TCREUR_Public/090903.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

          Thursday, September 3, 2009, Vol. 10, No. 174

                            Headlines

A U S T R I A

ALFRED NOVOTNY: Claims Filing Deadline is September 10
CC + D EVENT: Creditors Must File Claims by September 15
HOFSTETTER GMBH: Creditors Must File Claims by September 15
K.H. MERSNIK: Creditors Must File Claims by September 14
KARASALIHOVIC GMBH: Claims Filing Deadline is September 14

MASSIVHOLZ GMBH: Creditors Must File Claims by September 15


K A Z A K H S T A N

ALAKOLSKY SAHARNY: Creditors Must File Claims by September 5
ASIA COPPER: Creditors Must File Claims by September 5
COMFORT BUILDING: Creditors Must File Claims by September 5
COMPLECT SYSTEM: Creditors Must File Claims by September 5
EMSASH INVEST: Creditors Must File Claims by September 5

KARAGANDA STROY: Creditors Must File Claims by September 5
LES STROY: Creditors Must File Claims by September 5
OIL KZ: Creditors Must File Claims by September 5
PROM TECH: Creditors Must File Claims by September 5
RUSSO TRADE: Creditors Must File Claims by September 5

STYLE STROY: Creditors Must File Claims by September 5
UIUT SERVICE: Creditors Must File Claims by September 5
UKSI SEV: Creditors Must File Claims by September 5
UKTUS COMPANY: Creditors Must File Claims by September 5
VEKTOR PLUS: Creditors Must File Claims by September 5


K Y R G Y Z S T A N

TEKE TOO: Court Names T. Subankulov as Insolvency Manager


R U S S I A

EVIS OJSC: Creditors Must File Claims by September 10
ISKROM LLC: Creditors Must File Claims by September 10
KENZHINSKIY CANNERY: Creditors Must File Claims by September 10
NOVOSERGIEVSKIY CONSTRUCTION: Claims Filing Deadline is Sept. 10
NPK-BANK LLC: Creditors Must File Claims by September 10

OKTYABR CJSC: Creditors Must File Claims by September 10
STROY-BAZIS LLC: Creditors Must File Claims by September 10
STROY-INVEST LLC: Bankruptcy Hearing Set September 9


S W I T Z E R L A N D

ADVANTECH AG: Claims Filing Deadline is September 7
AUTOMATICA GMBH: Claims Filing Deadline is September 7
AUTOMOBILI JEGENSTORF: Claims Filing Deadline is September 7
BISWAS MANAGEMENT: Claims Filing Deadline is September 7
DEE MOLINAR: Claims Filing Deadline is September 7

FALCONE DICHT: Claims Filing Deadline is September 7
FIBAT TREUHAND: Claims Filing Deadline is September 7
FLOORTECH GMBH: Claims Filing Deadline is September 7
GARUDA GMBH: Claims Filing Deadline is September 7
HOTEL JAEGERSBURG: Claims Filing Deadline is September 7

K + P AG: Claims Filing Deadline is September 7
MADLIGER-SCHWAB: Claims Filing Deadline is September 7
MONDI AG: Claims Filing Deadline is September 7
MUSIKVERLAG POLYTON: Claims Filing Deadline is September 7
PARMEX GMBH: Claims Filing Deadline is September 7

SOLUDENT GMBH: Claims Filing Deadline is September 7
SOUTHWOOD AG: Claims Filing Deadline is September 7
STAKE INVEST: Claims Filing Deadline is September 7
TRACO GMBH: Claims Filing Deadline is September 7
WYMANN CONSULTING: Claims Filing Deadline is September 7


U K R A I N E

AGRONAFTABUD LLC: Court Starts Bankruptcy Supervision Procedure
BOBROVITSA MILK: Court Starts Bankruptcy Supervision Procedure
CHEMICAL LIFE: Court Starts Bankruptcy Supervision Procedure
CHERNOMORSKO-AZOVSKOYE: Court Starts Bankruptcy Supervision
DNEPROPROMATOM LLC: Court Starts Bankruptcy Supervision Procedure

ENERGYMACHINE LLC: Court Starts Bankruptcy Supervision Procedure
ERA OJSC: Court Starts Bankruptcy Supervision Procedure
FIDESPHARM LLC: Court Starts Bankruptcy Supervision Procedure
KALINOVKA FEED: Court Starts Bankruptcy Supervision Procedure
MEAT-PACKING PLANT: Court Starts Bankruptcy Supervision Procedure

MOTORCAR ENTERPRISE: Court Starts Bankruptcy Supervision Procedure
NAFTOGASINVEST LLC: Court Starts Bankruptcy Supervision Procedure
NORTEK-AZOT OJSC: Court Starts Bankruptcy Supervision Procedure
POLYKHIM LLC: Court Starts Bankruptcy Supervision Procedure
UINDENERGO LTD LLC: Court Starts Bankruptcy Supervision Procedure

VOLINPACK-FOR CJSC: Court Starts Bankruptcy Supervision Procedure
VOYAGER LLC: Court Starts Bankruptcy Supervision Procedure


U N I T E D   K I N G D O M

CREW GOLD: Unsecured Bondholders Reject Restructuring Proposal

* UK: 2,460 Manufacturers to Go Bust in 2009, BDO Says
* UK: Over 5,000 Retailers to Go Bust Next Year, BDO Says


                         *********




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


ALFRED NOVOTNY: Claims Filing Deadline is September 10
------------------------------------------------------
Creditors of Alfred Novotny GmbH have until September 10, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for September 24, 2009 at 10:45 a.m.

