TCREUR_Public/090902.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Wednesday, September 2, 2009, Vol. 10, No. 173

                            Headlines

A U S T R I A

ALINA TRADE GMBH: Claims Filing Deadline is September 7
COMO TEXTILHANDELS: Creditors Must File Claims by September 7
DIETACHMAIR TROCKENAUSBAU: Claims Filing Deadline is September 7
EXACT GMBH: Claims Filing Deadline is September 7
FIT-ZEL FAHRZEUGBAU: Creditors Must File Claims by September 7

MASTER'S SPORT: Creditors Must File Claims by September 17
SOLU-TEC FENSTER: Claims Filing Deadline is September 7


D E N M A R K

FIONIA BANK: Nordea Inks EUR121 Mil. Acquisition Deal with Denmark


F R A N C E

MECACHROME INT'L: Restructuring Plan Gets Canada Court Nod


G E R M A N Y

ARCANDOR AG: Insolvency Proceedings Formally Opened
ARCANDOR AG: Talks on Extending Quelle Credit Line Under Way
ESCADA AG: KPMG Will Assist Talks With Potential Buyers
ESCADA AG: US Unit's Meeting of Creditors Slated for September 24
GENERAL MOTORS: RHJ Increases Offer for Opel Unit

HCI CAPITAL: Posts Wider 1H09 Loss; Renews Financing Agreements
PROMISE-I MOBILITY: Fitch Keeps 'BB+'-Rated Class E Notes on RWN


I C E L A N D

EIMSKIPAFELAG ISLANDS: Court Confirms Composition Agreement
LANDSBANKI ISLANDS: Iceland to Compensate Icesave Savers


I R E L A N D

SMART TELECOM: Enters Into Examinership Process

* IRELAND: Lenihan Says Nationalization May Lead to Rating Cut


I T A L Y

MARIELLA BURANI: Share Trading Halted; Mazars No View on Accounts
MONTEFIBRE SPA: Auditor Expresses Going Concern Doubt
RISANAMENTO SPA: Board to Recovene to Approve Restructuring Plan
RISANAMENTO SPA: Has Until Sept. 9 to Present Restructuring Plan


K A Z A K H S T A N

ASIA STROY: Creditors Must File Claims by September 5
EURO ASIA: Creditors Must File Claims by September 5
FINANSOVOYE AGENSTVO: Creditors Must File Claims by September 5
GASAP PAVLODAR: Creditors Must File Claims by September 5
INTER PLASTIC: Creditors Must File Claims by September 5

KAZ MUNAI: Creditors Must File Claims by September 5
SERVICE SNUB: Creditors Must File Claims by September 5
TASU LLP: Creditors Must File Claims by September 5
VITA TAXI: Creditors Must File Claims by September 5


K Y R G Y Z S T A N

EX MAIL: Creditors Must File Claims by September 24


L U X E M B O U R G

ORCO PROPERTY: Shareholders Meeting Scheduled for Sept. 15


N E T H E R L A N D S

LAURELIN BV: Moody's Upgrades Rating on Class D Notes to 'Ba2'


P O L A N D

PKN ORLEN: Net Income Fell 33% to PLN1.17 Bil. in Second Qtr. 2009


R O M A N I A

ROMPETROL GROUP: S&P Raises Corporate Credit Rating to 'B+'


R U S S I A

ALROSA COMPANY: Eyes Over US$2.8-Bil. Investment in New Mines
BANK SOYUZ: S&P Keeps 'B-' Rating on CreditWatch Developing
BUYLES CJSC: Creditors Must File Claims by September 7
FORD MOTOR: Production Halted at Vsevolozhsk Plant Thru Sept. 11
GENERAL MOTORS: Production Resumed at St. Petersburg Plant

PERVOURALSKIY METAL: Bankruptcy Hearing Set September 8
STROY-INVEST LLC: Creditors Must File Claims by September 7
STROY-TEKH LLC: Court Appoints Temporary Insolvency Manager


S P A I N

TDA 24: S&P Puts 'BB' Rating on Class D Notes on Watch Negative


S W I T Z E R L A N D

CLOCK FINANCE: Moody's Affirms Ratings on 2 Classes of Notes at B3
CONEVENT GMBH: Claims Filing Deadline is September 11
EHE AG: Claims Filing Deadline is September 15
SHADOW & LIGHT: Claims Filing Deadline is September 17
TIENDA AG: Creditors Must File Claims by September 15

UBS AG: IRS Formally Asks for Client Data
WICHMANN AG: Claims Filing Deadline is September 15


U K R A I N E

AGRICULTURAL TRANSPORT: Creditors Must File Claims by September 6
HASTIL LLC: Creditors Must File Claims by September 6
INDUSTRIAL WHOLE: Creditors Must File Claims by September 6
SLAVUTA LLC: Creditors Must File Claims by September 6
SOUTHPETROLEUM LLC: Court Starts Bankruptcy Supervision Procedure

STEEL LLC: Creditors Must File Claims by September 6
TECHNICAL EQUIPMENT: Creditors Must File Claims by September 6
TECHNOBUDCOMPLEX LLC: Creditors Must File Claims by September 6
UKRSID LLC: Creditors Must File Claims by September 6


U N I T E D   K I N G D O M

AAG SWEPCO: In Administration; Around 130 Jobs Affected
BIFROST INVESTMENTS: Moody's Cuts Ratings on 3 Notes to 'Caa3'
BLUESTONE SECURITIES: Fitch Cuts Ratings on Three Tranches to 'CC'
CAIRN CPDO: Moody's Confirms 'Caa2' Ratings on Two Notes Series
FSG SECURITY: In Administration; PKF Appointed

SONGBIRD ESTATES: Poised to Re-Enter Property Market After Bailout
TATA MOTORS: To Raise GBP100 Mil. of Working Capital for JLR Unit


                         *********


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


ALINA TRADE GMBH: Claims Filing Deadline is September 7
-------------------------------------------------------
Creditors of ALINA Trade GmbH have until September 7, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for September 17, 2009 at 1:20 p.m.

For further information, contact the company's administrator:

         Dr. Franz Hafner
         Marktstrasse 1
         4813 Altmuenster
         Austria
         Tel: 07612-88273 oder 89425
         Fax: 07612/88273-15
         E-mail: ra.haf-berg@aon.at


COMO TEXTILHANDELS: Creditors Must File Claims by September 7
-------------------------------------------------------------
Creditors of COMO Textilhandels GmbH have until September 7, 2009,
to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for September 17, 2009 at 1:00 p.m.

For further information, contact the company's administrator:

         Mag. Gudrun Pixner
         Mitterndorf 3
         4801 Traunkirchen
         Austria
         Tel: 07617/32534
         Fax: 07617/32534-10
         E-mail: office@ra-pixner.at


DIETACHMAIR TROCKENAUSBAU: Claims Filing Deadline is September 7
----------------------------------------------------------------
Creditors of Dietachmair Trockenausbau OHG have until September 7,
2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for September 17, 2009 at 9:30 a.m.

For further information, contact the company's administrator:

         Mag. Andreas Droop
         Kirchstrasse 4
         6900 Bregenz
         Austria
         Tel: 05574/47244
         Fax: 05574/52545
         E-mail: office@anwalts-kanzlei.at


EXACT GMBH: Claims Filing Deadline is September 7
-------------------------------------------------
Creditors of EXACT GmbH have until September 7, 2009, to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for September 17, 2009 at 1:40 p.m.

For further information, contact the company's administrator:

         Saxinger, Chalupsky & Partner Rechtsanwalte GmbH
         Edisonstrasse 1
         4600 Wels
         Austria
         Tel: 07242/65290-359
         Fax: 07242/65290-333
         E-mail: wels@scwp.at


FIT-ZEL FAHRZEUGBAU: Creditors Must File Claims by September 7
--------------------------------------------------------------
Creditors of Fit-Zel Fahrzeugbau GmbH have until September 7,
2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for September 17, 2009 at 10:00 a.m. at:

         Land Court of Wels
         Hall 101
         Wels
         Austria

For further information, contact the company's administrator:

         Dr. Martin Stossier
         Ringstrasse 4/Plobergerstraße 7
         4600 Wels
         Austria
         Tel: 07242/42605-0
         Fax: 07242/42605-20
         E-mail: stossier@ra-stossier.at


MASTER'S SPORT: Creditors Must File Claims by September 17
----------------------------------------------------------
Creditors of MASTER'S Sport GmbH have until September 7, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for September 17, 2009 at 2:00 p.m. at:

         Land Court of Wels
         Hall 101
         Wels
         Austria

For further information, contact the company's administrator:

         Mag. Guenther Eybl
         Schlagenstrasse 17
         4810 Gmunden
         Austria
         Tel: 07612/77011-0
         Fax: 07612/77011-77
         E-mail: kanzlei-eybl@aon.at


SOLU-TEC FENSTER: Claims Filing Deadline is September 7
-------------------------------------------------------
Creditors of solu-tec Fenster & Tueren GmbH have until September
7, 2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
at 09:50 a.m. on September 17, 2009.

For further information, contact the company's administrator:

         Mag. Lukas Pfefferkorn
         Schulgasse 7
         6850 Dornbirn
         Austria
         Tel: 05572/20210
         Fax: 05572/34414
         E-mail: office@ktg.at


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D E N M A R K
=============


FIONIA BANK: Nordea Inks EUR121 Mil. Acquisition Deal with Denmark
------------------------------------------------------------------
Toby Alder at Bloomberg News reports that Nordea AB agreed to pay
the Danish state EUR121 million (US$173 million) for Fionia Bank
A/S.

Bloomberg relates Nordea said in a statement Monday the
Stockholm-based lender will take control of 29 branches and 400
employees in the deal with Denmark's state-owned Financial
Stability.

Bloomberg recalls Fionia received a DKK1 billion (US$192 million)
bailout in February and its operations were taken over by the
Danish state after the Odense-based lender failed to meet solvency
requirements amid mounting loan losses.

Fionia Bank A/S, formerly Amtssparekassen Fyn A/S --
https://www.fioniabank.dk/ -- is a Denmark-based regional bank.
It is primarily engaged in the provision of banking services for
private customers, as well as small and medium-sized enterprises
(SME) in the region of Funen, central Denmark through 37 branches.
It also offers banking services for the institutional and
wholesale financing markets, and offers a range of services for
other local banks and savings banks.  The Bank has six wholly
owned subsidiaries which are engaged in property leasing.  It also
holds a 50% stake in Cura Management A/S, which provides advice on
the purchase and sale of real property, company administration and
other related activities.


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


MECACHROME INT'L: Restructuring Plan Gets Canada Court Nod
----------------------------------------------------------
Mecachrome International Inc. announced that it received, at a
hearing held earlier September 1, a sanction order from the
Superior Court of the Province of Quebec approving the Company's
proposed debt and capital restructuring plan pursuant to the
Companies' Creditors Arrangement Act and the Canada Business
Corporations Act.  The Court found that the Plan is fair,
reasonable, and in the best interests of Mecachrome and its
creditors.  At the creditors' meeting held August 26, 2009, 92.7%
of all voting creditors, and 99.5% of the total amount voted by
all creditors, voted to accept the Plan.

