TCREUR_Public/090824.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

             Monday, August 24, 2009, Vol. 10, No. 166

                            Headlines

A U S T R I A

ENERGY TRADING: Creditors Must File Claims by August 26
M-NE GMBH: Claims Filing Deadline is August 26
MCMC GASTRONOMIE: Claims Filing Deadline is August 26
MITTERDORFER GMBH: Claims Filing Deadline is August 26


G E R M A N Y

BRENNTAG HOLDING: Moody's Affirms 'B2' Corporate Family Rating
DUERR AG: Moody's Junks Subordinated Bond Rating
GENERAL MOTORS: Board Postpones Opel Sale Decision
HEIDELBERGCEMENT AG: Cementir May Consider Buying Assets
HYPO REAL: Steinbrueck Says Gov't Bailout Right and Appropriate

IM INTERNATIONALMEDIA: Files for Insolvency on Lack of Funding
PORSCHE AUTOMOBIL: Raided on Alleged Market Manipulation
QIMONDA AG: Texas Instruments to Buy U.S. Equipment for US$172.5MM


F I N L A N D

STORA ENSO: Capacity Closures Won't Affect S&P's 'BB' Rating


G R E E C E

ARIES MARITIME: To Release 2nd Quarter 2009 Earnings on Aug. 27


I C E L A N D

KAUPTHING BANK: Ex-CEO Defends Lending Practices After Loan Leak


I R E L A N D

INDEPENDENT NEWS: Wants EUR200 Mil. Bond Standstill Extended


I T A L Y

RISANAMENTO SPA: Creditor Banks Don't Want to Make Takeover Bid


K A Z A K H S T A N

AGRO PROM: Creditors Must File Claims by August 28
ASIA WEST: Creditors Must File Claims by August 28
BATYS INTER: Creditors Must File Claims by August 28
DAN STROY: Creditors Must File Claims by August 28
IMPERIAL LLP: Creditors Must File Claims by August 28

KAZ UVELIR: Creditors Must File Claims by August 28
KOSTANAI STROY: Creditors Must File Claims by August 28
ROLL ST: Creditors Must File Claims by August 28
RTN PLUS: Creditors Must File Claims by August 28
TECHNO SNUB-K: Creditors Must File Claims by August 28


K Y R G Y Z S T A N

URAL ENERGO: Creditors Must File Claims by September 17


N E T H E R L A N D S

ING GROEP: Moody's Downgrades Rating on Preference Stock to 'Ba1'


R O M A N I A

BANCA ROMANEASCA: Fitch Affirms Individual Rating at 'D'
BANCPOST SA: Fitch Downgrades Individual Rating to 'D/E'


R U S S I A

BRIZ-BANK LLC: Creditors Must File Claims by August 26
CONSTRUCTION ADMINISTRATION: Creditors Must File Claims by Aug. 26
EKS-STROY: Court Names S. Tomilov as Insolvency Manager
KRASNOUFIMSKIY DAIRY: Bankruptcy Hearing Set August 26
NOVATEK OAO: IFRS 1H09 Net Profit Down 36% to US$291 Milion

OMSK PAPER: Creditors Must File Claims by August 26
PETRO-AERO OJSC: Creditors Must File Claims by August 26
PLESETSKIY WOODWORKING: Creditors Must File Claims by August 26
POSEVNINSKIY MACHINE: Creditors Must File Claims by August 26
ROS-METALL LLC: Creditors Must File Claims by August 26

SHABROVSKIY TALC: Creditors Must File Claims by August 26
STANKO-PROM LLC: Creditors Must File Claims by August 26
STROM-NEFTE-MASH: Creditors Must File Claims by August 26
UNITED AIRCRAFT: Putin Balks at Selling Assets at a Loss
VOLZHSK-PROD CJSC: Creditors Must File Claims by August 26

WOOD-PROCESSING PLANT-75: Creditors Must File Claims by August 26
ZAYUKOVSKIY CREAMERY: Creditors Must File Claims by August 26


S W I T Z E R L A N D

CRR CENTER: Claims Filing Deadline is August 26
JOS. BETSCHART'S: Creditors Must File Claims by August 26
MGG ATELIER: Claims Filing Deadline is August 27
VEIT RAUSCH KOCHGRUBER GMBH: Claims Filing Deadline is August 27


U K R A I N E

ARKONA LLC: Creditors Must File Claims by August 27
DELTA LLC: Creditors Must File Claims by August 26
ELITFRUIT LLC: Creditors Must File Claims by August 26
FEMIDA-BUSINESS LLC: Creditors Must File Claims by August 27
IRINA LLC: Creditors Must File Claims by August 26

JETTA LLC: Creditors Must File Claims by August 27
MAXIMAGROUP LTD: Creditors Must File Claims by August 27
PHARMASVIT LLC: Creditors Must File Claims by August 26
POLYGRAPHIC MACHINES: Creditors Must File Claims by August 26
ROSRESOURCE LLC: Creditors Must File Claims by August 27

START LLC: Creditors Must File Claims by August 27
TOKAREVSKOYE LLC: Creditors Must File Claims by August 27
TRANSEXPO LLC: Creditors Must File Claims by August 27
UKRNAFTARESERVE LLC: Creditors Must File Claims by August 26
WHITE STONE: Creditors Must File Claims by August 27


U N I T E D  K I N G D O M

AMS-WELLPICT: To Go Into Administration
CAPITAL & REGIONAL: To Raise GBP70MM in Discounted Share Placing
GLASTONBURY FINANCE: S&P Junks Ratings on Two Classes of Notes
KEYDATA INVESTMENT: PwC Confirms Missing GBP103 Mil. Is Gone
LEHMAN BROTHERS: U.K. Judgement to Delay Return of Funds, Says PwC

NORTHERN ROCK: Pibs Lose 80% of Value After Coupon Deferral
PREFERRED RESIDENTIAL: S&P Cuts Rating on Class E Notes to 'B-'
SERVICES LTD: Placed Into Administration

* National Insolvency Statistics Show Rise in Bankruptcies, IVAs

* BOND PRICING: For the Week August 17 to August 21, 2009


                         *********


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


ENERGY TRADING: Creditors Must File Claims by August 26
-------------------------------------------------------
Creditors of energy trading GmbH have until August 26, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for September 8, 2009 at 9:30 a.m.

For further information, contact the company's administrator:

         Dr. Johannes Jaksch
         Landstrasser Hauptstrasse 1/2
         1030 Wien
         Austria
         Tel: 713 44 33, 713 34 05
         Fax: 713 10 33
         E-mail: kanzlei@jsr.at


M-NE GMBH: Claims Filing Deadline is August 26
----------------------------------------------
Creditors of M-NE GmbH have until August 26, 2009, to file their
proofs of claim.

A court hearing for examination of the claims has been scheduled
for September 9, 2009 at 10:00 a.m.

For further information, contact the company's administrator:

         Dr. Susi Pariasek
         Gonzagagasse 15
         1010 Wien
         Austria
         Tel: 533 28 55
         Fax: 533 28 55-28
         E-mail: office@anwaltwien.at


MCMC GASTRONOMIE: Claims Filing Deadline is August 26
-----------------------------------------------------
Creditors of MCMC Gastronomie GmbH have until August 26, 2009, to
file their proofs of claim.

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

For further information, contact the company's administrator:

        Mag. Clemens Richter
        Esteplatz 4
        1030 Wien
        Austria
        Tel: 712 33 30
        Fax: 712 33 30-30
        E-mail: kanzlei@engelhart.at


MITTERDORFER GMBH: Claims Filing Deadline is August 26
------------------------------------------------------
Creditors of Mitterdorfer GmbH have until August 26, 2009, to file
their proofs of claim.

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

For further information, contact the company's administrator:

         Dr. Matthias Schmidt
         Dr. Karl Lueger-Ring 12
         1010 Wien
         Austria
         Tel: 533 16 95
         Fax: 535 56 86
         E-mail: schmidt@preslmayr.at


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


BRENNTAG HOLDING: Moody's Affirms 'B2' Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Services has affirmed the ratings of Brenntag
Holding GmbH.  The outlook on all ratings was changed to Stable
from Negative.

Against a backdrop of volatile raw material costs and pressure on
volumes during the course of fiscal year 2008 and the first half
of 2009, Brenntag has demonstrated the resilience of its business
model.  Stringent cost management, lower operating leverage when
compared to chemical producers (fixed costs account for roughly
20% of overall group costs), high inventory turnover and sound
pricing management have enabled Brenntag to deleverage its balance
sheet through modest free cash flow generation applied to debt
reduction and continuous improvement in EBITDA despite negative
volume development trends over the last twelve to eighteen months.
As a result, Debt / EBITDA has improved from 7.3x at FYE 2006 to
5.5x at FYE 2008 while CFO / Net Debt has risen from 1.2% to 8.1%
over the same period.

The revision of the outlook to stable reflects the issuer's strong
improvement in debt and cash flow metrics since Moody's last
rating action in September 2007 and the agency's expectation that
Brenntag will continue to focus on deleveraging the group through
conservative balance sheet management going forward.  Moody's
notes that Brenntag is currently strongly positioned within the B2
rating category.  Upward rating pressure would arise in the short
to medium term and would likely lead to a revision of Moody's
outlook to positive if the robust trend in earnings and cash flow
generation evident over the last twelve months is maintained.
Moody's would consider a rating upgrade if Brenntag demonstrates
its ability to reduce Debt / EBITDA sustainably below 5.0x and to
maintain RCF / Net Debt of above 10% over a prolonged period of
time.  In the absence of major operating setbacks negative rating
pressure is relatively unlikely at this stage.

The liquidity of Brenntag is solid.  Moody's expects the liquidity
needs over the next twelve months consisting mainly of working
capital and capex funding needs to be covered by operating cash
flows and cash on balance sheet (EUR556 million at 30th June
2009).  Moody's gains additional comfort from the company's
substantial availability under its multi-year revolving credit
facility with comfortable covenants headroom.  The agency notes
that the group's EUR200 million securitization program matures in
FY2010.  This program is currently being discussed for renewal
with the arrangers and Brenntag remains confident that the program
can be rolled-over.

These ratings were affirmed:

* Corporate Family Rating at B2

* Probability of Default Rating at B2

* EUR 1.4 billion senior secured first lien facilities -- PD at B1
  and LGD3

* EUR 0.4 billion of senior secured second lien facilities -- PD
  at Caa1 and LGD5

The last rating action was on September 27, 2007, when all ratings
of Brenntag Holding GmbH were affirmed and the outlook kept to
negative.

Brenntag, headquartered in Muelheim, Germany, is the world's
largest distributor of industrial and specialty chemicals.  The
group reported revenues of EUR7,380 million and an EBITDA of
EUR481 million for the fiscal year ended December 31, 2008.
Brenntag is owned by funds advised by BC Partners, which acquired
the chemicals distributor as a secondary leveraged buyout in
September 2006.


DUERR AG: Moody's Junks Subordinated Bond Rating
------------------------------------------------
Moody's Investors Service has downgraded Duerr's corporate family
rating to B2 from B1.  The rating for Duerr's subordinated bond
has been downgraded to Caa1 from B3.  The rating outlook remains
negative.

Rainer Neidnig, lead analyst at Moody's for Duerr, said: "Although
Moody's believe that Duerr's business profile and market position
remain solid, Moody's now expect a more severe and longer lasting
impact from the recessionary environment than previously
anticipated.  As a result Moody's believe that Duerr will not be
in a position to maintain financial ratios required for the B1
rating category for an extended period".  Neidnig continued:
"Although order intake recovered notably in Q2 2009, uncertainty
around the severity of a cyclical decline in earnings remains
which is reflected in the negative outlook.  However, should the
recovery in order intake prove to be sustainable, the outlook
could be stabilized within the next few quarters."

The rating action also considers that financial covenant headroom
has tightened considerably.  However, Moody's expects Duerr's
lenders will remain supportive as in the past given that the
current decline in earnings is of cyclical and not structural
nature.

On August 6, 2009, Duerr released results for the second quarter
2009.  Although incoming orders were more than 40% higher than in
the two preceding quarters, Q2 revenues were down -15% on Q1 2009
and declined -34% compared to Q2 2008.  Main reasons were
customer-induced delays in the execution of orders and declines in
Duerr's high margin service and spare parts business which
suffered from lower car production volumes and cost savings
efforts in the automotive industry.  Against this backdrop and
including app. EUR1.5 million restructuring expenses, Q2 EBIT
reduced to EUR1.4 million after EUR14.2 million in 2008.  Free
Cash Flow (before dividends) remained negative in Q2 at
EUR-10 million which is, however, a marked improvement compared to
the EUR-42 million in Q1 2009.

Although Duerr was awarded several large paint systems orders in
Q2 -- a segment that had virtually dried up in Q4 2008 and Q1 2009
-- order intake in Q2 still remained -17% below 2008 levels and
order activity from automotive customers remains sluggish overall.
In this context and due to project delays Duerr management expects
now revenues will fall by up to 25% compared to 2008.  Despite
decisive cost cutting measures that are being implemented,
management believes full year 2009 EBIT (before restructuring
costs of up to EUR9 million) to be in the region of
EUR20 to 30 million.  This is a more pessimistic guidance than
previously when Duerr expected only a moderate decline in revenues
and earnings for 2009 (2008 revenues: EUR1.6 billion; 2008 EBIT:
EUR73 million).

In light of Duerr's latest earnings guidance, Moody's believes the
company will not be able to achieve leverage ratios required for a
B1 rating in 2009 (e.g. 4.5x Debt/EBITDA) and that a recovery to
such levels will only be gradual and take time.  In the long run,
Moody's expects that current efforts to cut costs and reduce
capacities by up to 20% will help to lower the company's break-
even point and hence support Duerr's earnings and cash flow
generation, as will the gradual diversification into non-
automotive segments.