For further information, contact the company's administrator:

         Mag.Dr. Guenther Hoedl
         Schulerstrasse 18
         1010 Wien
         Austria
         Tel: 513 16 55
         Fax: 513 16 55 33
         E-mail: Hoedl@anwaltsteam.at


CC + D EVENT: Creditors Must File Claims by September 15
--------------------------------------------------------
Creditors of CC + D Event GmbH have until September 15, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for September 30, 2009 at 10:15 a.m. at:

         Land Court of Krems an der Donau
         Hall A
         Second floor
         Krems an der Donau
         Austria

For further information, contact the company's administrator:

         Mag. Gerald Streibel
         qualifizierter Vertreter
         Schwedengasse 2
         3500 Krems an der Donau
         Austria
         Tel: 02732/70280-80
         Fax: 02732/70280-9
         E-mail: insolvenz.krems@tpawt.com


HOFSTETTER GMBH: Creditors Must File Claims by September 15
-----------------------------------------------------------
Creditors of Hofstetter GmbH have until September 15, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for September 29, 2009 at 9:30 a.m. at:

         Land Court of Linz
         Hall 522
         Fifth Floor
         Linz
         Austria

For further information, contact the company's administrator:

          Dr. Erhard Hackl
          Hofgasse 7
          4020 Linz
          Austria
          Tel.: 77 62 34 bzw. 77 62 35
          Fax: 77 62 34 - 22
          E-Mail: hackl.hatak@aon.at


K.H. MERSNIK: Creditors Must File Claims by September 14
--------------------------------------------------------
Creditors of K.H. Mersnik GmbH have until September 14, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for September 29, 2009 at 10:15 a.m. at:

         Civil Court of Graz
         Room 205
         Second floor
         Graz
         Austria

For further information, contact the company's administrator:

         Dr.Candidus Cortolezis
         Hauptplatz 14
         8010 Graz
         Austria
         Tel: 0316/813973
         Fax: 0316/847797
         E-Mail: office@cortolezis.com


KARASALIHOVIC GMBH: Claims Filing Deadline is September 14
----------------------------------------------------------
Creditors of Karasalihovic GmbH have until September 14, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for September 28, 2009 at 10:10 a.m.

For further information, contact the company's administrator:

         Dr. Johann Koelly
         Rosengasse 55
         7350 Oberpullendorf
         Austria
         Tel.: 02612/42 7 10
         Fax: 02612/42710-6
         E-Mail: lawyer.koelly@aon.at


MASSIVHOLZ GMBH: Creditors Must File Claims by September 15
-----------------------------------------------------------
Creditors of Massivholz GmbH have until September 15, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for September 30, 2009 at 1:30 p.m. at:

         Land Court of Krems an der Donau
         Hall A
         Second Floor
         Krems an der Donau
         Austria

For further information, contact the company's administrator:

        Dr. Clemens Schnelzer
        Dr.-Franz-Weismann-Strasse 19
        3910 Zwettl
        Austria
        Tel: 02822/53953
        Fax: 02822/53953-18
        E-mail: rechtsanwalt@schnelzer.at


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


ALAKOLSKY SAHARNY: Creditors Must File Claims by September 5
------------------------------------------------------------
Creditors of LLP Alakolsky Saharny Zavod have until September 5,
2009 to submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Almaty
          Tauelsyzdyk Str. 53
          Taldykorgan
          Almaty
          Kazakhstan

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


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

          Satpaev Str. 18a
          Almaty
          Kazakhstan


COMFORT BUILDING: Creditors Must File Claims by September 5
-----------------------------------------------------------
Creditors of LLP Comfort Building ZK 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


COMPLECT SYSTEM: Creditors Must File Claims by September 5
----------------------------------------------------------
LLP Complect System Bezopasnosti is currently undergoing
liquidation.  Creditors have until September 5, 2009, to submit
proofs of claim to:

         Petrov Str. 5/3-69
         Almaty
         Kazakhstan


EMSASH INVEST: Creditors Must File Claims by September 5
--------------------------------------------------------
Creditors of LLP Emsash Invest have until September 5, 2009, to
submit proofs of claim to:

         Tole bi Str. 295
         Office 319
         Almaty
         Kazakhstan

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on June 1, 2009, after
finding it insolvent.

The Court is located at:

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


KARAGANDA STROY: Creditors Must File Claims by September 5
----------------------------------------------------------
Creditors of LLP Karaganda Stroy Project have until September 5,
2009, to submit proofs of claim to:

         Jambyl Str. 9
         Karaganda
         Kazakhstan

The Specialized Inter-Regional Economic Court of Karaganda
commenced bankruptcy proceedings against the company on June 1,
2009, after finding it insolvent.

The Court is located at:

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


LES STROY: Creditors Must File Claims by September 5
----------------------------------------------------
Creditors of LLP Les Stroy Torg have until September 5, 2009, to
submit proofs of claim to:

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

The court commenced bankruptcy proceedings against the company on
June 5, 2009.