"We are entering the final stretch of our recapitalization
process," said Julio De Sousa, President and Chief Executive
Officer of Mecachrome.  "Once the Plan is implemented, the Company
will emerge financially stronger, poised to pursue growth
opportunities".

The Plan remains subject to certain conditions, including the
adoption by the French Court of a safeguard plan (plan de
sauvegarde) for the Company's French subsidiaries.  If these
conditions are not satisfied there can be no assurances that they
will be waived or that alternate financing will be available on
acceptable terms. The Company will advise as to the progress of
its French subsidiaries under the safeguard procedure (procédure
de sauvegarde) in France in due course.  The Company intends to
publicly announce the effective date of the Plan at least three
days in advance.  The Plan provides that the Company's existing
shares (multiple voting shares and subordinated voting shares)
will be cancelled for no consideration.

              About Mecachrome International Inc.

Mecachrome is a leader in the design, engineering, manufacture and
assembly of complex precision-engineered components for aircraft
and automotive applications, including aerostructural and aircraft
engine components, high-end automobile engine components and motor
racing engines.  Since 1937, Mecachrome has established a
significant presence and global reputation in certain high-
precision sectors of the aerospace, automotive and industrial
equipment industries, providing services primarily to original
equipment manufacturers.

Mecachrome is currently subject to Court protection under the
Companies' Creditors Arrangement Act in Canada and under similar
protection from the Courts for its French subsidiaries under the
safeguard procedure (procedure de sauvegarde) in France.

Mecachrome also initiated ancillary proceedings before
the United States Bankruptcy Court for the Central District of
California to obtain the enforcement and recognition of the
Canadian proceedings.  The U.S. Court granted Mecachrome's
Petition for recognition of foreign proceedings on August 19,
2009.

Mecachrome International Inc., et al filed for Chapter 15 with the
U.S. Bankruptcy Court for the Central District of California in
Los Angeles on June 5, 2009 (Case No. 09-24076).  The Hon. Richard
M. Neiter presides over the case.  Daniel H. Slate, Esq., at
Buchatler Nemer, reprepresents the Chapter 15 Debtors as counsel.
In its petition, the Debtors listed between US$100 million and
US$500 million in assets, and between US$500 million and US$1
billion in debts.

The documentation related the Canadian, French and U.S. court
filings is available on Ernst & Young Inc.'s Web site at
http://documentcentre.eycan.com/Pages/Main.aspx?SID=91


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


ARCANDOR AG: Insolvency Proceedings Formally Opened
---------------------------------------------------
Holger Elfes at Bloomberg News reports that a local court in Essen
formally opened insolvency proceedings for the German retailer
yesterday.

According to Bloomberg, the proceedings started for the Arcandor
holding company and for 14 units, including the Karstadt
department-store chain and Primondo mail-order division.

Separately, Bloomberg News reports Arcandor's Chief Executive
Officer Karl-Gerhard Eick will leave the company, with a guarantee
of five years' pay for six months of work.  Bloomberg notes the
company earlier said Mr. Eick will get as much as EUR15 million
(US$21 million) for the five-year contract.  According to
Bloomberg, EUR10 million is a guaranteed wage while another EUR5
million may be paid out as bonuses over the period.

Bloomberg relates the company said in an e-mailed statement Chief
Financial Officer Ruediger Guenther; Karstadt department-store
chief Stefan Herzberg; Thomas Cook Plc CEO Manny Fontenla-Novoa
and other executives will also leave.  Marc Sommer, head of the
mail-order unit Primondo, will remain, Bloomberg states.

                        About Arcandor AG

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

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


ARCANDOR AG: Talks on Extending Quelle Credit Line Under Way
------------------------------------------------------------
Natali Schwab at Dow Jones Newswires reports that talks on the
financing of the factoring business of Quelle GmbH, the mail-order
subsidiary of Arcandor AG, are set to last through the week.

According to Dow Jones, people familiar with the situation said
the financing structure for Quelle is basically in place, and
talks on extending a credit line of around EUR300 million are
under way.  Dow Jones notes a previous agreement on the
EUR300 million credit line will expire on Sept 8.

Valovis Bank, together with BayernLB and Commerzbank AG (CBK.XE),
finances Quelle's business by taking over Quelle's accounts
receivable.  Dow Jones relates a person close the banks involved
said Quelle's new financing credit will continue to be around
EUR300 million, adding the banks still have to approve it.

                        About Arcandor AG

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

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


ESCADA AG: KPMG Will Assist Talks With Potential Buyers
-------------------------------------------------------
ESCADA AG's preliminary insolvency administrator, Dr. Christian
Gerloff, has commissioned KPMG's Munich M&A divisions with the
task of preparing and accompanying negotiations with potential
investors for the women's fashion Group.  The search for investors
is to start in due course and shall be swiftly completed, ESCADA
said in a September 1 statement.

Dr. Christian Gerloff said, "Both, the Board of Management of
ESCADA AG as well as myself, have received a series of interested
queries from potential investors.  This interest indicates the
strength of the ESCADA brand.  With the assistance of KPMG we will
now examine in a structured process, which of the investors has
the short-time capacity of securing the objective of the company's
going concern."

However, according to Bloomberg, Christoph Schlienkamp, an analyst
at Bankhaus Lampe in Dusseldorf, said Escada shareholders are
unlikely to benefit from any new investment.  "If there was more
potential in Escada, an investor would have already been found,"
he said.

German daily Handelsblatt reported on Aug. 21 that financial
buyers and international companies such as LVMH Moet Hennessy
Louis Vuitton SA and PPR SA may be interested in the Escada brand.

                         About Escada AG

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

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

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

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

            http://bankrupt.com/misc/sdny09-15008.pdf


ESCADA AG: US Unit's Meeting of Creditors Slated for September 24
------------------------------------------------------------------
The U.S. Trustee for Region 2 will convene a meeting of creditors
in Escada (USA) Inc.'s Chapter 11 case on Sept. 24, 2009, at
3:00 p.m., prevailing Eastern Time.  The meeting will be held at
80 Broad Street, Fourth Floor, New York City.

This is the first meeting of creditors required under Section
341(a) of the Bankruptcy Code in all bankruptcy cases.

All creditors are invited, but not required, to attend.  This
Meeting of Creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible office of the
Debtor under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.

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

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

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

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

            http://bankrupt.com/misc/sdny09-15008.pdf


GENERAL MOTORS: RHJ Increases Offer for Opel Unit
-------------------------------------------------
Andreas Cremer and Brian Parkin at Bloomberg News report that
RHJ International SA increased its offer for General Motors Co.'s
Opel unit.

Bloomberg relates Arnaud Denis, a spokesman for the Brussels-based
investor, said in an interview yesterday that under the revised
bid, RHJ would contribute EUR300 million (US$426 million) instead
of EUR275 million.

According to Bloomberg, the offer foresees loan guarantees of
EUR3.2 billion instead of EUR3.8 billion, with repayment planned
by 2013, one year earlier.

                           State Aid

Peter Chapman at Bloomberg News reports the European Commission
said Germany may not stipulate that it will give state aid to Opel
only if it doesn't close plants in the country.

Bloomberg relates Ton Van Lierop, a commission spokesman, in a
regular briefing in Brussels on Monday said state aid can't be
subject to additional "non-commercial conditions concerning the
location of investments and/or the geographic distribution of
restructuring measures".

                       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)


HCI CAPITAL: Posts Wider 1H09 Loss; Renews Financing Agreements
---------------------------------------------------------------
Aaron Kirchfeld at Bloomberg News reports that HCI Capital AG said
its first-half loss widened to EUR36.1 million from EUR18.5
million in the year-earlier period.

Bloomberg relates HCI said Friday it succeeded in renewing
important financing agreements and in negotiating with its
principle creditors a restructuring concept.

According to Bloomberg, the company said it aims for an exemption
from all of its major contingent liabilities to banks and the
agreement is subject to all lenders agreeing to the terms.

HCI Capital AG -- http://www.hci-capital.de/-- is a German
financial services company.  The HCI Group offers investment
opportunities in the areas of ship participation funds, property
investment funds, private equity funds of funds, savings funds of
funds, secondary market life assurance funds, structured products
and closed-end funds for real estate investments.  Using
certificates, investors can participate in the logistics market
with a limited investment, without having to acquire a stake in a
shipping enterprise.  The Company operates through its affiliated
companies and wholly owned subsidiaries mostly in Germany, but
also in the United Kingdom, Switzerland, the Netherlands and the
United States.


PROMISE-I MOBILITY: Fitch Keeps 'BB+'-Rated Class E Notes on RWN
----------------------------------------------------------------
Fitch Ratings has maintained Promise-I Mobility 2005-2's notes on
Rating Watch Negative following changes to the transaction's
replenishment conditions.

Fitch has reviewed the ratings of the outstanding notes with
respect to the amendments and concluded that the amendments do not
affect the current ratings.  The amendments relate to the
replenishment conditions that reference the internal ratings of
the originator, IKB Deutsche Industriebank AG (rated
'BBB-'/'F3'/Negative).  IKB has recently revised its internal
rating system and introduced a new rating scale.

The notes issued by Promise-I Mobility 2005-2 synthetically
reference a portfolio that can replenish until 31 December 2009.

Promise-I Mobility 2005-2's ratings are:

  -- Class A+ floating rate notes: 'AAA'; RWN
  -- Class A floating rate notes: 'AAA'; RWN
  -- Class B floating rate notes: 'AA'; RWN
  -- Class C floating rate notes: 'A'; RWN
  -- Class D floating rate notes: 'BBB'; RWN
  -- Class E floating rate notes: 'BB+'; RWN


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


EIMSKIPAFELAG ISLANDS: Court Confirms Composition Agreement
-----------------------------------------------------------
The District Court of Reykjavik confirmed the composition
agreement between Hf. Eimskipafelag Islands and its creditors on
Friday, August 28, 2009.

Eimskip will pay all claims of all creditors as stipulated in the
composition proposal, which was approved by 100% of creditors on
August 14, 2009.

                   Debt-for-Equity Swap

On Aug. 19, 2009, the Troubled Company Reporter-Europe, citing The
Financial Times, reported that creditors of Eimskip unanimously
approved a plan to take over the company.  The FT disclosed
Eimksip, which employs 15,000 staff, said its 57 unsecured
creditors all agreed to swap their loans for equity, completing a
financial restructuring that would cut the company's net debt from
about EUR1.6 billion (US$2.2 billion) to EUR100 million.
Landsbanki Islands hf, the nationalized bank that is Eimskip's
biggest lender, is to become its biggest investor with 45%, the FT
said.  According to the FT, Yucaipa, the Los Angeles-based private
equity group run by billionaire Ron Burkle, would become its
second biggest shareholder after agreeing to swap part of its
loans for a 32% stake.  Eimskip, as cited by the FT, said the
restructuring would generate a recovery of 12 cents in the euro
for creditors.