Moody's cautions that headroom under financial covenants invoked
in Duerr's core syndicated credit and guarantee facility has
tightened considerably and Moody's anticipates that a covenant
reset might be required as early as Q3 2009.  However, Moody's
notes positively that lenders supported the company historically
and were willing to agree to covenant amendments in the past.
Management approached this situation proactively as in the past
and is already in talks with Duerr's banks.  Management expects
these talks to be successfully concluded by the end of September.
The current rating is based on Moody's expectation that lenders
continue to support the company through the cyclical downturn as
the business model remains intact.

In Moody's view the company disposes of an adequate liquidity
position to cover funding needs over the next 12 months which
should mainly arise from working capital and capex.  However,
Moody's cautions that availability under Duerr's core credit
facility is contingent upon compliance with financial covenants.
As per Q2 2009, Duerr had a solid cash position of EUR64 million
and EUR140 million availability under its EUR200 million
syndicated credit facility.  The next larger debt maturities are
in 2011 when Duerr's EUR100 million high yield notes and the
company's syndicated credit and guarantee facility
(EUR200 million cash and EUR240 million guarantee line) come due.

Downgrades:

Issuer: Duerr AG

  -- Probability of Default Rating, Downgraded to B2 from B1

  -- Corporate Family Rating, Downgraded to B2 from B1

  -- Senior Subordinated Regular Bond/Debenture, Downgraded to
     Caa1 from B3

Moody's last rating action on Duerr was to confirm the B1
corporate family rating and to assign a negative outlook on
April 30, 2009.

Headquartered in Stuttgart, Germany, Duerr is a leading plant and
mechanical engineering group with 44 locations in 20 countries.
The group generates about 85% of revenues with automobile
manufacturers and their suppliers but increasingly supplies
sectors such as aviation, mechanical engineering, chemical,
pharmaceutical or printing.  Duerr's product offering includes
paint shops, assembly systems, balancing and diagnostic systems,
industrial cleaning systems and related services.  The group holds
strong market positions in all of its activities, e.g. a 40%
global market share in paint shops and painting lines which
account for approximately half of the group's revenues.  In 2008,
Duerr recorded revenues of EUR1.6 billion with about 6,000
employees.


GENERAL MOTORS: Board Postpones Opel Sale Decision
--------------------------------------------------
Katie Merx at Bloomberg News reports that General Motors Co.
postponed a decision on the sale of its Opel division after the
board questioned the German government's financing of a bid from
Magna International Inc. and sought information on funding for an
offer from RHJ International SA.

Citing a person familiar with the negotiations, who asked not to
be identified because they aren't public, Bloomberg discloses the
board didn't get a financing package from the German government
for Brussels-based RHJ.  GM, Bloomberg says, will ask Germany for
more information about financing options, including funding for
RHJ.

The board hasn't scheduled another meeting or set a deadline for a
decision, Bloomberg notes.  GM, Bloomberg states, will recommend
its preference to the Opel Trust board, the panel assembled to
decide Opel's fate.

                            Options

Jeff Green and Katie Merx at Bloomberg News reports GM's board is
considering all options for its German Opel unit, including
rejecting two pending bids and keeping it as a wholly owned
subsidiary.  Citing a person familiar with the discussions,
Bloomberg says new GM directors, dominated by members who joined
after a U.S.-backed bankruptcy, are also considering keeping or
dissolving Opel.

                             Action

Andreas Cremer at Bloomberg News reports German Chancellor Angela
Merkel said GM should decide this week on the future of its Opel
unit.

Bloomberg relates Ms. Merkel, who restated her preference for an
offer by Magna, said she "regrets" the failure of GM's board to
take action when it reviewed bids for Opel on Aug. 21.  The German
chancellor, as cited by Bloomberg, said a decision by GM would be
"urgently necessary" because of Opel's "economic situation".

According to Bloomberg, Ms. Merkel, faced with rising unemployment
as national elections loom on Sept. 27, said Magna made a "very
good offer" for Opel that she believes will secure more German
jobs.  Bloomberg recalls Germany agreed to back Opel's sale with
EUR1.5 billion (US$2.2 billion) in short-term loans in May,
picking Magna as the preferred bidder.  The German government
offered on Aug. 20 to shoulder the entire EUR4.5 billion in loan
guarantees for Magna's offer and negotiate with European Union
countries on burden-sharing afterward, Bloomberg recounts.

Separately, Andreas Cremer at Bloomberg News, citing the
Frankfurter Allgemeine Sonntagszeitung, reports Guido Westerwelle,
the leader of the Free Democrats, Ms. Merkel's coalition partner
of choice, said the German chancellor shouldn't unduly favor Magna
as the preferred buyer of GM's Opel unit.   Bloomberg relates
Mr. Westerwelle, the party's chairman, told the newspaper in an
interview "Giving one-sided preferential treatment to an investor
with Russian inclinations neither helps German taxpayers nor Opel
workers".

                         Agreement

Andreas Cremer at Bloomberg News, citing German Economy Minister
Karl-Theodor zu Guttenberg, reports Germany is confident of
agreement with GM on a buyer for its Opel unit even after the U.S.
carmaker postponed a decision on a possible sale.  According to
Bloomberg, Mr. Guttenberg told the newspaper the German federal
government and authorities from the four states with Opel plants,
which all favor Magna's bid, provided GM's board of directors with
"all information that in their view will be needed for a
decision".

                          Vauxhall

Sarah Arnott at The Independent reports Vauxhall's future was
hanging in the balance Friday as the board of its US parent
company, GM, met to choose between the two competing buyers for
its European operations.  Vauxhall has two UK factories, in Luton
and Ellesmere Port, which employ around 5,000 people.

                    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)


HEIDELBERGCEMENT AG: Cementir May Consider Buying Assets
--------------------------------------------------------
Armorel Kenna at Bloomberg News, citing daily Il Sole 24 Ore,
reports that Cementir Holding SpA may be interested in buying some
of HeidelbergCement AG's assets.

Bloomberg relates the Italian newspaper said investment banks want
Cementir to consider buying HeidelbergCement's assets, including
those in northern Europe.

                    About HeidelbergCement

Based in Heidelberg, Germany, HeidelbergCement AG (FRA:HEI)  --
http://www.heidelbergcement.com/-- is a global producer of
cement, concrete and building materials.  The Company's core
activities include the production and distribution of cement and
aggregates, the two raw materials for concrete.  It is also
engaged in in the provision of such products as ready-mixed
concrete, as well as concrete products and elements.  It divides
its activities into four group areas: Europe-Central Asia, North
America, Asia-Australia-Africa-Mediterranean and Group Services.
It divides its products into three lines: cement, aggregates and
concrete and building products.  Its products include sand,
gravel, crushed stone, white cement, trass cement, masonry cement,
aquament and portland cement for hydraulic engineering, as well as
light, heavy and aerated concrete building blocks, pavers,
prefabricated ceilings and walls, prefabricated cellar units and
prefabricated sewage works units, among others.  In 2007, the
Company took over Hanson Group.

                          *     *     *

The Troubled Company Reporter-Europe reported on July 10, 2009,
that Standard & Poor's Ratings Services affirmed the 'CCC+' rating
on the senior unsecured bonds issued by Germany-based building
materials group HeidelbergCement AG (B-/Negative/B), and
subsidiaries HeidelbergCement Finance B.V., Hanson Ltd., and
Hanson Australia Funding Ltd.  At the same time, the bonds were
removed from CreditWatch, where they were placed with developing
implications on June 24, 2009.

On June 24, 2009, the Troubled Company Reporter-Europe reported
that Fitch Ratings affirmed Germany-based HeidelbergCement AG's
Long-term Issuer Default rating at 'B' and removed the rating from
Rating Watch Negative.  A Negative Outlook was assigned.

As reported in the Troubled Company Reporter-Europe on June 23,
2009, Moody's confirmed HeidelbergCement's B1 corporate family
rating and assigned a negative outlook.  At the same time the
ratings of all bonds outstanding at HeidelbergCement and its
subsidiaries were downgraded to B3.  The rating action was
prompted by HC's successful refinancing of its bank debt.  The new
agreement includes clauses which place bondholders structurally
behind the bank lenders.


HYPO REAL: Steinbrueck Says Gov't Bailout Right and Appropriate
---------------------------------------------------------------
Rainer Buergin at Bloomberg News reports that German Finance
Minister Peer Steinbrueck said the government was right to rescue
Hypo Real Estate Holding AG in September last year.

Bloomberg relates Mr. Steinbrueck said the German government had
no choice other than to contribute to a bailout with taxpayers'
money because the private sector was unable to carry the burden
alone.

According to Bloomberg, Mr. Steinbrueck, giving evidence on the
last day of a parliamentary probe into the coalition's handling of
the Hypo bailout, said the government's crisis management had been
"right and appropriate."  The finance minister, as cited by
Bloomberg, said between Sept. 15 and Oct. 5, the financial system
faced "an abyss that not only would have led to a meltdown of the
financial system," but would have "shattered the confidence" of
the public.

Hypo Real Estate almost collapsed in September when its Depfa unit
failed to get short-term funding as interbank lending dried up
after Lehman's bankruptcy.  Hypo, then Germany's second-biggest
commercial-property lender, received a EUR350-billion guarantee on
Sept 29.

                    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'.


IM INTERNATIONALMEDIA: Files for Insolvency on Lack of Funding
--------------------------------------------------------------
IM Internationalmedia AG filed for insolvency proceedings at the
Local Court in Munich on Aug. 19, 2009.  The Management Board has
decided to take this step because the US investors group currently
is unable to provide the Company with further promised funds.

IM Internationalmedia AG -- http://www.internationalmedia.de/--
is a Germany-based parent company of the Internationalmedia Group,
a global film company with offices in London, the United Kingdom,
and Los Angeles, the United States.  The Company operates in three
main business areas.  Intermedia Films develops, finances,
produces and distributes motion pictures. With Intermedia Cinema,
the Company develops, finances, produces and distributes primarily
action, comedy and horror films. Intermedia TV develops, finances,
produces and distributes television (TV) formats for the
international market.  Films of the Internationalmedia Group
include Alexander, Terminator 3: Rise Of The Machines, Life Of
David Gale, Basic, as well as The Wedding Planner, among others.
The Internationalmedia Group consists of IM Internationalmedia AG
and its five wholly owned subsidiaries: IM Filmproduktions GmbH,
Pacifica Film Distribution LLC, Pacifica Film Development Inc,
Intermedia Film Equities Ltd and Intermedia Film Equities USA Inc.


PORSCHE AUTOMOBIL: Raided on Alleged Market Manipulation
--------------------------------------------------------
Aaron Kirchfeld and Tony Czuczka at Bloomberg News report that
German prosecutors raided Porsche Automobil Holding SE in an
investigation of possible violations of securities law and market
manipulation.

Bloomberg relates Porsche, the sports-car maker being bought by
Volkswagen AG, said in a statement officials seized documents from
the Stuttgart headquarters Thursday morning.

According to Bloomberg, Anja Engelland, an agency spokeswoman,
said BaFin, the regulator, handed a complaint to the prosecutor's
office after a probe into Porsche's attempt to gain control of VW.
BaFin, Bloomberg notes, also is examining movements in VW
securities in "recent days."

Citing Die Welt, Bloomberg discloses prosecutors are investigating
former managers of Porsche including ex-Chief Executive Officer
Wendelin Wiedeking and former Chief Financial Officer Holger
Haerter.

"Based on evidence provided by Bafin, we have opened a preliminary
investigation into suspected market manipulation and unauthorized
leaks of insider information," Bloomberg quoted Claudia Krauth, a
spokeswoman for the prosecutor's office as saying, declining to
name individuals under investigation.

Separately, Andreas Cremer at Bloomberg News reports Mr. Wiedeking
and Mr. Haerter had their homes searched during the raid by German
prosecutors.  Bloomberg relates Ms. Krauth said Saturday two
properties were raided by several dozen civil servants as part of
an investigation of possible violations of securities law and
market manipulation.

                              Merger

On Aug. 17, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported VW will pay about EUR3.3 billion (US$4.7
billion) for a 42% stake in Porsche's automotive unit.  According
to Bloomberg, Volkswagen plans to issue new preferred shares in
the first half of next year to help pay for the purchase, which
values Stuttgart, Germany-based Porsche's car division at EUR12.4
billion.

Bloomberg disclosed Volkswagen Chief Executive Officer Martin
Winterkorn will be CEO of the Porsche SE holding company as of
Sept. 15 and VW's chief financial officer, Hans Dieter Poetsch,
will take the same role at the company.  Volkswagen, whose brands
include the Audi luxury division and the cheaper Seat and Skoda
marques, said the founding Porsche and Piech families will remain
the largest VW shareholders and the German state of Lower Saxony
will be the second-biggest investor.  Porsche said Qatar will buy
a 10% stake and take over most of the company's options for
Volkswagen shares as part of an agreement for the two German
manufacturers to merge.  Qatar Holding LLC will acquire ordinary
shares from the Porsche and Piech families, who own the voting
stock.  According to Bloomberg, Porsche said the Persian Gulf
emirate also agreed to provide EUR265 million (US$376 million) to
participate in a syndicated loan that includes 16 banks.

                             Net Debt

On July 27, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported Porsche said its net debt is about
EUR10 billion (US$14 billion).  Porsche's net debt tripled after
the company increased its stake in VW to 50.8% at the beginning of
this year from a 42.6% holding in October.

Headquartered in Stuttgart, Germany, Porsche Automobil Holding SE
-- http://www.porsche-se.com/-- is a holding company engaged in
the car manufacture industry.  The Company's core products are
sports cars and all-terrain vehicles.  The Porsche sports car
range includes the Boxster, the Cayman, the 911 and the Carrera
GT.  The Boxster and the Boxster S are contemporary
reinterpretations of the Company's original roadsters, the 356/1
and the 550 Spyder.  There are several varieties of the 911,
representing the model's continuous evolution.  The Carrera GT has
the race-derived chassis construction and minimum weight.  The
Company's all-terrain models, Cayenne, Cayenne S, Cayenne Turbo
and Cayenne Turbo S are balanced, four-wheel drive vehicles for
on-road and off-road use.  Porsche Automobil Holding SE also
offers financing services, spare parts and accessories for new and
classic models, as well as an approved used car service.