OIL KZ: Creditors Must File Claims by September 5
-------------------------------------------------
LLP Oil KZ is currently undergoing liquidation.  Creditors have
until September 5, 2009, to submit proofs of claim to:

         Almatinskaya Str. 3
         Askenger
         Jambyl
         Kazakhstan


PROM TECH: Creditors Must File Claims by September 5
----------------------------------------------------
Creditors of LLP Prom Tech Montage Service have until September 5,
2009, to submit proofs of claim to:

         Podgornaya Str. 50
         Jylandy
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of East Kazakhstan
commenced bankruptcy proceedings against the company on June 2,
2009, after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Bajov Str. 2
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan


RUSSO TRADE: Creditors Must File Claims by September 5
------------------------------------------------------
Creditors of LLP Russo Trade have until September 5, 2009, to
submit proofs of claim to:

         Podgornaya Str. 50
         Jylandy
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of East Kazakhstan
commenced bankruptcy proceedings against the company on June 2,
2009, after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Bajov Str. 2
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan


STYLE STROY: Creditors Must File Claims by September 5
------------------------------------------------------
Creditors of LLP Style Stroy Complect have until September 5,
2009, to submit proofs of claim to:

         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan

The Specialized Inter-Regional Economic Court of Aktube commenced
bankruptcy proceedings against the company on June 1, 2009, after
finding it insolvent.

The Court is located at:

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


UIUT SERVICE: Creditors Must File Claims by September 5
-------------------------------------------------------
Creditors of LLP Uiut Service Atyrau 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.


UKSI SEV: Creditors Must File Claims by September 5
---------------------------------------------------
Creditors of LLP Uksi Sev Product have until September 5, 2009, to
submit proofs of claim to:

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

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


UKTUS COMPANY: Creditors Must File Claims by September 5
--------------------------------------------------------
Creditors of LLP Uktus Company have until September 5, 2009, to
submit proofs of claim to:

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

The Specialized Inter-Regional Economic Court of North Kazakhstan
commenced bankruptcy proceedings against the company on June 8,
2009.


VEKTOR PLUS: Creditors Must File Claims by September 5
------------------------------------------------------
Creditors of LLP Vektor Plus K have until September 5, 2009, to
submit proofs of claim to:

         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan

The Specialized Inter-Regional Economic Court of Aktube commenced
bankruptcy proceedings against the company on June 1, 2009, after
finding it insolvent.

The Court is located at:

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


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


TEKE TOO: Court Names T. Subankulov as Insolvency Manager
---------------------------------------------------------
The Inter-District Court of Bishkek for Economic Issues appointed
T. Subankulov as Insolvency Manager for LLC Teke Too on June 22,
2009.  He can be reached at:

         T. Subankulov
         Moskovskaya Str. 151
         Room 108
         Bishkek
         Kyrgyzstan
         Tel: (0-772) 82-95-66

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case
No. ED-1265/07 M??2.


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


EVIS OJSC: Creditors Must File Claims by September 10
-----------------------------------------------------
Creditors of OJSC Evis (TIN 3328410282; PSRN 1023300932093)(Group
of Glass Plants) have until September 10, 2009, to submit proofs
of claims to:

         A. Alimov
         Insolvency Manager
         Post User Box 18
         600005 Vladimir
         Russia

The Arbitration Court of Vladimirskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A11–9372/2008-K1–217B/9B.

The Debtor can be reached at:

         OJSC Evis
         Pervomayskaya Str. 1
         Ivanishchi
         Gus-Khrustalnyy
         601521 Vladimirskaya
         Russia


ISKROM LLC: Creditors Must File Claims by September 10
------------------------------------------------------
Creditors of LLC Iskrom (TIN 5903071361, PSRN 1065903036066)
(Construction) have until September 10, 2009, to submit proofs of
claims to:

         A. Sergeev
         Insolvency Manager
         Post User Box 1686
         Berezniki
         618400 Permskiy
         Russia

The Arbitration Court of Permskiy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ?50–18551/2008.

The Debtor can be reached at:

         LLC Iskrom
         Sukhobrusa Str. 27-202
         614068 Perm
         Russia


KENZHINSKIY CANNERY: Creditors Must File Claims by September 10
---------------------------------------------------------------
Creditors of LLC Kenhenskiy Cannery (TIN 0713001430, PSRN
1030700752148) have until September 10, 2009, to submit proofs of
claims to:

         B. Dumanov
         Insolvency Manager
         Apt. 61
         Tarchkova Str. 54G
         Nalchik
         360000 Kabardino-Balkaria
         Russia

The Arbitration Court of Kabardino-Balkaria commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?20–2471/2008.

The Debtor can be reached at:

         LLC Kenhenskiy Cannery
         Stepnaya Str. 76
         Kenzhe
         Kabardino-Balkaria
         Russia


NOVOSERGIEVSKIY CONSTRUCTION: Claims Filing Deadline is Sept. 10
----------------------------------------------------------------
Creditors of OJSC Novosergievskiy Construction Materials Plant
(TIN 5636002690) have until September 10, 2009, to submit proofs
of claims to:

          S. Dzhembulatov
         Insolvency Manager
         Proletarskaya Str. 216
         460035 Orenburg
         Russia

The Arbitration Court of Orenburgskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?47–9461/07.

The Debtor can be reached at:

         OJSC Novosergievskiy Construction Materials Plant
         Novosergievka
         Novosergievskiy
         Orenburgskaya
         Russia


NPK-BANK LLC: Creditors Must File Claims by September 10
--------------------------------------------------------
Creditors of LLC NPK-Bank (TIN 7744003208, Registration No. 3442)
(Commercial Bank)have until September 10, 2009, to submit proofs
of claims to:

         M. Knutova
         Insolvency Manager
         Office K
         Leningradskiy Prospect 9
         125040 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ?40–54000/09–123-211B.