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

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


LANDSBANKI ISLANDS: Iceland to Compensate Icesave Savers
--------------------------------------------------------
BBC News reports that the Icelandic parliament has agreed to
reimburse more than US$5 billion (GBP3 billion) of funds paid by
the governments of the UK and the Netherlands to compensate those
who lost money in the Icelandic online bank Icesave.

The report recalls about 400,000 savers lost their money when
Icesave's owner Landsbanki Islands hf. collapsed last year.

According to the report, the Icesave bill's passage means that the
Icelandic government has agreed to guarantee the repayment of the
GBP2.3 billion loan the UK government made last year to ensure
that none of its savers lost money.

The deal, the report discloses, was agreed in June, but was only
passed after an amendment was added setting various limits to the
payments.  The amendments will now have to be agreed by the UK and
the Netherlands, the report says.

                      About Landsbanki Islands

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

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

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


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


SMART TELECOM: Enters Into Examinership Process
-----------------------------------------------
Smart Telecom has entered into an examinership process.
John McStay, of McStay Luby Chartered Accounts has been appointed
as the Interim Examiner for the Company by the Irish Commercial
Court.

The decision to enter an examinership process is being led by the
Company's Board of Directors and supported by Smart's senior
lending group.  The initiation of the process follows the
conclusion of an extensive strategic review by the company's
financial advisors, Collins Stewart, that revealed significant
expressions of interest in the Company.

Smart is currently in advanced discussions with a small number of
third parties who have expressed interest in acquiring the entire
customer base and assets of the Company.  The Company intends to
utilize the examinership process to finalize the terms of an
investment or merger with one of the interested parties.

                      Examinership Process

Smart Telecom, advised by Collins Stewart, engaged in a thorough
strategic review of the business over the past 6 months.  During
that process, Smart received significant interest from a variety
of domestic and international telecoms companies in acquiring the
customer base and assets of the Company.

As part of the review process, however, it became clear that Smart
remained burdened by a range of legacy liabilities which inhibited
the ability of the Company to conclude a transaction or raise
additional financing, particularly in the context of the current
global financial crisis.

The Board of Directors and the Company's largest secured lending
group have determined that in order to execute a transaction,
which is in the best interest of the Company's customers,
employees, creditors and shareholders, Smart should enter an
examinership process to address the legacy liabilities within the
business.

The examinership process is designed to result in a court approved
scheme of arrangement and a Final Investment Agreement and is
limited by law to 100 calendar days.  Given the advanced stage of
negotiations with third parties, the process is expected to
conclude ahead of the 100 day time period.

                      About Smart Telecom

Smart Telecom is a provider of voice, data and media
communications services to residential, government and corporate
customers.  Smart has a national reach and operates the only "Next
Generation Network" in the country making it Ireland's most
advanced broadband provider.

Following a challenging operating period and lingering issues over
its transition from a public company, Smart completed a detailed
cost reduction and re-structuring program in the first half of
2009.  The program resulted in a reversal of operating losses and
the Company recently achieved a significant milestone in reporting
positive EBITDA in Q2 2009.  This is the first period in
which Smart has reported positive EBITDA since the company was
founded in 2000.

Smart currently serves approximately 12,000 residential and 500
corporate, government and medium sized business customers
throughout Ireland.  The examinership process should have no
impact on the underlying Smart business which will continue to
provide high quality services to its growing customer
base.

Smart consulted with the Irish Commission for Communications
Regulation (Comreg) regarding the process.

Ray Managh at Independent.ie reports the High Court was told two
significant telecom companies were prepared to inject money into
Smart Telecom in a bid to save the debt-ridden company.

Independent.ie relates Mr. Justice Kevin Feeney appointed an
interim examiner to Smart YuRoE Broadband Ltd (SYBL)
and its related companies Smart Telecom Holdings Ltd and Broadband
Communications Ltd.  The companies were granted court protection
under examinership on Monday after its landlord, Citywest Limited,
which is owed EUR80,521, last week sought to wind up Smart
Telecom.

According to Independent.ie, Mr. Lyndon McCann SC said an
independent accountant had reported that the companies had a
reasonable prospect of survival under examinership and the court
set September 9 as the date for the hearing of petitions both for
the winding up of Smart and the appointment of an examiner.


* IRELAND: Lenihan Says Nationalization May Lead to Rating Cut
--------------------------------------------------------------
Ian Guider and Colm Heatley at Bloomberg News report that Irish
Finance Minister Brian Lenihan said nationalizing the country's
lenders would hurt Ireland's credit rating.

Bloomberg relates told lawmakers at a parliament hearing in Dublin
Monday "Nationalizing the entire banking system would inevitably
result in Ireland's sovereign credit rating being downgraded from
AA."  The finance minister, as cited by Bloomberg, said "This
would result in increased debt service costs on the national debt
which the country can ill afford."

                              Bad Bank

According to Bloomberg, while the minister ruled out a "blanket
nationalization," the government may take majority stakes "in some
cases" depending on how much capital a bank may need.  The bad
bank, known as the National Asset Management Agency, plans to buy
EUR90 billion (US$129 billion) of property loans from banks in a
bid to clear their balance sheets, Bloomberg discloses.

Lawmakers will hold a full debate on the bad-bank legislation on
Sept. 16, Bloomberg notes.

Henry McDonald at guardian.co.uk reports that Mr. Lenihan told
parliament that an assumption that the banks would benefit
commercially from Nama was not correct.  "I expect Nama to make
gains over its life but I am open to examining other risk-sharing
mechanisms," guardian.co.uk quoted Mr. Lenihan as saying, adding
that any suggestion of a default on senior bank debt would be
"catastrophic".  The finance minister confirmed Nama's valuation
process will require EU commission approval.


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


MARIELLA BURANI: Share Trading Halted; Mazars No View on Accounts
-----------------------------------------------------------------
Armorel Kenna at Bloomberg News reports that Mariella Burani
Fashion Group SpA was halted in Milan trading after the company's
auditor Mazars LLP cited "significant elements of uncertainty"
about the business as a going concern following a decline in
sales.

Citing Borsa Italiana, the manager of Italy's stock exchange,
Bloomberg says Burani shares, which have fallen 75% this year,
were halted for an "undetermined period".  Bloomberg relates
Burani said Mazars couldn't express an opinion on the fashion
company's accounts.

Burani, Bloomberg states, posted a net loss of EUR142.1 million
(US$203 million) in the first half of 2009, compared with net
income of EUR4 million a year earlier, while revenue fell 24% to
EUR246.1 million.

                         Debt Restructuring

Bloomberg recalls Burani requested a standstill agreement from
creditors in May to allow it to halt loan payments as it
restructures debt.  According to Bloomberg, the company said
Sunday that it reached an agreement with some banks to postpone
debt payments by 24 months.

                                Talks

Burani, as cited by Bloomberg, said in a statement Monday it is in
talks with possible "industrial" partners interested in developing
the business and "financial" partners that want to provide funding
through "equity-line instruments."  The company is planning a
EUR100-million capital increase, Bloomberg says.

Mariella Burani Fashion Group SpA -- http://www.mariellaburani.it/
-- is an Italy-based company, operating in the fashion market.  It
designs, produces and distributes a range of apparel, knitwear,
leather accessories, jewelry and footwear.  The Company divides
its operation into four divisions: Clothing Division, Leather
Division, Digital Fashion and Fashion Jewellery.  The Company’s
brand portfolio comprises the Company's own brands, such as
Mariella Burani, Rene Lezard, Amuleti J, Blossom Burani, Ter et
Bantine, Braccialini, FrancescoBiasia, Baldinini, Coccinelle,
Sebastian, Facco Gioielli, Valente, Rosato and Calgaro, among
others, and the licensed brands: Vivienne Westwood (Anglomania),
Emmanuel Ungaro (Fuchsia), Alviero Martini, Thierry Mugler
(Mugler), Patrizia Pepe (bimbo), Missoni, Warner Bros, Miss Sixty,
Sweet Years, Gherardini e John Galliano, among others.  Among the
subsidiaries there are: Mariella Burani Retail Srl, Antichi
Pelletteri SpA, Coccinelle Store France SA and Mandarina Duck
Gmbh.


MONTEFIBRE SPA: Auditor Expresses Going Concern Doubt
-----------------------------------------------------
Jerrold Colten and Armorel Kenna at Bloomberg News report that
Montefibre SpA's auditor PricewaterhouseCoopers LLP cited
"significant uncertainties" about the textile company's first-
half accounts that raise doubts about the business as a going
concern.

Montefibre SpA -- http://www.mef.it/-- is an Italian company that
produces and markets acrylic and polyester fibers for a range of
textile and technical applications.  The Company has a production
capacity of 345,000 tons of synthetic fibers.  Montefibre's
production activities are carried out at the Company’s three
manufacturing sites, including one in Porto Marghera, Italy, one
in Miranda de Ebro, Spain, and one in Jilin City, China.  Its main
products include polymers and staples, both row- and mass-dyed,
used in a variety of industrial sectors from apparel and
furnishing to automotive, geotextiles, hygiene and healthcare.
The Company's products are marketed under the Lotan, Leacril,
Myoliss and Ricem brand names.  It has one subsidiary, Montefibre
Hispania SA and four affiliate companies: Jilin JiMont Acrylic
Fiber Co Ltd, Fibras Europeas de Poliester SL, West Dock Srl,
Astris Carbon Srl.


RISANAMENTO SPA: Board to Recovene to Approve Restructuring Plan
----------------------------------------------------------------
Andrea Mandala at Reuters reports that the board of Risanamento
SpA has decided to reconvene in the next few days to approve a
restructuring package and first-half results.

Reuters recalls last Friday Risanamento put off approving its
half-year accounts because creditor banks had not yet agreed on a
restructuring plan.

                          Cumpulsory Bid

Citing a source close to market watchdog Consob, Reuters discloses
the stock market regulator has asked for further information
regarding the possible waiver of a compulsory bid on Risanamento
by creditor banks.

On Aug. 31, 2009, the Troubled Company Reporter-Europe, reported
that Bloomberg News, citing Il Messaggero, said the banks plan to
take part in a EUR150-million (US$215 million) capital increase
before the end of the year and convert EUR350 million of debt into
equity that would leave them with a stake higher than the
threshold requiring a mandatory takeover bid for Italease.

As reported in the Troubled Company Reporter-Europe on Aug. 24,
2009, Blooomberg News, citing Il Messagero, 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.

                        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.


RISANAMENTO SPA: Has Until Sept. 9 to Present Restructuring Plan
----------------------------------------------------------------
Armorel Kenna at Bloomberg News, citing news agency Ansa, reports
that a deadline for Risanamento SpA to present its restructuring
plan to a Milan court has been extended to Sept. 9 from Sept. 1.

According to Bloomberg, Vincenzo Mariconda, the company's
chairman, requested for the seven-day extension.