QIMONDA AG: Texas Instruments to Buy U.S. Equipment for US$172.5MM
------------------------------------------------------------------
Texas Instruments Inc. has been selected as stalking horse bidder
for manufacturing machinery in a Richmond, Virginia, plant owned
by U.S. affiliates of German memory-chip maker Qimonda AG.

According to a copy of an asset purchase agreement filed with the
U.S. Bankruptcy Court for for the District of Delaware , Texas
Instruments, the second-largest U.S. semiconductor maker, will pay
US$172.5 million for the facility, absent higher and better bids
at an auction.

A copy of the Asset Purchase Agreement signed by Qimonda Richmond
LLC and Texas Instruments is available for free at:

      http://bankrupt.com/misc/Qimonda_TI_Lead_APA.pdf

Objections to the APA are due August 31.

Competing bids are due Sept. 21.  If competing bids are received,
an auction will be held at the New York offices of Simpson,
Thacher & Bartlett LLP on September 23.  The Bankruptcy Court will
consider approval of the results of the auction on September 24.

If another party emerges as winning bidder at the auction, Texas
Instruments will receive a break-up fee of US$4,312,500 and
expense reimbursement of up to US$750,000.

Texas Instruments wants the equipment to build what its says will
be the first plant to use a new type of production gear for analog
chips, which are used to convert sound and motion into electronic
signals, Bloomberg said.  "TI's strong balance sheet allows us to
make significant strategic moves in weak economic environments
such as today's to significantly strengthen our long-term position
in our core product lines," spokeswoman Kim Morgan said in an e-
mail to Bloomberg.

Texas Instruments is represented by

    Joseph J. Wielebinski
    Robert R. Kibby
    Munsch Hard Kopf & Harr, P.C.
    3800 Lincoln Plaza
    500 N. Akard Street
    Dallas, TX 75201-6659
    Facsimile: (214) 978-4306

                        About Qimonda N.A.

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

Qimonda AG commenced insolvency proceedings with a local court in
Munich, Germany, on January 23, 2009.  On June 15, 2009, QAG filed
a petition for relief under Chapter 15 of the Bankruptcy Code
(Bankr. E.D. Virginia Case No. 09-14766).

Qimonda North America Corp., an indirect and wholly owned
subsidiary of QAG, is the North American sales and marketing
subsidiary of QAG.  QNA is also the parent company of Qimonda
Richmond LLC.  QNA and QR filed for Chapter 11 on February 20
(Bankr. D. Del. Lead Case No. 09-10589).  Mark D. Collins, Esq.,
Michael J. Merchant, Esq., and Maris J. Finnegan, Esq., at
Richards Layton & Finger PA, represents the Debtors as counsel.
Roberta A. DeAngelis, the United States Trustee for Region 3,
appointed seven creditors to serve on an official committee of
unsecured creditors.  Jones Day and Ashby & Geddes represent the
Committee.  In its bankruptcy petition, Qimonda Richmond, LLC,
listed more than US$1 billion each in assets and debts.  The
information was based on Qimonda Richmond's financial records
which are maintained on a consolidated basis with Qimonda North
America Corp.


=============
F I N L A N D
=============


STORA ENSO: Capacity Closures Won't Affect S&P's 'BB' Rating
------------------------------------------------------------
Standard & Poor's Ratings Services said that the ratings on
Finland-based forest product company Stora Enso Oyj
(BB/Negative/B) were unaffected by capacity closures and related
financial impairments announced by the company on Aug. 19, 2009.
Standard & Poor's consider the actions to be neutral for Stora
Enso's credit quality, but to have potential longer-term positive
consequences.

S&P understands that the closures are aimed at improving the
company's profitability and cost competitiveness.  The
EUR592 million in impairment charges and fixed-asset write-downs,
and the EUR25 million cash cost for restructuring, do not
materially change S&P's view on Stora Enso's financial position,
which remains weak for the rating.  The closure announcement
should be considered in light of the severe challenges facing the
European forest product industry in terms of weak demand,
overcapacity, and weakening cost competitiveness (especially for
Finland-based manufacturing).  These have ultimately resulted in
poor profitability and cash generation.

These challenges contribute to Stora Enso's current
underperformance against Standard & Poor's financial ratings
targets.  Together with the risk of further deteriorating market
conditions, these factors are reflected in S&P's negative outlook
on Stora Enso.  S&P believes that capacity closures across the
industry could contribute to a better supply and demand balance
and price formation, but recognize that the industry is facing a
severe headwind.


===========
G R E E C E
===========


ARIES MARITIME: To Release 2nd Quarter 2009 Earnings on Aug. 27
---------------------------------------------------------------
Aries Maritime Transport Limited plans to release second quarter
2009 earnings on Thursday, August 27, 2009, before the opening of
market trading.  The Company will host an investor conference call
the same day at 10:00 a.m. ET to discuss the results.

To access the conference call, dial (888) 935-4577 for domestic
callers or (718) 354-1388 for international callers, and use the
reservation number 6056482. The conference call will be broadcast
live over the Internet.  To access the live webcast, please go to
the Company's Web site: http://www.ariesmaritime.com/Following
the teleconference, a replay of the call may be accessed by
dialing (866) 932-5017 for domestic callers, or (347) 366-9565 for
international callers, and using the reservation number 6056482.
The replay will be available through September 10, 2009. A replay
of the webcast will also be available following the call through
September 10, 2009.

                   Annual Shareholders' Meeting

Meanwhile, Aries Maritime will hold its annual general meeting of
shareholders at the Company's offices located at 18 Zerva Nap.
Str., Glyfada, 166 75 in Athens, Greece, on August 26, 2009 at
11:00 a.m. local time.

At the Annual General Meeting, the shareholders will consider and
vote upon these proposals:

     1. To elect Mr. Mons S. Bolin and Captain Gabriel Petridis to
        serve as Class I directors until the 2012 Annual General
        Meeting of Shareholders;

     2. To approve the appointment of PricewaterhouseCoopers S.A.
        as the Company's independent auditors for the fiscal year
        ending December 31, 2009;

     3. To increase the authorized share capital of the Company
        from US$1,300,000 divided into 100,000,000 common shares
        of par value US$0.01 each; and 30,000,000 preference
        shares of par value US$0.01 each to US$15,000,000 divided
        into 1,000,000,000 common shares of par value US$0.01 each
        and 500,000,000 preference shares of par value US$0.01
        each by the creation of 900,000,000 common shares of par
        value US$0.01 each and 470,000,000 preference shares of
        par value US$0.01 each, and to amend the Memorandum of
        Association accordingly;

     4. If Proposal Three is adopted, to amend the By-laws of the
        Company to reflect an increase in its authorized share
        capital to 1,000,000,000 common shares, par value US$0.01
        per share and 500,000,000 preference shares, par value
        US$0.01 per share; and

     5. To transact other business as may properly come before the
        meeting or any adjournment thereof.

Adoption of Proposals One, Two, Three and Four requires the
affirmative vote of a majority of the votes cast at the meeting.

Information concerning solicitation and voting is available at no
charge at http://ResearchArchives.com/t/s?42b8

On July 27, 2009, Aries Maritime entered into an amendment to a
letter of intent with Grandunion, Inc., a company controlled by
Michael Zolotas and Nicholas Fistes.  The letter of intent
provides for a binding 60-day exclusivity period, which was to
expire August 23.  The letter of intent also included a 30-day
period for Grandunion to procure an agreement with the Company's
syndicate of lenders to make certain amendments to the Company's
existing credit facility, which ended on July 24, 2009.  The
Company has waived this provision to permit negotiations with the
syndicate of lenders to continue through the remainder of the 60-
day exclusivity period.

On June 24, 2009, the Company signed a non-binding letter of
intent with Grandunion that contemplates, among other things, the
acquisition of three Capesize drybulk carriers with an approximate
net asset value of US$36.0 million in exchange for 15,977,778
newly issued shares of Aries Maritime and a change of control of
the Company's board of directors.

                           Going Concern

As reported by the Troubled Company Reporter on July 8, 2009,
Aries Maritime said the audit report of the Company's independent
registered public accounting firm, PricewaterhouseCoopers S.A.,
included in the Company's Form 20-F filed with the U.S. Securities
and Exchange Commission contains an explanatory paragraph which
notes that there are specific factors which raise substantial
doubt about the Company's ability to continue as a going concern.
These factors include the Company's 2008 and 2007 net losses and a
previously announced re-classification of long term debt due to
its inability to meet certain financial covenants under its
revolving credit facility.

Aries Maritime is currently in negotiations with its lenders to
obtain waivers for certain financial covenants.  The Company has
plans in place to improve the performance and financial strength
of the Company.  These plans primarily relate to the reduction of
expenses, possible sales of vessels and the potential addition of
assets to enhance future cash earnings.

At March 31, 2009, the Company had US$309,426,000 in total assets
and US$248,010,000 in total liabilities.

                        About Aries Maritime

Aries Maritime Transport Limited (NASDAQ: RAMS) is an
international shipping company that owns and operates products
tankers and container vessels.  The Company's products tanker
fleet consists of five MR tankers and four Panamax tankers, all of
which are double-hulled.  The Company also owns a fleet of two
container vessels with a capacity of 2,917 TEU per vessel.  Four
of the Company's 11 vessels are secured on period charters.
Charters for two of the Company's products tanker vessels
currently have profit-sharing components.


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


KAUPTHING BANK: Ex-CEO Defends Lending Practices After Loan Leak
----------------------------------------------------------------
Omar R. Valdimarsson at Bloomberg News reports that Kaupthing Bank
former Chief Executive Officer Hreidar Mar Sigurdsson defended the
bank's lending practices after leaked documents showed it gave as
much as US$12 billion in loans to related parties prior to its
collapse.

Bloomberg relates Mr. Sigurdsson, who stepped down in October and
has since moved to Luxembourg, told local broadcaster RUV in an
interview the loans "were not given in the last days of the bank".
"We believed our loans were good, well secured loans," Bloomberg
quoted Mr. Sigurdsson as saying in the interview.

According to Bloomberg, on Aug. 4 Prime Minister Johanna
Sigurdardottir, citing the leaked bank documents, said Kaupthing
lent ISK1.5 trillion (US$12 billion) in transactions that were "if
not illegal, completely unethical".  Ms. Sigurdardottir, as cited
by Bloomberg, said the loans were granted to 10 "interlinked
parties" and provided "without any guarantees or covenants".

Kaupthing was the biggest of Iceland's three leading banks that
collapsed in October after failing to secure short-term funding.

                             Probe

Bloomberg discloses Kaupthing's winding-up committee on Aug. 18
said it hired PricewaterhouseCoopers to investigate the lender's
transactions before it was protected by a moratorium on its debt
payments.  Citing the committee, Bloomberg states the
investigation will place "particular focus" on transactions to
parties related to the bank including shareholders, managers and
insiders.

Bloomberg notes Olafur Gardarsson, Kaupthing's moratorium
supervisor, said on Aug. 18 the first cases may be brought to
court by the autumn, with some breaches likely to be referred to
the police.

In a ruling of the District Court of Reykjavik issued on
November 24, 2008, Kaupthing Bank hf. was granted a moratorium on
payments until February 13, 2009.  On February 19, the moratorium
was extended until November 13, 2009.  The court appointed a
Winding-up Committee for the bank on May 25, 2009, whose tasks
include dealing with claims against the bank while the moratorium
remains in effect and after winding-up proceedings have commenced
at the end of the moratorium period.

As reported in the Troubled Company Reporter on Nov. 30, 2008,
Olafur Gardasson, assistant for Kaupthing Bank hf., in a
proceeding under Act No. 21/1991, pending before the Reykjavik
District Court, and foreign representative of the Debtor, filed a
petition under chapter 15 of title 11 of the United States Code in
the United States Bankruptcy Court for the Southern District of
New York commencing the Debtor's chapter 15 case ancillary to the
Icelandic Proceeding and seeking recognition for the Icelandic
Proceeding as a "foreign main proceeding" under the Bankruptcy
Code and relief in aid of the Icelandic Proceeding.


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


INDEPENDENT NEWS: Wants EUR200 Mil. Bond Standstill Extended
------------------------------------------------------------
Independent News & Media Plc asked investors for more time to
repay its EUR200-million (US$285 million) bond, Fergal O'Brien and
Patricia Kuo at Bloomberg News report, citing two people familiar
with the matter.

According to Bloomberg, the people, who declined to be identified
because an accord hasn’t yet been reached, said the standstill
agreement may be extended by another month from Aug. 27.

                  About Independent News & Media

Headquartered in Dublin, Ireland, Independent News & Media PLC
(ISE:IPD) -- http://www.inmplc.com/-- is engaged in printing and
publishing of metropolitan, national, provincial and regional
newspapers in Australia, India, Ireland, New Zealand, South Africa
and the United Kingdom.  It also has radio operations in Australia
and New Zealand, and outdoor advertising operations in Australia,
New Zealand, South-East Asia and across Africa.  The Company also
has online operations across each of its principal markets.  The
Company has three business segments: printing, publishing, online
and distribution of newspapers and magazines and commercial
printing; radio, and outdoor advertising.  INM publishes over 200
newspaper and magazine titles, delivering a combined weekly
circulation of over 32 million copies with a weekly audience of
over 100 million consumers.  In March 2008, it acquired The Sligo
Champion.  During the year ended December 31, 2007, the Company
acquired the remaining 50% interest in Toowoomba Newspapers Pty
Ltd.