The Debtor can be reached at:

         LLC NPK-Bank
         Building 1
         Sharikopodshipnikovskaya Str. 38
         115088 Moscow
         Russia


OKTYABR CJSC: Creditors Must File Claims by September 10
--------------------------------------------------------
Creditors of CJSC Oktyabr (TIN 3314000261, PSRN 10233009321559,
RVC 331401001) (Glass Plant) have until September 10, 2009, to
submit proofs of claims to:

         A. Shurov
         Insolvency Manager
         Radiozavodskoe shosse 2a
         Murom
         602264 Vladimirskaya
         Russia

The Arbitration Court of Vladimirskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?11–11267/2008.

The Debtor can be reached at:

         CJSC Oktyabr
         Kooperativnaya Str. 1
         Krasnyy Oktyabr
         Gus-Khrustalnyy
         601572 Vladimirskaya
         Russia


STROY-BAZIS LLC: Creditors Must File Claims by September 10
-----------------------------------------------------------
Creditors of LLC Stroy-Bazis (TIN 3528122972, PSRN 1073528004384)
(Construction) have until September 10, 2009, to submit proofs of
claims to:

         N. Kulikova
         Insolvency Manager
         Kozlenskaya Str. 35-401
         160035 Vologda
         Russia

The Arbitration Court of Vologodskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?13–12070/2008.

The Debtor can be reached at:

         LLC Stroy-Bazis
         Gogolya Str. 47
         Cherepovets
         Vologodskaya
         Russia


STROY-INVEST LLC: Bankruptcy Hearing Set September 9
----------------------------------------------------
The Arbitration Court of Belgorodskaya will convene at 9:30 a.m.
on September 9, 2009, to hear bankruptcy supervision procedure on
LLC Stroy-Invest (TIN 3123091589, PSRN 10331070009825)
(Construction).  The case is docketed under Case No. ?08–
3453/2009–11B.

The Temporary Insolvency Manager is:

         S .Klimov
         Post User Box 671
         308033 Belgorod
         Russia

The Debtor can be reached at:

         LLC Stroy-Invest
         Prospect Slavy 39
         308000 Belgorod
         Russia


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


ADVANTECH AG: Claims Filing Deadline is September 7
---------------------------------------------------
Creditors of AdvanTech AG are requested to file their proofs of
claim by September 7, 2009, to:

         Revitrag Treuhand AG
         Metallstrasse 9a
         6304 Zug
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
general meeting held on July 2, 2009.


AUTOMATICA GMBH: Claims Filing Deadline is September 7
------------------------------------------------------
Creditors of Automatica GmbH are requested to file their proofs of
claim by September 7, 2009, to:

         Peter Buorgin-Manser
         Altbrunnenweg 10
         4410 Liestal
         Switzerland

The company is currently undergoing liquidation in Visp.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on July 21, 2009.


AUTOMOBILI JEGENSTORF: Claims Filing Deadline is September 7
------------------------------------------------------------
Creditors of Automobili Jegenstorf AG are requested to file their
proofs of claim by September 7, 2009, to:

         Automobili Jegenstorf AG
         Saegetstrasse 1
         3303 Jegenstorf
         Switzerland

The company is currently undergoing liquidation in Jegenstorf.
The decision about liquidation was accepted at an extraordinary
general meeting held on July 17, 2009.


BISWAS MANAGEMENT: Claims Filing Deadline is September 7
--------------------------------------------------------
Creditors of Biswas Management GmbH are requested to file their
proofs of claim by September 7, 2009, to:

         Robin Biswas
         Sonnenbergstrasse 19
         8102 Oberengstringen
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at a general meeting held
on June 20, 2007.


DEE MOLINAR: Claims Filing Deadline is September 7
--------------------------------------------------
Creditors of Dee Molinar AG are requested to file their proofs of
claim by September 7, 2009, to:

         Risk-Consult AG
         Poststrasse 22
         6300 Zug
         Switzerland

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


FALCONE DICHT: Claims Filing Deadline is September 7
----------------------------------------------------
Creditors of Falcone Dicht Shop GmbH are requested to file their
proofs of claim by September 7, 2009, to:

         Edcon Treuhand AG
         Liquidator
         Rainacherstrasse 12
         6012 Obernau (Gemeinde Kriens)
         Switzerland

The company is currently undergoing liquidation in Kriens.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on July 14, 2009.


FIBAT TREUHAND: Claims Filing Deadline is September 7
-----------------------------------------------------
Creditors of Fibat Treuhand AG are requested to file their proofs
of claim by September 7, 2009, to:

         Mattle Treuhand AGL
         Liquidator
         Bohlstrasse 18
         9450 Luochingen
         Switzerland

The company is currently undergoing liquidation in Sevelen.  The
decision about liquidation was accepted at an extraordinary
general meeting held on July 15, 2009.


FLOORTECH GMBH: Claims Filing Deadline is September 7
-----------------------------------------------------
Creditors of Floortech GmbH are requested to file their proofs of
claim by September 7, 2009, to:

         Andre Buoecheler
         Surbtalstrasse 17
         5312 Doettingen
         Switzerland

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


GARUDA GMBH: Claims Filing Deadline is September 7
--------------------------------------------------
Creditors of Garuda GmbH are requested to file their proofs of
claim by September 7, 2009, to:

         Jacqueline Reich
         Grundeldingerstrasse 476
         4053 Basel
         Switzerland

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


HOTEL JAEGERSBURG: Claims Filing Deadline is September 7
-------------------------------------------------------
Creditors of Hotel Jaegersburg GmbH are requested to file their
proofs of claim by September 7, 2009, to:

         Nicole Schluoter
         Muolistrasse 11
         8320 Fehraltorf
         Switzerland

The company is currently undergoing liquidation in Dubendorf.  The
decision about liquidation was accepted at a shareholders' meeting
held on July 9, 2009.


