companies.

As reported in the Troubled Company Reporter-Europe, UBS has
amassed more than US$53 billion in writedowns and losses since the
credit crisis began.  The bank expects to post a loss in the
second quarter of 2009.  The bank's net loss for full-year 2008
widened to CHF19.697 billion from of CHF5.247 million in the prior
year.  Net losses from continuing operations totaled
CHF19.327 billion, compared with losses of CHF5.111 billion in the
prior year.  UBS attributed the losses to negative revenues in its
fixed income, currencies and commodities (FICC) area.  For the
2008 fourth quarter, UBS incurred a net loss of CHF8.100 billion,
down from a net profit of CHF296 million.  Net loss from
continuing operations was CHF7.997 billion compared with a profit
of CHF433 million.  The Investment Bank recorded a pre-tax loss of
CHF7.483 billion, compared with a pre-tax loss of CHF2.748 billion
in the prior quarter.  This result was primarily due to trading
losses, losses on exposures to monolines and impairment charges
taken against leveraged finance commitments.  An own credit charge
of CHF1.616 billion was recorded by the Investment Bank in fourth
quarter 2008, mainly due to redemptions and repurchases of UBS
debt during this period.

UBS said it will further reduce its headcount to 15,000 by the end
of the year.  UBS's personnel numbers reduced to 77,783 on
December 31, 2008, down by 1,782 from September 30, 2008, with
most staff reductions at its investment banking unit.


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


TOPLU KONUT: Fitch Affirms Long-Term Currency Ratings at 'BB-'
--------------------------------------------------------------
Fitch Ratings has assigned Turkey-based Toplu Konut Idaresi
Baskanligi a National Long-term rating of 'AA+(tur)' with a Stable
Outlook.  At the same time, Fitch has affirmed TOKI's Long-term
foreign and local currency ratings at 'BB-' and 'BB' respectively.
The Outlooks on the Long-term ratings are Stable.

TOKI's ratings are equal to the Republic of Turkey's
('BB-'/'BB'/Outlook Stable) and reflect the entity's public-sector
status, tight sovereign control and the important role that TOKI
provides to the national government's housing policy.  A change in
Turkey's sovereign rating, TOKI's legal status and/or sovereign
control, would likely be reflected by a change in TOKI's rating
and/or Outlook.

TOKI reports directly to the Prime Minister's Office of the
Republic of Turkey.  It has no share capital and its reserves are
primarily made up of retained earnings.  The entity can acquire
land owned by the republic at the nominal cost for development.
Although it has its own separate budget, TOKI requires Treasury
authorization for foreign borrowing and its accounts are audited
by the High Council audit office, which reports to the Turkish
parliament.

TOKI fulfils an important role for the social policy of the
national government by providing affordable housing, primarily to
low- and middle-income groups, through discount loan facilities.
TOKI has surpassed its initial target to construct 250,000 housing
units between 2003-2007, and has a current target to provide a
cumulative total of 500,000 units by end-2011 of which 368,000
units, as of end-July 2009, have been constructed or mandated.
Due to its increased activities, the entity has used short-term
debt and is considering alternative funding mechanisms, including
debt issuance through tailored financial vehicles.

TOKI was established in 1984 as a public sector entity under Law
2985.  Its primary role is to build, promote and support the
construction of social housing and social facilities and
infrastructure.  TOKI's role is to implement the national
government's housing policy by providing low-cost housing and loan
facilities for the purchase of social housing.


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


ANTENT MELDIS: Creditors Must File Claims by August 23
------------------------------------------------------
Creditors of LLC Antent Meldis (code EDRPOU 35372116) have until
August 23, 2009, to submit proofs of claim to:

         LLC Vtorsnabgroupp
         P. Popovich Str. 87
         83056 Donetsk
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on June 19, 2009.  The case is docketed under
Case No. 28/141-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Antent Meldis
         Kikvidze Str. 11
         01103 Kiev
         Ukraine


KAGARLIKINVESTTRADE LLC: Claims Filing Period Ends August 23
------------------------------------------------------------
Creditors of LLC Science and Production Firm Kagarlikinvesttrade
(code EDRPOU 32547007) have until August 23, 2009, to submit
proofs of claim to:

         Kagarlik regional state tax inspection
         Insolvency Manager
         Independency Square 1
         Kagarlik
         09200 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on June 30, 2009.  The case is docketed under
Case No. B3/089-09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Science and Production Firm Kagarlikinvesttrade
         Office 7
         Sovetskaya Str. 130a
         Leonovka
         Kagarlik
          09221 Kiev
          Ukraine


KARPATY LTD: Creditors Must File Claims by August 23
----------------------------------------------------
Creditors of LLC Agricultural Firm Karpaty Ltd. (code EDRPOU
31792432) have until August 23, 2009, to submit proofs of claim
to:

         O. Savchuk
         Insolvency Manager
         Office 39
         V. Stus Str. 9
         76008 Ivano-Frankovsk
         Ukraine

The Economic Court of Ivano-Frankovsk commenced bankruptcy
proceedings against the company on June 3, 2009.  The case is
docketed under Case No. BP-21/40.