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


RISANAMENTO SPA: Creditor Banks Don't Want to Make Takeover Bid
---------------------------------------------------------------
Armorel Kenna at Bloomberg News, citing Il Messaggero, reports
that Risanamento SpA's creditor banks plan to ask the Italian
regulator to exempt them from having to make a takeover bid for
the property company.

According to Bloomberg, the newspaper said the lenders will own
about 55% of Risanamento after converting debt into equity and
buying new shares, and under Italian law they would normally be
compelled to make an offer for the rest of the business.

                        Restructuring Plan

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

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

                       About Risanamento SpA

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


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


AGRO PROM: Creditors Must File Claims by August 28
--------------------------------------------------
Creditors of LLP Agro Prom Service-1 have until August 28, 2009,
to submit proofs of claim to:

         Abylai han Str. 60-41
         Shuchinsk
         Akmola
         Kazakhstan

The Specialized Inter-Regional Economic Court of Akmola commenced
bankruptcy proceedings against the company on May 22, 2009, after
finding it insolvent.

The Court is located at:

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


ASIA WEST: Creditors Must File Claims by August 28
--------------------------------------------------
LLP Asia West is currently undergoing liquidation.  Creditors have
until August 28, 2009, to submit proofs of claim to:

         Micro District Samal-1, 40-15
         Almaty
         Kazakhstan


BATYS INTER: Creditors Must File Claims by August 28
----------------------------------------------------
Creditors of LLP Batys Inter Resource have until August 28, 2009,
to submit proofs of claim to:

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

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


DAN STROY: Creditors Must File Claims by August 28
--------------------------------------------------
Creditors of LLP Dan Stroy Project have until August 28, 2009, to
submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan
         Seifullin Str. 37
         Uralsk
         West Kazakhstan
         Kazakhstan

The court commenced bankruptcy proceedings against the company on
June 8, 2009.


IMPERIAL LLP: Creditors Must File Claims by August 28
-----------------------------------------------------
Creditors of LLP Information Commercial Center Imperial have until
August 28, 2009, to submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan
         Seifullin Str. 37
         Uralsk
         West Kazakhstan
         Kazakhstan

The court commenced bankruptcy proceedings against the company on
June 10, 2009.


KAZ UVELIR: Creditors Must File Claims by August 28
---------------------------------------------------
Creditors of JSC Kaz Uvelir Prom have until August 28, 2009, to
submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Karaganda
         Alalykin Str. 9
         Karaganda
         Kazakhstan

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


KOSTANAI STROY: Creditors Must File Claims by August 28
-------------------------------------------------------
Creditors of LLP Kostanai stroy 2030 have until August 28, 2009,
to submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Baitursynov Str. 70
         Kostanai
         Kazakhstan

The court commenced bankruptcy proceedings against the company on
June 15, 2009.


ROLL ST: Creditors Must File Claims by August 28
------------------------------------------------
Creditors of LLP Roll St Ltd. have until August 28, 2009, to
submit proofs of claim to:

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

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


RTN PLUS: Creditors Must File Claims by August 28
-------------------------------------------------
Creditors of JSC RTN Plus have until August 28, 2009, to submit
proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Karaganda
         Alalykin Str. 9
         Karaganda
         Kazakhstan

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


TECHNO SNUB-K: Creditors Must File Claims by August 28
------------------------------------------------------
Creditors of LLP Techno Snub-k have until August 28, 2009, to
submit proofs of claim to:

         Abylai han Str. 60-41
         Shuchinsk
         Akmola
         Kazakhstan

The Specialized Inter-Regional Economic Court of Akmola commenced
bankruptcy proceedings against the company on May 22, 2009, after
finding it insolvent.

The Court is located at:

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


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


URAL ENERGO: Creditors Must File Claims by September 17
-------------------------------------------------------
Joint Kyrgyz Russian LLC Ural Energo Snub Complect is currently
undergoing liquidation.  Creditors have until September 17, 2009,
to submit proofs of claim to:

         Chui Ave. 2
         Bishkek
         Kyrgyzstan


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


ING GROEP: Moody's Downgrades Rating on Preference Stock to 'Ba1'
-----------------------------------------------------------------
Moody's Investors Service downgraded the preference stocks of ING
Groep N.V. to Ba1 from A3.  Moody's also downgraded the
subordinated debt securities of ING Verzekeringen N.V.  to Ba1
from A3, the trust preferred securities of ING Capital Funding
Trust III to B1 from A3 and the preferred stocks of Equitable of
Iowa Companies Capital Trust II to Ba1 from Baa1.  The ratings for
these securities remain under review for possible further
downgrade.

There has been no change to the A1 senior rating and A2 dated
subordinated debt rating of ING Groep N.V., the Aa3 senior rating
and the C+ Bank Financial Strentgh Rating of ING Bank N.V. and the
A2 senior rating of ING Verzekeringen N.V., which continue to
carry stable outlooks, except for ING Bank's BFSR, which continues
to carry a negative outlook.

Moody's action reflects Moody's assumption of a high probability
of coupon suspension on these securities as a result of the
ongoing discussion between ING Groep and the European Commission
on its state aid package and follows Moody's press release
entitled "Moody's sees broader impact on hybrid ratings triggered
by EC's state aid reviews", published on August 19, 2009.

Moody's understands that ING Groep is currently discussing with
the EC the approval of its restructuring plan following the
support received by the Dutch State, encompassing a
EUR10.0 billion capital injection received at the end of 2008 and
an illiquid assets back-up facility agreed earlier this year
covering 80% of ING's EUR27.7 billion Alt-A mortgage securities.

Antonello Aquino, VP Senior Credit Officer at Moody's, commented:
"In Moody's view, there is a high probability that the EC could
advise ING Groep to refrain from paying coupons on various
subordinated securities of the group, in line with its objective
of burden sharing.  Most of ING's subordinated securities are
cumulative in nature and recently the EC asked KBC, a Belgian
bank, to refrain from paying coupons on some of its cumulative
hybrids."

Moody's downgraded to Ba1 all cumulative securities with optional
deferral provision reflecting the rating agency's assumption of a
high probability of omission of coupons.  The rating agency notes
that the coupon payments on these instruments are cumulative,
thereby limiting the loss severity of a coupon deferral if this
were to occur.  Moody's assigned the same rating to the securities
of both the operating companies and holding companies, as it deems
the risk of omission to be similar.

Moody's downgraded to B1 the only non-cumulative trust preferred
securities issued by ING Capital Funding Trust III.  Under a going
concern assumption, the expected loss for investors in this non-
cumulative instrument is therefore higher than for cumulative
securities.

All of these securities contain dividend pusher provision;
nevertheless as the group announced that no dividend would be paid
to common shareholders, the dividend pusher is no longer an
obstacle to non payment.

The review for possible downgrade on these instruments reflects
the ongoing discussion between ING Groep and the EC and the
prospect of potential further downgrade in case of an actual
suspension of coupons.

These instruments have been affected by this action:

ING Groep N.V.

* Cumulative perpetual preference stocks with optional coupon
  deferral provision: Ba1 from A3.  The rating remains on review
  for possible downgrade

ING Verzekeringen N.V.

* Cumulative dated subordinated debt securities with optional
  coupon deferral provision: Ba1 from A3.  The rating remains on
  review for possible downgrade

ING Capital Funding Trust III (guaranteed by ING Groep N.V.)

* Non-Cumulative trust preferred securities: B1 from A3.  The
  rating remains on review for possible downgrade

Equitable of Iowa Companies Capital Trust II

* Cumulative preferred stock with optional coupon deferral
  provision: Ba1 from Baa1.  The rating remains on review for
  possible downgrade

                         Ratings Affected

These ratings were downgraded and placed under review for possible
downgrade:

  -- ING Groep N.V.: preference stocks to Ba1 from A3;

  -- Perpetual subordinated bonds 71,500 million 7.375% (CUSIP:
     456837707);

  -- Perpetual subordinated bonds US$1,045 million 6.375% (CUSIP:
     456837608);

  -- Perpetual subordinated bonds GBP600 million 5.140% (ISIN:
     XS0246487705);

  -- Perpetual subordinated bonds EUR300 million 4.176% (ISIN:
     XS0221619033);

  -- Perpetual subordinated bonds US$300 million 6.125% (CUSIP:
     456837509);

  -- Perpetual subordinated bonds US$1,000 million 5.775% (CUSIP:
     456837AC7);

  -- Perpetual subordinated bonds EUR1,000 million floating rate
      (CUSIP: NL0000116127);

  -- Perpetual subordinated bonds US$500 million 6.2% (CUSIP:
     456837400);

  -- Perpetual subordinated bonds EUR750 million floating rate
      (ISIN: NL0000113587);

  -- Perpetual subordinated bonds US$1,100 million 7.2% (CUSIP:
     456837301);

  -- Perpetual subordinated bonds US$800 million 7.05% (CUSIP:
     456837202);

  -- Perpetual subordinated bonds US$1,500 million 8.50% (CUSIP:
     456837806);

  -- Preferred Stock EUR 1.5 billion 8% (ISIN: XS035668721)

  -- ING Verzekeringen, N.V.: subordinated debt to Ba1 from A3;

  -- Subordinated EUR1 billion dated due 07/05/2027 (ISIN:
     XS0147306301);

  -- Subordinated EUR 1.250 billion dated due 21/06/2021 (ISIN:
     XS0130855108)

  -- ING Capital Funding Trust III; guaranteed (by ING Groep
     N.V.): trust preferred securities to B1 from A3;

  -- Trust Preferred Securities US$1,500 million (CUSIP:
     44978NAA3)

  -- Equitable of Iowa Companies Capital Trust II: preferred stock
     to Ba1 from Baa1

  -- Backed Preferred Stock 50m US$(CUSIP: 294514AC8)

The last rating actions took place on January 28, 2009, when
Moody's downgraded the bank financial strength rating of ING Bank
N.V. to C+ from B- and its long-term senior debt ratings to Aa3
from Aa2.  The senior debt of ING Verzekeringen N.V. was also
downgraded by one notch to A2 from A1.  At the same time, Moody's
downgraded the senior debt rating of ING Groep N.V., the main
holding company, to A1 from Aa3.  Moody's also downgraded the
insurance financial strength ratings of ING's U.S. life insurance
operating companies to A1 from Aa3, concluding the review on these
ratings.  Moody's rating actions followed the release of
preliminary Q4 2008 results and reflected the sharp deterioration
in group profitability, in both the banking and insurance
operations.  The rating agency expects the more negative trend may
continue given the Group's business and asset exposure and the
current and prospective economic environment.

Based in Amsterdam, ING Groep N.V. had total assets amounting to
EUR1,188 billion at end-June 2009 and reported a net loss of
EUR722 million for the six months ending June 2009.

Based in Amsterdam, ING Banking activities had total assets
amounting to EUR912 billion at end-June 2009 and its Tier 1 ratio
stood at 9.4%, on a Basel II basis.  In H1 2009, the banking
activities of ING Groep reported a net profit of EUR232 million.

The insurance activities of ING Groep had total assets amounting
to EUR287 billion at end-June 2009 and the insurance capital
coverage ratios for insurance activities was 257%.  In H1 2009,
the insurance activities of ING Groep reported a net loss of
EUR955 million.


=============
R O M A N I A
=============


BANCA ROMANEASCA: Fitch Affirms Individual Rating at 'D'
--------------------------------------------------------
Fitch Ratings has affirmed Romania-based Banca Romaneasca S.A.'s
ratings at Long-term Issuer Default 'BBB' with Negative Outlook,
Short-term IDR 'F3', Individual 'D' and Support '2'.

The IDRs and Support Rating of BROM reflect the high potential of
support available from its parent, National Bank of Greece S.A.
(NBG; rated 'A-'/Negative Outlook).  The Individual Rating
reflects the bank's small size, weak profitability, a small
customer deposit franchise and credit risks stemming from a
history of rapid expansion.  It also reflects good risk management
policies with NBG's guidance, comfortable liquidity and limited
market risk.

BROM's operating profitability is low, reflecting continued growth
in expenses in 2008 and higher credit impairment costs.  With the
onset of the global financial crisis, the bank has stopped all new
investments and ceased pricing its new loans competitively.
Lending policies have been substantially tightened as a result of
the crisis and prudent risk management policies are directed by
its parent.  However, the bank remains exposed to credit risk
stemming from its FX lending to unhedged borrowers.  Its non-
performing loans (overdue more than 90 days) reached 2.3% of total
loans in Q109.  BROM's cost of funding is increasing and likely to
increase further, due to increased competition for local deposits
and wider spreads on Romania CDS, which is the main cost component
of its external borrowings.

BROM remains heavily reliant on parent funding.  Like other
Romanian banks, liquidity is comfortable, adhering to the National
Bank of Romania's stringent liquidity measures.  Capitalization
was substantially strengthened in 2008 through a series of cash
injections.  Its regulatory solvency ratio was a strong 22.6% at
end-Q109.  In Fitch's opinion, BROM has a strengthened
capitalization, but given the volatile and deteriorating operating
environment and also BROM's weak internal capital generation,
further injections may be needed under extreme stress conditions.

BROM forms part of NBG's South-east European franchise.  BROM is a
small bank with a 2.9% share of system assets.  It lends primarily
to retail customers, which account for more than 60% of total
lending.  It had 150 branches at end-Q109.


BANCPOST SA: Fitch Downgrades Individual Rating to 'D/E'
--------------------------------------------------------
Fitch Ratings has affirmed Romania-based Bancpost S.A.'s Issuer
Default Ratings and downgraded its Individual Rating:

  -- Long-term foreign currency IDR: affirmed at 'BBB'; Outlook
     Negative

  -- Short-term foreign currency IDR: affirmed at 'F3'

  -- Individual Rating: downgraded to 'D/E' from 'D'

  -- Support Rating: affirmed at '2'

BP's IDRs and Support Rating reflect the potential support it can
expect to receive from its majority shareholder, Greece-based EFG
Eurobank Ergasias S.A. (rated 'A-'/ Outlook Negative), in case of
need.  The downgrade of BP's Individual Rating reflects the impact
of rapidly increasing impairment charges on the bank's
capitalization, and its still low operating profitability, which
is already under pressure from low margins due to significantly
increased cost of funding.  Capitalization has been strengthened
through two cash capital injections in 2009.  However, Fitch
believes that capitalization is still just adequate and new
capital injections might be required in case of a prolonged
deterioration in the operating environment.  The downgrade of the
Individual Rating indicates the likely need for further
shareholder support if capitalization deteriorates rapidly.  These
factors are balanced by BP's comfortable liquidity and low market
risk.

BP has changed its funding policy to collect more customer
deposits and the share of related-party funds has declined.
However, Fitch considers that BP's deposit base is now
concentrated in large interest rate sensitive deposits.  BP's
liquidity is, however, good due to the large proportion of liquid
assets on the balance sheet driven by high reserve requirements.

BP's rapid loan growth ended in 2008 due to the worsening
operating environment.  Its net interest margin continues to
narrow, reflecting a rapid increase in funding costs, which Fitch
expects to continue exerting pressure on profitability in the
near-term.  The bank has implemented stringent cost measures;
however, operating profitability is likely to remain low in the
near-term due to growing loan impairment charges and margin
compression.  BP has realigned and tightened its lending policies
due to the financial crisis.  Its primary focus has shifted to
asset quality, collection and restructuring.  Asset quality has
been substantially affected by the economic crisis, resulting in
significantly increased NPLs, and Fitch considers asset quality to
be the main risk at BP.

BP ranked as the eighth-largest bank in Romania at end-2008 in
terms of assets.  It focuses on both retail and corporate banking,
but consumer lending, mortgages and micro lending account for 71%
of its total portfolio on a stand-alone basis.  Eurobank's
shareholding was 84.73% at end-Q109, which has since increased
following purchases of shares from other shareholders in June
2009.


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


BRIZ-BANK LLC: Creditors Must File Claims by August 26
------------------------------------------------------
Creditors of LLC Briz-Bank (Commercial Bank) (TIN 7704006259,
Registration No. 2947) have until August 26, 2009, to submit
proofs of claims to:

         Investment Insurance Agency
         Acting Insolvency Manager
         Post User Box 40
         115088 Moscow
         Russia
         Tel: 8-800-200-08-05

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ?40–45339/09–88-119

The Debtor can be reached at:

         LLC Briz-Bank
         Building 2
         Novoalekseyevskaya Str. 19
         139626 Moscow
         Russia


CONSTRUCTION ADMINISTRATION: Creditors Must File Claims by Aug. 26
------------------------------------------------------------------
Creditors of OJSC Construction Administration (TIN 7403005861)
(Construction) have until August 26, 2009, to submit proofs of
claims to:

         A. Telitsin
         Insolvency Manager
         Post User Box 211
         456306 Miass
         Chelyabinskaya
         Russia

The Arbitration Court of Chelyabinskaya will convene on September
10, 2009, to hear bankruptcy proceedings on the company.  The case
is docketed under Case No. ?76–24610/2008–60-199.

The Debtor can be reached at:

         OJSC Construction Administration
         Pobedy Str. 1B
         Yemanzhelinsk
         Russia


EKS-STROY: Court Names S. Tomilov as Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Vologodskaya appointed S. Tomilov as
insolvency manager for LLC Eks-Stroy (TIN 3525097407, PSRN
1023500871459) (Construction).  He can be reached at:

         Levicheva Str. 25/1
        160012 Vologda
         Russia

The Debtor can be reached at:

         LLC Eks-Stroy
         Levicheva Str. 25/1
         160012 Vologda
         Russia


KRASNOUFIMSKIY DAIRY: Bankruptcy Hearing Set August 26
------------------------------------------------------
The Arbitration Court of Sverdlovskaya will convene at 3.00 p.m.
on August 26, 2009, to hear bankruptcy supervision procedure on
CJSC Krasnoufimskiy Dairy Plant (TIN 6645001913, PSRN
1026601228323).  The case is docketed under Case No. ?60–
9660/2009-S11.

The Temporary Insolvency Manager is:

         A. Bukhanov
         Apt. 73
         Akademika Pavlova Str. 13
         121359 Moscow
         Russia

The Debtor can be reached at:

         CJSC Krasnoufimskiy Dairy Plant
         Volzhskaya Str. 2
         Krasnoufimsk
         623300 Sverdlovskaya
         Russia


NOVATEK OAO: IFRS 1H09 Net Profit Down 36% to US$291 Milion
-----------------------------------------------------------
RIA Novosti reports that Novatek posted a 36% decrease in net
profit calculated to International Financial Reporting Standards
(IFRS) year-on-year to RUR9.3 billion (US$291 million) in the
first half of 2009.

RIA Novosti relates the company said its revenue declined by 5%
to RUR40.14 billion (US$1.26 billion) in the reporting period,
against the first six months of 2008.

Novatek, RIA Novosti discloses, posted in late July a 24.4% drop
in net profit under Russian Accounting Standards (RAS), year-on-
year, in January-June 2009 to RUR6.825 billion (US$220 million).

NOVATEK OAO (NOVATEK JSC) -- http://www.novatek.ru-- is a Russia-
based natural gas producer.  The Company is engaged in the
acquisition, exploration, development, production and processing
of natural gas and liquid hydrocarbons with its core operations of
oil and gas properties located and incorporated in Yamal-Nenets
Autonomous Region (YNAO) of the Russian Federation.  It is also
active in natural gas transportation and marketing.  The Company
operates through 17 subsidiaries, three affiliated companies, one
branch in Moscow, as well as five representative offices in
Novokuybyshevsk, Samara, Salekhard, Tyumen’ and in London.  The
Company's three core fields are Yurkharovskoye, Vostochno-
Tarkosalinskoye and Khancheyskoye.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on July 9,
2009, Standard & Poor's Ratings Services said that it had revised
its outlook on OAO NOVATEK, Russia's largest independent natural
gas producer, to positive from stable, following a review of the
company's financial and operating performance.  At the same time,
the 'BB+' long-term corporate credit rating and the 'ruAA+' Russia
national scale rating were affirmed.


OMSK PAPER: Creditors Must File Claims by August 26
---------------------------------------------------
Creditors of CJSC Omsk Paper Mill (TIN 5528027779, PSRN
1065528020117) have until August 26, 2009, to submit proofs of
claims to:

         V. Evdokeevich
         Insolvency Manager
         Office 404
         Prospect K. Marksa 18/6
         644042 Omsk
         Russia

The Arbitration Court of Omskaya commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ? 46–24480/2008.


PETRO-AERO OJSC: Creditors Must File Claims by August 26
--------------------------------------------------------
Creditors of OJSC Petro-Aero-Bank (Commercial Bank)(TIN
7831001493, Registration No. 3227) have until August 26, 2009, to
submit proofs of claims to:

         Investment Insurance Agency
         Acting Insolvency Manager
         Post User Box 40
         115088 Moscow
         Russia
         Tel: 8-800-200-08-05

The Arbitration Court of Saint-Petersburg commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?56–26517/2009.

The Debtor can be reached at:

         OJSC Petro-Aero-Bank
         2-ya liniya Str. 37
         199053 Saint-Ptersburg
         Russia


PLESETSKIY WOODWORKING: Creditors Must File Claims by August 26
---------------------------------------------------------------
Creditors of CJSC Plesetskiy Woodworking Plant have until
August 26, 2009, to submit proofs of claims to:

         B. Orishchich
         Insolvency Manager
         Udarnikov Str. 1
         Plesetsk
         164260 Arkhangelskaya
         Russia

The Arbitration Court of Arkhangelskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?05-11909/2008.

The Debtor can be reached at:

         CJSC Plesetskiy Woodworking Plant
         Udarnikov Str. 1
         Plesetsk
         164260 Arkhangelskaya
         Russia


POSEVNINSKIY MACHINE: Creditors Must File Claims by August 26
-------------------------------------------------------------
Creditors of OJSC Posevninskiy Machine-Building Plant (TIN
5440103197, PSRN 1025405425286) have until August 26, 2009, to
submit proofs of claims to:

         A. Lavrov
         Insolvency Manager
         Post User Box 406
         Zlatoust
         456219 Chelyabinskaya
         Russia

The Arbitration Court of Novosibirskaya will convene at 10:30 a.m.
on November 25, 2009, to hear bankruptcy proceedings.  The case is
docketed under Case No. ?45-19334/2008.

The Debtor can be reached at:

         OJSC Posevninskiy Machine-Building Plant
         Ostrovskogo Str. 59A
         Posevnaya
         Cherepanovskaya
         633511 Novosibirskaya
         Russia


ROS-METALL LLC: Creditors Must File Claims by August 26
-------------------------------------------------------
Creditors of LLC Ros-Metall (TIN 5725003390, PSRN 1065741016230)
(Construction Materials Manufacturing) have until August 26, 2009,
to submit proofs of claims to:

         V. Solomatin
         Insolvency Manager
         Mopra Str. 20
         302026 Orel
         Russia
         Tel: (4862)45-13-38

The Arbitration Court of Orlovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?48–5104/2008.

The Debtor can be reached at:

         LLC Ros-Metall
         Kromskiy proezd 2
         302024 Orel
         Russia


SHABROVSKIY TALC: Creditors Must File Claims by August 26
---------------------------------------------------------
Creditors of OJSC Shabrovskiy Talc Factory (TIN 6664023694, PSRN
1026605777197) have until August 26, 2009, to submit proofs of
claims to:

         S. Domas'
         Insolvency Manager
         Post User Box 717
         620000 Yekatrinburg
         Russia

The Arbitration Court of Sverdlovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?60-31028/07-S11.

The Debtor can be reached at:

         OJSC Shabrovskiy Talc Factory
         TalkovayaStr. 2a
         Shabry
         620904 Yekatrinburg
         Russia


STANKO-PROM LLC: Creditors Must File Claims by August 26
--------------------------------------------------------
Creditors of LLC Stanko-Prom (TIN 4823028947, PSRN 1064823065174)
(Wood processing Equipment) have until August 26, 2009, to submit
proofs of claims to:

         A. Zapryagaev
         Insolvency Manager
         Post User Box 12
         394038 Voronezh
         Russia

The Arbitration Court of Lipetskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?36–1890/2009.

The Debtor can be reached at:

         LLC Stanko-Prom
         9 Maya Str. 22
         Lipetsk
         398017 Lipetskaya
         Russia


STROM-NEFTE-MASH: Creditors Must File Claims by August 26
---------------------------------------------------------
Creditors of LLC Strom-Nefte-Mash (1033302007551) (Machinery) have
until August 26, 2009, to submit proofs of claims to:

         Ye.Osaulenko
         Insolvency Manager
         Post User Box 782
         167000 Sykhtyvkar
         Russia

The Arbitration Court of Kostromskaya will convene on November 5,
2009, to hear bankruptcy proceedings on the company.  The case is
docketed under Case No. ?31–4947/2008.

The Debtor can be reached at:

         LLC Strom-Nefte-Mash
         Vokzalnaya Str. 54
         156001 Kostroma
         Russia


UNITED AIRCRAFT: Putin Balks at Selling Assets at a Loss
--------------------------------------------------------
RIA Novosti reports Russia's prime minister criticized the
country's United Aircraft Building Corporation for selling planes
to domestic and foreign companies at a loss.

"A number of the UABC's contracts for aircraft supplies both to
domestic and foreign consumers have resulted in direct losses,
instead of profits," RIA Novosti quoted Mr. Putin as saying.

Mr. Putin, as cited by RIA Novosti, said the state corporation and
its subsidiaries owed some US$3.7 billion to creditors, and that
previous plans to pay the debt through selling unprofitable
assets, refinancing, or floating shares had failed due to the
credit crunch.  The premier, RIA Novosti discloses, instructed
relevant government departments to draft a financial
rehabilitation program for the national aircraft making sector by
October 1.

United Aircraft Building Corporation incorporates aircraft
building firms and state assets engaged in the manufacture, design
and sale of military, civilian, transport and unmanned aircraft.
The Russian government controls a 91.34% stake in the company.


VOLZHSK-PROD CJSC: Creditors Must File Claims by August 26
----------------------------------------------------------
Creditors of CJSC Volzhsk-Prod-Mash (TIN 1216011825, PSRN
1021202254072) (Machinery) have until August 26, 2009, to submit
proofs of claims to:

         G. Kazakbaev
         Insolvency Manager
         Office 47A
         Antsiferova Str. 8A
         Ioshkar-Ola
         424039 Mariy El
         Russia

The Arbitration Court of Mariy El commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No.?38–5266/2008.

The Debtor can be reached at:

         CJSC Volzhsk-Prod-Mash
         Prombaza Str. 1
         Volzhsk
         425000 Mariy El
         Russia


WOOD-PROCESSING PLANT-75: Creditors Must File Claims by August 26
-----------------------------------------------------------------
Creditors of LLC Wood-Processing Plant-75 (TIN 7537012067, PSRN
1047550001674) have until August 26, 2009, to submit proofs of
claims to:

         V. Yankov
         Insolvency Manager
         Post User Box 917
         672042 Chita-42
         Russia

The Arbitration Court of Chitinskiy will convene on November 19,
2009 to hear bankruptcy proceedings on the company.  The case is
docketed under Case No. ?78-1563/2008.

The Debtor can be reached at:

         LLC Wood-Processing Plant-75
         Prirelsovaya Street
         Mogoytuy
         Mogoytuyskiy
         Zabaykalskiy
         Russia


ZAYUKOVSKIY CREAMERY: Creditors Must File Claims by August 26
-------------------------------------------------------------
Creditors of OJSC Zayukovskiy Creamery (TIN 0701000023, PSRN
1020700510456) have until August 26, 2009, to submit proofs of
claims to:

         R. Baziyeva
         Insolvency Manager
         Mechnikova Str. 155/31
         360004 Nalchik
         Russia

The Arbitration Court of Kabardino-Balkaria commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?20–2175/2008.

The Debtor can be reached at:

         OJSC Zayukovskiy Creamery
         Zavodskaya Str. 2
         Zayukovo
         Kabardino-Balkaria
         Russia


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


CRR CENTER: Claims Filing Deadline is 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

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


JOS. BETSCHART'S: Creditors Must File Claims by August 26
---------------------------------------------------------
Creditors of Jos. Betschart's Soehne AG are requested to file
their proofs of claim by August 26, 2009, to:

         Betschart-Horat Ernst
         Marktstrasse 31b
         6436 Muotathal
         Switzerland

The company is currently undergoing liquidation in Muotathal.  The
decision about liquidation was accepted at an extraordinary
general meeting held on June 4, 2009.


MGG ATELIER: Claims Filing Deadline is August 27
------------------------------------------------
Creditors of MGG Atelier GmbH are requested to file their proofs
of claim by August 27, 2009, to:

         Alois Zimmermann
         Aeschenvorstadt 13
         4010 Basel
         Switzerland

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


VEIT RAUSCH KOCHGRUBER GMBH: Claims Filing Deadline is August 27
----------------------------------------------------------------
Creditors of Veit Rausch Kochgruber GmbH are requested to file
their proofs of claim by August 27, 2009, to:

         Robert Kochgruber
         Liquidator
         Frongartenstrasse 16
         9000 St. Gallen
         Switzerland

The company is currently undergoing liquidation in St. Gallen.
The decision about liquidation was accepted by the decision of the
President of the Trading Court of St. Gallen Canton on May 6, 2009


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


ARKONA LLC: Creditors Must File Claims by August 27
----------------------------------------------------
Creditors of LLC Arkona (code EDRPOU 32596557) have until
August 27, 2009, to submit proofs of claim to:

          I. Golovachev
          Insolvency manager
          Office 347
          Heroes of Stalongrad Ave. 27-a
          04210 Kiev
          Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on June 26, 2009.  The case is docketed under
Case No. 50/424.

The Court is located at:

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

The Debtor can be reached at:

          LLC Arkona
          Office 85
          Olzhych str. 14
          04086 Kiev
          Ukraine


DELTA LLC: Creditors Must File Claims by August 26
--------------------------------------------------
Creditors of LLC Delta (code EDRPOU 24892434) have until
August 26, 2009, to submit proofs of claim to LLC Klo-Oil, the
company's insolvency manager.

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on July 14, 2009.  The case is docketed under
Case No. B3/205-09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Delta
         Kiev Str. 94
         Brovary
         07400 Kiev
         Ukraine


ELITFRUIT LLC: Creditors Must File Claims by August 26
------------------------------------------------------
Creditors of LLC Elitfruit (code EDRPOU 34021128) have until
August 26, 2009, to submit proofs of claim to:

         I. Dragun
         Insolvency Manager
         Sobornaya Str. 34/14
         33028 Rovno
         Ukraine

The Economic Court of Rovno commenced bankruptcy proceedings
against the company on July 7, 2009.  The case is docketed under
Case No. 4/19.

The Court is located at:

         The Economic Court of Rovno
         Yavornitsky Str. 59
         33001 Rovno
         Ukraine

The Debtor can be reached at:

         LLC Elitfruit
         Staritsky Str. 21-a
         33024 Rovno
         Ukraine


FEMIDA-BUSINESS LLC: Creditors Must File Claims by August 27
------------------------------------------------------------
Creditors of LLC Judicial Consulting Company Femida-Business (code
EDRPOU 34431746) have until August 27, 2009, to submit proofs of
claim to:

         I. Konstantinov
         Insolvency manager
         Office 12
         Saliutnaya Str. 17
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on June 26, 2009.  The case is docketed under
Case No. 50/428.

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 Judicial Consulting Company Femida-Business
         Oranzhereynaya Str. 3
         04112 Kiev
         Ukraine


IRINA LLC: Creditors Must File Claims by August 26
--------------------------------------------------
Creditors of LLC Irina (code EDRPOU 23571633) have until
August 26, 2009, to submit proofs of claim to LLC Klo-Oil, the
company's insolvency manager.

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on July 14, 2009.  The case is docketed under
Case No. B3/206-09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Irina
         Kiev Str. 227
         Brovary
         07400 Kiev
         Ukraine


JETTA LLC: Creditors Must File Claims by August 27
--------------------------------------------------
Creditors of LLC Jetta (code EDRPOU 34431442) have until
August 27, 2009, to submit proofs of claim to:

         A. Demchuk
         Insolvency manager
         Office 12
         40 years of October avenue 106/2
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on June 5, 2009.  The case is docketed under
Case No. 50/372.

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 Jetta
         Oranzhereynaya Str. 3
         04112 Kiev
         Ukraine


MAXIMAGROUP LTD: Creditors Must File Claims by August 27
--------------------------------------------------------
Creditors of LLC Maximagroup Ltd. (code EDRPOU 24365812) have
until August 27, 2009, to submit proofs of claim to:

         O. Yatsiv
         Insolvency manager
         Office 116
         P. Tichina Ave. 12-b
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on June 23, 2009.  The case is docketed under
Case No. 44/465-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 Maximagroup Ltd.
         Yaroslavov Val Str. 19
         01034 Kiev
         Ukraine


PHARMASVIT LLC: Creditors Must File Claims by August 26
-------------------------------------------------------
Creditors of LLC Pharmasvit (code EDRPOU 34821756) have until
August 26, 2009, to submit proofs of claim to:

         Post Office Box 166
         03087 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on June 2, 2009.

The Court is located at:

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

The Debtor can be reached at:

         LLC Pharmasvit
         Artem Str. 37-41
         Kiev
         Ukraine


POLYGRAPHIC MACHINES: Creditors Must File Claims by August 26
-------------------------------------------------------------
Creditors of OJSC Romny Plant of Polygraphic Machines (code EDRPOU
00243168) have until August 26, 2009, to submit proofs of claim
to:

         G. Sidorenko
         Shevchenko boulevard 7/5
         Romny
         42000 Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy proceedings
against the company on July 6, 2009.  The case is docketed under
Case No. 6/54-06.

The Court is located at:

         The Economic Court of Sumy
         Shevchenko Ave. 18/1
         40477 Sumy
         Ukraine

The Debtor can be reached at:

         OJSC Romny Plant of Polygraphic Machines
         Zheleznodorozhnaya Str. 143
         Romny
         42007 Sumy
         Ukraine


ROSRESOURCE LLC: Creditors Must File Claims by August 27
--------------------------------------------------------
Creditors of LLC Trading House Rosresource (code EDRPOU 31940799)
have until August 27, 2009, to submit proofs of claim to:

         V. Makarichev
         Insolvency Manager
         Office 7
         Poznanskaya Str. 7
         61118 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company.  The case is docketed under Case No. B-50/81-
09.

The Court is located at:

          The Economic Court of Kharkov
          Svoboda Square 5
          61022 Kharkov
          Ukraine

The Debtor can be reached at:

          LLC Trading House Rosresource
          50 years of VLKSM Str. 56
          61153 Kharkov
          Ukraine


START LLC: Creditors Must File Claims by August 27
--------------------------------------------------
Creditors of LLC Start (code EDRPOU 23506452) have until
August 27, 2009, to submit proofs of claim to:

         A. Demchuk
         Insolvency manager
         Office 12
         40 years of October Ave. 106/2
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on June 5, 2009.  The case is docketed under
Case No. 50/375.

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 Start
         Office 75
         Grekov Str. 15
         04060 Kiev
         Ukraine


TOKAREVSKOYE LLC: Creditors Must File Claims by August 27
---------------------------------------------------------
Creditors of LLC Tokarevskoye (code EDRPOU 30957293) have until
August 27, 2009, to submit proofs of claim to:

         V. Lialiuk
         Insolvency Manager
         Office 1
         Mariinskaya Str. 7
         61004 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company on July 8, 2009.  The case is docketed under
Case No. B-39/134-09.

The Court is located at:

         The Economic Court of Kharkov
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         LLC Tokarevskoye
         Goptovka
         Kharkov
         Ukraine


TRANSEXPO LLC: Creditors Must File Claims by August 27
----------------------------------------------------
Creditors of LLC Transexpo (code EDRPOU 01201456) have until
August 27, 2009, to submit proofs of claim to:

         V. Letskan
         Insolvency manager
         Office 42
         Dovzhenko Str. 16-v
         03057 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on June 26, 2009.  The case is docketed under
Case No. 50/429.

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 Transexpo
         B. Hmelnitsky Str. 2
         Kiev
         Ukraine


UKRNAFTARESERVE LLC: Creditors Must File Claims by August 26
------------------------------------------------------------
Creditors of LLC Ukrnaftareserve (code EDRPOU 31785883) have until
August 26, 2009, to submit proofs of claim to LLC Klo-Oil, the
company's insolvency manager.

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on July 14, 2009.  The case is docketed under
Case No. B3/204-09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Ukrnaftareserve
         Office 48
         Independency Str. 6-a
         Brovary
         07400 Kiev
         Ukraine


WHITE STONE: Creditors Must File Claims by August 27
----------------------------------------------------
Creditors of LLC White Stone Group (code EDRPOU 33696350) have
until August 27, 2009, to submit proofs of claim to:

         I. Golovachev
         Insolvency manager
         Office 347
         Heroes of Stalongrad Ave. 27-a
         04210 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on June 26, 2009.  The case is docketed under
Case No. 50/425.

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 White Stone Group
         Oranzhereynaya Str. 3
         04112 Kiev
         Ukraine


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


AMS-WELLPICT: To Go Into Administration
---------------------------------------
Fresh Plaza, citing hortweek.com, reports that AMS-WellPict
European is going into administration.

The report relates the company filed a notice of intention to
appoint an administration.  It declined to give details of its
decision.

According to the report, signs that the company had fallen on
difficult times were evident last year when one of its suppliers,
Worcestershire-based Starlight Growers, went into liquidation.

Based in Worcestershire, AMS-WellPict European grew, packed and
marketed fruit.


CAPITAL & REGIONAL: To Raise GBP70MM in Discounted Share Placing
----------------------------------------------------------------
Daniel Thomas at The Financial Times reports that Capital &
Regional plc is to raise almost GBP70 million (US$115 million)
through a deeply discounted placing and open offer.

According to the FT, the company, which manages and invests in
three UK property funds, intends to raise GBP69.2 million, with
GBP23.5 million secured through a firm placing to Parkdev, a South
African asset manager.  The remaining GBP45.7 milion will be
raised through an underwritten firm placing and placing with open
offer of GBP45.7 million, the FT says.

                         Banking Covenants

The FT relates Capital & Regional, which has been badly affected
by the downturn in the value of property over the past two years,
has also renegotiated a number of its credit facilities that will
increase the headroom under its banking covenants.  With net asset
values hit hard, the company and the funds have been required to
obtain waivers, or to renegotiate banking covenants, the FT notes.

Scott Reid at The Scotsman reports Capital & Regional said the
total value of property under management had sunk to GBP3.2
billion in June from GBP5.3 billion a year earlier, while net
assets dropped from GBP493 million to just GBP51 million.

                              Loss

The company, the Scotsman discloses, posted a first-half loss of
GBP135 million, although the figure was less than the GBP201
million shortfall recorded a year earlier and 2008 full-year
losses of GBP502 million.

Capital & Regional plc -- http://www.capreg.com/-- operates as a
co-investing property asset manager.  The Company manages property
assets for funds, in which it holds a significant stake.  It
operates in the retail and leisure sectors.  The Company operates
asset businesses and earnings businesses.  Asset businesses
comprise its investments in property funds and joint ventures, and
its wholly owned properties, in both the United Kingdom and
Germany.  Earnings businesses comprise its property management
teams, which manage the funds and German joint venture, and SNO!
zone.  The Company's subsidiary, Capital & Regional Property
Management Limited, earns fees from managing the funds and joint
ventures.  Its income arises principally from management contracts
on The Mall, The Junction and X-Leisure funds.  SNO!zone is a real
snow indoor ski slope operating business, based at three sites in
the Company's properties at Milton Keynes, Castleford and
Braehead.


GLASTONBURY FINANCE: S&P Junks Ratings on Two Classes of Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on the class B, C, D, E,
and F notes issued by Glastonbury Finance 2007-1 PLC.  At the same
time, S&P affirmed its credit ratings on the class X, A-1, and A-2
notes.

On July 2, S&P placed the class B to E notes on CreditWatch
negative following S&P's preliminary review of the effect of
recent developments in European collateralized debt obligations
with commercial mortgage-backed securities exposures and S&P's
revised assumptions for the treatment of structured finance assets
on CreditWatch and held within CDO portfolios.

The rating actions reflect S&P's view that the deteriorating
credit quality of the transaction's underlying assets has
increased uncertainty over the timing and level of cash flows from
the pool.  S&P has therefore lowered its ratings on the class B to
F notes to take into account what S&P considers to be heightened
risks that cash flows from the pool may not be sufficient to fully
repay those classes.

Structural features in the transaction tend to mitigate the risk
to senior noteholders from uncertain future cash flows from the
pool.  For this reason, S&P's assessment of the risk of nonpayment
of principal and interest to the class X, A-1, and A-2 noteholders
is, in S&P's opinion, still limited and currently remains
commensurate with S&P's 'AAA' rating.  S&P has therefore affirmed
the ratings on these notes.

Glastonbury Finance 2007-1 is an arbitrage cash flow CDO of CMBS
managed by Palatium Investment Management.  The transaction closed
in April 2007.