K + P AG: Claims Filing Deadline is September 7
-----------------------------------------------
Creditors of K + P AG are requested to file their proofs of claim
by September 7, 2009, to:

         K + P AG
         Landquartstrasse 71
         9320 Arbon
         Switzerland

The company is currently undergoing liquidation in Arbon.  The
decision about liquidation was accepted at an extraordinary
general meeting held on July 10, 2009.


MADLIGER-SCHWAB: Claims Filing Deadline is September 7
------------------------------------------------------
Creditors of Madliger-Schwab AG are requested to file their proofs
of claim by September 7, 2009, to:

         Dr. R.C. Salgo
         Ruotistrasse 103
         8636 Wald
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at a general meeting held
on August 31, 2006.


MONDI AG: Claims Filing Deadline is September 7
-----------------------------------------------
Creditors of Mondi AG are requested to file their proofs of claim
by September 7, 2009, to:

         Dr. Felix Fischer
         Liquidator
         Limmatquai 94
         8021 Zurich
         Switzerland

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


MUSIKVERLAG POLYTON: Claims Filing Deadline is September 7
----------------------------------------------------------
Creditors of Musikverlag Polyton AG are requested to file their
proofs of claim by September 7, 2009, to:

         Musikverlag Polyton AG
         Weierbach 2
         8164 Bachs
         Switzerland

The company is currently undergoing liquidation in Bachs.  The
decision about liquidation was accepted at a general meeting held
on June 19, 2009.


PARMEX GMBH: Claims Filing Deadline is September 7
--------------------------------------------------
Creditors of Parmex GmbH are requested to file their proofs of
claim by September 7, 2009, to:

         Parmex GmbH
         Terrassenweg 1a
         6300 Zug
         Switzerland

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


SOLUDENT GMBH: Claims Filing Deadline is September 7
-----------------------------------------------
Creditors of Soludent GmbH are requested to file their proofs of
claim by September 7, 2009, to:

         Michel Stuck
         Riedernrain 305
         3027 Bern
         Switzerland

The company is currently undergoing liquidation in Bern.  The
decision about liquidation was accepted at a shareholders' meeting
held on May 28, 2009.


SOUTHWOOD AG: Claims Filing Deadline is September 7
---------------------------------------------------
Creditors of Southwood AG are requested to file their proofs of
claim by September 7, 2009, to:

         Christoph Ramstein
         Liquidator
         Loewenstrasse 1
         8001 Zurich
         Switzerland

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


STAKE INVEST: Claims Filing Deadline is September 7
---------------------------------------------------
Creditors of Stake Invest AG are requested to file their proofs of
claim by September 7, 2009, to:

         lic.iur. Christian Eggenberger
         Bahnhofstrasse 29
         9470 Buchs
         Switzerland

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


TRACO GMBH: Claims Filing Deadline is September 7
-------------------------------------------------
Creditors of Traco GmbH are requested to file their proofs of
claim by September 7, 2009, to:

         Alice Masson
         Boendlerstrasse 18 A
         8802 Kilchberg
         Switzerland

The company is currently undergoing liquidation in Hunenberg.  The
decision about liquidation was accepted at a shareholders' meeting
held on June 10, 2009.


WYMANN CONSULTING: Claims Filing Deadline is September 7
--------------------------------------------------------
Creditors of Wymann Consulting GmbH are requested to file their
proofs of claim by September 7, 2009, to:

         Christian Wymann
         Liquidator
         Schwalbenstrasse 100
         8620 Wetzikon
         Switzerland

The company is currently undergoing liquidation in Wetzikon ZH.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on July 3, 2009.


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


AGRONAFTABUD LLC: Court Starts Bankruptcy Supervision Procedure
--------------------------------------------------------------
The Economic Court of Kiev commenced bankruptcy supervision
procedure on LLC Agronaftabud (code EDRPOU 33108270).

The Insolvency Manager is:

         N. Titarenko
         Office 18
         Saksagansky Str. 24
         01033 Kiev
         Ukraine

The Court is located at:

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

The Debtor can be reached at:

         LLC Agronaftabud
         Office 139
         Cheliabinskaya Str. 19
         02002 Kiev
         Ukraine


BOBROVITSA MILK: Court Starts Bankruptcy Supervision Procedure
--------------------------------------------------------------
The Economic Court of Chernigov commenced bankruptcy supervision
procedure on OJSC Bobrovitsa Milk Plant (code EDRPOU 30004072).

The Insolvency Manager is:

         V. Benitskaya
         Vasilkovskaya Str. 178-a
         Zastugna
         Vasilkov
         Kiev
         Ukraine

The Court is located at:

         The Economic Court of Chernigov
         Mir Ave. 20
         14000 Chernigov
         Ukraine

The Debtor can be reached at:

         OJSC Bobrovitsa Milk Plant
         Chernigov Str. 50
         Bobrovitsa
         17400 Chernigov
         Ukraine


CHEMICAL LIFE: Court Starts Bankruptcy Supervision Procedure
------------------------------------------------------------
The Economic Court of Cherkassy commenced bankruptcy supervision
procedure on CJSC Chemical Life Service (code EDRPOU 31141651).