Risanamento was ordered to come up with the plan in response to a
prosecutor's statement in July that the real- estate company had
failed.

                     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
===================


ASIA STROY: Creditors Must File Claims by September 5
-----------------------------------------------------
LLP Asia Stroy Service is currently undergoing liquidation.
Creditors have until September 5, 2009, to submit proofs of claim
to:

         Micro District 4, 2-11
         Kostanai
         Kazakhstan


EURO ASIA: Creditors Must File Claims by September 5
----------------------------------------------------
Creditors of LLP Euro Asia Atyrau NSK have until September 5, 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 16, 2009.


FINANSOVOYE AGENSTVO: Creditors Must File Claims by September 5
---------------------------------------------------------------
The branch of CJSC Finansovoye Agenstvo Po Sboru Platejey is
currently undergoing liquidation.  Creditors have until
September 5, 2009, to submit proofs of claim to:

         Jandosov/Manas Str. 8a/34a
         Almaty
         Kazakhstan


GASAP PAVLODAR: Creditors Must File Claims by September 5
---------------------------------------------------------
Creditors of LLP Gasap Pavlodar have until September 5, 2009, to
submit proofs of claim to:

         Satpaev Str. 136-208
         Pavlodar
         Kazakhstan

The Specialized Inter-Regional Economic Court of Pavlodar
commenced bankruptcy proceedings against the company on June 9,
2009, after finding it insolvent.

The Court is located at:

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


INTER PLASTIC: Creditors Must File Claims by September 5
--------------------------------------------------------
LLP Inter Plastic Ltd. is currently undergoing liquidation.
Creditors have until September 5, 2009, to submit proofs of claim
to:

         Abdirov Ave. 36/3
         Room 410
         Karaganda
         Kazakhstan


KAZ MUNAI: Creditors Must File Claims by September 5
----------------------------------------------------
LLP Representation of Kaz Munai Gas Middle East FZE is currently
undergoing liquidation.  Creditors have until September 5, 2009,
to submit proofs of claim to:

         Zattaevich Str. 29
         Almaty
         Kazakhstan


SERVICE SNUB: Creditors Must File Claims by September 5
-------------------------------------------------------
Creditors of LLP Service Snub 2007 have until September 5, 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 16, 2009.


TASU LLP: Creditors Must File Claims by September 5
---------------------------------------------------
Creditors of LLP Auto Transport Enterprise Tasu have until
September 5, 2009, to submit proofs of claim to:

         Naberejnaya Str. 3-103
         Pavlodar
         Kazakhstan

The Specialized Inter-Regional Economic Court of Pavlodar
commenced bankruptcy proceedings against the company on April 20,
2009, after finding it insolvent.

The Court is located at:

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


VITA TAXI: Creditors Must File Claims by September 5
----------------------------------------------------
Creditors of LLP Vita Taxi have until September 5, 2009, to submit
proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Baizakov Str. 273b
         Almaty
         Kazakhstan

The court commenced bankruptcy proceedings against the company on
June 11, 2009.


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


EX MAIL: Creditors Must File Claims by September 24
---------------------------------------------------
LLC Ex Mail is currently undergoing liquidation.  Creditors have
until September 24, 2009, to submit proofs of claim to:

For further information, contact (0-517) 22-36-34.


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


ORCO PROPERTY: Shareholders Meeting Scheduled for Sept. 15
----------------------------------------------------------
Lenka Ponikelska at Bloomberg News reports Orco Property said it
will call an extraordinary shareholder meeting on September 15 to
vote on issuing new shares to increase capital and on the
continuation of the company's business.

According to Bloomberg, Orco said it is obliged to call the
meeting under the Luxembourg law as its cumulative losses as of
June 30 exceeded more than 75% of its subscribed equity.

The Troubled Company Reporter-Europe, citing Bloomberg News,
reported yesterday that Orco's net loss widened to EUR200 million
(US$287 million) in the first half of 2009 from EUR14.1 million in
the year-ago period as the value of its properties declined.
Bloomberg disclosed the value of Orco's real-estate holdings fell
12% to EUR1.83 billion at the end of June from EUR2.13 billion at
the end of December.

Orco Property Group SA -- http://www.orcogroup.com-- is a
Luxembourg-based real estate company, specializing in the
development, rental and management of properties in Central and
Eastern Europe.  Through its fully consolidated subsidiaries, Orco
Property Group SA operates in several countries, including the
Czech Republic, Slovakia, Germany, Hungary, Poland, Croatia and
Russia.  The Company rents and manages real estate and hotels
properties composed of office buildings, apartments with services,
luxury hotels and hotel residences; it also develops real estate
projects as promoter.

In a March 27 report Bloomberg News disclosed Orco secured
protection from creditors after it struggled to find buyers for
its assets because of the global credit crisis.  The company
received creditor protection at the Paris Commercial Court.  The
French sauvegarde protection system is similar to Chapter 11
protection in the U.S. and calls for an "observation period" of as
much as six months.


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


LAURELIN BV: Moody's Upgrades Rating on Class D Notes to 'Ba2'
--------------------------------------------------------------
Moody's Investors Service has taken these rating actions on notes
issued by Laurelin B.V.  Given that this is a relatively well-
performing CLO, the Class A-T and Class A-R notes remain Aaa.

Issuer: Laurelin I B.V.

  -- EUR34,000,000 Class B, Confirmed at Aa2; previously on Mar 4,
     2009 Aa2 Placed Under Review for Possible Downgrade

  -- EUR36,000,000 Class C, Upgraded to Baa1; previously on Mar
     19, 2009 Downgraded to Baa3 and Remained On Review for
     Possible Downgrade

  -- EUR24,000,000 Class D, Upgraded to Ba2; previously on Mar 19,
     2009 Downgraded to B1 and Remained On Review for Possible
     Downgrade

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

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

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

Moody's notes that the upgrade actions have incorporated the
aforementioned stresses as well as credit deterioration in the
underlying portfolio.  However, the actions reflect updated
analysis indicating that the impact of these factors on the
ratings of these notes is not as negative as previously assessed
during Stage I of the deal review in March.  The current
conclusions stem from comprehensive deal-level analysis completed
during Stage II of the ongoing CLO surveillance review, which
included an in-depth assessment of results from Moody's
quantitative CLO rating model along with an examination of deal-
specific qualitative factors.  By way of comparison, during Stage
I Moody's took rating actions that were largely the result of a
parameter-based approach.

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


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


PKN ORLEN: Net Income Fell 33% to PLN1.17 Bil. in Second Qtr. 2009
------------------------------------------------------------------
Maciej Martewicz and Nathaniel Espino at Bloomberg News report
that said PKN Orlen SA its net income fell 33% to PLN1.17 billion
(US$410 million) in the second quarter of 2009 from PLN1.74
billion a year earlier as an economic slowdown hurt refinery
output and margins.

Bloomberg relates Orlen said on July 28 refining and petrochemical
margins, measured in dollars per barrel and euros per ton
respectively, contracted 34% and 22% percent from a year earlier,
while the company refined 11% less oil.

                              Breach

According to Bloomberg, at current oil prices Orlen is "close to
safe" from breaching the terms of its bank loans, which require
the company to keep net debt to no more than 3.5 times earnings
before interest, taxes, depreciation and amortization, or Ebitda.
Bloomberg recalls Orlen breached the covenants at the end of last
year after falling oil prices cut the value of oil in its storage
tanks.  Banks gave it until the end of this year to bring the
ratio back to the required level.

                             Unipetrol

Unipetrol AS, the Orlen unit that's the Czech Republic's biggest
refiner, posted a net loss of CZK359 million (US$20 million) for
the the three months ended June 30, compared with a profit of
CZK303 million in the year earlier period as the global recession
eroded demand for oil and slashed prices of products, Bloomberg
discloses.

As reported in the Troubled Company Reporter-Europe on March 3,
2009, Bloomberg News said Orlen has about PLN13 billion of debt
and had a ratio of net debt to earnings before interest, taxes,
depreciation and amortization of 3.66 at the end of 2008, higher
than the 3.5 required by banks.

Poland-based Polski Koncern Naftowy ORLEN SA (WAR:PKN) a.k.a PKN
Orlen SA -- http://www.orlen.pl/-- specializes in the
manufacture, distribution, wholesale and retail sale of refined
petrochemical products.  It is principally engaged in the
processing of crude oil.  The Company's product portfolio includes
a variety of fuel and petrochemical products, as well as oil
derivatives, such as petrol, diesel, heating oil, aviation fuel
and plastics.  ORLEN's retail network comprises approximately
2,700 outlets offering services in Poland, Germany, the Czech
Republic and Lithuania, operating under the ORLEN, Petrochemia
Plock, BLISKA and STAR brands.  PKN ORLEN operates seven
refineries, of which three are located in Poland, three in the
Czech Republic and one in Lithuania.  The total deep processing
capacity of the refineries reaches 31.7 million tons per annum.
As at the end of 2007, ORLEN held directly or indirectly shares in
105 subsidiaries, of which five jointly controlled entities and 17
associate companies.


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


ROMPETROL GROUP: S&P Raises Corporate Credit Rating to 'B+'
-----------------------------------------------------------
Standard & Poor's Ratings Services said it has raised its long-
term corporate credit rating on Rompetrol Group N.V., an oil
refining and marketing company operating in Romania, to 'B+' from
'B'.  The outlook is stable.

The upgrade integrates S&P's perception of the greater likelihood
that Rompetrol's parent Kazakhstan-based JSC NC KazMunayGas will
continue to provide ongoing and extraordinary support to the
Rompetrol group," said Standard & Poor's credit analyst Karl
Nietvelt.

This month, JSC NC KazMunayGas (BB+/Stable/--) gave Rompetrol a
large $500 million cash shareholder advance.

The ratings on Rompetrol primarily reflect the ongoing and
extraordinary support from 100% shareholder KMG.  S&P expects this
support given KMG's substantial past investment to acquire
Rompetrol, the additional large subordinated shareholder loans
made subsequently, and Rompetrol's strategic importance to KMG's
crude oil exports.  S&P understands that KMG's US$3 billion notes
carry a cross-default clause to Rompetrol, which is also a
mitigating factor.  S&P believes KMG's ability to provide timely
support has improved in recent months owing to the issuance of a
US$1.25 billion bond in July 2009 and recently rising oil prices.
That said, KMG's cash is held with domestic banks and it does not
have full flexibility in managing these funds, so its ability or
willingness to provide timely support could suffer.

"We base the stable outlook on S&P's view that Rompetrol's
liquidity position has strongly improved and S&P's expectation for
ongoing parent support from KMG," said Mr. Nietvelt.

Still, Rompetrol will likely face operational challenges arising
from the harsh refining environment and weak economic conditions
in Romania.  S&P also expects Rompetrol's free operating cash flow
to remain highly negative in 2009-2010.

S&P could lower the ratings if Rompetrol's liquidity position
weakens, particularly because of higher-than-expected negative
FOCF, or if liquidity support from KMG lessens.