The Court is located at:

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

The Debtor can be reached at:

         LLC Agricultural Firm Karpaty Ltd.
         Sobornaya Str. 15
         Pidgaychiki
         Kolomiya
         Ivano-Frankovsk
         Ukraine


MONOBUD-S LLC: Creditors Must File Claims by August 23
------------------------------------------------------
Creditors of LLC Monobud-s (code EDRPOU 35428210) have until
August 23, 2009, to submit proofs of claim to:

         T. Tarasenko
         Office 49
         Dobrokhotov Str. 17
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on July 6, 2009.  The case is docketed under
Case No. 44/336-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Monobud-s
         Kikvidze Str. 18
         01103 Kiev
         Ukraine


NIKOLAYEV-LIDER LLC: Creditors Must File Claims by August 23
------------------------------------------------------------
Creditors of LLC Nikolayev-Lider (code EDRPOU 33682840) have until
August 23, 2009, to submit proofs of claim to:

         M. Fomenko
         Insolvency Manager
         Office 32
         Buzhsky Blvd. 1
         Nikolayev
         Ukraine

The Economic Court of Nikolayev commenced bankruptcy proceedings
against the company on July 14, 2009.  The case is docketed under
Case No. 18/75/09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Nikolayev-Lider
         K. Liebkneht Str. 37
         Nikolayev
         Ukraine


PARM MEDICAL: Creditors Must File Claims by August 23
-----------------------------------------------------
Creditors of CJSC Parm Medical Krym Co. Ltd. have until August 23,
2009, to submit proofs of claim to V. Derbin, the company's
insolvency manager.

The Economic Court of AR Krym commenced bankruptcy proceedings
against the company on December 19, 2008.  The case is docketed
under Case No. 2-3/7565-2008.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Parm Medical Krym Co. Ltd.
         K. Marks Str. 3
         95000 Simferopol
         AR Krym
         Ukraine


RESOURCE-INVEST-AGRO: Creditors Must File Claims by August 23
-------------------------------------------------------------
Creditors of LLC Resource-Invest-Agro have until August 23, 2009,
to submit proofs of claim to: V. Zhytnik, the company's insolvency
manager.

The Economic Court of Zaporozhye commenced bankruptcy proceedings
against the company on July 8, 2009.  The case is docketed under
Case No. 26/37(09).

The Court is located at:

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

The Debtor can be reached at:

         LLC Resource-Invest-Agro
         Stepovaya Str. 1-A
         Mariyevka
         70440 Zaporozhye
         Ukraine


TOPOL LLC: Creditors Must File Claims by August 23
--------------------------------------------------
Creditors of LLC Topol (code EDRPOU 13549093) have until
August 23, 2009, to submit proofs of claim to:

         L. Shishkin
         Insolvency Manager
         Office 19
         Cherniakhovsky Str. 20-A
         10014 Zhytomir
         Ukraine

The Economic Court of Zhytomir commenced bankruptcy proceedings
against the company on March 5, 2009.  The case is docketed under
Case No. 3/192b.

The Court is located at:

         The Economic Court of Zhytomir
         Putiatinsky Square 3/65
         Zhytomir
         Ukraine

The Debtor can be reached at:

         LLC Topol
         Galchin
         Andrushevsky
         Zhytomir
         Ukraine


YAROPOVICHI AGRICULTURAL: Creditors Must File Claims by August 23
-----------------------------------------------------------------
Creditors of Agricultural LLC Yaropovichi (code EDRPOU 03744639)
have until August 23, 2009, to submit proofs of claim to:

         O. Dovzhanitsa
         Insolvency Manager
         Uritsky str. 160
         Cherniakhov
         12301 Zhytomir
         Ukraine

The Economic Court of Zhytomir commenced bankruptcy proceedings
against the company on May 19, 2009.  The case is docketed under
Case No. 4/45-b.

The Court is located at:

         The Economic Court of Zhytomir
         Putiatinsky Square 3/65
         Zhytomir
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Yaropovichi
         Yaropovichi
         Andrushevsky
         Zhytomir
         Ukraine


ZODIAC-OMEGA LLC: Creditors Must File Claims by August 23
---------------------------------------------------------
Creditors of LLC Zodiac-Omega (code EDRPOU 22280572) have until
August 23, 2009, to submit proofs of claim to:

         L. Talan
         Insolvency Manager
         Post Office Box 158
         49000 Dnepropetrovsk
         Ukraine

The Economic Court of AR Krym commenced bankruptcy proceedings
against the company on July 16, 2009.  The case is docketed under
Case No. 2-6/529-2009.

The Court is located at:

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

The Debtor can be reached at:

         LLC Zodiac-Omega
         Kirov str. 31
         98600 Yalta
         AR Krym
         Ukraine


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


AEOLUS CDO: S&P Junks Rating on Class D Notes From 'BBB-'
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
the series 2005-3 notes issued by Aeolus CDO Ltd., a European
synthetic collateralized debt obligation of commercial mortgage-
backed securities transaction.

Relying on data from the last trustee report available to us,
S&P's analysis indicates that the transaction has experienced a
significant negative trend in the ratings on the underlying
securities, and the class D coverage tests and the interest
diversion test are currently failing.

The rating actions reflect S&P's view on deterioration in the
credit quality of the underlying portfolio, mainly due to its
exposure to European structured finance securities.  The rating
migration has, in S&P's opinion, been significant and has led to a
pronounced increase in the scenario default rates that current
credit enhancement may not support.  As a result, S&P believes the
current credit enhancement cannot support the rise in scenario
default rates at existing ratings levels and have lowered S&P's
ratings accordingly.