The Insolvency Manager is:

         A. Rudenko
         Volkov Str. 14
         Kirovograd
         Ukraine

The Court is located at:

         The Economic Court of Cherkassy
         Shevchenko Blvd. 307
         18004 Cherkassy
         Ukraine

The Debtor can be reached at:

         CJSC Chemical Life Service
         Petrovsky Str. 279
         18000 Cherkassy
         Ukraine


CHERNOMORSKO-AZOVSKOYE: Court Starts Bankruptcy Supervision
-----------------------------------------------------------
The Economic Court of Odessa commenced bankruptcy supervision
procedure on State Enterprise Chernomorsko-Azovskoye Production
and Exploitation Department of Seaways (code EDRPOU 01125637).

The Insolvency Manager is:

         L. Litvinova
         Office 822, 823
         Paustovsky Str. 12B
         Odessa
         Ukraine

The Court is located at:

         The Economic Court of Odessa
         Shevchenko Ave. 29
         65032 Odessa
         Ukraine

The Debtor can be reached at:

         State Enterprise Chernomorsko-Azovskoye Production
         and Exploitation Department of Seaways
         Primorskaya Str. 7
         65026 Odessa
         Ukraine


DNEPROPROMATOM LLC: Court Starts Bankruptcy Supervision Procedure
-----------------------------------------------------------------
The Economic Court of Dnepropetrovsk commenced bankruptcy
supervision procedure on LLC Dnepropromatom (code EDRPOU
35608989).

The Insolvency Manager is:

         V. Gliadchenko
         Office 4
         Sverdlov Str. 68
         49000 Dnepropetrovsk
         Ukraine

The Court is located at:

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

The Debtor can be reached at:

         LLC Dnepropromatom
         Rotornaya Str. 6
         49000 Dnepropetrovsk
         Ukraine


ENERGYMACHINE LLC: Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------------
The Economic Court of Kiev commenced bankruptcy supervision
procedure on LLC Energymachine (Kiev) (code EDRPOU 33052071).
The company's insolvency manager is V. Osipenko.

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 Energymachine (Kiev)
         Office 21b
         Krasnozvezdny Ave. 119
         03039 Kiev
         Ukraine


ERA OJSC: Court Starts Bankruptcy Supervision Procedure
-------------------------------------------------------
The Economic Court of Sevastopol commenced bankruptcy supervision
procedure on OJSC Sevastopol Enterprise Era (code EDRPOU
14311057).

The Insolvency Manager is:

         I. Zakharchenko
         Office 53
         Oktiabrsky Lane 325/4
         54052 Nikolayev
         Ukraine

The Court is located at:

         The Economic Court of Sevastopol region
         Pavlichenko street 5
         99011 Sevastopol
         AR Krym
         Ukraine

The Debtor can be reached at:

         OJSC Sevastopol Enterprise Era
         Nakhimov Ave. 15
         99011 Sevastopol
         AR Krym
         Ukraine


FIDESPHARM LLC: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------
The Economic Court of Kiev commenced bankruptcy supervision
procedure on LLC Fidespharm (code EDRPOU 32557523).  The company's
insolvency manager is S. Gritsay.

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 Fidespharm
         Office 401
         A. Krimsky Str. 27
         04128 Kiev
         Ukraine


KALINOVKA FEED: Court Starts Bankruptcy Supervision Procedure
-------------------------------------------------------------
The Economic Court of Ivano-Frankovsk commenced bankruptcy
supervision procedure on LLC Kalinovka Feed Mill (code EDRPOU
00686530).  The company's insolvency manager is A. Palshin.

The Court is located at:

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

The Debtor can be reached at:

         LLC Kalinovka Feed Mill
         Kiev Str. 1
         Kordelivka
         Kalinovsky
         22445 Vinnitsa
         Ukraine


MEAT-PACKING PLANT: Court Starts Bankruptcy Supervision Procedure
-----------------------------------------------------------------
The Economic Court of Herson commenced bankruptcy supervision
procedure on OJSC Meat-Packing Plant (code EDRPOU 30981572).

The Insolvency Manager is:

         O. Brusentseva
         Office 33
         Perekopskaya Str. 203
         73036 Herson
         Ukraine

The Court is located at:

         The Economic Court of Herson
         Gorky Str. 18
         73000 Herson
         Ukraine

The Debtor can be reached at:

         OJSC Meat-Packing Plant
         K. Marks Str. 98
         Novotroitskoye
         75300 Herson
         Ukraine


MOTORCAR ENTERPRISE: Court Starts Bankruptcy Supervision Procedure
------------------------------------------------------------------
The Economic Court of Zaporozhye commenced bankruptcy supervision
procedure on OJSC Motorcar Enterprise #12327 (code EDRPOU
03114170).

The Insolvency Manager is:

          D. Soboleva
          Malinovsky Str. 19/78
          69104 Zaporozhye
          Ukraine

The Court is located at:

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

The Debtor can be reached at:

          OJSC Motorcar Enterprise #12327
          Jasmine Str. 3
          69083 Zaporozhye
          Ukraine


NAFTOGASINVEST LLC: Court Starts Bankruptcy Supervision Procedure
-----------------------------------------------------------------
The Economic Court of Kiev commenced bankruptcy supervision
procedure on LLC Trading House Naftogasinvest (code EDRPOU
31356897).

The Insolvency Manager is:

         I. Gusar
         Post Office Box 29
         01030 Kiev
         Ukraine

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 Trading House Naftogasinvest
         Pobeda Ave. 118
         03040 Kiev
         Ukraine


NORTEK-AZOT OJSC: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------------
The Economic Court of Odessa commenced bankruptcy supervision
procedure on OJSC Company Nortek-Azot (code EDRPOU 32096474).