At this stage, S&P considers an upgrade to be unlikely.


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


ALROSA COMPANY: Eyes Over US$2.8-Bil. Investment in New Mines
-------------------------------------------------------------
RIA Novosti reports that Alrosa said on Monday it would invest
more than US$2.8 billion by 2014 in three new mines with total
annual capacity of about 6 million metric tons of diamond ore.

According to the report, the company is carrying out a large-scale
program of building underground mines to preserve its mineral base
and keep its positions on the global market.

The report relates the company said it would fully restart
operations at its mining and ore enriching plants after a forced
suspension due to a slump in demand amid the ongoing economic
crisis and planned repairs.

                          About Alrosa

ALROSA Co. Ltd. -- http://eng.alrosa.ru/eng/-- is Russia's
largest diamond company engaged in the exploration, mining,
manufacture and sales of diamonds and one of the world's major
rough diamond producers.  ALROSA produces about 20% of the world's
rough diamond output and accounts for almost 100% of all rough
diamonds produced in Russia.

                          *     *     *

ALROSA Co. Ltd. continues to carry a 'BB-' long-term corporate
credit rating from Standard & Poor's Ratings Services.  As
reported in the Troubled Company Reporter-Europe on Nov. 27, 2008,
S&P said it lowered its long-term corporate credit rating on
Russian diamond miner ALROSA to 'BB-' from 'BB' on increasing
leverage, weak liquidity, and deteriorating operations.


BANK SOYUZ: S&P Keeps 'B-' Rating on CreditWatch Developing
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it had kept its 'B-'
long-term counterparty credit rating, its 'B-' senior unsecured
debt rating, and its 'ruBBB-' Russia national scale rating on
Russia-based Bank Soyuz on CreditWatch with developing
implications, where they were placed on Jan. 14, 2009.

"The CreditWatch status reflects the continuing uncertainties
regarding Bank Soyuz's future development, in particular regarding
ownership structure, future capitalization support, and resolution
of asset quality problems," said Standard & Poor's credit analyst
Maria Malyukova.

The bank is currently under financial recovery run by the Deposit
Insurance Agency.  Although the bank bears high credit risks,
significantly eroded capitalization, and weak profitability, it is
not obliged to meet regulatory required ratios.  The bank benefits
from substantial government support via massive funding provided
by the DIA.  S&P believes that the DIA would likely provide
additional support for Bank Soyuz on top of existing facilities if
required.  However, whether the state will continue to provide
timely and sufficient support is unclear.  Therefore S&P add only
one notch of uplift above the bank's stand-alone credit profile to
reflect state support.

"We will resolve the CreditWatch placement when S&P has the
confirmed information concerning Bank Soyuz's future development,
which S&P believes will be within the next 90 days," said Ms.
Malyukova.

S&P will raise the ratings if the bank's financial standing
significantly improves following capitalization support and
improvement in asset quality.

S&P will lower the ratings if S&P's concerns regarding
capitalization, liquidity, and asset quality are magnified beyond
S&P's estimations and the authorities have to take more drastic
action, including the possibility of administration or
liquidation, which may imply a weakening of state support.


BUYLES CJSC: Creditors Must File Claims by September 7
------------------------------------------------------
Creditors of CJSC Buyles (Lumbering) have until September 7, 2009,
to submit proofs of claims to:

         A. Petrosyan
         Temporary Insolvency Manager
         1 Maya Str. 2
         Buy
         157040 Kostromskaya
         Russia

The Arbitration Court of Kostromskaya will convene at 10:00 a.m.
on November 12, 2009, to hear bankruptcy supervision procedure on
the company.  The case is docketed under Case No. ?31–3145/2009.

The Court is located at:

          The Arbitration Court of Kostromskaya
          Courtroom 2
          Dolmatova Str. 2
          Kostroma
          Russia


FORD MOTOR: Production Halted at Vsevolozhsk Plant Thru Sept. 11
----------------------------------------------------------------
RIA Novosti reports that Ford Russia suspended production at its
plant in nearby Vsevolozhsk through September 11.

The report relates a spokesperson Yekaterina Kulinenko said last
week the Ford factory, which produces the Ford Focus and Mondeo
models, has been forced to reduce output as demand for new cars
falls amid the global downturn.

The plant employs about 2,000 workers.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles in
200 markets across six continents.  With about 260,000 employees
and about 100 plants worldwide, the company's core and affiliated
automotive brands include Ford, Jaguar, Land Rover, Lincoln,
Mercury, Volvo, Aston Martin, and Mazda.  The Company provides
financial services through Ford Motor Credit Company.  The Company
has operations in Japan in the Asia Pacific region.  In Europe,
the Company maintains a presence in Sweden, and the United
Kingdom.  The Company also distributes its brands in various
Latin-American regions, including Argentina and Brazil.

Ford Motor carries a 'Ca' issuer credit and a 'Caa3' long term
corporate ratings, with negative outlook, from Moody's, 'CCC+'
long term issuer credit ratings, and 'CCC' long term issuer
default rating, with negative outlook, from Fitch.


GENERAL MOTORS: Production Resumed at St. Petersburg Plant
----------------------------------------------------------
RIA Novosti reports General Motors' plant in St. Petersburg
resumed work on Monday after a two-month halt.

The report recalls the GM plant, which assembles Chevrolet Captiva
and Opel Antara SUVs, suspended production on June 29.

"The plant has resumed operations, and production has been
launched," Yulia Bocharova, the report quoted a spokesperson for
GM Russia, as saying.

                       About General Motors

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

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

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

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

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

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

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


PERVOURALSKIY METAL: Bankruptcy Hearing Set September 8
-------------------------------------------------------
The Arbitration Court of Sverdlovskaya will convene at 3:30 p.m.
on September 8, 2009, to hear bankruptcy supervision procedure on
OJSC Pervouralskiy Metal Construction Plant (TIN 6625034420, PSRN
1056601480594).  The case is docketed under Case No. ?60-
8681/2009-S11.

The Temporary Insolvency Manager is:

         Ye.Legalov
         Elektrikov Str. 2-10
         620017 Yekaterinburg
         Russia

The Debtor can be reached at:

         OJSC Pervouralskiy Metal Construction Plant
         Torgovaya Str. 1A
         Pervouralsk
         623109 Sverdlovskaya
         Russia


STROY-INVEST LLC: Creditors Must File Claims by September 7
-----------------------------------------------------------
Creditors of LLC Stroy-Invest (TIN 6827013984, PSRN 1036870529805)
(Construction) have until September 7, 2009, to submit proofs of
claims to:

         S. Ryzhkov
         Insolvency Manager
         Apt. 28
         Semashko Str. 3
         398002 Lipetsk
         Russia

The Arbitration Court of Tambovskaya will convene at 10:00 a.m. on
January 19, 2009, to hear bankruptcy proceedings on the company.
The case is docketed under Case No. ?64–3573/09.

The Debtor can be reached at:

         LLC Stroy-Invest
         Lipetskoe shosse 55a
         Michurinsk
         Tambovskaya
         Russia


STROY-TEKH LLC: Court Appoints Temporary Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Moskovskaya appointed A. Borisov as
Temporary Insolvency Manager for LLC Stroy-Tekh (TIN 5047072835)
(Construction).  The case is docketed under Case No. ?41–18754/09.
He can be reached at:

         Post User Box 8
         Kosmonavtov Str. 10
         394038 Voronezh
         Russia

The Debtor can be reached at:

         LLC Stroy-Tekh
         Engelsa Str. 10/19
         Khimki
         141407 Moskovskaya
         Russia


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


TDA 24: S&P Puts 'BB' Rating on Class D Notes on Watch Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch negative
its credit ratings on the class B, C, and D notes issued by TDA
24, Fondo de Titulizacion de Activos.  The 'AAA' ratings on the
class A1 and A2 notes are unaffected.

S&P's credit analysis of the most recent transaction information
that the agency has received showed that the current and potential
performance of the underlying collateral pool might be
insufficient to maintain the current ratings.

In particular, if gross cumulative defaults reach a trigger level
whereby interest might be deferred (set as a percentage of the
initial pool balance), the interest on the subordinated classes of
notes will be paid only after amortization of the senior classes.
As of the end of June, gross cumulative defaults as a percentage
of the initial pool balance were 1.24%.  Noticeably, this level
has spiked over the past few interest payment dates.  At the end
of 2008, gross cumulative defaults represented 0.56% of the
initial collateral balance.

The deferral of interest triggers on classes B, C, and D are set
at gross cumulative default levels of 6.10%, 4.70%, and 3.50%,
respectively.  S&P observe that the current level of 90+ day
delinquencies, plus gross cumulative defaults as a percentage of
the initial collateral balance, is 3.91%.

S&P has consequently placed S&P's ratings on these classes on
CreditWatch negative, while S&P assess any increased likelihood of
these levels being breached.  S&P note in addition that the
reserve fund has nearly depleted due to defaults and low levels of
available excess spread.  After the June IPD, the reserve fund had
reduced to only 7 bps of the outstanding collateral balance;
S&P believes that any future draws, in conjunction with increased
levels of defaults, might increase the risk of future interest
deferrals on the affected classes.

While S&P has seen limited recoveries to date, due to the length
of the foreclosure period, S&P believes that the risk of interest
deferrals will drive any ratings movements on subordinated classes
of notes over the near to medium term.

The originators of this transaction are three Spanish financial
entities: Caja de Ahorros de Castilla La Mancha,  Banco de la
Pequeña y Mediana Empresa, and Unión de Crédito para la
Financiación Mobiliaria e Inmobiliaria, Credifimo, E.F.C., S.A.U.
The loans were mainly originated in Castilla-La Mancha, Madrid,
and Andalucia.

                           Ratings List

               TDA 24, Fondo de Titulizacion de Activos
  EUR485 Million Residential Mortgage-Backed Floating-Rate Notes

               Ratings Placed on Creditwatch Negative

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


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


CLOCK FINANCE: Moody's Affirms Ratings on 2 Classes of Notes at B3
------------------------------------------------------------------
Moody's Investors Service has affirmed the long-term credit
ratings of the below notes issued by Clock Finance No. 1 B.V.,
following an internal review after the discovery of an input error
in the model:

-- CHF132,000,000 Class A, Affirmed at Aaa;
-- CHF20,000,000 Class B1, Affirmed at Aa2;
-- EUR45,400,000 Class B2, Affirmed at Aa2;
-- CHF13,000,000 Class C1, Affirmed at A2;
-- EUR52,700,000 Class C2, Affirmed at A2;
-- EUR56,300,000 Class D, Affirmed at Baa3;
-- EUR40,300,000 Class E, Affirmed at Ba3;
-- CHF10,000,000 Class F1, Affirmed at B3; and
-- EUR18,700,000 Class F2, Affirmed at B3.

Moody's initially assigned definitive ratings in March 2007.

Following the rating review resulting from Moody's revision of its
methodology for SME granular portfolio in EMEA, Moody's confirmed
these ratings at the above levels on June 25, 2009.  However,
subsequent to its confirmation of the ratings, Moody's discovered
that the CE (Credit Enhancement) attachment points were
incorrectly set in the model.  As a result, Moody's conducted an
internal review of the ratings.

As part of this process, Moody's has reviewed all its assumptions
in relation to the ratings of these notes.  As a result, based on
further analysis on updated migration matrices of Credit Suisse
internal rating and independent projection studies on insolvencies
of corporate and SMEs in Switzerland, Moody's have slightly
revised upwards the default probability of the pool of corporate
and SME debtors to be equivalent to a Ba1 rating with a remaining
weighted average life of 3.92 years as of March 2009.  As a
consequence, these revised assumptions have translated into a
cumulative mean default assumption of 4.22% of the current
portfolio balance, with a coefficient of variation of 56%
resulting, amongst other things, from a global correlation
assumption of 5%.  This assumption reflects the geographic
concentration in Switzerland of the pool.  The replenishment
period is scheduled to terminate in February 2013.

Moody's mean default assumption at closing for the portfolio was
5.3% equivalent to a Baa3/Ba1 rating with a weighted average life
of 6 years and a coefficient of variation of 53% resulting also
from a global correlation assumption of 4%.  At the time of the
review which concluded on June 25, 2009, the mean default
assumption for the portfolio was 5.24% equivalent to a Ba1/Ba2
rating with a weighted average life of 3.92 years and a
coefficient of variation of 58% resulting also from a global
correlation assumption of 6%.  The average recovery rate
assumption remains unchanged at 55% on average.

For this rating review, Moody's have also used revised and updated
key modelling parameters that Moody's uses to rate and monitor
ratings of Synthetic SME CDOs using a simulation based model
(CDOROM).  Moody's announced the changes to these assumptions in a
press release titled "Moody's updates key assumptions for rating
corporate synthetic CDOs", published on January 15, 2009.  The
revisions affect default probability and correlation, which are
key parameters in Moody's model for rating CDOs exposed to
corporate assets.  The deal was modeled using CDOROM version 2.5
for this review as well as for the review concluded in June 2009,
whereas the deal was originally modeled by Moody's and is managed
by Credit Suisse using CDOROM version 2.3

In summary, Moody's concluded that the negative effects of the
input error were offset by revised assumptions in the default
probability of the pool and the global correlation assumption
which is reflected in the coefficient of variation of 53%.

Clock Finance is a synthetic transaction under which noteholders
assume the credit risk linked to a pool of loans granted by Credit
Suisse (Aa1) to larger companies and SMEs in Switzerland.  At
closing, the portfolio consisted of loans granted to 1,805
debtors.  The main sector concentration is in the "building and
real estate" sector and it was approximately 15% as of closing.
As of March 2009, the number of debtors in the portfolio was equal
to 1,879, whereas the concentration in the "construction and
building" sector remained stable at 15%.

Moody's ratings address the expected loss posed to investors by
the legal final maturity of the notes.  Moody's ratings address
only the credit risks associated with the transaction.  Other non-
credit risks have not been addressed, but may have a significant
effect on yield to investors.

Moody's monitors the transaction using CDOROM v2.5 model and
Credit Suisse has informed Moody's that it will also manage the
transaction with CDOROM v2.5 going forward.


CONEVENT GMBH: Claims Filing Deadline is September 11
-----------------------------------------------------
Creditors of ConEvent GmbH are requested to file their proofs of
claim by September 11, 2009, to:

         Roth Philipp
         Liquidator
         Leimattstrasse 31
         8906 Bonstetten
         Switzerland

The company is currently undergoing liquidation in Wettswil am
Albis.  The decision about liquidation was accepted at a
shareholders' meeting held on May 11, 2009.


EHE AG: Claims Filing Deadline is September 15
----------------------------------------------
Creditors of EHE AG are requested to file their proofs of claim by
September 15, 2009, to:

         EHE Elektro-Haushalt-Einkäufer-Vereinigung AG
         Meierwiesenstrasse 60
         8107 Buchs
         Switzerland

The company is currently undergoing liquidation in Buchs ZH.  The
decision about liquidation was accepted at an extraordinary
general meeting held on March 9, 2009.


SHADOW & LIGHT: Claims Filing Deadline is September 17
------------------------------------------------------
Creditors of shadow & light GmbH are requested to file their
proofs of claim by September 17, 2009, to:

         Michael Auf der Maur
         Ruedi Walter-Strasse 2
         8050 Zurich
         Switzerland

The company is currently undergoing liquidation in Duebendorf ZH.
The decision about liquidation was accepted at a shareholders'
meeting on April 26, 2006.


TIENDA AG: Creditors Must File Claims by September 15
-----------------------------------------------------
Creditors of Tienda AG are requested to file their proofs of claim
by September 15, 2009, to:

         Hanspeter Gygax
         Liquidator
         Im Gruendli 10
         4244 Roeschenz
         Switzerland

The company is currently undergoing liquidation in Hergiswil NW.
The decision about liquidation was accepted at an extraordinary
general meeting held on June 3, 2009.


UBS AG: IRS Formally Asks for Client Data
-----------------------------------------
The U.S. Internal Revenue Service has made a formal request to
Switzerland's Federal Tax Administration for client data from UBS
AG, Katharina Bart at The Wall Street Journal reports, citing the
Swiss government.

According to The Journal, the Swiss government has set up a task
force of 40 legal and tax experts from the Swiss tax authority and
30 experts from an undisclosed audit company to work through the
data, which represents an administrative task of record
proportions for the country.  The Journal says that lawyer and
former judge Hans-Joerg Muellhaupt is leading the group.  Clients
can object the handover in Switzerland through a legal appeal, The
Journal relates.

The Swiss government said in a statement, "The Federal Tax
Administration will expedite the request for administrative
assistance.  The project organization appointed for this purpose
has already started its work."

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

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

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


WICHMANN AG: Claims Filing Deadline is September 15
---------------------------------------------------
Creditors of Wichmann AG are requested to file their proofs of
claim by September 15, 2009, to:

         Gerda Wichmann
         Liquidator
         Rumermatt 247
         5525 Oberboezberg

The company is currently undergoing liquidation in Oberboezberg.
The decision about liquidation was accepted at a general meeting
held on June 8, 2009.


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


AGRICULTURAL TRANSPORT: Creditors Must File Claims by September 6
-----------------------------------------------------------------
Creditors of LLC Agricultural Transport Enterprise (code EDRPOU
36316911) have until September 6, 2009, to submit proofs of claim
to:

         A. Bezabchuk
         Insolvency Manager
         Post Office Box 14
         54056 Nikolayev
         Ukraine

The Economic Court of Nikolayev commenced bankruptcy proceedings
against the company on July 21, 2009.  The case is docketed under
Case No. 5/189/09.

The Court is located at:

         The Economic Court of Nikolayev
         Admiralskaya street 22-a
         54009 Nikolayev
         Ukraine

The Debtor can be reached at:

          LLC Agricultural Transport Enterprise
          N. Potemkinskaya Str. 110/2
          Nikolayev
          Ukraine


HASTIL LLC: Creditors Must File Claims by September 6
-----------------------------------------------------
Creditors of LLC Hastil (code EDRPOU 35812318) have until
September 6, 2009, to submit proofs of claim to:

         LLC Matar
         Insolvency Manager
         V. Vasilevskaya Str. 18
         04116 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on July 28, 2009.  The case is docketed under
Case No. 44/398-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 Hastil
         I. Mazepa Str. 26
         01010 Kiev
         Ukraine


INDUSTRIAL WHOLE: Creditors Must File Claims by September 6
-----------------------------------------------------------
Creditors of LLC Industrial Whole Sale Trade (code EDRPOU
34927367) have until September 6, 2009, to submit proofs of claim
to LLC Granat, the company's insolvency manager.

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on July 28, 2009.  The case is docketed under
Case No. 50/543.

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 Industrial Whole Sale Trade
         Herzen Str. 6
         04050 Kiev
         Ukraine


SLAVUTA LLC: Creditors Must File Claims by September 6
------------------------------------------------------
Creditors of LLC Slavuta (code EDRPOU 33835616) have until
September 6, 2009, to submit proofs of claim to LLC Megan-Trade,
the company's insolvency manager

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on July 28, 2009.  The case is docketed under
Case No. 50/546.

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 Slavuta
         Bliukher Str. 1
         04112 Kiev
         Ukraine


SOUTHPETROLEUM LLC: Court Starts Bankruptcy Supervision Procedure
-----------------------------------------------------------------
The Economic Court of Zaporozhye commenced bankruptcy supervision
procedure on LLC Southpetroleum (code EDRPOU 33926205).  The
company's insolvency Manager is V. Rabushko.

The Court is located at:

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

The Debtor can be reached at:

         LLC Southpetroleum
         Shmidt Str. 71-a
         Melitopol
         72319 Zaporozhye
         Ukraine


STEEL LLC: Creditors Must File Claims by September 6
----------------------------------------------------
Creditors of LLC Steel (code EDRPOU 32241193) have until
September 6, 2009, to submit proofs of claim to:

         V. Androsova
         Insolvency Manager
         Yangol Str. 17/112
         49089 Dnepropetrovsk
         Ukraine

The Economic Court of Dnepropetrovsk commenced bankruptcy
proceedings against the company on July 20, 2009.  The case is
docketed under Case No. B29/16-09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Steel
         Fuchik Str. 30/213
         49000 Dnepropetrovsk
         Ukraine


TECHNICAL EQUIPMENT: Creditors Must File Claims by September 6
--------------------------------------------------------------
Creditors of LLC Technical Equipment (code EDRPOU 34926604) have
until September 6, 2009, to submit proofs of claim to LLC
Oliver-Trade, the company's insolvency manager.

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on July 28, 2009.  The case is docketed under
Case No. 50/542.

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 Technical Equipment
         Tankovaya str. 4
         Kiev
         Ukraine


TECHNOBUDCOMPLEX LLC: Creditors Must File Claims by September 6
---------------------------------------------------------------
Creditors of LLC Technobudcomplex (code EDRPOU 32250208) have
until September 6, 2009, to submit proofs of claim to V.
Panchenko, the company's insolvency manager.

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on May 14, 2009.  The case is docketed under
Case No. 44/89-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 Technobudcomplex
         Office 4
         Institutskaya Str. 16
         01021 Kiev
         Ukraine


UKRSID LLC: Creditors Must File Claims by September 6
----------------------------------------------------
Creditors of LLC Ukrsid (code EDRPOU 35938961) have until
September 6, 2009, to submit proofs of claim to:

         A. Bezabchuk
         Insolvency Manager
         Post Office Box 14
         54056 Nikolayev
         Ukraine

The Economic Court of Nikolayev commenced bankruptcy proceedings
against the company on July 21, 2009.  The case is docketed under
Case No. 5/188/09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Ukrsid
         Office 10
         G. Sviridov Str. 40/1
         Nikolayev
         Ukraine


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


AAG SWEPCO: In Administration; Around 130 Jobs Affected
-------------------------------------------------------
Evening Gazette reports that AAG Swepco Ltd. has gone into
administration, resulting in the loss of around 130 jobs.

According to the report, a spokesperson for administrators Tait
Walker confirmed they had been appointed but could not comment
further on the situation.

Based at Belasis Business Centre, AAG Swepco Ltd. --
htpp://www.swepco.co.uk/ -- is an electrical and mechanical
contractor.  It is a provider of a range of services to the water,
rail, retail and commercial power production industries.  It also
has a regional office in Scotland.


BIFROST INVESTMENTS: Moody's Cuts Ratings on 3 Notes to 'Caa3'
-------------------------------------------------------------
Moody's Investors Service has taken these rating actions on notes
issued by Bifrost Investments Limited Series 11-20, a series of
collateralized debt obligation transactions each referencing a
static portfolio of corporate entities.  There are 9 series of
notes, each broken down into 3 different maturities (5 years, 7
years and 10 years).  Each maturity has 4 tranches with differing
attachment and detachment points which makes up a total of 12
tranches of CDS with BNP Paribas.  Each series references a
different portfolio.  Currently, only the 7 and 10 years are being
rated as the 5 years tranches have matured.

Moody's explained that the rating actions taken are the result of
the deterioration of the credit quality of the reference
portfolios.  The 10 year weighted average rating factor of the top
two worst performing portfolio, not adjusted with forward looking
measures, have deteriorated from 496 from the last rating action
to 681, and from 776 to 942, equivalent to an average rating of
the current portfolio of Baa3 and Ba1, respectively.  These
relates to Series 15 and Series 18, respectively, which have also
seen the highest number of downgrades to the related tranches.
Some of the reference portfolios include an exposure to CIT Group,
Inc., and Ambac Financial Group which have experienced substantial
credit migration in the past few months, and are now rated Ca.
Since the last rating action on these transactions, the
subordination of some of the rated tranches has been reduced due
to credit events on, Lehman Brothers Inc., Washington Mutual,
Federal Home Loan Mortgage Corporation and Federal National
Mortgage Association.

Moody's monitors these transaction using primarily the methodology
and its supplements for CSO as described in Moody's Special
Reports:

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

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

The rating actions are:

Bifrost Investments Limited Series 11-20:

  -- EUR185M 10A 12 Bond, Downgraded to A1; previously on Feb. 23,
     2009 Downgraded to Aa3

  -- EUR135M 10B 12 Bond, Downgraded to Baa3; previously on
     Feb. 23, 2009 Downgraded to Baa2

  -- EUR100M 10C 12 Bond, Downgraded to B1; previously on Feb. 23,
     2009 Downgraded to Ba3

  -- EUR65M 10D 12 Bond, Downgraded to Caa2; previously on
     Feb. 23, 2009 Downgraded to Caa1

  -- EUR130M 7B 13 Bond, Downgraded to A3; previously on Feb. 23,
     2009 Downgraded to A2

  -- EUR62.5M 7D 13 Bond, Downgraded to B1; previously on Feb. 23,
     2009 Downgraded to Ba3

  -- EUR135M 10B 13 Bond, Downgraded to Baa3; previously on
     Feb. 23, 2009 Downgraded to Baa2

  -- EUR100M 10C 13 Bond, Downgraded to B1; previously on Feb. 23,
     2009 Downgraded to Ba3

  -- EUR75M 10D 13 Bond, Downgraded to Caa2; previously on
     Feb. 23, 2009 Downgraded to Caa1

  -- EUR160M 7A 14 Bond, Downgraded to Aa2; previously on Feb. 23,
     2009 Downgraded to Aa1

  -- EUR130M 7B 14 Bond, Downgraded to Baa2; previously on May 19,
     2009 Downgraded to Baa1

  -- EUR80M 7C 14 Bond, Downgraded to Ba3; previously on May 19,
     2009 Downgraded to Ba2

  -- EUR50M 7D 14 Bond, Downgraded to Caa1; previously on May 19,
     2009 Downgraded to B2

  -- EUR185M 10A 14 Bond, Downgraded to A2; previously on May 19,
     2009 Downgraded to A1

  -- EUR135M 10B 14 Bond, Downgraded to Ba1; previously on May 19,
     2009 Downgraded to Baa3

  -- EUR105M 10C 14 Bond, Downgraded to Caa1; previously on May
     19, 2009 Downgraded to B2

  -- EUR60M 10D 14 Bond, Downgraded to Caa3; previously on May 19,
     2009 Downgraded to Caa2

  -- EUR125M 7B 15 Bond, Downgraded to A2; previously on Feb. 23,
     2009 Downgraded to A1

  -- EUR80M 7C 15 Bond, Downgraded to Ba1; previously on Feb. 23,
     2009 Downgraded to Baa2

  -- EUR57.5M 7D 15 Bond, Downgraded to B2; previously on Feb. 23,
     2009 Downgraded to Ba2

  -- EUR195M 10A 15 Bond, Downgraded to Aa3; previously on
     Feb. 23, 2009 Downgraded to Aa2

  -- EUR135M 10B 15 Bond, Downgraded to Baa3; previously on
     Feb. 23, 2009 Downgraded to Baa1

  -- EUR80M 10C 15 Bond, Downgraded to B1; previously on Feb. 23,
     2009 Downgraded to Ba2

  -- EUR65M 10D 15 Bond, Downgraded to Caa2; previously on
     Feb. 23, 2009 Downgraded to B2

  -- EUR80M 10C 16 Bond, Downgraded to Caa3; previously on
     Feb. 23, 2009 Downgraded to Caa2

  -- EUR125M 7B 17 Bond, Downgraded to Baa1; previously on
     Feb. 23, 2009 Downgraded to A3

  -- EUR67.5M 7C 17 Bond, Downgraded to Ba2; previously on
     Feb. 23, 2009 Downgraded to Ba1

  -- EUR50M 7D 17 Bond, Downgraded to B3; previously on Feb. 23,
     2009 Downgraded to B2

  -- EUR190M 10A 17 Bond, Downgraded to A1; previously on Feb. 23,
     2009 Downgraded to Aa3

  -- EUR150M 10B 17 Bond, Downgraded to Ba1; previously on
     Feb. 23, 2009 Downgraded to Baa3

  -- EUR80M 10C 17 Bond, Downgraded to B2; previously on Feb. 23,
     2009 Downgraded to B1

  -- EUR65M 10D 17 Bond, Downgraded to Caa2; previously on
     Feb. 23, 2009 Downgraded to Caa1

  -- EUR175M 7A 18 Bond, Downgraded to A3; previously on Feb. 23,
     2009 Downgraded to Aa3

  -- EUR115M 7B 18 Bond, Downgraded to Ba2; previously on Feb. 23,
     2009 Downgraded to Baa2

  -- EUR70M 7C 18 Bond, Downgraded to B3; previously on Feb. 23,
     2009 Downgraded to Ba3

  -- EUR65M 7D 18 Bond, Downgraded to Caa3; previously on Feb. 23,
     2009 Downgraded to Caa1

  -- EUR190M 10A 18 Bond, Downgraded to Baa2; previously on
     Feb. 23, 2009 Downgraded to A2

  -- EUR135M 10B 18 Bond, Downgraded to B1; previously on Feb. 23,
     2009 Downgraded to Ba1

  -- EUR80M 10C 18 Bond, Downgraded to Caa2; previously on
     Feb. 23, 2009 Downgraded to B3

  -- EUR117.5M 7B 20 Bond, Downgraded to A1; previously on
     Feb. 23, 2009 Downgraded to Aa3

  -- EUR75M 7C 20 Bond, Downgraded to Baa1; previously on Feb. 23,
     2009 Downgraded to A3

  -- EUR62.5M 7D 20 Bond, Downgraded to Ba1; previously on
     Feb. 23, 2009 Downgraded to Baa3

  -- EUR190M 10A 20 Bond, Downgraded to Aa3; previously on
     Feb. 23, 2009 Downgraded to Aa2

  -- EUR135M 10B 20 Bond, Downgraded to Baa2; previously on
     Feb. 23, 2009 Downgraded to A3

  -- EUR80M 10C 20 Bond, Downgraded to Ba2; previously on Feb. 23,
     2009 Downgraded to Ba1

  -- EUR65M 10D 20 Bond, Downgraded to B2; previously on Feb. 23,
     2009 Downgraded to Ba3


BLUESTONE SECURITIES: Fitch Cuts Ratings on Three Tranches to 'CC'
------------------------------------------------------------------
Fitch Ratings has upgraded three, downgraded seven and affirmed 13
tranches of the Bluestone Securities series of UK non-conforming
transactions.

The rating actions are:

Bluestone Securities plc (Series 2004-1):

  -- Class Aa (ISIN XS0208448331) affirmed at 'AAA'; Outlook
     Stable; assigned Loss Severity Rating of 'LS-1'

  -- Class Az (ISIN XS0208450311) affirmed at 'AAA'; Outlook
     Stable; assigned Loss Severity Rating of 'LS-2'

  -- Class B (ISIN XS0208452879) upgraded to 'AAA' from 'AA';
     Outlook revised to Stable from Positive; assigned Loss
     Severity Rating of 'LS-2'

  -- Class C (ISIN XS0208453687) affirmed at 'A'; Outlook revised
     to Positive from Stable; assigned Loss Severity Rating of
     'LS-3'

  -- Class D (ISIN XS0208453760) upgraded to 'BBB' from 'BB+';
     Outlook Stable; assigned Loss Severity Rating of 'LS-3'

Bluestone Securities plc (Series 2005-1):

  -- Class A (ISIN XS0222339631) affirmed at 'AAA'; Outlook
     Stable; assigned Loss Severity Rating of 'LS-1'

  -- Class B (ISIN XS0222339391) upgraded to 'A+' from 'A';
     Outlook Stable; assigned Loss Severity Rating of 'LS-1'

  -- Class C (ISIN XS0222338740) affirmed at 'BBB'; Outlook
     Stable; assigned Loss Severity Rating of 'LS-2'

  -- Class D (ISIN XS0222338153) affirmed at 'BB'; Outlook Stable
     ; assigned Loss Severity Rating of 'LS-4'

Bluestone Securities plc (Series 2006-1):

  -- Class A1 (ISIN XS0264881508) affirmed at 'AAA'; Outlook
     Negative; assigned Loss Severity Rating of 'LS-1'

  -- Class A2 (ISIN XS0264881920) affirmed at 'AAA'; Outlook
     Negative; assigned Loss Severity Rating of 'LS-1'

  -- Class B (ISIN XS0264882654) affirmed at 'BBB'; Outlook
     Negative; assigned Loss Severity Rating of 'LS-2'

  -- Class C (ISIN XS0264882902) affirmed at 'B''; Outlook
     Negative; assigned Loss Severity Rating of 'LS-3'

  -- Class D (ISIN XS0264883207) downgraded to 'CC' from 'CCC';
     assigned Recovery Rating 'RR5'

  -- Class E (ISIN XS0264883546) affirmed at 'CC'; assigned
     Recovery Rating 'RR6'

Bluestone Securities plc (Series 2007-1):

  -- Class A1a (ISIN XS0300919908) affirmed at 'AAA'; Outlook
     Stable; assigned Loss Severity Rating of 'LS-1'

  -- Class A1b (ISIN XS0301239561) affirmed at 'AAA'; Outlook
     Stable; assigned Loss Severity Rating of 'LS-1'

  -- Class A2 (ISIN XS0300920237) downgraded to 'AA' from 'AAA';
     Outlook revised to Negative from Stable; assigned Loss
     Severity Rating of 'LS-1'

  -- Class Az (ISIN XS0300920583) downgraded to 'AA-' from 'AAA';
     Outlook Negative; assigned Loss Severity Rating of 'LS-4'

  -- Class B (ISIN XS0300920823) downgraded to 'BB' from 'A';
     Outlook Negative; assigned Loss Severity Rating of 'LS-3'

  -- Class C (ISIN XS0300921128) downgraded to 'CCC' from 'BB';
     assigned Recovery Rating 'RR3'

  -- Class Da (ISIN XS0300921474) downgraded to 'CC' from 'CCC';
     Recovery Rating 'RR6'

  -- Class Db (ISIN XS0301241039) downgraded to 'CC' from 'CCC';
     Recovery Rating 'RR6'

All four transactions in the series have a relatively high level
of delinquencies and properties being foreclosed.  Nevertheless,
the main driver of the downgrades and Negative Outlooks of
Bluestone 2006-1 and Bluestone 2007-1 was their high weighted
average loss severities.  This factor, combined with an elevated
amount of properties being foreclosed, has resulted in losses
above the net excess spread of both transactions.  As a
consequence, Bluestone 2006-1's reserve fund has been completely
depleted and the RF of Bluestone 2007-1 was reduced to 34.71% of
its required level.  Bluestone 2006-I has GBP0.5 million assigned
to the Principal Deficiency Ledger of class E.  Conversely,
Bluestone 2004-1 and 2005-1 have low WALS and the historical high
constant prepayment rates of the transactions has resulted in
significant credit enhancement growth, which prompted the upgrades
of selected tranches in these transactions.

The transactions have deteriorated in the last four quarters.  The
WALS of Bluestone 2007-1 increased to 30.86% in July 2009 from
16.94% in December 2008, whilst loans more than three months in
arrears as a percentage of the current balance of the transaction
increased to 22.78% from 12.79% over the same period.  The WALS of
Bluestone 2006-1 increased to 35.85% in July 2009 from 21.92% in
December 2008, whilst loans more than three months in arrears as a
percentage of the current balance increased to 30.21% from 22.85%.
As 95.91% of Bluestone 2006-1 and 94.78% Bluestone 2007-1 loans in
repossession have a loan to value higher than 80%, it is likely
that the WALS of these two transactions will continue to be high.

A positive factor for Bluestone 2006-1 is that the class A
detachable coupon matured in August 2009; this will increase the
amount of excess spread available to flow through the transaction
to absorb losses.  Conversely, Bluestone 2007-1's DAC remains in
place and is due to increase in the next quarter to 1.85% from
1.25% of the Class A notes.  The increase will further reduce the
amount of excess spread able to flow to junior items in the
waterfall.  The DAC on Bluestone 2007-1 is not due to mature until
May 2010.

Bluestone 2004-1 and Bluestone 2005-1 have cumulative WALS of
5.52% and 10.12%, respectively.  This explains why with similar
delinquencies as Bluestone 2006-1 and 2007-1, their losses are
below the available net excess spread and therefore their RFs
remain unaffected.  Bluestone 2004-1 and 2005-1 have loans more
than three months in arrears as a percentage of the current
balance of 17.90% and 29.83%, respectively.  The CE of both
transactions has increased considerably, especially for Bluestone
2004-1, which has seen the CE for class D increase to 11.09% from
1.30% at closing.

The different performance of the transactions can be explained by
the year of origination of their loans.  Bluestone 2004-1 and
2005-1 loans were originated in 2004 and 2003, hence properties
backing this loan still have some house price appreciation built
in.  A total 62.12% of the existing loans of Bluestone 2006-I were
originated in the year 2006, while 97.34% of the Bluestone 2007-1
portfolio was originated in the years 2006 and 2007, at the peak
of the market.  Fitch assumes that from peak to bottom, UK house
price declines will be 35%.  This combined with high LTV loans
will create negative equity in some of the collateral.  Properties
with negative equity will not only result in losses, if the
collateral is repossessed and sold, but will increase the
delinquencies by negatively affecting the willingness of borrowers
to pay.


CAIRN CPDO: Moody's Confirms 'Caa2' Ratings on Two Notes Series
---------------------------------------------------------------
Moody's Investors Service announced it has confirmed its ratings
of five series of CPDO notes, static and managed.

       Cairn CPDO I Finance Limited - Series A1-E1 Standard

* EUR58M Series A1-E1 Standard Callable Floating Rate Notes due
  2017, Confirmed at Caa2; previously on Nov 20, 2008, downgraded
  to Caa2 and left under review for possible downgrade

        Cairn CPDO I Finance Limited - Series B1-U1 Turbo

* US$6.6M Series B1-U1 Turbo Aa2 Callable Floating Rate Notes due
  2017, Confirmed at Caa3; previously on Nov 20, 2008 Downgraded
  to Caa3 and left under review for possible downgrade

          Castle Finance II Limited - SURF CPDO Series 2

* US$25M SURF Constant Proportion Debt Obligation Notes Series 2,
  Confirmed at Caa1; previously on Oct 20, 2008 Downgraded to Caa1
  and left under review for possible downgrade

               SEA CDO Ltd - R-Evolution Transaction

* EUR50M Serie 2007-3 EUR 50,000,000 R Evolution Credit Linked
  Notes on iTraxx(R) Europe and CDX North American Investment
  Grade(TM), Confirmed at B1; previously on Oct 20, 2008
  Downgraded to B1 and left under review for possible downgrade

* US$10M Serie 2007-5 USD 10,000,000 R Evolution Credit Linked
  Notes on iTraxx(R) Europe and CDX North American Investment
  Grade(TM), Confirmed at B1; previously on Oct 20, 2008
  Downgraded to B1 and left under review for possible downgrade


FSG SECURITY: In Administration; PKF Appointed
----------------------------------------------
FSG Security plc was placed into administration on Friday,
Aug. 28.

Edward Kerr and Brian Hamblin of PKF (UK) LLP were appointed as
joint administrators.

FSG Security Plc -- http://www.focussec.co.uk-- is a United-
kingdom based company.  The Company’s principal activities during
the fiscal year ended June 30, 2008 were the provision of manned
security and ancillary services.  On April 2, 2008, the Company
completed the acquisition of B & P Security Services Limited.  On
30 June 2008, the Company completed the acquisition of Guardian
Facilities Limited.  The Company's wholly owned subsidiaries
include B and P Security Services Ltd, Firewalker Security Ltd,
Firewalker Events Security Ltd, Guardian Facilities Ltd, Focus
Security Limited, FSG Projects Limited, Guardian Security
(Leicester) Ltd, Interlance Associates Ltd, Masterguard Security
Services Ltd, Sword Security Limited.


SONGBIRD ESTATES: Poised to Re-Enter Property Market After Bailout
------------------------------------------------------------------
Simeon Kerr and Daniel Thomas at The Financial Times report that
the Canary Wharf Group is poised to return to the property market
looking for new acquisitions and development opportunities,
following an GBP836 million recapitalization of its majority owner
Songbird Estates plc.

As reported in the Troubled Company Reporter-Europe yesterday, the
FT said China Investment Corporation joined a consortium to help
bail out Songbird Estates, which was facing a potential breach of
an GBP880 million (US$1.3 billion) loan.  The FT disclosed CIC
joined several existing shareholders in Songbird Estates in
providing more than GBP800 million in new equity to pay back a
Citigroup loan.  According to the FT, other groups taking part in
the placing include Morgan Stanley Real Estate Funds, Qatar
Holding and Simon Glick, the US private investor.

Citing a person close to Qatar holding, the FT states the group of
investors was keen to see the recapitalized company re-enter the
property market and look for new investments in London.  According
to the FT, Canary Wharf, which is 60% owned by Songbird, has more
than GBP1 billion it could use for acquisitions.

"Canary Wharf will become an unleveraged entity, which will be a
big game-changer," the FT quoted a source close to talks as
saying.  "It will be able to keep its cash to invest in distressed
real estate assets, or distressed companies, or into new
developments."

Headquartered in London, United Kingdom, Songbird Estates Plc --
http://www.songbirdestates.com/-- is engaged in the management of
its investment in its main subsidiary, Canary Wharf Group plc, a
holding company for a group (Canary Wharf Group), which
specializes in integrated property development, investment and
management.  The activities of Canary Wharf Group are focused on
the development of the Canary Wharf Estate (the Estate) (including
Heron Quays and the adjacent sites at Canary Riverside and North
Quay).  Canary Wharf Group is also engaged in development, through
joint ventures, of Wood Wharf and Drapers Gardens.  As of December
31, 2007, Canary Wharf Group's investment portfolio comprised 16
completed properties (out of the 30 constructed on the Estate)
totaling 7.9 million square feet of net internal area.


TATA MOTORS: To Raise GBP100 Mil. of Working Capital for JLR Unit
-----------------------------------------------------------------
James Fontanella-Khan and John Reed at The Financial Times report
that Tata Motors Ltd. said it planned to raise at least GBP100
million (US$163 million) of working capital for Jaguar and Land
Rover.

According to the FT, Tata said the two brands lost Rs8.73 billion
before tax in the quarter to end-June due to "continued adverse
automotive market conditions" during the quarter.  JLR's wholesale
sales in the quarter were 52% lower than a year ago, the FT
states.

The FT relates Ravi Kant, Tata's vice-president, said the Indian
carmaker was finalizing the GBP100 million of loans from
commercial banks including Standard Chartered, Bank of Baroda,
ING, GE Capital, and Bank of Ireland subsidiary Burdale.
Mr. Kant, as cited by the FT, said only a revival of the market
for luxury cars could help JLR turn around its business.

                         About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 6, 2009, Standard & Poor's Ratings Services said that it had
lowered its long term corporate credit rating on Tata Motors Ltd.
to 'B' from 'B+'.  The outlook is negative.  At the same time,
Standard & Poor's lowered the issue rating on the company's senior
unsecured notes to 'B' from 'B+'.  Both ratings were removed from
CreditWatch, where they were placed with negative implications on
December 18, 2009, and refreshed in March 2009.

                            *********

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
be reliable, but is not guaranteed.

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of the same firm for the term of the initial subscription or
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                 * * * End of Transmission * * *