S&P will continue to monitor the transaction's performance and
expect to resolve the outstanding CreditWatch placements in due
course.

                           Ratings List

                          Aeolus CDO Ltd.
      EUR84 Million Secured Credit-Linked Notes Series 2005-3

                          Ratings Lowered

                                  Rating
                                  ------
               Class     To                    From
               -----     --                    ----
               A         A+                    AAA
               B         BBB                   AA
               C         BB                    A
               D         CCC                   BBB-


CLARIS LTD: S&P Withdraws 'CCC-' Rating on EUR12 Mil. Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'CCC-' credit
rating on the EUR12 million floating-rate credit-linked notes
series 49/2005 Voltaire issued by Claris Ltd.

The withdrawal follows the early redemption of the notes, which
took place on Aug. 4, 2009.


CLUB ASIA: Mazars Appointed as Administrators
---------------------------------------------
AIM magazine reports former Club Asia co-founder Sumerah Ahmed
confirmed that the radio station had indeed gone into
administration.

AIM magazine relates the company has appointed accountancy firm
Mazars as its administrators.  According to AIM, while in
transition the company has returned to business as normal.

Rod Weston, a spokesperson for the company, told AIM magazine:
"The business has encountered difficulties due to current harsh
economic conditions.  We are keeping the station on air while
marketing it for sale as a going concern.  We have already
received substantial interest and are liaising with a number of
interested parties."


EMI GROUP: Terra Firm Ousts UK Pension Fund Head
------------------------------------------------
Dan Sabbagh at The Times reports that Terra Firma has forced out
Ian Smellie, head of EMI Group Ltd.'s GBP1 billion UK pension
fund, in a long-running row about top-up payments to the scheme.

The report relates prior to his departure, Mr. Smellie argued that
Terra Firma had weakened EMI by adding to its debt, meaning that
it had to make large extra payments to protect the 22,000 members
of the pension scheme.

According to the report, Terra Firm refused to meet Mr. Smellie's
demands for an extra GBP170 million from EMI, which the private
equity firm took over in 2007.

Citing EMI's accounts, the report discloses the UK final salary
scheme, which is closed to new members, had GBP958 million of
assets as of March 2008.  The accounts, the report notes, also
record a surplus of GBP111 million, although that figure is at the
heart of the dispute.

On July 31, 2009, the Troubled Company Reporter-Europe, citing the
Financial Times, reported that investors in Terra Firma backed
plans for the private equity firm to inject GBP300 million of
equity into EMI Group as part of a potential refinancing of the
music group's GBP2.6 billion debts.

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


JESSOPS PLC: Nears Debt Restructuring Deal with HSBC
----------------------------------------------------
Samantha Pearson and Martin Arnold at The Financial Times report
that Jessops plc is close to securing a debt restructuring deal
with its bank.

The FT relates the company said it would change its year-end from
September to November to allow it more time to reach
an agreement with HSBC on restructuring its GBP60 million (US$99
million) debt facility.  David Adams, Jessop's executive chairman,
as cited by the FT, said he still expected the deal to be
concluded "within weeks".  According to the FT, Mr. Adams said the
details of the deal were being finalized by lawyers.

The company, the FT notes, has warned the restructuring agreement
-- which analysts expect to take the form of a debt-for-equity
swap -- is likely to wipe out shareholders.

                              Sales

Jessop's like-for-like sales fell 4.7% in the 12 weeks to August
16, the FT discloses.  The company said it would make a pre-tax
loss before non-recurring charges this year, following its GBP49.8
million pre-tax loss in the year to September 2008, the FT states.

Headquarted in Leicester, United Kingdom, Jessops plc --
http://www.jessops.com/-- is a holding company of a group of
companies whose principal activity is the retail of photographic
products and services.  It operates via the Internet and through
mail order and telesales.  Jessops plc sells a range of digital
and analogue cameras, digital and analogue camcorders, binoculars,
digital home print solutions, memory cards, film and photographic
materials, as well as a range of accessories for the photographic
market, including its own brand products.  The Company also
provides developing and printing, and digital imaging services.
The Company is engaged in the business of selling branded
photographic equipment.  Its subsidiaries include Camera Bond
Limited, Camera Mezz Limited, Camera Equity Limited, The Jessop
Group Limited, Well Hall (Jersey) Limited, Expert Imaging Limited,
MacKinnons of Dyce Limited and Jessops Photographic (Ireland)
Limited.


LEHMAN BROTHERS: FSA Findings in Structured Products Probe Delayed
------------------------------------------------------------------
Since Lehman Brothers' collapse in September 2008, the Financial
Services Authority and Financial Ombudsman Service have been
looking at the potential detriment this has caused for investors
in the U.K. structured products market.

In May, the FSA and Ombudsman agreed that the issues relating to
Lehmans-backed structured products should be considered under the
"Wider Implications" process1., to allow the FSA to explore all
options to achieve the best outcome for consumers.

Although the FSA has completed several elements of its work, it
has asked the Ombudsman to continue to defer its consideration of
complaints by a further three months to allow the FSA to consider
the remaining aspects.

                      About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for US$1.75
billion.  Nomura Holdings Inc., the largest brokerage house in
Japan, purchased LBHI's operations in Europe for US$2 plus
the retention of most of employees.  Nomura also bought Lehman's
operations in the Asia Pacific for US$225 million.

               International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion (US$33
billion) in liabilities in its petition.

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


LLOYDS BANKING: Reviews Cheltenham & Gloucester Closure Plan
------------------------------------------------------------
Andrew MacAskill at Bloomberg News reports that Lloyds Banking
Group Plc said it will review its decision to close all Cheltenham
& Gloucester branches.

Bloomberg recalls the London-based bank said in June it would shut
all 164 Cheltenham and Gloucester branches by November.

Lloyds spokeswoman Eleanor Ross declined to give a reason for
Wednesday's decision.

"This news will bring some relief to the 900 staff who work in C&G
branches up and down the UK," Bloomberg quoted Rob MacGregor,
national officer at the Unite labor union, as saying in a
statement.  "The anxiety and stress they have endured over the
last 10 weeks since they were told that they would lose their jobs
smacks of poor management."

                              Loss

On Aug. 10, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported Lloyds posted a loss of GBP3.1 billion
(US$5.2 billion) in the first half of 2009 compared with a profit
of GBP1.95 billion in the year-earlier period.  According to
Bloomberg, the bank set aside GBP13.4 billion in the period to
cover souring commercial and real estate loans.  Lloyds said HBOS
accounted for about 80% of the combined bank’s bad loan
provisions.  Lloyds Chief Executive Officer Eric Daniels, as cited
by Bloomberg, said about GBP10 billion of the provisions will be
covered by the government's asset protection program.

Lloyds sought a GBP17-billion bailout from taxpayers after it
agreed to buy HBOS in September in a government- brokered deal to
prevent the collapse of Britain's biggest mortgage lender.  The
U.K. government owns 43% of Lloyds.

                    About Lloyds Banking Group PLC

Lloyds Banking Group PLC, formerly Lloyds TSB Group plc,
(LON:LLOY) -- http://www.lloydsbankinggroup.com/-- is a United
Kingdom-based financial services group providing a range of
banking and financial services, primarily in the United Kingdom,
to personal and corporate customers.  The Company operates in
three divisions: UK Retail Banking, Insurance and Investments, and
Wholesale and International Banking.  Its main business activities
are retail, commercial and corporate banking, general insurance,
and life, pensions and investment provision.  The Company also
operates an international banking business with a global footprint
in 40 countries.  Services are offered through a number of brands,
including Lloyds TSB, Halifax, Bank of Scotland, Scottish Widows,
Clerical Medical and Cheltenham & Gloucester.  On January 16,
2009, Lloyds Banking Group plc acquired HBOS plc.


LOOKERS PLC: Wants Government's Scrappage Scheme Extended
---------------------------------------------------------
Philip Stafford at The Financial Times reports that Lookers plc
has called for the government's car scrappage scheme to be
extended.

According to the FT, Mr. Peter Jones, managing director of
Lookers’ motor division, said the GBP300-million government
scheme, enough for about 300,000 cars, had resulted in 155,000
orders placed since the end of May, and 83,000 vehicles delivered.
Lookers, as cited by the FT, said it had received "more than its
market share" of orders.

"It's been a good boost for the economy and we lobby for that to
be extended," the FT quoted Mr Jones as saying.

The scheme, co-funded by the government and UK car industry, is
expected to run out later this year, the FT notes.

                     Balance Sheet Restructuring

The FT recalls falling sales overall forced Lookers to restructure
its balance sheet and last month it completed a fundraising to
raise GBP81 million in an effort to reduce its GBP210 million loan
package, which carries rates of between 4 and 10 percentage points
over Libor.  In other cost-cutting measures, Lookers has cut jobs
and shut down loss-making businesses.

Headquartered in Manchester, United Kingdom, Lookers PLC --
http://www.lookers.co.uk/-- is a motor retail company engaged in
the sale, hire and maintenance of motor vehicles and motorcycles,
including the sale of tires, oil, parts and accessories.  As at
December 31, 2007, the Company was organized into three main
business segments: franchised businesses, used car supermarkets
and parts distribution.  On May 17, 2007, the Company acquired BTN
Turbo Charger Service Limited.  On August 29, 2007, it acquired
certain assets from the Administrator of Dixons Motor Group.  On
October 26, 2007, the Company acquired Dutton Forshaw Group
Limited, the motor retail division of Lloyds TSB Asset Finance
Division.


NORTHERN ROCK: Fitch Cuts Rating on Hybrid Debt Securities to 'C'
-----------------------------------------------------------------
Fitch Ratings has downgraded Northern Rock's hybrid debt
securities to 'C'.  The ratings of NR's covered bonds are
unaffected by this action.

The rating action follows an announcement by the bank that it has
decided to defer payment on all of its hybrid (tier 1 or upper
tier 2) debt coupons.  It will pay coupons falling due on two
securities where it has already given notice of its intention to
pay but will defer later coupons.  Although the bank has stated
that the coupon payments have been deferred until further notice,
Fitch does not expect payments to be started again in the near-to-
medium term.

"Fitch considers that Northern Rock is likely to retain all
deferrable coupons for the foreseeable future, making payments to
senior creditors a priority over hybrid creditors, to ensure that,
to the extent possible, the senior creditors are paid without
recourse to the UK government's guarantee," said Matthew Taylor,
Senior Director of Fitch's Financial Institutions team.  "After
the restructuring of the bank in the autumn, it will be
particularly important for AssetCo, which will be wound down as a
going concern, to protect the position of the senior creditors."
Fitch expects that after the restructuring NR's hybrid debt will
belong to AssetCo.  The latter will hold the legacy assets of
Northern Rock and Fitch expects it also to hold the vast majority
of its wholesale liabilities.

Ratings of Northern Rock:

  -- Long-term Issuer Default Rating: 'A-' remains on Rating Watch
     Evolving

  -- Short-term Issuer Default Rating affirmed at 'F1+'

  -- Individual Rating affirmed at 'F'

  -- Support Rating '1' remains on Rating Watch Negative (RWN)

  -- Support Rating Floor 'A-' remains on RWE

  -- Senior debt 'A-' remains on RWE

  -- Lower tier 2 subordinated debt 'B-' remains on RWN

  -- Upper tier 2 subordinated debt downgraded to 'C' from 'CCC'

  -- Tier 1 debt securities downgraded to 'C' from 'CC'

In Fitch's rating criteria, a bank's standalone risk is reflected
in Fitch's Individual ratings and the prospect of external support
is reflected in Fitch's Support ratings.  Collectively, these
ratings drive Fitch's Long- and Short-term IDRs.


NORTHERN ROCK: S&P Lowers Ratings on Seven Securities to 'CC'
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its
ratings on the seven rated hybrid capital securities issued by
Northern Rock PLC (A/Watch Neg/A-1) to 'CC' from 'CCC'.  At the
same time, the ratings on Northern Rock's lower Tier 2 instruments
were lowered to 'CCC' from 'B-'.  The counterparty credit ratings
on Northern Rock PLC are unaffected by this action.

The rating action reflects S&P's view of increased nonpayment risk
on these instruments and follows Northern Rock's announcement
yesterday.  Northern Rock said that it will honor its previously
stated intention to pay the next coupon due on two of its hybrid
securities, but, referring to its contractual entitlement, it
thereafter intends to cease coupon payments on all its hybrid
securities until further notice.

In S&P's view, Northern Rock's decision to cease the hybrid coupon
payments reflects the high degree of stress that the bank is
under.  Northern Rock had announced on July 1, 2009, that its
capital base had reduced to a level below its minimum regulatory
capital requirement.  On Aug. 4, 2009, the bank announced a loss
of GBP740 million for the six months to June 30, 2009.  Northern
Rock also stated that the capital situation would be addressed
through a proposed legal and capital restructuring that they
expect to complete before the end of 2009.  This restructure is
subject to State Aid approval being obtained from the European
Commission, which Northern Rock expects in the autumn.

S&P considers that Northern Rock's stated intention to cease
coupon payments on its hybrid capital securities indicates a
substantial risk that these coupons will not be paid.  S&P has
therefore lowered the ratings to 'CC'.

Northern Rock has said that it will make the next two hybrid
security coupon payments.  These coupons are due to be paid on
Aug. 23, 2009, (for the US$100 million floating-rate upper Tier 2
notes) and Sept. 15, 2009 (for the $100 million 8% upper Tier 2
notes).  Thereafter, the rated hybrid securities' next coupons are
due on various dates between Sept. 21, 2009, and end-June 2010.
Northern Rock has said that it does not intend to make these
payments.  In line with its criteria, S&P lower the ratings on
hybrid capital securities to 'C' when the coupon payments are
actually missed.

Northern Rock's announcement related only to its hybrid capital
securities.  S&P understands that the bank intends to continue to
pay coupons on its lower Tier 2 instruments.  S&P understands that
the bank would only be contractually obliged to miss coupon
payments on these instruments if it was actually insolvent, or if
it would become insolvent by making the payment.

However, while the government has, in S&P's view, clearly stated
its intent to continue to support senior creditors of Northern
Rock, S&P view the U.K.  as a jurisdiction in which regulatory
intent and the legal background indicate a higher default risk on
lower Tier 2 issues relative to senior debt.  This view is based
particularly on the action taken by HM Treasury in respect of
Bradford& Bingley PLC (B&B; --/--/A-1), in which the government
legislated to allow coupons on B&B's lower Tier 2 issues to be
suspended to help conserve the bank's capital.  Indeed, S&P sees
potential parallels between B&B's current situation as a run-off
institution and the entity that could emerge from a restructuring
of Northern Rock holding the mortgage back book and other "legacy"
assets and liabilities.  These "legacy" liabilities could include
Northern Rock's lower Tier 2 instruments.

In view of this apparent differentiated government stance toward
senior and lower Tier 2 noteholders, the evident financial stress
that Northern Rock is under, and the decision to defer hybrid
coupons, S&P considers that the prospect for continued payment of
coupons on lower Tier 2 notes has diminished.  S&P has therefore
lowered the ratings on these instruments to 'CCC', reflecting
S&P's view that there is now a clear and present risk that
interest payments on these instruments could be stopped.

                           Ratings List

                            Downgraded

                        Northern Rock PLC

                     A$5 billion MTN program

                                   To                From
                                   --                ----
        Subordinated debt          CCC                B-

                     US$20 billion MTN program
                     US$30 billion EMTN program

                                    To                From
                                    --                ----
         Subordinated debt          CCC                B-
         Junior subordinated debt   CC                 CCC

                    Hybrid capital securities

                      To                From
                      --                ----
                      CC                 CCC

                  Subordinated lower Tier 2 bonds

                      To                From
                      --                ----
                      CCC                B-


OPERA FINANCE: Moody's Downgrades Rating on Class D Notes to 'Ba1'
------------------------------------------------------------------
Moody's Investors Service has downgraded these classes of UK CMBS
Notes issued by Opera Finance (MetroCentre) plc (amounts reflect
initial outstandings):

  -- GBP440M A Notes, Downgraded to Aa3; previously on Jul 16,
     2009 Aaa Placed Under Review for Possible Downgrade

  -- GBP52M B Notes, Downgraded to A3; previously on Jul 16, 2009
     Aa3 Remains On Review for Possible Downgrade

  -- GBP40M C Notes, Downgraded to Baa2; previously on Jul 16,
     2009 A3 Remains On Review for Possible Downgrade

  -- GBP68M D Notes, Downgraded to Ba1; previously on Jul 16, 2009
     Baa3 Remains On Review for Possible Downgrade

Moody's placed the Class B, Class C and Class D Notes on review
for possible downgrade on April 8, 2009 and placed the Class A
Notes on review for possible downgrade on July 16, 2009.  The
rating action concludes the review for possible downgrade.  The
rating action takes Moody's updated central scenarios in account,
as described in Moody's Special Report "Moody's Updates on Its
Surveillance Approach for EMEA CMBS".

1) Transaction Overview

Opera Finance (Metrocentre) plc represents the true-sale
securitization of an initially GBP600 million commercial mortgage
loan (the "Loan") secured by the MetroCentre shopping centre and
arranged by Eurohypo AG.  The transaction closed in February 2005.
The sponsors are Capital Shopping Centre plc (CSC, a subsidiary of
Liberty International plc) and GIC Real Estate (the real estate
arm of GIC, the Government of Singapore Investment Corporation)
which acquired a 40% interest in March 2007.  The Property is
located three miles south west of Newcastle in the North East of
England and is one of the largest super-regional out-of-town
centres in the UK and in Europe.  In Moody's view, the quality of
the shopping centre is very strong.

The loan provides for scheduled amortization over time.  However,
non-payment of amortization does not constitute an event of
default and any amortization due but not paid is deferred to the
next payment date.  Scheduled amortization is applied sequentially
to the Notes.  As a result of scheduled amortization to date, the
Loan outstanding balance has decreased to GBP563.9 million.  The
Class A Notes outstanding balance was GBP403.9 million as per the
last interest payment date, while the balance of the other classes
is unchanged since closing.  For voluntary loan prepayments, the
borrower can choose to which loan tranche they should be applied.
Consequently, such prepayments can be applied to the notes reverse
sequentially.

At closing, the key strengths of the transaction were the quality
of the Property -- Moody's assigned this Property a grade of 1.0,
which is the highest possible grading -- the experience of CSC,
acting as sponsor and asset manager, and the in-place FRI leases
that had at that time the potential of increases due to rent
reviews.  These features were viewed as the key mitigants against
the main weakness of the transaction, the adverse rollover profile
(significant leases expiring or breaking in 2011 and 2012).

2) Transaction Performance History

Between closing and the end of 2008, the reported ICR has
consistently increased (starting at 1.15x and reaching 1.45x
during 2008), reflecting rental uplifts and declining interest
charges due to amortization.  However, over the course of last
year, the reported annualized net cash flows have decreased by GBP
5 million (10%) mainly due to increased rental arrears, tenant
defaults and void costs.  Despite those weaker cash flows, the
latest reported ICR (1.33x) remains well above the covenant of
1.20x.

The latest revaluation of the Property published in July 2009 in
Liberty International plc interim reports shows a value decline of
20% to GBP 691 million from GBP 864 million at closing.  Compared
to the peak valuation in 2007, the drop is even more pronounced.
Based on this updated valuation, the LTV ratio increased to 81.6%,
compared to 69.4% at closing.  The loan is subject to an LTV
covenant of 90%.

3) Rating Rationale

The downgrades of the Class A, Class B, Class C, and the Class D
Notes follow a detailed re-assessment of the Property and the
Loan's credit risk.  As outlined in more detail below, the rating
action is mainly driven by three factors:

  (i) The value decline the Property has experienced over the last
      two years coupled with Moody's expectation that the value
      will decline further over the foreseeable future.  Future
      value declines will be mainly driven by a reduction in net
      rental cash flows as opposed to further yield widening.
      Moody's expects the value to recover moderately from 2012
      onwards.

(ii) The reduction of net rental cash flow generated by the
      Property coupled with Moody's expectation that cash flows
      will decline further over the foreseeable future.  The
      future decline in net rental cash flows will be driven by
      increasing rental arrears and associated void costs.  In
      addition, the Property and, in turn, the Loan are exposed to
      significant lease expiries in 2011 and 2012, which might
      result in increasing vacancy rates and/or lower rental cash
      flows due to declining market rents.

(iii) Anticipated covenant breaches.  The loan agreement is
      subject to an LTV and a forward looking ICR covenant.  Based
      on the lease expiry profile and on Moody's expectations in
      relation to future rental cash flows and property value,
      Moody's anticipates that those covenants might be breached
      in the future.  In Moody's opinion, those covenant breaches
      are likely to be cured by partial prepayments, which would
      reduce the credit risk of the Loan.  However, those
      prepayments could be allocated reverse sequentially to the
      outstanding notes and, as such, they would not build up
      incremental cushion against further value declines for the
      more senior notes of the transaction.

In Moody's view, the default risk of the Loan has increased
compared to closing, but is still relatively low.  The property
value decline experienced since closing has already resulted in an
erosion of the property value cushion available to the
noteholders.  Moody's expects this cushion to erode further.
Based on Moody's expected trough values in 2011, taking into
account part of the scheduled amortization, but disregarding
potential prepayments, Moody's expects an LTV of 91% and note-to-
value ratios of 65% for Class A, 73% for Class B, 80% for Class C
and 91% for Class D.

4) Moody's Portfolio Analysis

Property value.  Property values across the UK have fallen
significantly and are expected to continue to decline further
until 2010/2011.  Moody's estimates that the value of the Property
securing this transaction has declined by 26% since closing until
the first half of 2009, reflecting a value of GBP643 million.
Moody's expects the value of the Property to decline further to
approximately GBP604 million until the end of 2011.  Further value
declines will be mainly driven by declines in net cash flows.
Moody's expects the value to moderately recover from 2012 onwards.
As a consequence, Moody's estimates that the LTV was 87.7% in Q1
2009.  Due to the envisaged further value decline, taking into
account part of the scheduled amortization but disregarding
potential prepayments, Moody's expects the LTV to increase to 91%
and to decline to approximately 73% at Loan maturity in February
2015.  Moody's has taken the anticipated property value
development into account when analyzing the default risk at
maturity and the loss given default for the Loan.  Based on this
value path, the Loan would breach its LTV covenant and in Moody's
opinion, a cure of such a breach by prepayments is likely.  When
reviewing the transaction, Moody's analyzed the impact of partial
prepayments on the credit risk of the Loan and on the credit risk
of the notes.

Property Cash Flows.  The reported net cash flows generated by the
Property increased consistently since closing but have experienced
a significant decline since the beginning of 2008.  In Moody's
opinion, the net rental cash flows will be negatively impacted
going forward by (i) the significant rollover occurring in 2011
and 2012, (ii) the expected declining market rent levels; (iii)
the adverse tenant performance with increases in tenant defaults
due to the weak retail environment in the UK; and (iv) an increase
in vacancies.  Although Moody's has given credit to the strategy
currently implemented by the sponsors to minimize the decline in
cash flows, it has incorporated into its analysis an allowance for
deterioration of the rental cash flows.  As the Loan is subject to
a forward looking ICR covenant, Moody's anticipates this covenant
to be breached in the future.  As for the LTV covenant, in Moody's
view, a cure of such a breach by prepayments is likely.  When
reviewing the transaction, Moody's analyzed the impact of partial
prepayments on the credit risk of the Loan and on the credit risk
of the notes.

Refinancing Risk.  The Loan matures in February 2015.  Primarily
driven by value declines, in Moody's view, the default risk at
maturity has increased compared to the closing analysis.  However,
Moody's analysis gives credit to the willingness and ability of
the sponsors to inject, if necessary, further equity into the
deal.  In particular, Moody's believes that partial prepayments
are likely to occur before maturity, reducing the Loan outstanding
balance at closing.

Default Risk and Expected Loss.  Although being higher than at
closing, Moody's still assesses a relatively low default risk for
the Loan.  The transaction benefits from a very good property and
experienced and committed sponsors.  However, due to the recent
value decline the Property experienced coupled with the
expectation of further value decline, driven in part by the
adverse lease expiry profile, the noteholders cushion against
higher than currently expected declines has eroded and is expected
to erode further.  The expected loss of the Loan is still
relatively low, however the variability around the expected loss
has increased, which results in the rating action.


STERLING ENERGY: To Raise GBP62.5 Million in Share Placing
----------------------------------------------------------
Sterling said it has conditionally placed 4,807,315,000 new
ordinary shares of one pence each at 1.3 pence per share to raise
GBP62.5 million (before expenses).

Highlights:

    * Proceeds of the Placing, together with the cash the Company
      will receive from its operating activities, to be used to:

      -- repay US$35 million of debt upon receipt of the Placing
         proceeds;

      -- provide a stronger negotiating position for the Company
         in the ongoing sale process relating to the Company’s US
         assets;

    * strengthen the working capital position of the Group. The
      funds could be used to:

      -- explore the highly prospective Sangaw North block in
         Kurdistan;

      -- strengthen the Company's negotiating position in
         discussions with potential farm in partners for its
         assets in Cameroon and Madagascar; and

      -- provide funding for the Company to pursue new
         opportunities in line with its exploration strategy.

    * Amended waiver agreement with banks to mid February 2011,
      conditional upon completion of the Placing.

    * Board to be strengthened with the addition of Alastair
      Beardsall as Executive Chairman and Keith Henry as a Non-
      executive Director.

    * Placing Price represents a discount of 52.6 per cent. to the
      closing middle market price on August 13, 2009.

    * By mid November the Company intends to undertake an open
      offer to raise approximately GBP20.6 million at the Placing
      Price, which will give Shareholders, as at the Record Date,
      the opportunity to subscribe for two new Ordinary Shares for
      every nine existing Ordinary Shares held.

    * Company is no longer pursuing any potential takeover
      approaches it has received.

Graeme Thomson, Chief Executive Officer of the Company said: "This
placing assures Sterling's future.  It achieves the key objectives
of dealing with the Company’s debt issues and allows us to make
real progress with our high impact exploration assets.  Much of
the attention will now rightly focus on our plans for drilling our
highly prospective acreage in Kurdistan in the fourth quarter.  We
also have exciting assets in Cameroon and Madagascar and can now
go forward into new ventures with a greater technical focus on
activities than we have been able to in recent times."

Proposed Executive Chairman, Alastair Beardsall also commented: "I
am very excited with this opportunity to join the team at Sterling
who successfully secured the three world class exploration
opportunities.  The Placing will allow the Company to implement
the amended bank waiver and thus allow everyone to focus on the
business of exploration which has the potential to transform the
Company.  The Company's strengthened financial position will
enhance its negotiating position with regard to both the disposal
of the USA assets and the potential farmout of some of its
exploration interests.  The Company has an excellent record of
identifying and securing exploration projects and this funding
will allow the Company to resume that very important part of the
strategy."

A circular containing a notice of an Extraordinary General Meeting
of the Company, convened for 11:00 a.m. on September 7, 2009, will
be sent to shareholders of the Company outlining the terms of the
Placing and seeking Shareholder approval to, inter alia, enable
the Directors to allot the Placing Shares in connection with the
Placing.


Sterling Energy plc -- http://www.sterlingenergyplc.com./-- is an
oil and gas company.  The principal activity of the Company is the
exploration for and production of oil and gas in Africa, the
Middle East and the United States.  Sterling focuses on projects
in Africa and the Middle East.  Sterling has high potential near-
term opportunities in Kurdistan, Madagascar and in Cameroon, as
well as production, appraisal and exploration in the USA and
production in Mauritania.  During the year ended December 31,
2008, Sterling participated in 18 new wells and over 30
recompletions.


* BOOK REVIEW: Dangerous Pursuits - Mergers and Acquisitions in
              the Age of Wall Street
----------------------------------------------------------------
Authors: Walter Adams and James W. Brock
Publisher: Beard Books
Softcover: 222 pages
List Price: US$34.95

First published in 1989, Dangerous Pursuits - Mergers and
Acquisitions in the Age of Wall Street analyzes central concerns
raised by the flurry of mergers, acquisitions, takeovers, and
buyouts as the twentieth century drew to a close.  This was a
period of great economic vitality that challenged conventional
theories and practices.  Economists battled over the best way
forward.  It was a period of time when "coalition capitalism" was
offered as an alternative to "cowboy capitalism" -- that is, the
belief in economic laissez-faire.  As set forth by the authors,
"Coalition capitalism, grounded in 'industrial policy,' is the
neoliberal Left's riposte to the cowboy capitalism of the Right."
Coalition capitalism takes the approach that "planning can be used
to improve [a country's] market performance."

The authors strive to present a balanced portrayal of the
engineers of this economic growth -- those individuals behind the
mergers and acquisitions.  To some, they were "predators,
piranhas, greenmailers."  Others, however, see T. Boone Pickens,
Carl Icahn, Ivan Boesky, and others as "necessary catalysts for
shaking up stodgy managements and for restoring giant corporations
to their owners, the shareholders."  Even the term "greed" is
subject to debate.  As a motivation for mergers, "greed is good" -
- as notably voiced by the character Gordon Gekko in the movie
Wall Street -- was an opinion apparently shared by Ivan Boesky,
who told a college graduating class that "greed is all right."  On
the other hand, Henry Kravis, a top Wall Street leveraged-buyout
strategist is quoted as saying, "Greed really turns me off."

In discussing the many opinions regarding mergers and
acquisitions, Dangerous Pursuits gives the reader a complete
picture of a time when the American economy, workplace, and
society were transformed.  But the authors make no secret that
they are concerned that mergers are weakening American business
and society.  Their position is substantiated in chapters on the
effects of mergers from a macro and micro perspective.  In a
chapter entitled "The Macro Record," Adams and Brock step back
from viewing mergers in terms of the parochial interest of the
players and look at the "merger game" through the lens of the
national interest.  Shorn of media hype, the authors find that the
"merger game" undermines advances in productivity, obstructs
technological development, and weakens competitiveness.  What the
"game" does do is earn outsized, quick profits for the
specialists, lawyers, financiers, and bankers who engage in it.
In the chapter "The Micro Record," the authors look at how mergers
have affected particular airlines, steel companies, and
conglomerates.  From this micro perspective, they find that the
benefits touted by those with "parochial interests" do not
materialize.

At best, the mergers, acquisitions, takeovers, and buyouts are
seen as impeding the economy from moving ahead.  At worst, Taylor
and Brock see an "addiction to mergeritis."  No one argues that
mergers did not produce large profits for some.  The authors warn,
however, that such success is a "slow and secret poison" to the
U.S. economy.

One-time President of Michigan State University where he also
taught, Walter Adams also taught at European universities,
appeared as an expert on economics before Congressional
committees, and published other books.  James W. Brock has been a
member of the economics department faculty at Miami University in
Ohio for more than 20 years, and is the coauthor with Walter Adams
on several books.

                            *********

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-
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C. Tumanda, Joy A. Agravante and Peter A. Chapman, Editors.

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

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