The Insolvency Manager is:

         D. Manushin
         Office 6
         25th Chapayev Division str. 12/2
         65070 Odessa
         Ukraine

The Court is located at:

         The Economic Court of Odessa
         Shevchenko Ave. 29
         65032 Odessa
         Ukraine

The Debtor can be reached at:

         OJSC Company Nortek-Azot
         Admiralsky Ave. 33-a
         Odessa
         Ukraine


POLYKHIM LLC: Court Starts Bankruptcy Supervision Procedure
-----------------------------------------------------------
The Economic Court of Dnepropetrovsk commenced bankruptcy
supervision procedure on LLC Polykhim (code EDRPOU 31459342).

The Insolvency Manager is:

         Y. Yakhnovets
         Yalitsevy Lane 1
         49000 Dnepropetrovsk
         Ukraine

The Court is located at:

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

The Debtor can be reached at:

         LLC Polykhim
         Williams Str. 29
         49000 Dnepropetrovsk
         Ukraine


UINDENERGO LTD LLC: Court Starts Bankruptcy Supervision Procedure
-----------------------------------------------------------------
The Economic Court of Kiev commenced bankruptcy supervision
procedure on LLC Enterprise with Foreign Investment Uindenergo
Ltd. (code EDRPOU 14334503).

The Insolvency Manager is:

         A. Serebriakov
         Post Office Box 53
         Srebnokolskaya Str. 24
         02095 Kiev
         Ukraine

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 Enterprise with Foreign Investment Uindenergo Ltd.
         Obolonsky Ave. 23-A
         04205 Kiev
         Ukraine


VOLINPACK-FOR CJSC: Court Starts Bankruptcy Supervision Procedure
-----------------------------------------------------------------
The Economic Court of Kharkov commenced bankruptcy supervision
procedure on CJSC Volinpack-for (code EDRPOU 30233730).

The Insolvency Manager is:

         O. Doloshko
         Post Office Box 4589
         61022 Kharkov
         Ukraine

The Court is located at:

         The Economic Court of Kharkov
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         CJSC Volinpack-for
         Office 75
         Traktorostroiteley Ave. 140-b
         Kharkov
         Ukraine


VOYAGER LLC: Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------
The Economic Court of Dnepropetrovsk commenced bankruptcy
supervision procedure on LLC Voyager (code EDRPOU 24450375).

The Insolvency Manager is:

         J. Bagno
         Trubnikov avenue 105/3
         Nikopol
         53200 Dnepropetrovsk
         Ukraine

The Court is located at:

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

The Debtor can be reached at:

         LLC Voyager
         Trubnikov Ave. 25
         Nikopol
         53200 Dnepropetrovsk
         Ukraine


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


CREW GOLD: Unsecured Bondholders Reject Restructuring Proposal
--------------------------------------------------------------
Crew Gold Corporation has unveiled results from Tuesday's
bondholders' meetings.

On Aug. 17, 2009, Crew said that it was taking initiatives to
strengthen its balance sheet, including the proposed conversion
into common shares of approximately US$148 million principal
amount of bonds issued by Crew and a Rights Offering with proceeds
ranging from NOK 5 million to NOK90 million (collectively, the
"Restructuring").

Bondholders' meetings to consider the Restructuring were held on
Sept. 1 in the following bond issues:

   -- 9.50 percent Crew Gold Corporation Unsecured Bond Issue with
      Call Option 2004/2009 (ISIN NO 001024380.1)

   -- 6.00 percent Crew Gold Corporation Senior Unsecured
      Convertible Bond Issue 2005/2010 (ISIN NO 001029393.9)

   -- 5.406 percent Crew Gold Corporation Senior Unsecured
      Convertible Bond Issue 2009/2010 (ISIN NO 001049555.9)

   -- Crew Gold Corporation Senior Secured Bond Issue 2006/2010
      with call option (ISIN NO 001030731.7)

The bondholders' meetings in the USD Convertible Bonds, the NOK
Convertible Bonds and the Senior Secured Bonds approved the
proposed Restructuring, but the bondholders' meeting in the
Unsecured Bonds rejected the Restructuring.  Since the approval by
the bondholders' meetings in all said bond issues is a condition
for the completion of the Restructuring, the Company cannot
proceed with the Restructuring unless and until the bondholders'
in the Unsecured Bonds were to approve the Restructuring at a
reconvened bondholders' meeting in time for the Restructuring to
be completed by October 26, 2009.

The Company intends to continue to explore structural and
strategic alternatives to rescue value from the Company's LEFA
project for all stakeholders, including whether to request a
bondholders' meeting in the Unsecured Bonds to be convened to
reconsider the Restructuring.

                    Restructuring Proposal

Crew has incurred approximately US$330 million of bond debt over
the past 5 years to partially fund acquisitions and capital
expansion.  The balance of funding has come from shareholders,
operations and asset sales.  After advice from Arctic Securities,
the financial advisor, Crew decided to explore different
alternatives to allow it to better execute its business plan.  The
objective has been to find a financially viable solution to
preserve and protect stakeholder value.  The proposed
Restructuring is a result of negotiations between the largest
bondholders and a committee of the Board of Directors.  The
bondholders referred to represent negative control of the largest
bonds and were therefore a key determinant in seeking to find a
mutually agreed Restructuring proposal.  The trustee, Norsk
Tillitsmann, has also taken an active part in these negotiations
and has provided frequent inputs from the initiation of the
process, including but not limited to, reviewing and commenting on
the transaction structure and proposed solutions.  The Company is
therefore of the opinion that the proposal represents a balanced
and united solution from both a shareholder and bondholder
perspective.