                            Ratings List

                  Glastonbury Finance 2007-1 PLC
                GBP354 Million Floating-Rate Notes

       Ratings Lowered and Removed From Creditwatch Negative

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

                         Ratings Affirmed

                       Class        Rating
                       -----        ------
                       X            AAA
                       A-1          AAA
                       A-2          AAA


KEYDATA INVESTMENT: PwC Confirms Missing GBP103 Mil. Is Gone
------------------------------------------------------------
Daily Telegraph's Paul Farrow reports that PricewaterhouseCoopers,
the administrator of Keydata Investment Services Ltd., has
confirmed that GBP103 million of missing money "has gone".

The report says investors with money in Keydata Secure Income Bond
1, 2 and 3, which had been invested with SLS Capital, a
Luxembourg-incorporated firm, will be relying on compensation from
the Financial Services Compensation Scheme.  The report recalls
PwC discovered in June that SLS Capital's underlying assets had
been "liquidated and may have been misappropriated".

According to the report, the administrator now says there is no
chance of getting those assets back and that the investors
concerned will have to wait until the FSCS declares Keydata "in
default" before any compensation is considered.  The report states
if Keydata is declared in default, investors can be recompensed up
to a maximum of GBP48,000 -- 100% of the first GBP30,000 and 90%
of the next GBP20,000.

The report notes PwC said around 20 products, including Extra
Income Plans 14-19, had now been given the all-clear and would
keep their Isa status.

Dan Schwarzmann and Mark Batten of PricewaterhouseCoopers LLP were
appointed joint administrators of KIS on June 8, 2009.  The
appointment was made based on an application to court by the FSA
on insolvency grounds.

KIS designs, distributes and administers structured investment
products.  KIS operates from three locations, being London,
Glasgow and Reading and administers its own products as well as
portfolios for third parties.


LEHMAN BROTHERS: U.K. Judgement to Delay Return of Funds, Says PwC
------------------------------------------------------------------
PricewaterhouseCoopers LLP said that the U.K. High Court on August
21 handed down its judgement in relation to the application made
by the Joint Administrators of Lehman Brothers International
(Europe) to establish whether the court had jurisdiction to
sanction the proposed scheme of arrangement under Part 26 of the
Companies Act 2006.

The scheme of arrangement, as currently proposed, seeks to modify
certain rights of clients whose property is held on trust by LBIE
and the judge held that the court has no jurisdiction to sanction
a scheme which modifies affected clients in this manner.

This ruling impacts the ability of LBIE's administrators to
implement the proposed scheme in its current form and could
further delay the administrators' ability to return assets to many
of LBIE's clients.

Steven Pearson, Joint Administrator, PricewaterhouseCoopers LLP,
said, "The proposed scheme sought to significantly reduce the
period clients have to wait before they get their assets back.
This judgement is disappointing as it could create further delay
for many of LBIE's clients.  Together with our legal advisors and
creditor working group, we will carefully analyse this judgement
to assess whether to make an appeal.  We will also be considering
the extent to which the structure of the scheme can be modified to
address the issues highlighted by the ruling."

In July this year the Joint Administrators advised clients that in
the absence of a scheme it could take some years to return all
assets to clients.  Over the past nine months some US$13b billion
of assets has already been returned as a result of bilateral
negotiations and those efforts will continue unaffected, in
parallel with development of the scheme initiative.

Steven Pearson, Joint Administrator, PricewaterhouseCoopers LLP,
said, "While this is a setback, I am determined to find a way to
get these assets back to clients as soon as possible."

                       Decade-Long Delay

According to Bloomberg, the scheme of arrangement would have
allowed PwC to stop accepting creditor claims on a specific date.
Tony Lomas, the PwC partner in charge of the U.K. administration,
had said before the court setback, he planned on distributing
assets early next year.  "I don't know about decades plural, but
it will take a decade" without a scheme of arrangement, Mr. Lomas
said in the interview at PwC's offices in London on Aug. 20.

                      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)


NORTHERN ROCK: Pibs Lose 80% of Value After Coupon Deferral
-----------------------------------------------------------
Richard Evans at the Daily Telegraph reports that private
investors who bought permanent interest-bearing shares or Pibs in
Northern Rock plc when the state-owned bank was a building society
have seen their investments lose 80% of their value following the
bank's decision to suspend interest payments.

According to the report, the Pibs, which were issued in 1994 at
100p, are now worth just 20p, having seen their price fall by 65pc
from 57p following the bank's announcement last week that it would
suspend interest payments on various debt securities .

The report relates an industry source said some private investors
might have been attracted to Northern Rock's Pibs because they
assumed that state ownership made interest payments guaranteed.

On Aug. 20, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported Northern Rock decided to defer interest
payments on eight subordinated bonds.  Citing Simon Adamson, an
analyst at CreditSights Inc. in London, Bloomberg disclosed the
securities in pounds and dollars have an aggregate face value
totaling US$2.74 billion.  Mr. Adamson said in a note to clients
they are all undated upper Tier 2 or Tier 1 notes the bank issued
to bolster its capital ratios.

                       About Northern Rock

Headquartered in Newcastle upon Tyne, England, Northern Rock plc
-- http://www.northernrock.co.uk/-- deals with mortgages, savings
accounts, loans and insurance.  The company also promotes secured
loans to its existing mortgage customers.  The company had more
than US$200 billion in assets at the end of June 2007.

                           *     *     *

On Aug. 21, 2009, the Troubled Company Reporter-Europe, reported
Fitch Ratings 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.

As reported in the Troubled Company Reporter-Europe on Aug. 21,
2009, 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.


PREFERRED RESIDENTIAL: S&P Cuts Rating on Class E Notes to 'B-'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit rating on the class D1c notes
issued by Preferred Residential Securities 05-1 PLC.  At the same
time, S&P lowered the rating on the class E notes and affirmed the
other notes.

Although the arrears reported in the June investor report have
improved since the March report, arrears and losses are still
above S&P's nonconforming index at a similar seasoning.  Total
arrears in June represented 39.72% of the portfolio and cumulative
losses represented 2.07% of the original pool balance.
Repossessions, though lower than for last quarter, are still high.
As of the June investor report, loans in repossession represented
6.64% of the pool balance.

The deal has also experienced small reserve fund draws for the
second quarter.

S&P's credit and cash flow analysis of the latest loan-level data
has shown that the credit enhancement available to the class D and
E notes is no longer commensurate with the current ratings.

On May 6, S&P lowered the rating on the class E notes to 'B' from
BB/Watch Neg and removed the class B1a and B1c notes from
CreditWatch positive and affirmed them.  At the same time, S&P
affirmed the ratings on the class A2c and C1c notes.

This transaction closed in April 2005.  The collateral is a pool
of first-ranking U.K. mortgages originated by Preferred Mortgages
Ltd.

                            Ratings List

            Preferred Residential Securities 05-1 PLC
      EUR188.0 Million and GBP271.2 Million Mortgage-Backed
                          Floating Notes

       Rating Lowered and Removed From CreditWatch Negative

                                   Rating
                                   ------
                  Class       To            From
                  -----       --            ----
                  D1c         BB            BBB/Watch Neg

                          Rating Lowered

                                   Rating
                                   ------
                  Class       To            From
                  -----       --            ----
                  E           B-            B

                         Ratings Affirmed

                        Class       Rating
                        -----       ------
                        A2c         AAA
                        B1a         AA
                        B1c         AA
                        C1c         A


SERVICES LTD: Placed Into Administration
----------------------------------------
Greg Pitcher at CNplus reports that Services (DAC) Ltd (Realm), a
special purpose vehicle for a Ministry of Defence public-private
partnership project, has been placed into administration.

Realm is responsible for the provision, management and maintenance
of the Defence Animal Centre in Leicestershire.

Citing Infrastructure Journal, CNplus discloses BDO Stoy Hayward
has been appointed to negotiate terms with the MoD on an
"outstanding dispute" at the center in Leicestershire.  The
dispute is understood to relate to the provision of kennelling for
canines trained at the DAC, CNplus says.


* National Insolvency Statistics Show Rise in Bankruptcies, IVAs
----------------------------------------------------------------
The latest national statistics survey for insolvency, outlined a
rise in the number of recorded bankruptcies and also identified
that the number of people seeking an IVA is increasing.  Chris
Moat, CEO of debt advisory service ClearStart, comments on the
significance and implications of these latest stats and growing
trends in debt management.  In addition, he also provides an
insight into the differences, benefits and misconceptions that
exist between IVAs and filing for bankruptcy and why the UK
consumer is typically opting for one of these options to ease
their debt problems.

"The latest statistics show a clear divergence in the way
consumers are dealing with their debt.  The figures show a record
number of individual bankruptcies and Debt Relief Orders being
declared over the second quarter of 2009, coupled with an increase
in the take up of IVAs.

"The figures highlight the extent to which consumers and creditors
have begun to accept Individual Voluntary Arrangements as a viable
product and alternative to bankruptcy.  If this trend continues it
will help lenders regain confidence in increasing access to credit
at competitive rates.  However, Bankruptcies are still seen an
easy option for consumers, particularly following the introduction
of Debt Relief Orders in April this year which now allow consumers
who have under Pounds Sterling 15,000 of unsecured debt to file
for bankruptcy using a low cost but fast track process.

"Whilst bankruptcy may sound like an easy option for consumers, in
that quite often debts are considered satisfied within 12 months,
bankruptcy can limit employment prospects, ruling out roles in
parts of the financial services sector; the forces; and
directorships. Additionally, there is the stigma of bankruptcy
which can continue for 6 years and financial exclusion is a
certainty with access to credit denied

"Perhaps of more concern in the longer term, however, is the fact
that as bankruptcy grows in popularity it will provoke lenders to
become increasingly risk averse to lending to higher risk
consumers and interest rates charged will continue to be
disconnected from bank base rates as lenders build in the cost of
non repayment of loans into their pricing. Both of these factors
give rise to the prospect of consumers having to turn to
increasingly expensive means of obtaining credit such as pay day
loans or sub prime loans offered by specialists.

"Individual Voluntary Arrangements strike a balance between
supporting consumers who are suffering financial hardship by
offering some debt forgiveness in return for a commitment from
consumers to keep up a regular repayment plan. Under an IVA
mortgage and rental repayments are prioritised and so consumers
can be confident that they will protect their home.

"The repayment amounts are set with reference to a common
financial statement which ensures consumers have sufficient
allowance for normal living costs. Should income or expenditure
vary for unavoidable reasons during the term of the IVA,
insolvency practitioners can make proposals to modify the IVA.
This ensures financial hardship is avoided throughout the life of
the IVA.

"The rise in IVAs suggests that consumers are beginning to address
their debt problems at an earlier stage which is the best
recommendation which can be given to anyone struggling with their
finances.

"By doing so consumer options to solve debt problems are much
wider, often providing access to less severe solutions such as
refinancing; debt management plans or IVAs.  Whilst these
solutions will mean that consumers need to make at least partial
repayment of their debt, they will also help them keep their
options open.

"In order to avoid financial exclusion and for consumers to keep
their job prospects as wide as possible it is important that free
impartial advice is sought as soon as consumers feel they are in
financial difficulty. By doing so their options to solve debt
problems will be much wider with options such as refinancing; debt
management plans or IVAs perhaps being a possibility. Whilst these
solutions will mean that consumers need to make some at least
partial repayment of their debt, they will also help them keep
their options open.

"It is vital that consumers are given the correct advice and are
aware of the products and services available. ClearStart provides
a wide range of debt solutions including free to client debt
management plans and individual voluntary arrangements.  By
gaining control of your finances early, this can often be the
difference between keeping a roof over your head and losing your
home. This is clearly a key consideration of customers and we have
seen a 20% increase in the proportion of home owners seeking help
from us over the last 2 years.

"To ensure that consumers receive prompt help when in financial
difficulty ClearStart provides immediate debt advice during normal
business hours, there is no need to book an appointment a single
phone call will result in immediate assistance."

ClearStart aims to help solve debt problems rather than allowing
them to perpetuate.  Recommendations are based on the individual
situation and all advice is free.  The Web site
http://www.ClearStart.org/offers practical advice for people and
provides an online application form or there is a ClearStart
freephone telephone helpline available on 0800 988 9345.


* BOND PRICING: For the Week August 17 to August 21, 2009
---------------------------------------------------------

Issuer                   Coupon  Maturity   Currency  Price
------                   ------  --------   --------  -----

AUSTRIA
-------
ERSTE GROUP         AS   8.000  8/31/2009     EUR   70.74
HTM SPORT FREIZE    AS   8.500   2/1/2014     EUR   30.50
HTM SPORT FREIZE    AS   8.500   2/1/2014     EUR   30.50
IMMOFINANZ          AS   1.250 11/19/2017     EUR   61.69
IMMOFINANZ IMMOB    AS   2.750  1/20/2014     EUR   62.78
KOMMUNALKREDIT      AS   0.500  3/15/2019     CAD   62.97
OESTER VOLKSBK      AS   5.450   8/2/2019     EUR   63.19
OESTER VOLKSBK      AS   4.810  7/29/2025     EUR   47.88
OESTER VOLKSBK      AS   5.270   2/8/2027     EUR   90.21

BELGIUM
-------
FORTIS BANK         BE   8.750  12/7/2010     EUR   25.65

CYPRUS
------
INTERPIPE LTD       CC   8.750   8/2/2010     USD   65.45

CZECH REPUBLIC
--------------
CZECH REPUBLIC      CZ   2.750  1/16/2036     JPY   54.51

FINLAND
-------
CITYCON OYJ         FI   4.500   8/2/2013     EUR   74.48
MUNI FINANCE PLC    FI   1.000 11/21/2016     NZD   70.10
MUNI FINANCE PLC    FI   1.000 10/30/2017     AUD   59.98
MUNI FINANCE PLC    FI   1.000  2/27/2018     AUD   58.76
MUNI FINANCE PLC    FI   0.500  9/24/2020     CAD   51.53
MUNI FINANCE PLC    FI   0.250  6/28/2040     CAD   21.70

FRANCE
------
AIR FRANCE-KLM      FR   4.970   4/1/2015     EUR   13.73
ALCATEL SA          FR   4.750   1/1/2011     EUR   15.93
ATARI SA            FR   4.000   4/1/2020     EUR    0.63
CALYON              FR   6.000  6/18/2047     EUR   46.86
CAP GEMINI SA       FR   2.500   1/1/2010     EUR   51.72
CAP GEMINI SOGET    FR   1.000   1/1/2012     EUR   44.16
CAP GEMINI SOGET    FR   3.500   1/1/2014     EUR   43.22
CIE FIN FONCIER     FR   3.875  4/25/2055     EUR   78.98
CLUB MEDITERRANE    FR   4.375  11/1/2010     EUR   48.71
EUROPCAR GROUPE     FR   8.125  5/15/2014     EUR   71.00
EUROPCAR GROUPE     FR   8.125  5/15/2014     EUR   72.04
LA MONDIALE         FR   5.875 10/29/2049     EUR   57.62
SOC AIR FRANCE      FR   2.750   4/1/2020     EUR   20.11

GERMANY
-------
ARCANDOR AG         GE   8.875  7/11/2013     EUR   73.35
L-BANK FOERDERBK    GE   0.500  5/10/2027     CAD   40.80
COLONIA REAL EST    GE   1.875  12/7/2011     EUR   56.93
DEPFA PFANDBRIEF    GE   5.886  2/22/2019     EUR   65.81
DEUTSCHE BK LOND    GE   3.000  5/18/2012     CHF   71.94
DEUTSCHE BK LOND    GE   3.250  5/18/2012     CHF   49.39
DEUTSCHE BK LOND    GE   1.000  3/31/2027     USD   43.55
HSH NORDBANK AG     GE   4.375  2/14/2017     EUR   62.49
HYPO REAL ESTATE    GE   4.690 12/14/2026     EUR   61.08
HYPO REAL ESTATE    GE   5.440  4/13/2034     EUR   63.16
HYPOREAL INTL AG    GE   4.560  3/28/2021     EUR   67.65
HYPOREAL INTL AG    GE   4.770  8/11/2021     EUR   68.88
HYPOREAL INTL AG    GE   4.675  9/13/2021     EUR   68.02
ESCADA AG           GE   7.500   4/1/2012     EUR   26.97
ESCADA AG           GE   7.500   4/1/2012     EUR   16.50
GOTHAER ALLG VER    GE   5.527  9/29/2026     EUR   60.80
GROHE HOLDING       GE   8.625  10/1/2014     EUR   64.41
GROHE HOLDING       GE   8.625  10/1/2014     EUR   62.75
IKB DEUT INDUSTR    GE   4.500   7/9/2013     EUR   72.61
IKB DEUT INDUSTR    GE   5.670  2/27/2023     EUR   73.94
IKB DEUT INDUSTR    GE   5.760  3/31/2023     EUR   74.52
IKB DEUT INDUSTR    GE   4.080 12/20/2035     EUR   73.53
IWKA FINANCE        GE   3.750  11/9/2011     EUR   73.89

ICELAND
-------
GLITNIR BANKI HF    IC   6.693  6/15/2016     USD    6.98

IRELAND
-------
ALFA BANK           IR   8.625  12/9/2015     USD   87.18
ALLIED IRISH BKS    IR   7.875   7/5/2023     GBP   73.25
ALLIED IRISH BKS    IR   5.250  3/10/2025     GBP   55.13
ALLIED IRISH BKS    IR   5.625 11/29/2030     GBP   52.18
BANESTO FINANC      IR   6.120  11/7/2037     EUR    6.12
BANK OF IRELAND     IR   4.875  1/22/2018     GBP   69.72
DEPFA ACS BANK      IR   2.125 10/13/2017     CHF   95.77
DEPFA ACS BANK      IR   0.500   3/3/2025     CAD   34.34
DEPFA ACS BANK      IR   5.250  3/31/2025     CAD   73.85
DEPFA ACS BANK      IR   3.250  7/31/2031     CHF   94.22
DEPFA ACS BANK      IR   4.900  8/24/2035     CAD   69.73
DEPFA ACS BANK      IR   5.125  3/16/2037     USD   65.97
DEPFA ACS BANK      IR   5.125  3/16/2037     USD   65.97
DEPFA BANK PLC      IR  11.000   2/7/2011     BRL   72.40
IRISH LIFE & PER    IR   4.625   5/9/2017     EUR   62.17
IRISH NATIONWIDE    IR  13.000  8/12/2016     GBP   74.16
UT2 FUNDING PLC     IR   5.321  6/30/2016     EUR   47.28

ITALY
-----
CIR SPA             IT   5.750 12/16/2024     EUR   74.60
COMUNE DI MILANO    IT   4.019  6/29/2035     EUR   71.79

LUXEMBOURG
----------
BREEZE              LX   4.524  4/19/2027     EUR   91.63
CODERE FIN LUX      LX   8.250  6/15/2015     EUR   70.50
CODERE FIN LUX      LX   8.250  6/15/2015     EUR   70.96
CRC BREEZE          LX   5.290   5/8/2026     EUR   68.23
GLENCORE FINANCE    LX   7.125  4/23/2015     EUR   96.92
HELLAS III          LX   8.500 10/15/2013     EUR   62.01
IT HOLDING FIN      LX   9.875 11/15/2012     EUR   21.96

NETHERLANDS
-----------
AIR BERLIN FINAN    NE   1.500  4/11/2027     EUR   67.00
ABN AMRO BANK NV    NE   3.375  8/15/2031     CHF   98.45
ABN AMRO BANK NV    NE   6.000  3/16/2035     EUR   67.28
ABN AMRO BANK NV    NE   7.540  6/29/2035     EUR   60.78
ALB FINANCE BV      NE   9.000 11/22/2010     USD   23.48
ALB FINANCE BV      NE   7.875   2/1/2012     EUR   22.44
ALB FINANCE BV      NE   9.250  9/25/2013     USD   22.95
ASTANA FINANCE      NE   9.000 11/16/2011     USD   18.97
BLT FINANCE BV      NE   7.500  5/15/2014     USD   61.00
BK NED GEMEENTEN    NE   0.500  6/27/2018     CAD   69.44
BK NED GEMEENTEN    NE   0.500  2/24/2025     CAD   44.68
GIVAUDAN NEDER      NE   5.375   3/1/2010     CHF   74.51
GMAC INTL FIN BV    NE   5.000  8/15/2010     EUR   74.38
HALYK SAVINGS BK    NE   7.250   5/3/2017     USD   74.92
HEIDELCEMENT FIN    NE   5.625   1/4/2018     EUR   75.35
INDAH KIAT INTL     NE  11.875  6/15/2002     USD    7.13
ING BANK NV         NE   4.200 12/19/2035     EUR   69.58
IVG FINANCE BV      NE   1.750  3/29/2017     EUR   50.31
KAZKOMMERTS FIN     NE   8.625  7/27/2016     USD   54.25
KAZKOMMERTS FIN     NE   8.500  6/13/2017     USD   53.92
KAZKOMMERTS INTL    NE   5.125  3/23/2011     EUR   69.94
KAZKOMMERTS INTL    NE   7.625  2/13/2012     GBP   66.83
KAZKOMMERTS INTL    NE   8.500  4/16/2013     USD   67.38
KAZKOMMERTS INTL    NE   7.875   4/7/2014     USD   64.37
KAZKOMMERTS INTL    NE   8.000  11/3/2015     USD   64.83
KAZKOMMERTS INTL    NE   7.500 11/29/2016     USD   61.04
KAZKOMMERTS INTL    NE   7.500 11/29/2016     USD   60.69
KAZKOMMERTS INTL    NE   6.875  2/13/2017     EUR   56.71
KBC IFIMA NV        NE   6.004   2/7/2025     USD   62.25
MAGYAR TELECOM      NE  10.750  8/15/2012     EUR   74.74
TURANALEM FIN BV    NE   7.125 12/21/2009     GBP   19.50
TURANALEM FIN BV    NE   7.875   6/2/2010     USD   19.00
TURANALEM FIN BV    NE   6.250  9/27/2011     EUR   17.49
TURANALEM FIN BV    NE   7.750  4/25/2013     USD   18.47
TURANALEM FIN BV    NE   8.000  3/24/2014     USD   17.50
TURANALEM FIN BV    NE   8.500  2/10/2015     USD   18.45
TURANALEM FIN BV    NE   8.250  1/22/2037     USD   17.45

NORWAY
------
EKSPORTFINANS       NO   0.500   5/9/2030     CAD   34.56

SPAIN
-----
BALEAR GOV'T        SP   4.063 11/23/2035     EUR   74.45
COMUN AUTO CANAR    SP   3.900 11/30/2035     EUR   72.53
GENERAL DE ALQUI    SP   2.750  8/20/2012     EUR   50.85
JUNTA ANDALUCIA     SP   4.250 10/31/2036     EUR   74.86

SWITZERLAND
-----------
CYTOS BIOTECH       SZ   2.875  2/20/2012     CHF   54.67

UNITED KINGDOM
--------------
3I GROUP PLC        EN   5.750  12/3/2032     GBP   74.63
ALPHA CREDIT GRP    EN   2.940   3/4/2035     JPY   68.64
AMDOCS LIMITED      GS   0.500  3/15/2024     USD   74.00
AMLIN PLC           EN   6.500 12/19/2026     GBP   75.94
ANGLIAN WAT FIN     EN   2.400  4/20/2035     GBP   56.47
BANK OF SCOTLAND    EN   6.000  2/22/2017     EUR   73.33
BANK OF SCOTLAND    EN   2.860 12/13/2021     CHF   74.37
BANK OF SCOTLAND    EN   2.340 12/28/2026     JPY   69.32
BANK OF SCOTLAND    EN   2.408   2/9/2027     JPY   69.59
BANK OF SCOTLAND    EN   2.359  3/27/2029     JPY   65.77
BARCLAYS BK PLC     EN  11.650  5/20/2010     USD   46.38
BARCLAYS BK PLC     EN   7.610  6/30/2011     USD   49.91
BRADFORD&BIN BLD    EN   7.625  2/16/2010     GBP    4.00
BRADFORD&BIN BLD    EN   5.500  1/15/2018     GBP    5.99
BRADFORD&BIN BLD    EN   5.750 12/12/2022     GBP    5.17
BRADFORD&BIN PLC    EN   6.625  6/16/2023     GBP    6.98
BRADFORD&BIN BLD    EN   2.875 10/16/2031     CHF   88.35
BRADFORD&BIN BLD    EN   4.910   2/1/2047     EUR   67.69
BRIT INSURANCE      EN   6.625  12/9/2030     GBP   63.49
BRIXTON PLC         EN   6.000  9/30/2019     GBP   73.63
BROADGATE FINANC    EN   5.098   4/5/2033     GBP   67.09
CATTLES PLC         EN   7.875  1/17/2014     GBP   11.00
CITY OF KIEV        EN   8.000  11/6/2015     USD   70.64
CITY OF KYIV        EN   8.250 11/26/2012     USD   73.47
CJSC FIRST UKRAI    EN   9.750  2/16/2010     USD   70.47
CLERICAL MED FIN    EN   6.450   7/5/2023     EUR   73.18
CO-OPERATIVE BNK    EN   5.625 11/16/2021     GBP   75.10
CO-OPERATIVE BNK    EN   5.750  12/2/2024     GBP   67.70
CO-OPERATIVE BNK    EN   5.875  3/28/2033     GBP   61.78
DAILY MAIL & GEN    EN   5.750  12/7/2018     GBP   73.17
DAILY MAIL & GEN    EN   6.375  6/21/2027     GBP   66.90
EFG HELLAS PLC      EN   2.760  5/11/2035     JPY   63.31
ENTERPRISE INNS     EN   6.500  12/6/2018     GBP   76.08
ENTERPRISE INNS     EN   6.875  2/15/2021     GBP   71.58
ENTERPRISE INNS     EN   6.875   5/9/2025     GBP   72.46
ENTERPRISE INNS     EN   6.375  9/26/2031     GBP   70.42
EXIM OF UKRAINE     EN   8.400   2/9/2016     USD   79.45
F&C ASSET MNGMT     EN   6.750 12/20/2026     GBP   61.75
FORD CRED EUROPE    EN   7.125  1/15/2013     EUR   87.20
GREENE KING FIN     EN   5.106  3/15/2034     GBP   74.53
GREENE KING FIN     EN   5.702 12/15/2034     GBP   58.14
HANSON LTD          EN   6.125  8/15/2016     USD   77.50
HBOS PLC            EN   6.750  5/21/2018     USD   85.40
HBOS PLC            EN   4.500  3/18/2030     EUR   62.02
HBOS PLC            EN   6.000  11/1/2033     USD   69.92
HBOS PLC            EN   6.000  11/1/2033     USD   69.92
INEOS GRP HLDG      EN   7.875  2/15/2016     EUR   43.25
INEOS GRP HLDG      EN   7.875  2/15/2016     EUR   41.81
INEOS VINYLS FIN    EN   9.125  12/1/2011     EUR   59.75
INEOS VINYLS FIN    EN   9.125  12/1/2011     EUR   59.75
NBG FINANCE PLC     EN   2.755  6/28/2035     JPY   65.78
PRUDENTIAL BANK     EN   6.875 12/29/2021     GBP   70.06
UNIQUE PUB FIN      EN   7.395  3/28/2024     GBP   72.32
UNIQUE PUB FIN      EN   5.659  6/30/2027     GBP   74.63
UNIQUE PUB FIN      EN   6.464  3/30/2032     GBP   58.70

                            *********

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

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

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

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

                            *********


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

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

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

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