                         Going Concern

Crew is in a critical stage of the operational ramp-up.  In
particular, the Company emphasizes the importance of the liquidity
disclosures and going concern note in "Management's Discussion and
Analysis of Financial Conditions and Results of Operations for the
quarter and six months ended June 30, 2009" stating:

"The Company believes that the completion of the rectification
program and the achievement of the anticipated 2009 production
targets at LEFA will result in the operations generating
sufficient cash flow to fund its working capital requirements and
repay its obligations as they fall due during 2009, however, this
cannot be assured as the cash flows are dependent on significant
factors outside the control of management such as changes in the
gold price, foreign exchange rates, political uncertainty and the
increasing costs of inputs.  Further, the Company will be required
to renegotiate or refinance debt facilities coming due in 2010.
There can be no assurance that the negotiations will be successful
or that the Company will be able to raise the necessary financing
to repay the debt as it comes due."

In order to address these challenges, a conversion of a portion of
the Bonds into equity, in combination with securing additional
sources of funds, is currently being contemplated under the
proposal.  Based on feedback from the financial advisor to date,
it is evident that raising new equity capital on a standalone
basis would be conditional upon a substantial restructuring of the
Bonds.  The liquidity and stability of the Company following the
injection of proceeds from the proposed Rights Issue, as well as
the Bondholders' influence on the Company through the new
representatives on the Board of Directors, should be seen as
positive factors to the Bondholders.  In the opinion of the
Company, the Restructuring proposal is expected to be a viable
long term financial solution.

The Restructuring proposal is a result of negotiations with the
major stakeholders to find a viable financial long term solution
for all components of the capital structure.

Headquartered in the United Kingdom, Crew Gold Corporation --
http://www.crewgold.com/-- is an international mining company,
focused on restructuring its gold resource projects. The Company’s
project consists of LEFA Gold Mine, Maco Mine and Nalunaq Gold
Mine and Nugget Pond Processing Facility.  The Nalunaq Gold Mine,
is located in a remote part of southern Greenland. Mining
operations were conducted using contract mining.  In addition, the
Company also undertook two exploration projects, which include Wa,
Ghana and Glover Island, Newfoundland.


* UK: 2,460 Manufacturers to Go Bust in 2009, BDO Says
------------------------------------------------------
Manufacturing output remains significantly below pre-recession
levels and there will be a high of 2,460 business failures in
2009, compared to the 1,600 recorded in 2008, according to the
latest Industry Watch report by accountants and business advisors,
BDO Stoy Hayward LLP.

Despite this, the manufacturing sector is likely to be one of the
better performing areas of the economy following the downturn.
Recent output figures have shown growth in the sector and further
output data from the Office for National Statistics is to be
released this Friday 28 August.

Going forward into 2010, business failures are expected to drop to
2,090.   As the manufacturing industry emerges from the downturn,
a variety of factors will signal an improved outlook.  Among these
are the easing of credit constraints, lower sterling exchange
rates and increased domestic and external demand.

Kim Stubbs, Manufacturing Business Restructuring Partner at BDO
Stoy Hayward, said: "There are evidently still challenging times
ahead for the manufacturing sector, with high levels of business
failures expected in the coming months.

"But the inventory cycle has a key role to play in the recovery
and businesses that draw their destocking to a close and increase
their inventories, will contribute significantly to the rebound in
the industry.  This, alongside reduced restraint on credit and
lower sterling exchange rates, signals light at the end of the
tunnel for the manufacturing sector."

                 About BDO Stoy Hayward LLP

BDO Stoy Hayward LLP operates across the UK with over 3,000
partners and staff.  BDO Stoy Hayward LLP is a UK limited
liability partnership and the UK Member Firm of BDO International.


* UK: Over 5,000 Retailers to Go Bust Next Year, BDO Says
---------------------------------------------------------
The retail sector will dwell in the doldrums for longer than other
industries, with the number of business failures rising in 2010,
according to the latest Industry Watch report by accountants and
business advisors, BDO Stoy Hayward LLP.

Going forward, rising unemployment will likely cause a decline in
consumer spending in 2010, driving up insolvencies.  In tandem,
lower wage growth and reduced consumer credit will also contribute
to the increase in business failures, with 4,630 expected in 2009
rising to 5,070 in 2010.

To date consumers have shown remarkable resilience in the face of
the recession.  Retail spending has held up unexpectedly well
throughout the downturn; Office of National Statistics data shows
that during the second quarter retail sales volumes were up by 0.7
per cent quarter-on-on quarter and 1.3 per cent compared to the
second quarter of 2008.  Despite this, many retailers have paid
the price of heavy discounting which has left profit margins
painfully thin.

Tony Nygate, Retail Business Restructuring Partner at BDO Stoy
Hayward, said: "Unemployment has risen less than the economic
contraction originally suggested, with a flexible labour market
allowing employers to reduce hours and wages rather than make
redundancies.  These factors have helped maintain retail spending
surprisingly well in the face of recession and have been
instrumental in preventing even more retailers going into
liquidation.

"However retailers can expect the worst of the recession to hit in
2010 when rising unemployment and structurally lower consumer
credit will dampen prospects.  That means retailers will face a
particularly tough 2010, with our research predicting over 5,000
retailers will go out of business next year."

                    About BDO Stoy Hayward LLP

BDO Stoy Hayward LLP operates across the UK with over 3,000
partners and staff.  BDO Stoy Hayward LLP is a UK limited
liability partnership and the UK Member Firm of BDO International.

                            *********

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

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

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

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

                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *