TCREUR_Public/090910.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 10, 2009, Vol. 10, No. 179

                            Headlines

A U S T R I A

ALTENBETREUUNGS GMBH: Creditors Must File Claims by September 15
B.S.S. STAHLBAU: Claims Filing Deadline is September 14
EBV - ING. MARKUS: Claims Filing Deadline is September 15
L.C. IMMOBILIEN: Claims Filing Deadline is September 14
PENZ PETER: Creditors Must File Claims by September 15

POWERWORKERS GMBH: Creditors Must File Claims by September 15


D E N M A R K

AMAGERBANKEN A/S: Moody's Downgrades BFSR to 'E+' From 'D-'
FIH ERHVERVSBANK: Moody's Cuts Bank Fin'l Strength Rating to 'D-'


F R A N C E

LYONDELL CHEMICAL: Parent Restarts Two French Refinery Units
VOXAN-SCCM SA: Placed Into Receivership


G E R M A N Y

ARCANDOR AG: Sale of Thomas Cook Stake to Investors Begins
CONTINENTAL AG: Fitch Corrects Ratings; Cuts Issuer Rating to 'B+'
COS DISTRIBUTION: Agrees to Rescue Deal with Devil
ESCADA AG: Investors Present Offer; Plan Won't Need State Aid
GENERAL MOTORS: Germany Can't Force Early Repayment of Opel Loan

HAPAG-LLOYD AG: Eye EUR600 Mln Cost Savings; Mulls 120 Job Cuts


H U N G A R Y

BORSODCHEM NYRT: China's Wanhua in Talks to Acquire Stake


I C E L A N D

KAUPTHING BANK: Liquidation to Yield Creditors 20% of Money Owed


I R E L A N D

DANUCCI LTD: High Court Appoints Liquidator


I T A L Y

FIAT SPA: Sells EUR1.25 Billion of Junk Bonds
FIAT SPA: Ferrari's First-Half 2009 Revenue Fell 8% to EUR891 Mln
RISANAMENTO SPA: Submits Restructuring Plan to Milan Court


K A Z A K H S T A N

RG BRANDS: Moody's Confirms Corporate Family Rating at 'B3'


K Y R G Y Z S T A N

UNEX GROUP: Creditors Must File Claims by September 24


N E T H E R L A N D S

LYONDELL CHEMICAL: Gets 45-Day Extension for Noteholder Bar
VAN DER MOOLEN: Files for Bankruptcy


R O M A N I A

MIVAN KIER: Declared Insolvent by Bucharest Court


R U S S I A

DOMEK LLC: Creditors Must File Claims by September 17
LGOVSKIY VALVE: Creditors Must File Claims by September 17
REAL-T LLC: Creditors Must File Claims by September 17
SARATOV DRILLING: Creditors Must File Claims by September 17
SEVERNUE LESOZAGOTOVKI: Creditors Must File Claims by September 17


S L O V A K   R E P U B L I C

SKYEUROPE AIRLINES: Bratislava Court Opens Bankruptcy Proceedings


S W E D E N

FORD MOTOR: China's Geely Automovite Mulls Volvo Bid
GENERAL MOTORS: Beijing Automotive Joins Koenigsegg's Saab Bid
SAAB AUTOMOBILE: Beijing Automotive Joins Koenigsegg Bid


S W I T Z E R L A N D

BERNARD MADOFF: Geneva Funds of Hedge Funds Fail to Fix Losses
CASANOVA REINIGUNGEN: Claims Filing Deadline is October 9
INTER-KART INDOOR: Claims Filing Deadline is September 15
KUNDENMALER FORNY: Claims Filing Deadline is September 15
MIMOSYS AG: Claims Filing Deadline is October 6

MOVIE MILE: Claims Filing Deadline is November 2
OBRA AG: Claims Filing Deadline is November 2
PMD REAL: Claims Filing Deadline is September 28
SELDAT AG: Claims Filing Deadline is October 15
SME TRADING: Claims Filing Deadline is September 30


U K R A I N E

AGROSEL-LTD LLC: Creditors Must File Claims by September 12
DZHANKOY SERVICE: Court Starts Bankruptcy Supervision Procedure
ENGINEERING TECHNOLOGIES: Creditors Must File Claims by Sept. 12
NIKO-PLUS LLC: Court Starts Bankruptcy Supervision Procedure
TECH-BAS LLC: Creditors Must File Claims by September 12

TRETIY FACTOR: Creditors Must File Claims by September 12
VIRIDIUM LLC: Creditors Must File Claims by September 12


U N I T E D   K I N G D O M

AMERICAN INT'L: Asset Sales Rise to US$9.8 Billion on Pacific Deal
LAND OF LEATHER: Unsecured Creditors Face 9% Recovery on Claims
NATIONAL EXPRESS: Stagecoach Shuns Alternative Sale Plan
NORTHERN ROCK: Ron Sandler to Become Executive Chair at Pearl
PEARL GROUP: Northern Rock's Ron Sandler to Become Executive Chair

ROYAL BANK: Mulls Sale of Aircraft Leasing Operation

* Upcoming Meetings, Conferences and Seminars


                         *********



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


ALTENBETREUUNGS GMBH: Creditors Must File Claims by September 15
----------------------------------------------------------------
Creditors of Altenbetreuungs 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 8:30 a.m.

         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. Frank Riel
         Gartenaugasse 1
         3500 Krems
         Austria
         Tel: 02732/86565
         Fax: 02732/86566-11
         E-mail: anwalt@riel-grohmann.at


B.S.S. STAHLBAU: Claims Filing Deadline is September 14
--------------------------------------------------------
Creditors of B.S.S. Stahlbau 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 9:45 a.m.

For further information, contact the company's administrator:

         Dr. Axel Reckenzaun
         Annenstrasse 10/1
         8020 Graz
         Austria
         Tel: 0316/713353
         Fax: 0316/713353-30
         E-mail: office@boehm-reckenzaun.at


EBV - ING. MARKUS: Claims Filing Deadline is September 15
---------------------------------------------------------
Creditors of EBV - Ing. Markus Steyrer 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 11:00 a.m.

For further information, contact the company's administrator:

         Dr. Wilhelm Hausler
         Neunkirchner Strasse 17
         2700 Wiener Neustadt
         Austria
         Tel: 02622/23 2 21, 23 7 96-0
         Fax: 02622/23 2 21-22
         E-mail: wilhelm.haeusler@rechtsexperte.at


L.C. IMMOBILIEN: Claims Filing Deadline is September 14
-------------------------------------------------------
Creditors of L.C. Immobilien 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 9:30 a.m.

For further information, contact the company's administrator:

         Dr. Stefan Langer
         Oelzeltgasse 4
         1030 Wien
         Austria
         Tel: 712 63 02, 713 61 92
         Fax: 713 61 92-22
         E-mail: kanzlei@kosesnik-langer.at


PENZ PETER: Creditors Must File Claims by September 15
------------------------------------------------------
Creditors of Penz Peter Ing. TV & Videoproduktion 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 9:30 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:

         Dr. Wolfgang Winiwarter
         Utzstrasse 9
         3500 Krems
         Austria
         Tel: 02732/83234
         Fax: 02732/74153
         E-mail: office@winiwarter.at


POWERWORKERS GMBH: Creditors Must File Claims by September 15
-------------------------------------------------------------
Creditors of POWERWORKERS 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 3:00 p.m. at .

         Land Court of Steyr
         Second Floor
         Steyr
         Austria

For further information, contact the company's administrator:

         Mag. Ernst Lehenbauer
         Hauptplatz 21
         4470 Enns
         Austria
         Tel: 07223/810 10
         Fax: DW 20
         E-mail: ra.lehenbauer@attglobal.net


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


AMAGERBANKEN A/S: Moody's Downgrades BFSR to 'E+' From 'D-'
-----------------------------------------------------------
Moody's Investors Service downgraded the long-term ratings of five
Danish banks: Jyske Bank A/S (by two notches), Amagerbanken A/S,
Nykredit Bank A/S, Spar Nord Bank A/S and Sydbank A/S (all by one
notch).  The long-term ratings of FIH Erhvervsbank A/S were
confirmed with a stable outlook and the long-term rating of
Ringkjobing Landbobank A/S was confirmed with a negative outlook.
In addition, the bank financial strength ratings of five Danish
banks were downgraded: FIH Erhvervsbank and Nykredit Bank by two
notches and Amagerbanken, Jyske Bank and Spar Nord Bank by one
notch.

Moody's will comment on its rating actions on Nordea Bank Danmark
A/S in a separate press release together with those on its parent,
Nordea Bank AB.

Regarding the issuer ratings of mortgage credit institutions:
BRFkredit a/s was downgraded by two notches and Nykredit
Realkredit A/S by one notch.  The ratings of DLR Kredit A/S remain
on review, which will take into account Moody's recently published
rating methodology for financial institutions that specialise in
the issuance of covered bonds on behalf of owner banks.  In
addition, Danmarks Skibskredit A/S's issuer rating was downgraded
by two notches.

These rating actions conclude the reviews for possible downgrade
initiated on July 22, 2009.  Moody's notes that backed Aaa and
Prime-1 ratings assigned under the Bank Packages I and II were not
affected.

Please note that this press release does not deal with the
possible implications for the covered bond ratings of Danish
mortgage credit institutions issuers.

Moody's review, during which it assessed the effect of anticipated
credit losses on earnings and capitalization, showed that the
BFSRs of the affected banks would be weakened by further
deterioration in their financial performance arising from the
economic downturn.  Similarly, the financial strength of the other
downgraded financial institutions would come under pressure under
Moody's anticipated scenario.

The anticipated deterioration in asset quality mainly reflects the
more challenging outlook for the Danish corporate sector and
exposures to more volatile sectors such as real estate,
agriculture and shipping.  In light of increasing unemployment and
the high indebtedness of Danish households, there could also be
increased pressure on the quality of retail loans, particularly
when unsecured.  The negative outlooks that most of the BFSRs and
issuer ratings carry, reflect the potential for additional
macroeconomic deterioration beyond Moody's current expectations
and related transition risk in the financial strength of these
institutions.

As part of the process, Moody's also reviewed the support
considerations.  The long-term senior debt and deposit ratings
continue to incorporate varying levels of probability of systemic
support from the Danish government depending on the systemic
importance of each bank to the banking system.  In the current
financial crisis, the Danish government has demonstrated its
support to the banking sector in terms of funding, liquidity and
capital (via Bank Packages I and II).  In Moody's view this
underpins the investment-grade ratings of the Danish banks for the
time being.

Further explanation regarding Moody's recalibration framework is
provided in Moody's Press Release dated 22 July 2009 where the
above mentioned Danish financial institutions were put on review.

                  Ratings of Hybrid Instruments

The downgrades of the banks' hybrid ratings in terms of notches
were in line with the downgrades of the BFSRs.  This reflects the
rating action that Moody's took in March 2009 on subordinated and
hybrid debt instruments issued by Danish banks as a result of the
recent measures by the Danish government regarding these
instruments.  Therefore, the ratings of these instruments are
closer to the bank's unsupported or intrinsic strength.

Moody's published a Request for Comment in June 2009 regarding
proposed changes to banks' subordinated capital ratings.  If
implemented in their proposed form, the changes could lead to some
further changes in the subordinated ratings of the Danish banks.
Please refer to the Request for Comment "Moody's Proposed Changes
to Bank Subordinated Capital Ratings" for further details.

                     Rating Actions in Detail

                         Amagerbanken A/S

Moody's downgraded Amagerbanken's BFSR to E+ (mapping to a B1
baseline credit assessment, BCA) from D-.  The outlook on the BFSR
is stable.  The lower BFSR reflects Moody's continued concerns
about the bank's significant exposure to the commercial property
sector coupled with its very high single borrower concentration.
Given that the Danish real estate market continues to experience
difficult times, Moody's believes that the bank is likely to face
further challenges in terms of credit risk, which is also
reflected in the fact that around 26% of the loan book was subject
to some degree of individual impairment charges as of the end of
H1 2009.

Moreover, the downgrade reflects Moody's concerns about the
sustainability of the bank's franchise given the adverse
developments in the property sector, which has traditionally been
the bank's core business area and is likely to take several years
to recover.  Moody's notes that Amagerbanken has applied for
hybrid capital from the government amounting to DKK1.4 billion,
which would improve the bank's capacity to withstand further
losses on its loan portfolio.

The bank's short-term deposit rating was downgraded to Prime-3
from Prime-2 and long-term deposit rating to Baa3 from Baa2.  The
long-term deposit rating incorporates a four-notch uplift from the
baseline credit assessment (BCA, which maps directly from the
BFSR).  This reflects the measures by the Danish government under
Bank Package I and II that in Moody's view underpin the current
investment-grade rating on the bank's long-term deposits.

                           BRFkredit a/s

Moody's downgraded BRFkredit's issuer rating to Baa1 from A2.  The
outlook on the issuer rating is negative.  The rating action
reflects Moody's expectation of increasing credit risk in
BRFkredit's loan portfolio and resulting adverse pressure on
capitalization.  Asset quality has weakened, particularly in
relation to exposures to commercial real estate where arrears,
especially in loans to private rental housing, which represent 20%
of mortgage loans, remain elevated.  Moody's does not expect
market conditions to improve in the near future.

Moody's notes that BRFkredit has applied for hybrid capital
amounting to DKK2.2 billion from the government, which could
provide some buffer against additional losses and could limit
further downward pressure in the rating.  The rating agency,
however, cautions that any deterioration in BRFkredit's position
in the Danish mortgage market could result in a reassessment of
the strength of its franchise and have adverse rating
implications.  In addition, continued weakness in the commercial
property market combined with increased pressure on the retail
segment could result in losses exceeding Moody's expectations,
which is reflected in the negative outlook.

          Danmarks Skibskredit A/S (Danish Ship Finance)

Moody's downgraded Danish Ship Finance's issuer rating to A2 from
Aa3.  The outlook is negative.  The rating action was prompted by
the rating agency's expectation of a significant increase in
credit risk given the deterioration in the shipping industry,
which is undergoing a severe downturn.  Weaker global demand has
resulted in declining shipping volumes, significant overcapacity
and a corresponding decline in freight rates.  The outlook for the
sector remains challenging.

As a specialized lender to the shipping industry, Danish Ship
Finance exhibits significant concentration risk to the industry,
which could suffer from a potentially prolonged slump.  In
addition, the loan portfolio is highly concentrated, which is
reflected in the fact that the five largest debtors account for
over 50% of gross lending (at the end of 2008).  Moody's cautions
that asset values in most of the vessel categories have decreased
sharply over the past year.  Additionally, a strong increase in
lending by 20% in 2008 has reduced the seasoning of the loan
portfolio and could be a cause for concern.

The issuer rating of Danish Ship Finance incorporates its BCA of 7
and a medium probability of systemic support from the government,
which owns 18.9% of the entity.  Given the weak outlook for the
shipping industry, Moody's expects the financial profiles of
shipping lenders to continue to deteriorate, which is reflected in
the negative outlook.

                       FIH Erhvervsbank A/S

Moody's downgraded FIH's BFSR to D- (mapping to a Ba3 BCA) from
D+.  The outlook on the BFSR is negative.  The lower BFSR reflects
the rating agency's expectation of a continued deterioration in
the asset quality of the bank's loan portfolio due to its exposure
to the Danish corporate sector and property finance.  Also, its
exposures to private equity and structured finance remain a
concern.  In addition, Moody's notes the bank's high single name
exposure; even though improvements have been made, the
concentration remains among the highest of the rated Nordic banks.
The hybrid capital that FIH received from the government in June
2009 mitigates these concerns to some extent.

Earnings before provisioning improved in H1 2009, but given the
contracting loan portfolio it remains to be seen if this trend is
sustainable.  Moody's notes that any deterioration in FIH's
position in the Danish market could result in a reassessment of
the strength of its franchise and have negative rating
implications.  FIH is owned by Iceland's Kaupthing Bank hf, which
remains in moratorium.

The Baa3/Prime-3 long- and short-term debt and deposit ratings
were confirmed with stable outlook.  This reflects the measures by
the Danish government under Bank Package I and II that in Moody's
view underpin the current investment-grade ratings of the bank's
long-term senior debt and deposits.

                          Jyske Bank A/S

Moody's downgraded Jyske Bank's BFSR to C+ (mapping to an A2 BCA)
from B-.  The outlook on the BFSR is negative.  The lower BFSR
reflects decreased recurring earnings over the past few years and
also Moody's expectation of asset quality deterioration in the
bank's loan portfolio, especially in relation to lending to
agriculture, SMEs and unsecured lending to households.  Moody's
notes that Jyske Bank has applied for DKK3.1 billion in hybrid
capital from the government, but the bank indicated that it may
not use this option for additional capital in light of its H1 2009
results.

The long-term debt and deposit ratings were downgraded to A1 from
Aa2.  The outlook on the ratings is stable.  The downgrade of the
long-term ratings reflects the bank's weakened financial strength.
The ratings benefit from a high probability of systemic support in
light of the bank's national importance in its region as well as
nationally.

                         Nykredit Bank A/S

Moody's downgraded Nykredit Bank's BFSR to C- (mapping to a Baa1
BCA) from C+.  The outlook for the BFSR is negative.  The lower
BFSR reflects the execution risk in relation to the merger with
Forstaedernes Bank (less than half of the loan portfolio of
Nykredit Bank) to be completed before April 1, 2010.  The
weakening recurring earnings as a result of the termination of the
bank's proprietary trading, and also Moody's expectation of asset
quality deterioration in the bank's loan portfolio, especially in
relation to its lending to commercial real estate.  Moody's notes
positively that Nykredit Bank was highlighted as an important part
of Nykredit Group in the updated group strategy in May 2009 and
also that Nykredit Realkredit has injected capital in Nykredit
Bank.

The long-term debt and deposit ratings were downgraded to A1 from
Aa3.  The outlook for the ratings is stable.  The downgrade was
prompted by the weakness in the bank's BFSR as well as the
downgrade of Nykredit Realkredit's issuer rating.  The uplift of
three notches from the BCA reflects Moody's assessment of a very
high probability of parental support.

                     Nykredit Realkredit A/S

Moody's downgraded Nykredit Realkredit's issuer rating to A1 from
Aa3.  The outlook is stable.  The lower rating reflects decreased
and volatile earnings and anticipated further losses on its loan
portfolio.  The earnings of Nykredit Realkredit reflect its
monoline business and relatively low margins.  The volatility of
its earnings has been high over the past years due to the large
securities portfolio that includes also strategic shareholdings in
regional Danish banks and Moody's expect the volatility of its
earnings to continue.

Nykredit Realkredit is the leading mortgage credit institution in
Denmark with almost all its loan portfolio exposed to the Danish
property market both in form of lending to corporates and to
households.  Given the decreased house prices in Denmark and
increased levels of bankruptcies and unemployment, Moody's expects
further deterioration in the asset quality of Nykredit
Realkredit's loan portfolio, especially in relation to lending to
agriculture, private rental housing and lending to private
households.

Moody's notes that all Nykredit Realkredit's lending has to be
secured by first security in property, so the rating agency
expects the anticipated losses for Nykredit Realkredit to be lower
than those of Danish commercial banks.  Moody's notes positively
that Nykredit Realkredit has applied for DKK9.5 billion in hybrid
capital from the government.

                    Ringkjobing Landbobank A/S

Moody's confirmed Ringkjobing Landbobank's C+ BFSR (mapping to an
A2 BCA) and A1 deposit rating.  The outlook for both ratings is
negative.  The confirmation is a reflection of the bank's current
capital level -- a Tier 1 ratio of 15.9% at the end of H1 2009 --
which under the anticipated stress scenario provides a
satisfactory buffer against potential credit losses for the bank
to remain in the current BFSR category.  However, Moody's cautions
that if credit-risk-related costs were to exceed its current
expectations, coupled with less sustainable core earnings, this
could lead to a reassessment of the BFSR and deposit rating.
Therefore, both ratings carry a negative outlook.

                        Spar Nord Bank A/S

Moody's downgraded Spar Nord Bank's BFSR to C- (mapping to a Baa1
BCA) from C.  The outlook on the BFSR is stable.  The lower BFSR
reflects a weaker trend in profitability and Moody's expectations
of a weakening in the bank's financial strength to a position more
in line with the C- category.  Moody's expects to see
deterioration in Spar Nord Bank's asset quality in light of its
exposures to agriculture and SMEs and also notes the bank's
leasing portfolio, which are seen as potential sources of
increased credit risk in the economic downturn and could exert
additional pressure on the bank's capitalization.  The rating
agency notes that the bank's capital base was strengthened in June
2009 by hybrid capital of DKK1.3 billion from the government,
which should provide a buffer with which to absorb additional
credit-risk-related costs and limit the downside risk to the BFSR.

Spar Nord Bank's debt and deposit ratings were downgraded to A2
from A1.  Moody's says that the ratings continue to benefit from a
two-notch uplift from the BCA, which reflects the bank's position
in the Danish banking system and Moody's assessment of a high
probability of systemic support.  The outlook on the debt and
deposit ratings is stable.

                           Sydbank A/S

Moody's downgraded Sydbank's debt and deposit ratings to A1 from
Aa3.  The outlook on the ratings is stable.  Sydbank's BFSR
remains at C+ with a negative outlook.  The lower debt and deposit
ratings reflect the potential transition risk in the bank's
financial strength under more severe stress than Moody's
anticipates given the bank's exposures to agriculture, SMEs and
unsecured retail lending.  When considering the standalone
financial strength of the bank and its systemic importance, the
rating agency believes that the bank is well positioned in the A1
category.

This assessment also takes into consideration initiatives to
increase capital: Sydbank has applied for DKK1.2 billion in hybrid
capital from the government.  This should provide a buffer with
which to absorb additional credit-risk-related costs and limit the
downside risk to the BFSR.

                     Rating Actions in Summary

                          Amagerbanken A/S

  -- BFSR downgraded to E+ from D-, with stable outlook;

  -- Long-term deposit rating downgraded to Baa3 from Baa2, with
     stable outlook;

  -- Short-term deposit rating downgraded to Prime-3 from Prime-2.

Moody's last rating action on Amagerbanken A/S was on 22 July 2009
when the BFSR as well as long- and short-term deposit ratings were
placed on review for possible downgrade.

                           BRFkredit a/s

  -- Long-term issuer rating downgraded to Baa1 from A2, with
     negative outlook.

Moody's last rating action on BRFkredit a/s was on 22 July 2009
when the issuer rating was placed on review for possible
downgrade.

          Danmarks Skibskredit A/S (Danish Ship Finance)

  -- Long-term issuer and senior unsecured ratings downgraded to
     A2 from Aa3, with negative outlook.

Moody's last rating action on Danish Ship Finance was on 22 July
2009 when the ratings were placed on review for possible
downgrade.

                           DLR Kredit A/S

  -- A1 long-term issuer rating remains on review for possible
     downgrade

  -- A3 preferred stock rating remains on review for possible
     downgrade

Moody's last rating action on DLR Kredit A/S was on 22 July 2009
when the ratings were placed on review for possible downgrade.

                       FIH Erhvervsbank A/S

  -- BFSR downgraded to D- from D+, with negative outlook;

  -- Long-term deposit and senior unsecured ratings confirmed at
     Baa3, with stable outlook;

  -- Subordinate ratings downgraded to B1 from Ba3, with negative
     outlook;

  -- Prime-3 short-term ratings confirmed.

Moody's last rating action on FIH Erhvervsbank A/S was on 25 March
2009 when the BFSR and long- and short-term ratings were
downgraded and all ratings were placed on review for possible
further downgrade.

                          Jyske Bank A/S

  -- BFSR downgraded to C+ from B-, with negative outlook;

  -- Long-term deposit and senior unsecured ratings downgraded to
     A1 from Aa2, with stable outlook;

  -- Subordinate ratings downgraded to A3 from A2, with negative
     outlook;

  -- Junior subordinate ratings downgraded to Baa1 from A3, with
     negative outlook;

  -- Prime-1 short-term ratings unaffected.

Moody's last rating action on Jyske Bank A/S was on 22 July 2009
when the BFSR and long-term ratings were placed on review for
possible downgrade.

                         Nykredit Bank A/S

  -- BFSR downgraded to C- from C+, with negative outlook;

  -- Long-term deposit and senior unsecured ratings downgraded to
     A1 from Aa3, with stable outlook;

  -- Subordinate ratings downgraded to A2 from A1, with stable
     outlook;

  -- Junior subordinate ratings downgraded to A3 from A2, with
     stable outlook;

  -- Prime-1 short-term ratings unaffected.

Moody's last rating action on Nykredit Bank A/S was on 22 July
2009 when the long-term ratings were placed on review for possible
downgrade.

                     Nykredit Realkredit A/S

  -- Long-term issuer rating downgraded to A1 from Aa3, with
     stable outlook;

  -- Subordinate ratings downgraded to A2 from A1, with stable
     outlook;

  -- Junior subordinate ratings downgraded to A3 from A2, with
     stable outlook;

  -- Prime-1 short-term issuer unaffected.

Moody's last rating action on Nykredit Realkredit A/S was on 22
July 2009 when the long-term ratings were placed on review for
possible downgrade.

                    Ringkjobing Landbobank A/S

  - C+ BFSR confirmed, outlook changed to negative;

  - A1 long-term deposit rating confirmed, outlook changed to
    negative;

  - Prime-1 short-term rating unaffected.

Moody's last rating action on Ringkjobing Landbobank A/S was on 22
July 2009 when the BFSR and long-term rating were placed on review
for possible downgrade.

                        Spar Nord Bank A/S

  -- BFSR downgraded to C- from C, with stable outlook;

  -- Long-term deposit and senior unsecured ratings downgraded to
     A2 from A1, with stable outlook;

  -- Subordinate ratings downgraded to Baa2 from Baa1, with stable
     outlook;

  -- Prime-1 short-term ratings unaffected.

Moody's last rating action on Spar Nord Bank A/S was on 22 July
2009 when the BFSR and long-term ratings were placed on review for
possible downgrade.

                            Sydbank A/S

  -- Long-term deposit and senior unsecured ratings downgraded to
     A1 from Aa3, with stable outlook.

  -- C+ BFSR with negative outlook unaffected;

  -- A3 subordinate rating with negative outlook unaffected;

  -- Baa1 preferred stock rating with negative outlook unaffected;

  -- Prime-1 short-term ratings unaffected.

Moody's last rating action on Sydbank A/S was on 22 July 2009 when
the long-term debt and deposit ratings were placed on review for
possible downgrade.

Amagerbanken A/S, headquartered in Copenhagen, Denmark, reported
total assets of DKK33 billion (EUR4.4 billion) at the end of June
2009.

BRFkredit a/s, headquartered in Lyngby, Denmark, reported total
assets of DKK241 billion (EUR32.3 billion) at the end of June
2009.

Danmarks Skibskredit A/S, headquartered in Copenhagen, Denmark,
reported total assets of DKK85 billion (EUR11.5 billion) at the
end of June 2009.

DLR Kredit A/S, headquartered in Copenhagen, Denmark, reported
total assets of DKK135 billion (EUR18.1 billion) at the end of
June 2009.

FIH Erhvervsbank A/S, headquartered in Copenhagen, Denmark,
reported total assets of DKK136 billion (EUR18.3 billion) at the
end of June 2009.

Jyske Bank A/S, headquartered in Silkeborg, Denmark, reported
total assets of DKK226 billion (EUR30.4 billion) at the end of
June 2009.

Nykredit Bank A/S, headquartered in Copenhagen, Denmark, reported
total assets of DKK199 billion (EUR26.7 billion) at the end of
June 2009.

Nykredit Realkredit A/S, headquartered in Copenhagen, Denmark,
reported total assets of DKK973 billion (EUR130.6 billion) at the
end of June 2009.

Ringkjobing Landbobank A/S, headquartered in Ringkobing, Denmark,
reported total assets of DKK18 billion (EUR2.4 billion) at the end
of June 2009.

Spar Nord Bank A/S, headquartered in Aalborg, Denmark, reported
total assets of DKK64 billion (EUR8.6 billion) at the end of June
2009.

Sydbank A/S, headquartered in Aabenraa, Denmark, reported total
assets of DKK160 billion (EUR21.5 billion) at the end of June
2009.


FIH ERHVERVSBANK: Moody's Cuts Bank Fin'l Strength Rating to 'D-'
-----------------------------------------------------------------
Moody's Investors Service downgraded the long-term ratings of five
Danish banks: Jyske Bank A/S (by two notches), Amagerbanken A/S,
Nykredit Bank A/S, Spar Nord Bank A/S and Sydbank A/S (all by one
notch).  The long-term ratings of FIH Erhvervsbank A/S were
confirmed with a stable outlook and the long-term rating of
Ringkjobing Landbobank A/S was confirmed with a negative outlook.
In addition, the bank financial strength ratings of five Danish
banks were downgraded: FIH Erhvervsbank and Nykredit Bank by two
notches and Amagerbanken, Jyske Bank and Spar Nord Bank by one
notch.

Moody's will comment on its rating actions on Nordea Bank Danmark
A/S in a separate press release together with those on its parent,
Nordea Bank AB.

Regarding the issuer ratings of mortgage credit institutions:
BRFkredit a/s was downgraded by two notches and Nykredit
Realkredit A/S by one notch.  The ratings of DLR Kredit A/S remain
on review, which will take into account Moody's recently published
rating methodology for financial institutions that specialise in
the issuance of covered bonds on behalf of owner banks.  In
addition, Danmarks Skibskredit A/S's issuer rating was downgraded
by two notches.

These rating actions conclude the reviews for possible downgrade
initiated on July 22, 2009.  Moody's notes that backed Aaa and
Prime-1 ratings assigned under the Bank Packages I and II were not
affected.

Please note that this press release does not deal with the
possible implications for the covered bond ratings of Danish
mortgage credit institutions issuers.

Moody's review, during which it assessed the effect of anticipated
credit losses on earnings and capitalization, showed that the
BFSRs of the affected banks would be weakened by further
deterioration in their financial performance arising from the
economic downturn.  Similarly, the financial strength of the other
downgraded financial institutions would come under pressure under
Moody's anticipated scenario.

The anticipated deterioration in asset quality mainly reflects the
more challenging outlook for the Danish corporate sector and
exposures to more volatile sectors such as real estate,
agriculture and shipping.  In light of increasing unemployment and
the high indebtedness of Danish households, there could also be
increased pressure on the quality of retail loans, particularly
when unsecured.  The negative outlooks that most of the BFSRs and
issuer ratings carry, reflect the potential for additional
macroeconomic deterioration beyond Moody's current expectations
and related transition risk in the financial strength of these
institutions.

As part of the process, Moody's also reviewed the support
considerations.  The long-term senior debt and deposit ratings
continue to incorporate varying levels of probability of systemic
support from the Danish government depending on the systemic
importance of each bank to the banking system.  In the current
financial crisis, the Danish government has demonstrated its
support to the banking sector in terms of funding, liquidity and
capital (via Bank Packages I and II).  In Moody's view this
underpins the investment-grade ratings of the Danish banks for the
time being.

Further explanation regarding Moody's recalibration framework is
provided in Moody's Press Release dated 22 July 2009 where the
above mentioned Danish financial institutions were put on review.

                  Ratings of Hybrid Instruments

The downgrades of the banks' hybrid ratings in terms of notches
were in line with the downgrades of the BFSRs.  This reflects the
rating action that Moody's took in March 2009 on subordinated and
hybrid debt instruments issued by Danish banks as a result of the
recent measures by the Danish government regarding these
instruments.  Therefore, the ratings of these instruments are
closer to the bank's unsupported or intrinsic strength.

Moody's published a Request for Comment in June 2009 regarding
proposed changes to banks' subordinated capital ratings.  If
implemented in their proposed form, the changes could lead to some
further changes in the subordinated ratings of the Danish banks.
Please refer to the Request for Comment "Moody's Proposed Changes
to Bank Subordinated Capital Ratings" for further details.

                     Rating Actions in Detail

                         Amagerbanken A/S

Moody's downgraded Amagerbanken's BFSR to E+ (mapping to a B1
baseline credit assessment, BCA) from D-.  The outlook on the BFSR
is stable.  The lower BFSR reflects Moody's continued concerns
about the bank's significant exposure to the commercial property
sector coupled with its very high single borrower concentration.
Given that the Danish real estate market continues to experience
difficult times, Moody's believes that the bank is likely to face
further challenges in terms of credit risk, which is also
reflected in the fact that around 26% of the loan book was subject
to some degree of individual impairment charges as of the end of
H1 2009.

Moreover, the downgrade reflects Moody's concerns about the
sustainability of the bank's franchise given the adverse
developments in the property sector, which has traditionally been
the bank's core business area and is likely to take several years
to recover.  Moody's notes that Amagerbanken has applied for
hybrid capital from the government amounting to DKK1.4 billion,
which would improve the bank's capacity to withstand further
losses on its loan portfolio.

The bank's short-term deposit rating was downgraded to Prime-3
from Prime-2 and long-term deposit rating to Baa3 from Baa2.  The
long-term deposit rating incorporates a four-notch uplift from the
baseline credit assessment (BCA, which maps directly from the
BFSR).  This reflects the measures by the Danish government under
Bank Package I and II that in Moody's view underpin the current
investment-grade rating on the bank's long-term deposits.

                           BRFkredit a/s

Moody's downgraded BRFkredit's issuer rating to Baa1 from A2.  The
outlook on the issuer rating is negative.  The rating action
reflects Moody's expectation of increasing credit risk in
BRFkredit's loan portfolio and resulting adverse pressure on
capitalization.  Asset quality has weakened, particularly in
relation to exposures to commercial real estate where arrears,
especially in loans to private rental housing, which represent 20%
of mortgage loans, remain elevated.  Moody's does not expect
market conditions to improve in the near future.

Moody's notes that BRFkredit has applied for hybrid capital
amounting to DKK2.2 billion from the government, which could
provide some buffer against additional losses and could limit
further downward pressure in the rating.  The rating agency,
however, cautions that any deterioration in BRFkredit's position
in the Danish mortgage market could result in a reassessment of
the strength of its franchise and have adverse rating
implications.  In addition, continued weakness in the commercial
property market combined with increased pressure on the retail
segment could result in losses exceeding Moody's expectations,
which is reflected in the negative outlook.

          Danmarks Skibskredit A/S (Danish Ship Finance)

Moody's downgraded Danish Ship Finance's issuer rating to A2 from
Aa3.  The outlook is negative.  The rating action was prompted by
the rating agency's expectation of a significant increase in
credit risk given the deterioration in the shipping industry,
which is undergoing a severe downturn.  Weaker global demand has
resulted in declining shipping volumes, significant overcapacity
and a corresponding decline in freight rates.  The outlook for the
sector remains challenging.

As a specialized lender to the shipping industry, Danish Ship
Finance exhibits significant concentration risk to the industry,
which could suffer from a potentially prolonged slump.  In
addition, the loan portfolio is highly concentrated, which is
reflected in the fact that the five largest debtors account for
over 50% of gross lending (at the end of 2008).  Moody's cautions
that asset values in most of the vessel categories have decreased
sharply over the past year.  Additionally, a strong increase in
lending by 20% in 2008 has reduced the seasoning of the loan
portfolio and could be a cause for concern.

The issuer rating of Danish Ship Finance incorporates its BCA of 7
and a medium probability of systemic support from the government,
which owns 18.9% of the entity.  Given the weak outlook for the
shipping industry, Moody's expects the financial profiles of
shipping lenders to continue to deteriorate, which is reflected in
the negative outlook.

                       FIH Erhvervsbank A/S

Moody's downgraded FIH's BFSR to D- (mapping to a Ba3 BCA) from
D+.  The outlook on the BFSR is negative.  The lower BFSR reflects
the rating agency's expectation of a continued deterioration in
the asset quality of the bank's loan portfolio due to its exposure
to the Danish corporate sector and property finance.  Also, its
exposures to private equity and structured finance remain a
concern.  In addition, Moody's notes the bank's high single name
exposure; even though improvements have been made, the
concentration remains among the highest of the rated Nordic banks.
The hybrid capital that FIH received from the government in June
2009 mitigates these concerns to some extent.

Earnings before provisioning improved in H1 2009, but given the
contracting loan portfolio it remains to be seen if this trend is
sustainable.  Moody's notes that any deterioration in FIH's
position in the Danish market could result in a reassessment of
the strength of its franchise and have negative rating
implications.  FIH is owned by Iceland's Kaupthing Bank hf, which
remains in moratorium.

The Baa3/Prime-3 long- and short-term debt and deposit ratings
were confirmed with stable outlook.  This reflects the measures by
the Danish government under Bank Package I and II that in Moody's
view underpin the current investment-grade ratings of the bank's
long-term senior debt and deposits.

                          Jyske Bank A/S

Moody's downgraded Jyske Bank's BFSR to C+ (mapping to an A2 BCA)
from B-.  The outlook on the BFSR is negative.  The lower BFSR
reflects decreased recurring earnings over the past few years and
also Moody's expectation of asset quality deterioration in the
bank's loan portfolio, especially in relation to lending to
agriculture, SMEs and unsecured lending to households.  Moody's
notes that Jyske Bank has applied for DKK3.1 billion in hybrid
capital from the government, but the bank indicated that it may
not use this option for additional capital in light of its H1 2009
results.

The long-term debt and deposit ratings were downgraded to A1 from
Aa2.  The outlook on the ratings is stable.  The downgrade of the
long-term ratings reflects the bank's weakened financial strength.
The ratings benefit from a high probability of systemic support in
light of the bank's national importance in its region as well as
nationally.

                         Nykredit Bank A/S

Moody's downgraded Nykredit Bank's BFSR to C- (mapping to a Baa1
BCA) from C+.  The outlook for the BFSR is negative.  The lower
BFSR reflects the execution risk in relation to the merger with
Forstaedernes Bank (less than half of the loan portfolio of
Nykredit Bank) to be completed before April 1, 2010.  The
weakening recurring earnings as a result of the termination of the
bank's proprietary trading, and also Moody's expectation of asset
quality deterioration in the bank's loan portfolio, especially in
relation to its lending to commercial real estate.  Moody's notes
positively that Nykredit Bank was highlighted as an important part
of Nykredit Group in the updated group strategy in May 2009 and
also that Nykredit Realkredit has injected capital in Nykredit
Bank.

The long-term debt and deposit ratings were downgraded to A1 from
Aa3.  The outlook for the ratings is stable.  The downgrade was
prompted by the weakness in the bank's BFSR as well as the
downgrade of Nykredit Realkredit's issuer rating.  The uplift of
three notches from the BCA reflects Moody's assessment of a very
high probability of parental support.

                     Nykredit Realkredit A/S

Moody's downgraded Nykredit Realkredit's issuer rating to A1 from
Aa3.  The outlook is stable.  The lower rating reflects decreased
and volatile earnings and anticipated further losses on its loan
portfolio.  The earnings of Nykredit Realkredit reflect its
monoline business and relatively low margins.  The volatility of
its earnings has been high over the past years due to the large
securities portfolio that includes also strategic shareholdings in
regional Danish banks and Moody's expect the volatility of its
earnings to continue.

Nykredit Realkredit is the leading mortgage credit institution in
Denmark with almost all its loan portfolio exposed to the Danish
property market both in form of lending to corporates and to
households.  Given the decreased house prices in Denmark and
increased levels of bankruptcies and unemployment, Moody's expects
further deterioration in the asset quality of Nykredit
Realkredit's loan portfolio, especially in relation to lending to
agriculture, private rental housing and lending to private
households.

Moody's notes that all Nykredit Realkredit's lending has to be
secured by first security in property, so the rating agency
expects the anticipated losses for Nykredit Realkredit to be lower
than those of Danish commercial banks.  Moody's notes positively
that Nykredit Realkredit has applied for DKK9.5 billion in hybrid
capital from the government.

                    Ringkjobing Landbobank A/S

Moody's confirmed Ringkjobing Landbobank's C+ BFSR (mapping to an
A2 BCA) and A1 deposit rating.  The outlook for both ratings is
negative.  The confirmation is a reflection of the bank's current
capital level -- a Tier 1 ratio of 15.9% at the end of H1 2009 --
which under the anticipated stress scenario provides a
satisfactory buffer against potential credit losses for the bank
to remain in the current BFSR category.  However, Moody's cautions
that if credit-risk-related costs were to exceed its current
expectations, coupled with less sustainable core earnings, this
could lead to a reassessment of the BFSR and deposit rating.
Therefore, both ratings carry a negative outlook.

                        Spar Nord Bank A/S

Moody's downgraded Spar Nord Bank's BFSR to C- (mapping to a Baa1
BCA) from C.  The outlook on the BFSR is stable.  The lower BFSR
reflects a weaker trend in profitability and Moody's expectations
of a weakening in the bank's financial strength to a position more
in line with the C- category.  Moody's expects to see
deterioration in Spar Nord Bank's asset quality in light of its
exposures to agriculture and SMEs and also notes the bank's
leasing portfolio, which are seen as potential sources of
increased credit risk in the economic downturn and could exert
additional pressure on the bank's capitalization.  The rating
agency notes that the bank's capital base was strengthened in June
2009 by hybrid capital of DKK1.3 billion from the government,
which should provide a buffer with which to absorb additional
credit-risk-related costs and limit the downside risk to the BFSR.

Spar Nord Bank's debt and deposit ratings were downgraded to A2
from A1.  Moody's says that the ratings continue to benefit from a
two-notch uplift from the BCA, which reflects the bank's position
in the Danish banking system and Moody's assessment of a high
probability of systemic support.  The outlook on the debt and
deposit ratings is stable.

                           Sydbank A/S

Moody's downgraded Sydbank's debt and deposit ratings to A1 from
Aa3.  The outlook on the ratings is stable.  Sydbank's BFSR
remains at C+ with a negative outlook.  The lower debt and deposit
ratings reflect the potential transition risk in the bank's
financial strength under more severe stress than Moody's
anticipates given the bank's exposures to agriculture, SMEs and
unsecured retail lending.  When considering the standalone
financial strength of the bank and its systemic importance, the
rating agency believes that the bank is well positioned in the A1
category.

This assessment also takes into consideration initiatives to
increase capital: Sydbank has applied for DKK1.2 billion in hybrid
capital from the government.  This should provide a buffer with
which to absorb additional credit-risk-related costs and limit the
downside risk to the BFSR.

                     Rating Actions in Summary

                          Amagerbanken A/S

  -- BFSR downgraded to E+ from D-, with stable outlook;

  -- Long-term deposit rating downgraded to Baa3 from Baa2, with
     stable outlook;

  -- Short-term deposit rating downgraded to Prime-3 from Prime-2.

Moody's last rating action on Amagerbanken A/S was on 22 July 2009
when the BFSR as well as long- and short-term deposit ratings were
placed on review for possible downgrade.

                           BRFkredit a/s

  -- Long-term issuer rating downgraded to Baa1 from A2, with
     negative outlook.

Moody's last rating action on BRFkredit a/s was on 22 July 2009
when the issuer rating was placed on review for possible
downgrade.

          Danmarks Skibskredit A/S (Danish Ship Finance)

  -- Long-term issuer and senior unsecured ratings downgraded to
     A2 from Aa3, with negative outlook.

Moody's last rating action on Danish Ship Finance was on 22 July
2009 when the ratings were placed on review for possible
downgrade.

                           DLR Kredit A/S

  -- A1 long-term issuer rating remains on review for possible
     downgrade

  -- A3 preferred stock rating remains on review for possible
     downgrade

Moody's last rating action on DLR Kredit A/S was on 22 July 2009
when the ratings were placed on review for possible downgrade.

                       FIH Erhvervsbank A/S

  -- BFSR downgraded to D- from D+, with negative outlook;

  -- Long-term deposit and senior unsecured ratings confirmed at
     Baa3, with stable outlook;

  -- Subordinate ratings downgraded to B1 from Ba3, with negative
     outlook;

  -- Prime-3 short-term ratings confirmed.

Moody's last rating action on FIH Erhvervsbank A/S was on 25 March
2009 when the BFSR and long- and short-term ratings were
downgraded and all ratings were placed on review for possible
further downgrade.

                          Jyske Bank A/S

  -- BFSR downgraded to C+ from B-, with negative outlook;

  -- Long-term deposit and senior unsecured ratings downgraded to
     A1 from Aa2, with stable outlook;

  -- Subordinate ratings downgraded to A3 from A2, with negative
     outlook;

  -- Junior subordinate ratings downgraded to Baa1 from A3, with
     negative outlook;

  -- Prime-1 short-term ratings unaffected.

Moody's last rating action on Jyske Bank A/S was on 22 July 2009
when the BFSR and long-term ratings were placed on review for
possible downgrade.

                         Nykredit Bank A/S

  -- BFSR downgraded to C- from C+, with negative outlook;

  -- Long-term deposit and senior unsecured ratings downgraded to
     A1 from Aa3, with stable outlook;

  -- Subordinate ratings downgraded to A2 from A1, with stable
     outlook;

  -- Junior subordinate ratings downgraded to A3 from A2, with
     stable outlook;

  -- Prime-1 short-term ratings unaffected.

Moody's last rating action on Nykredit Bank A/S was on 22 July
2009 when the long-term ratings were placed on review for possible
downgrade.

                     Nykredit Realkredit A/S

  -- Long-term issuer rating downgraded to A1 from Aa3, with
     stable outlook;

  -- Subordinate ratings downgraded to A2 from A1, with stable
     outlook;

  -- Junior subordinate ratings downgraded to A3 from A2, with
     stable outlook;

  -- Prime-1 short-term issuer unaffected.

Moody's last rating action on Nykredit Realkredit A/S was on 22
July 2009 when the long-term ratings were placed on review for
possible downgrade.

                    Ringkjobing Landbobank A/S

  - C+ BFSR confirmed, outlook changed to negative;

  - A1 long-term deposit rating confirmed, outlook changed to
    negative;

  - Prime-1 short-term rating unaffected.

Moody's last rating action on Ringkjobing Landbobank A/S was on 22
July 2009 when the BFSR and long-term rating were placed on review
for possible downgrade.

                        Spar Nord Bank A/S

  -- BFSR downgraded to C- from C, with stable outlook;

  -- Long-term deposit and senior unsecured ratings downgraded to
     A2 from A1, with stable outlook;

  -- Subordinate ratings downgraded to Baa2 from Baa1, with stable
     outlook;

  -- Prime-1 short-term ratings unaffected.

Moody's last rating action on Spar Nord Bank A/S was on 22 July
2009 when the BFSR and long-term ratings were placed on review for
possible downgrade.

                            Sydbank A/S

  -- Long-term deposit and senior unsecured ratings downgraded to
     A1 from Aa3, with stable outlook.

  -- C+ BFSR with negative outlook unaffected;

  -- A3 subordinate rating with negative outlook unaffected;

  -- Baa1 preferred stock rating with negative outlook unaffected;

  -- Prime-1 short-term ratings unaffected.

Moody's last rating action on Sydbank A/S was on 22 July 2009 when
the long-term debt and deposit ratings were placed on review for
possible downgrade.

Amagerbanken A/S, headquartered in Copenhagen, Denmark, reported
total assets of DKK33 billion (EUR4.4 billion) at the end of June
2009.

BRFkredit a/s, headquartered in Lyngby, Denmark, reported total
assets of DKK241 billion (EUR32.3 billion) at the end of June
2009.

Danmarks Skibskredit A/S, headquartered in Copenhagen, Denmark,
reported total assets of DKK85 billion (EUR11.5 billion) at the
end of June 2009.

DLR Kredit A/S, headquartered in Copenhagen, Denmark, reported
total assets of DKK135 billion (EUR18.1 billion) at the end of
June 2009.

FIH Erhvervsbank A/S, headquartered in Copenhagen, Denmark,
reported total assets of DKK136 billion (EUR18.3 billion) at the
end of June 2009.

Jyske Bank A/S, headquartered in Silkeborg, Denmark, reported
total assets of DKK226 billion (EUR30.4 billion) at the end of
June 2009.

Nykredit Bank A/S, headquartered in Copenhagen, Denmark, reported
total assets of DKK199 billion (EUR26.7 billion) at the end of
June 2009.

Nykredit Realkredit A/S, headquartered in Copenhagen, Denmark,
reported total assets of DKK973 billion (EUR130.6 billion) at the
end of June 2009.

Ringkjobing Landbobank A/S, headquartered in Ringkobing, Denmark,
reported total assets of DKK18 billion (EUR2.4 billion) at the end
of June 2009.

Spar Nord Bank A/S, headquartered in Aalborg, Denmark, reported
total assets of DKK64 billion (EUR8.6 billion) at the end of June
2009.

Sydbank A/S, headquartered in Aabenraa, Denmark, reported total
assets of DKK160 billion (EUR21.5 billion) at the end of June
2009.


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


LYONDELL CHEMICAL: Parent Restarts Two French Refinery Units
------------------------------------------------------------
Tara Patel at Bloomberg News reports that LyondellBasell
Industries is restarting two units at its Berre refinery in
southern France following technical glitches that led to shutdowns
last week.  Closure of the fluid catalytic cracker and crude
distillation units occurred Sept. 4 for "technical issues,"
Isabelle Merle-Aguesse, a spokeswoman at Compagnie Petrochimiqu de
Berre, a unit of LyondellBasell, said.

The refinery has a capacity of 6.3 million tons of oil a year,
according to the Web site of the Union Francaise des Industries
Petrolieres, or UFIP, an industry group.  The plant is located
near the Fos oil import terminal.

                      About Lyondell Chemical

LyondellBasell Industries is one of the world's largest polymers,
petrochemicals and fuels companies.  It is the global leader in
polyolefins technology, production and marketing; a pioneer in
propylene oxide and derivatives; and a significant producer of
fuels and refined products, including biofuels.  Through research
and development, LyondellBasell develops innovative materials and
technologies that deliver exceptional customer value and products
that improve quality of life for people around the world.
Headquartered in The Netherlands, LyondellBasell --
http://www.lyondellbasell.com/-- is privately owned by Access
Industries.

Basell AF and Lyondell Chemical Company merged operations in 2007
to form LyondellBasell Industries, the world's third largest
independent chemical company.  LyondellBasell became saddled with
debt as part of the US$12.7 billion merger.  On January 6, 2009,
LyondellBasell Industries' U.S. operations and one of its European
holding companies -- Basell Germany Holdings GmbH -- filed
voluntary petitions to reorganize under Chapter 11 of the U.S.
Bankruptcy Code to facilitate a restructuring of the company's
debts.  The case is In re Lyondell Chemical Company, et al.,
Bankr. S.D.N.Y. Lead Case No. 09-10023).  Seventy-nine Lyondell
entities, including Equistar Chemicals, LP, Lyondell Chemical
Company, Millennium Chemicals Inc., and Wyatt Industries, Inc.
filed for Chapter 11.  In May 2009, one of the cases was dismissed
-- Case No. 09-10068 -- because it is duplicative of Case No. 09-
10040 relating to Debtor Glidden Latin America Holdings.

The Hon. Robert E. Gerber presides over the case.  Deryck A.
Palmer, Esq., at Cadwalader, Wickersham & Taft LLP, in New York,
serves as the Debtors' bankruptcy counsel.  Evercore Partners
serves as financial advisors, and Alix Partners and its subsidiary
AP Services LLC, serves as restructuring advisors.  AlixPartners'
Kevin M. McShea acts as the Debtors' Chief Restructuring Officer.
Clifford Chance LLP serves as restructuring advisors to the
European entities.  Lyondell Chemical estimated that consolidated
assets total US$27.12 billion and debts total US$19.34 billion as
of the bankruptcy filing date.

Lyondell has obtained approximately US$8 billion in DIP financing
to fund continuing operations.  The DIP financing includes two
credit agreements: a US$6.5 billion term loan, which comprises a
US$3.25 billion in new loans and a US$3.25 billion roll-up of
existing loans; and a US$1.57 billion asset-backed lending
facility.

Luxembourg-based LyondellBasell Industries AF S.C.A. and another
affiliate were voluntarily added to Lyondell Chemical's
reorganization filing under Chapter 11 on April 24, 2009, in order
to seek protection against claims by certain financial and U.S.
trade creditors.  On May 8, 2009, LyondellBasell Industries added
13 non-operating entities to Lyondell Chemical Company's
reorganization filing under Chapter 11 of the U.S. Bankruptcy
Code.  All of the entities are U.S. companies and were added to
the original Chapter 11 filing for administrative purposes.  The
filings will have no impact on current business or operations as
none of the entities manufactures or sells products.

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


VOXAN-SCCM SA: Placed Into Receivership
---------------------------------------
Visordown News reports that Voxan-SCCM SA has been placed into
receivership after being hit by the economic downturn.

According to Visordown, the company requested for cessation of
payments.

"The low level of sales since the second half of 2008, in the
current global economic crisis, combined with the delayed launch
of a new motorcycle model, due to the failure of many sub
contractors, no longer allows the company to operate its plant,
which employs a dozen employees," Visordown quoted Voxan as
saying.  "The diversification projects and joint ventures with
foreign investors have also been rejected because of the economic
crisis."

Voxan now has six months to find a suitable solution, Visordown
notes.

Voxan-SCCM SA -- http://www.voxan.com/-- is a France-based
manufacturer of motorcycles.  The Company designs, develops and
manufactures various models of motorcycles, including Roadster,
Cafe Racer, Scrambler, Street Scrambler, Black Magic and Charade
Racing.  Voxan-SCCM SA distributes its products through a network
of dealers in France, Germany and Spain.


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


ARCANDOR AG: Sale of Thomas Cook Stake to Investors Begins
----------------------------------------------------------
Holger Elfes and Alexis Xydias at Bloomberg News, citing German
state-owned bank BayernLB, report that the 43.9% stake in travel
company Thomas Cook Group Plc formerly held by Arcandor AG is
being sold to investors.

Bloomberg relates BayernLB, which is helping manage the sale, said
in a statement yesterday afternoon that a so-called accelerated
bookbuild of the Thomas Cook stake has begun and is being run by
the brokerage arms of Commerzbank AG, Royal Bank of Scotland Group
Plc and UBS AG.  Bloomberg notes BayernLB's statement said the
number of shares sold and the sale price will be released after
the book building is done

According to Bloomberg, the shares, had a market value of about
GBP923 million (US$1.53 billion) at yesterday's closing price, and
are owned by banks including BayernLB, Commerzbank and RBS.

The Thomas Cook stake was seized by a syndicate that loaned
Arcandor money following the Germanretailer’s June insolvency
filing.

                      Insolvency Proceedings

On Sept. 2, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that a local court in Essen formally
opened insolvency proceedings for the Arcandor on Tuesday,
Sept. 1.  Bloomberg disclosed the proceedings started for the
Arcandor holding company and for 14 units, including the Karstadt
department-store chain and Primondo mail-order division.

                        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.


CONTINENTAL AG: Fitch Corrects Ratings; Cuts Issuer Rating to 'B+'
------------------------------------------------------------------
Fitch Ratings has corrected its released on 18 August 2009 to show
a Recovery Rating of RR4 was assigned to Continental AG's senior
unsecured rating.

Fitch has downgraded Continental AG's Long-term Issuer Default
Rating and senior unsecured ratings to 'B+' from 'BB',
respectively.  The agency has assigned a Recovery Rating of RR4 to
the senior unsecured rating.  Fitch has simultaneously maintained
the IDR and senior unsecured ratings on Rating Watch Negative.
The agency has affirmed Continental's Short-term IDR at 'B'.

The downgrade follows the replacement last week of Continental's
CEO by its major shareholder Schaeffler KG, and the ongoing
reorganization of the executive board.  Continental has still to
appoint a new CFO to the board as part of this process.  In view
of these changes and Schaeffler's reported opposition to a rights
issue, which could dilute its stake, Fitch believes that the
likelihood of a capital increase in the expected amount of
EUR1.5 billion, announced by Continental on 30 July 2009, has
diminished.  Schaeffler currently has a highly leveraged financial
structure and may not be able to participate in a capital increase
at Continental.

The rating action also reflects the considerable refinancing risk
faced by Continental for its EUR3.5 billion tranche, related to
its Siemens VDO acquisition facility, maturing in August 2010, and
the increased risk of a breach in covenants.  Fitch is concerned
about tightened financial covenant headroom due to Continental's
weakened operating performance amid the severe global auto
downturn.  While Continental has stated that it will be able to
comply with financial covenants as of end-H109, Fitch believes
that ongoing compliance will remain challenging if no agreement is
reached with its banks.

Separately, Schaeffler announced that it has reached an agreement
with five banks on refinancing its debt.  This development will
likely pave the way for a possible merger of Schaeffler with
Continental, although it remains uncertain what impact
Schaeffler's agreement with the banks will have on the potential
group's combined financial profile.

Fitch intends to resolve the RWN once more details are available
on Continental's strategic direction, which could be significantly
influenced by Schaeffler going forward, and the group's progress
in resolving its financial challenges, particularly debt
refinancing.  Fitch believes that possible measures that
Continental could employ to remedy its financial difficulties,
such as refinancing and/or asset disposals, are exposed to a high
level of execution risk given difficult ongoing financial market
conditions.  Any further downgrade of Continental could be by more
than one notch.


COS DISTRIBUTION: Agrees to Rescue Deal with Devil
--------------------------------------------------
Stuart Wilson at Channel EMEA reports that German distribution
outfit Devil has agreed to a deal to rescue COS Distribution from
insolvency following lengthy negotiations with the company's
liquidator Ralf Diehl.

According to the report, under the terms of the deal, COS will
continue to operate as an independent company under the ownership
of Devil with job losses minimized as a result.

The deal, the report says, is subject to regulatory approval and
the purchase price has not been disclosed.

The report recalls Linden-based COS Distribution was plunged into
insolvency earlier this year after a potential investor pulled
out.

COS Distribution represents 100-plus vendors in Germany and claims
to be one of the country's largest wholesalers for IT, telecoms
and consumer electronics.  COS claimed to sell through a 13,000-
strong reseller network.


ESCADA AG: Investors Present Offer; Plan Won't Need State Aid
-------------------------------------------------------------
According to Holger Elfes at Bloomberg News, the state of Bavaria
said Escada AG may get an investor who can retain its workers
without requiring the support of state aid.  Nickolaus Becker, who
represents a group of potential investors, presented a rescue plan
September 8 to Horst Seehofer, Prime Minister of Bavaria, the
state said.  Mr. Becker will speak to the company's insolvency
administrator September 9.

As reported by the Troubled Company Reporter on September 2, 2009,
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."

                          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.


GENERAL MOTORS: Germany Can't Force Early Repayment of Opel Loan
----------------------------------------------------------------
Chris Reiter and Tony Czuczka at Bloomberg News report that
General Motors Co. said Germany can't force an early repayment of
a EUR1.5-billion (US$2.2 billion) loan for its Opel unit in Europe
even if its board rejects a sale to a group led by Magna
International Inc.

Bloomberg relates Karin Kirchner, a GM spokeswoman in Zurich, said
the loan, which kept Opel from collapsing, isn't tied to GM's
decision over the future of the unit.  According to Bloomberg,
German Economy Minister Karl Theodor zu Guttenberg said yesterday
that the lending is tied to "an investor solution."

Germany has offered to provide EUR4.5 billion in loan guarantees
to finance a Magna purchase, which is also supported by Opel
unions.  Citing Roland Koch, the premier of Opel's home state of
Hesse, Bloomberg discloses the government's loan to Opel expires
Nov. 30.

Opel has "sufficient liquidity in the coming months," Carl-Peter
Forster, GM's top executive in Europe, as cited by Bloomberg, said
yesterday according to Auto Motor und Sport magazine.  "The
problem is we can't start our restructuring, because we still
don't have financing."

                           Options

Bloomberg says GM's board is considering options including keeping
Opel and accepting bids to acquire a majority stake in the unit
from Belgian investment company RHJ International SA as well as
from Canadian auto-parts supplier Magna and its Russian partner
OAO Sberbank.

Brian Parkin and Tony Czuczka at Bloomberg News reports political
analysts said any decision by GM to shun Magna's bid for Opel and
hold on to the German-based carmaker might hurt Chancellor Angela
Merkel's bid to win re-election on Sept. 27.  The German
chancellor has repeatedly said she prefers Magna's plan to buy a
majority stake in Opel over a rival bid by RHJ.

Merkel's handling of Opel has been "anything but a showpiece of
shrewd political bargaining," Bloomberg quoted Uwe Andersen, a
politics professor at the University of Bochum, the western German
city where Opel employs about 5,300 workers, as saying in an
interview.  "She swung behind Magna way too soon and has stuck
with it since, even as realities at GM changed."

                            Decision

James Quinn at The Daily Telegraph reportst that the board of GM
was last night on the brink of voting to retain ownership of its
European Opel business.

According to the Daily Telegraph, the decision, if approved, could
be announced as early as today, Sept. 10, at a press conference in
Berlin.

Citing a source with knowledge of the board's discussions, the
Daily Telegraph states that although a final decision had not been
taken, the option of refinancing had come right up the agenda
during GM's two-day board meeting in Detroit which was
due to end last night.  For Vauxhall, the implication of the
decision, if it comes, is a positive one, as the Magna proposal
had involved not closing any plants in Germany, putting the future
of GM's UK operations at risk, the Daily Telegraph says.  The
refinancing option will still require plants to be closed and/or
mothballed, however, as part of what one source described as a
"far reaching" restructuring plan, the Daily Telegraph notes.

                     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)


HAPAG-LLOYD AG: Eye EUR600 Mln Cost Savings; Mulls 120 Job Cuts
---------------------------------------------------------------
Holger Elfes at Bloomberg News reports that Hapag-Lloyd AG agreed
with workers on cost cuts, prompting analysts to say state aid is
more likely.

Bloomberg relates Klaus Heims, the shipping line's spokesman, said
the plan will lead to annual cost savings of more than EUR600
million (US$869 million).  Hapag, Bloomberg reports, will cut 120
of its 1,100 jobs in Germany by April 2010.

Bloomberg recalls on Aug. 14, lenders to Hapag-Lloyd filed an
application for state guarantees worth EUR1.2 billion on their
loans.  The government is expected to make its decision on the
case before national elections, which will be held Sept. 27,
Bloomberg notes.

Hapag-Lloyd AG -- http://www.hapag-lloyd.com/-- is the
transportation arm of German tourism giant TUI.  Subsidiary Hapag-
Lloyd Container Line, which accounts for most of Hapag-Lloyd's
sales, operates a fleet of about 135 containerships.  Overall,
Hapag-Lloyd Container Line's vessels have a capacity of more than
490,000 twenty-foot equivalent units (TEU).  The unit's routes
link Europe, Asia, the Americas, and Africa.  In addition to
freight transportation, Hapag-Lloyd offers luxury ocean and river
cruises under its Hapag-Lloyd Cruises brand.  TUI sold Hapag-
Lloyd's container operations to a German investment group in March
2009.


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


BORSODCHEM NYRT: China's Wanhua in Talks to Acquire Stake
---------------------------------------------------------
Sundeep Tucker and Martin Arnold at The Financial Times report
that Chinese chemicals group Wanhua Industrial Group has held
talks with UK buy-out fund Permira about acquiring a stake in
Hungary's Borsodchem Nyrt.

According to the FT, investors who hold Borsodchem's debt are in
talks to help refinance the company, which Permira acquired for
EUR1.6 billion (US$2.3 billion) in 2006 and the Chinese group has
taken part in these discussions with the aim of emerging with an
equity holding.

The FT relates people familiar with the talks said Wanhua had
gained a seat at the table of by acquiring a large chunk of
Borsodchem's mezzanine debt from UK and US investors.  The FT says
Chinese group is understood to have bought about two-thirds of
Borsodchem's EUR200 million of mezzanine loans for about 25 cents
in the dollar from European Capital and Alcentra.  Citing people
familiar with the deal, the FT discloses the purchases were
carried out via Hong Kong-based investment funds linked to Wanhua.

                        Debt Restructuring

On July 28, 2009, the Troubled Company Reporter-Europe, citing the
FT, reported the Hungarian government offered a EUR100 million
(US$142 million) loan.  The FT disclosed the loan from the state-
owned Hungarian Development Bank is conditional on Permira
reaching an agreement with Borsodchem's lenders to restructure its
excessive debt in a way that is acceptable to Budapest.  Permira
is expected to inject about EUR80 million-EUR90 million more cash
into the company, which has about EUR1.1 billion of debt, to keep
control, the FT said.  According to the FT, mezzanine lenders are
being asked to swap their EUR200 million loans for equity, while
senior lenders are being asked to roll-up interest payments,
delaying their cash payment until the maturity of the loans.

                         About BorsodChem

Headquartered in Kazincbarcika, Hungary, BorsodChem Nyrt.
(fka BorsodChem Rt) -- http://www.borsodchem.hu/-- produces
chlorine, chloric alkali, hydrochloric acid, caustic lye and PVC
resins, and additives for the plastic and rubber industries.
The Company exports its products mainly to Western Europe.


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


KAUPTHING BANK: Liquidation to Yield Creditors 20% of Money Owed
----------------------------------------------------------------
Omar R. Valdimarsson at Bloomberg News reports that creditors of
Kaupthing Bank hf would get back about 20% of what they're owed if
the failed bank's assets were liquidated.

"Some of the bank's subsidiaries have been sold or taken over by
financial regulators in their respective countries," Bloomberg
quoted Steinar Thor Gudgeirsson as saying in an interview in
Reykjavik Monday.  Debts of "just over 3,000 billion kronur (US$24
billion) are left.  In November, we estimated that the assets the
bank held at that time were worth about 618 billion kronur.  There
is every indication that their value has since increased."

Bloomberg notes Mr. Gudgeirsson said most of the bank's depositors
have already received their money, though there is still no
indication as to when general claimants will get paid back.

According to Bloomberg, Kaupthing's resolution committee expects
to have a complete overview of its creditors on Dec. 30, once the
general claim process has ended.

"At this stage is not possible to estimate the exact value of
claims against the bank and the recoverable value of the bank's
assets," Bloomberg quoted Mr. Gudgeirsson as saying.  "The aim of
the resolution committee is to preserve the assets of the bank and
to optimize recovery for the creditor body."

Bloomberg relates Mr. Gudgeirsson said there are mainly two
alternatives.  Mr. Gudgeirsson, as cited Bloomberg, said the first
grants the bank "the opportunity to be restructured and support
its assets instead of being forced into immediate asset sales",
and the other option is insolvency or winding- up proceedings.

                      About Kaupthing Bank

Headquartered in Reykjavik, Kaupthing Bank --
http://www.kaupthing.com-- is Iceland's largest bank and among
the Nordic region's 10 largest banking groups.  With operations in
more than a dozen countries, the bank offers a range of services
including retail banking, corporate finance, asset management,
brokerage, private banking, treasury, and private wealth
management.  Kaupthing was created by the 2003 merger of
Bunadarbanki and Kaupthing Bank.  In October 2008 the Icelandic
government assumed control of Kaupthing Bank after taking similar
measures with rivals Landsbanki and Glitnir.

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

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


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


DANUCCI LTD: High Court Appoints Liquidator
-------------------------------------------
RTE News reports that the High Court has appointed a liquidator to
Danucci Ltd. after the Co Louth-based chocolate firm's
examinership failed.

According to the report, the High Court was told that possible
investors in Danucci had 'fallen by the wayside' and the company
now had no reasonable prospect of survival.

Justice Peter Charleton appointed Mr Niall Hughes as examiner, the
report relates.


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


FIAT SPA: Sells EUR1.25 Billion of Junk Bonds
---------------------------------------------
Steve Rothwell and Esteban Duarte at Bloomberg News report that
Fiat SpA has sold EUR1.25 billion (US$1.8 billion) of junk bonds,
taking advantage of surging investor demand for riskier assets.

Bloomberg relates the notes were sold through the automaker's Fiat
Finance and Trade Ltd. unit and the deal was arranged by BNP
Paribas, Royal Bank of Scotland Group Plc and Societe Generale SA.

Citing a banker managing the transaction, Bloomberg discloses
investors ordered six times the amount of debt on sale.  According
to Bloomberg, the company paid a yield of 7.75% on the five- year
bonds, 2 percentage points less than it paid to borrow the same
amount for three years on July 23.  The banker, as cited by
Bloomberg, said the company plans to use the proceeds of the sale
for general corporate purposes.

Fiat's debt is rated at Ba1, one level below investment- grade
status, by Moody's Investors Service.  Standard & Poor's and Fitch
Ratings assign the company's bonds an equivalent BB+ ranking.
High-yield, or junk, debt is graded below Baa3 by Moody's and BBB-
by S&P and Fitch.

                          About Fiat SpA

Headquartered in Turin, Italy, Fiat SpA (BIT:F) --
http://www.fiatgroup.com/-- is principally engaged in the design,
manufacture and sale of automobiles, trucks, wheel loaders,
excavators, telehandlers, tractors and combine harvesters.
Through its subsidiaries, Fiat operates mainly in five business
areas: Automobiles, including sectors led by Maserati SpA, Ferrari
SpA and Fiat Group Automobiles SpA, which design, produce and sell
cars under the Fiat, Alfa Romeo, Lancia, Fiat Professional,
Abarth, Ferrari and Maserati brands; Agricultural and Construction
Equipment, which is led by Case New Holland Global NV; Trucks and
Commercial Vehicles, which is led by Iveco SpA; Components and
Production Systems, which includes the sectors led by Magneti
Marelli Holding SpA, Teksid SpA, Comau SpA and Fiat Powertrain
Technologies SpA, and Other Businesses, which includes the sectors
led by Fiat Services SpA, a publishing house Editrice La Stampa
SpA and an advertising agency Publikompass SpA.  With operations
in over 190 countries, the Group has 203 plants, 118 research
centers, 633 companies and more than 198,000 employees.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on
June 16, 2009, Standard & Poor's Ratings Services said that its
'BB+' long-term corporate credit rating on Italian industrial
group Fiat SpA remains on CreditWatch with negative implications,
where it was placed on Jan. 22, 2009.  At the same time, the 'B'
short-term corporate credit rating was affirmed.


FIAT SPA: Ferrari's First-Half 2009 Revenue Fell 8% to EUR891 Mln
------------------------------------------------------------------
Jerrold Colten at Bloomberg News reports that Ferrari SpA, a unit
of Fiat SpA, said its revenue in the first half of 2009 fell 8% to
EUR891 million.

Ferrari, Bloomberg discloses, posted trading profit for the first
half of EUR124 million, compared with EUR164 million the previous
year.

                          About Fiat SpA

Headquartered in Turin, Italy, Fiat SpA (BIT:F) --
http://www.fiatgroup.com/-- is principally engaged in the design,
manufacture and sale of automobiles, trucks, wheel loaders,
excavators, telehandlers, tractors and combine harvesters.
Through its subsidiaries, Fiat operates mainly in five business
areas: Automobiles, including sectors led by Maserati SpA, Ferrari
SpA and Fiat Group Automobiles SpA, which design, produce and sell
cars under the Fiat, Alfa Romeo, Lancia, Fiat Professional,
Abarth, Ferrari and Maserati brands; Agricultural and Construction
Equipment, which is led by Case New Holland Global NV; Trucks and
Commercial Vehicles, which is led by Iveco SpA; Components and
Production Systems, which includes the sectors led by Magneti
Marelli Holding SpA, Teksid SpA, Comau SpA and Fiat Powertrain
Technologies SpA, and Other Businesses, which includes the sectors
led by Fiat Services SpA, a publishing house Editrice La Stampa
SpA and an advertising agency Publikompass SpA.  With operations
in over 190 countries, the Group has 203 plants, 118 research
centers, 633 companies and more than 198,000 employees.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on
June 16, 2009, Standard & Poor's Ratings Services said that its
'BB+' long-term corporate credit rating on Italian industrial
group Fiat SpA remains on CreditWatch with negative implications,
where it was placed on Jan. 22, 2009.  At the same time, the 'B'
short-term corporate credit rating was affirmed.


RISANAMENTO SPA: Submits Restructuring Plan to Milan Court
----------------------------------------------------------
Armorel Kenna at Bloomberg News, citing daily Il Sole 24 Ore,
reports that Risanamento SpA on Tuesday submitted a restructuring
plan to a Milan court.

According to Bloomberg, Il Sole said the plan, backed by 60% of
the real estate company's creditors, includes a EUR150-million
(US$218 million) capital increase, the conversion of EUR350
million of debt and the sale of assets, excluding property in New
York and Paris.

As reported in the Troubled Company Reporter-Europe, 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
===================


RG BRANDS: Moody's Confirms Corporate Family Rating at 'B3'
-----------------------------------------------------------
Moody's Investors Service has confirmed the B3 corporate family
rating and probability of default rating of OJSC RG Brands.  The
outlook on the company's CFR is negative.  The rating action
concludes the review on the company's ratings initiated on April
8, 2009.

"The confirmation of RG Brands' ratings reflects Moody's
expectation that, despite a challenging domestic market
environment characterized by downtrading in a number of key
product categories and a liquidity position still heavily reliant
on external funding from local and international banks, RG Brands
is expected to continue to benefit from its leading position in
the domestic consumer product market, to reduce leverage below
current levels and to achieve positive free cash flow generation
already in 2009" says Stefano del Zompo, lead analyst for RG
Brands at Moody's.

Moody's understands that the company has successfully renegotiated
its debt covenants for 2009, increasing, among other things, the
maximum level of Net Debt/EBITDA to 5.6x in Q3 2009 and 5.1x in Q4
2009 from 3.75x.  "Therefore, Moody's expects the headroom within
the company's covenants to remain adequate until the end of the
year, but cautions that levels will revert back to original levels
starting from Q1 2010 and that the company will likely not meet
these covenants without obtaining additional waivers or support
from the lending banks," adds Mr. del Zompo.  "The current ratings
are nonetheless predicated on Moody's belief that the European
Bank of Reconstruction and Development and other lending banks
will remain supportive of the company going forward."

The outlook is negative, reflecting the difficult macroeconomic
environment, competitive pressure in a number of the segments in
which the company operates, including carbonated soft drinks, and
a tight covenant structure.

The last rating action was implemented on April 8, 2009, when
Moody's downgraded the company's ratings to B3 from B2 and
maintained the review for possible downgrade.

Headquartered in Almaty, Kazakhstan, OJSC RG Brands is a leading
food and beverage producer in Central Asia.  The company, which is
100% owned by the Resmi Group and RG Brands' management team, was
established in 1994 and has rapidly grown through acquisitions.
In 2008, the company reported sales and EBITDA of around
KZT24.5 billion (US$220 million) and KZT3.9 billion
(US$28.3 million), respectively.


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


UNEX GROUP: Creditors Must File Claims by September 24
------------------------------------------------------
LLC Unex Group Limited is currently undergoing liquidation.
Creditors have until September 24, 2009, to submit proofs of claim
to:

         Jumabek Str. 125-12
         Bishkek
         Kyrgyzstan


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


LYONDELL CHEMICAL: Gets 45-Day Extension for Noteholder Bar
-----------------------------------------------------------
Lyondell Chemical Co. and its affiliates sought a preliminary and
permanent injunction pursuant to Section 105(a) of the Bankruptcy
Code, Rule 65 of the Federal Rules of Civil Procedure, and Rules
7001(7) and 7065 of the Federal Rules of Bankruptcy Procedure
against Wilmington Trust Company, as indenture trustee under the
US$615,000,000 and EUR500,000,000 8.375% senior notes due August
15, 2015 guaranteed by non-debtor affiliates of the Debtors.

The Debtors asked the Court for a preliminary injunction enjoining
until at least January 31, 2010, Wilmington Trust from attempting
to enforce any rights or exercise any remedy against the Non-
Debtor Guarantors.  The Debtors also filed with the Court a
request seeking permanent injunction enjoining Wilmington Trust
until January 31, 2010.

At the September 8 hearing, Judge Robert Gerber gave a 45-day
extension of the order barring Noteholders from taking any action,
after an agreement that a hearing will be held to resolve the
issue.  Judge Gerber scheduled an October 13 hearing.

On December 20, 2007, LBI, certain of its subsidiaries, and
certain lenders entered into a Senior Secured Loan and Bridge
Loan under which LBI incurred US$20 billion of secured debt.  The
parties to the Loans and Wilmington Trust subsequently entered
into an Intercreditor Agreement, which provides for a standstill
period wherein the acceleration of the payment obligations of LBI
and the Guarantors and any action to enforce claims against LBI
or the Guarantors under the 2015 Notes is prohibited.  The
current principal aggregate amount of the 2015 Notes upon
acceleration is EUR500 million and US$615 million, plus accrued
interests.

On March 23, 2009, Citibank, N.A., as Senior Agent, Security
Agent and ABL Agent, and Merrill Lynch Capital Corporation, as
Interim Facility Agent, received from Wilmington Trust a High
Yield Notes Default Notice.  Under the March 23rd Default Notice,
the Standstill Period is set to expire on September 18, 2009.
Wilmington Trust also sent a letter on May 15, 2009, to Citibank
and Merrill Lynch stating that an Event of Default has occurred
under the 2015 Indenture due to the bankruptcy filing of LBI.  On
May 21, 2009, Debtor LBI and the Non-Debtors Guarantors received
from Wilmington Trust a demand for the Non-Debtor-Guarantors'
immediate payment to Wilmington Trust of all obligations under
the Indenture for the benefit of the 2015 Noteholders.

Moreover, under a European Securitization Program, lenders
provide funding to European non-debtor affiliates and Basell
Polyolefins Collections Limited, a bankruptcy-remote affiliate of
the Debtors.  Under the European Securitization Program, a
Standstill Event was to occur on a Settlement Date occurring
prior to the 149th day of the Standstill Period in connection
with the 2015 Notes.  The lenders have agreed to waive the
Termination Event until September 9, 2009.

Vineet Bhatia, Esq., at Susman Godfrey LLP, in Houston, Texas,
asserts that the Non-Debtor-Guarantors do not have unencumbered
assets sufficient to satisfy the 2015 Notes guaranties.  He
further asserts that upon occurrence of a Termination Event, a
EUR171 million funding would no longer be immediately available
to the European Non-Debtor Affiliates after the Standstill Event,
and the Non-Debtor Affiliates would thus have to obtain these
amounts from new sources of financing.  The DIP Credit Facility
has a EUR700,000,000 limit on the amount of cash the U.S. can
send to the Non-Debtor Affiliates at any one time outstanding
under an intercompany loan facility.  Given current outstanding
borrowings, anticipated future cash flow budgets and the loss of
funding under the European Securitization Program, by the end of
October the Non-Debtor Affiliates will not have adequate
availability under the DIP Facility to continue operations if the
European Securitization Program is not available, he stresses.

Whether the Non-Debtor Affiliates face insolvency because of a
DIP default, the pursuit of guarantee claims or as a result of a
Standstill Event or Termination Event under the European
Securitization Program, the consequences would be disastrous, Mr.
Bhatia emphasizes.  Insolvency proceedings in Europe generally
often lead to the liquidation of the insolvent entity and result
in management being replaced by a "receiver" or "trustee"
appointed by a court.  The resulting loss of Debtor control over
these entities would make it virtually impossible to coordinate
each of those disparate proceedings with the proceedings before
the Bankruptcy Court, he asserts.

Mr. Bhatia further informs the Court that the Debtors have made
substantial progress in their reorganization as required by their
DIP Financing's milestones.  Specifically, on August 14, 2009,
the Debtors delivered a draft plan of reorganization and
disclosure statement to the DIP Lenders and all other major
constituencies, including the Official Committee of Unsecured
Creditors.  The Debtors' plan of reorganization will distribute
to creditors all of the enterprise value of LyondellBasell,
including the value of the Debtors' Non-Debtor Affiliates in
Europe.  The Debtors expect to meet the additional DIP Financing
milestones by filing the plan of reorganization and disclosure
statement with the Court by September 15, 2009, and confirming a
plan by the end of January 2010.

Against this backdrop, Mr. Bhatia asserts that the Debtors are
entitled to a preliminary injunction under Section 105(a) to
enjoin any attempts to enforce any rights or exercise any
remedies under the 2015 Notes against the Non-Debtor-Guarantors.
He maintains that the exercise of those remedies will precipitate
a Termination Event under the European Securitization Program, an
Event of Default under the DIP Facility, and a potential
liquidation of the Debtors.  Claims against any of the Non-Debtor
Guarantors would implicate the Debtors because certain of the
Debtors are Guarantors of the 2015 Notes and that defending those
claims would impose burdens on the Debtors' employees and senior
management, he continues.  In contrast, the 2015 Noteholders
would not be harmed at all by injunctive relief because the
claims of the 2015 Notes are contractually subordinated to the
Debtors' senior debt, and any payment received on the 2015 Notes
would be subject to turnover for the benefit of the more senior
lenders, he asserts.

                      About Lyondell Chemical

LyondellBasell Industries is one of the world's largest polymers,
petrochemicals and fuels companies.  It is the global leader in
polyolefins technology, production and marketing; a pioneer in
propylene oxide and derivatives; and a significant producer of
fuels and refined products, including biofuels.  Through research
and development, LyondellBasell develops innovative materials and
technologies that deliver exceptional customer value and products
that improve quality of life for people around the world.
Headquartered in The Netherlands, LyondellBasell --
http://www.lyondellbasell.com/-- is privately owned by Access
Industries.

Basell AF and Lyondell Chemical Company merged operations in 2007
to form LyondellBasell Industries, the world's third largest
independent chemical company.  LyondellBasell became saddled with
debt as part of the US$12.7 billion merger.  On January 6, 2009,
LyondellBasell Industries' U.S. operations and one of its European
holding companies -- Basell Germany Holdings GmbH -- filed
voluntary petitions to reorganize under Chapter 11 of the U.S.
Bankruptcy Code to facilitate a restructuring of the company's
debts.  The case is In re Lyondell Chemical Company, et al.,
Bankr. S.D.N.Y. Lead Case No. 09-10023).  Seventy-nine Lyondell
entities, including Equistar Chemicals, LP, Lyondell Chemical
Company, Millennium Chemicals Inc., and Wyatt Industries, Inc.
filed for Chapter 11.  In May 2009, one of the cases was dismissed
-- Case No. 09-10068 -- because it is duplicative of Case No. 09-
10040 relating to Debtor Glidden Latin America Holdings.

The Hon. Robert E. Gerber presides over the case.  Deryck A.
Palmer, Esq., at Cadwalader, Wickersham & Taft LLP, in New York,
serves as the Debtors' bankruptcy counsel.  Evercore Partners
serves as financial advisors, and Alix Partners and its subsidiary
AP Services LLC, serves as restructuring advisors.  AlixPartners'
Kevin M. McShea acts as the Debtors' Chief Restructuring Officer.
Clifford Chance LLP serves as restructuring advisors to the
European entities.  Lyondell Chemical estimated that consolidated
assets total US$27.12 billion and debts total US$19.34 billion as
of the bankruptcy filing date.

Lyondell has obtained approximately US$8 billion in DIP financing
to fund continuing operations.  The DIP financing includes two
credit agreements: a US$6.5 billion term loan, which comprises a
US$3.25 billion in new loans and a US$3.25 billion roll-up of
existing loans; and a US$1.57 billion asset-backed lending
facility.

Luxembourg-based LyondellBasell Industries AF S.C.A. and another
affiliate were voluntarily added to Lyondell Chemical's
reorganization filing under Chapter 11 on April 24, 2009, in order
to seek protection against claims by certain financial and U.S.
trade creditors.  On May 8, 2009, LyondellBasell Industries added
13 non-operating entities to Lyondell Chemical Company's
reorganization filing under Chapter 11 of the U.S. Bankruptcy
Code.  All of the entities are U.S. companies and were added to
the original Chapter 11 filing for administrative purposes.  The
filings will have no impact on current business or operations as
none of the entities manufactures or sells products.

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


VAN DER MOOLEN: Files for Bankruptcy
------------------------------------
The administrators of the trading firm Van der Moolen Holding N.V.
have requested the Court of Amsterdam to convert the provisional
suspension of payments, which was granted on August 10, into
bankruptcy.  This became necessary since the ongoing expenses,
including the salaries of the employees could no longer be paid
during September.  Furthermore, it became apparent during the last
weeks that there are no possibilities to sell VDM or to continue
as a smaller company.  The Board of VDM will not resist the
request to the Court.  The request is expected to be granted
today, September 10, 2009.

Administrators -- most probably receivers as of September 10, 2009
-- expect that, even with the best possible return on sale or
liquidation of parts of VDM, there will be on balance insufficient
means to make a payment to the holders of ordinary shares of VDM.

The bankruptcy of VDM can be attributed to a combination of
factors that appeared in a period of a number of years: big losses
in the US, unsuccessful new initiatives like Online Trader,
decreasing revenues in connection due to the financial crisis and
a cost pattern that structurally exceeded the benefits.
Ultimately two factors have accelerated the erosion of the
liquidity position of VDM: the purchase of treasury shares, and
the delay in the collection of (tax) claims of VDM.

The consequence of the bankruptcy will be that VDM will be
liquidated.  The assets and activities of the subsidiaries will be
realized into cash as much as is possible.  Van der Moolen
Financial Services B.V. has been sold at intrinsic value.
Investigations for possibilities to transfer trading positions at
Euronext and other European exchanges are in an advanced stage.
Also the future of the American business is still subject of
investigation.

An explorative meeting of shareholders will take place on
October 9, 2009 at 9:30 a.m. at a location to be determined; the
agenda of the meeting will be published on the website of VDM.

Administrators/ receivers together with the VDM Board will give a
press conference on Thursday September 10, 2009, at 2:00 p.m. at
the premises of Van Doorne N.V., Jachthavenweg 121, 1081 KM
Amsterdam.

Headquartered in Amsterdam, Netherlands, Van der Moolen Holding
N.V. -- http://www.vandermoolen.com/--  is an international
securities trading and brokerage firm that specializes in
providing low-cost liquidity in markets worldwide.  Its business
is to make money on financial markets, as a broker and proprietary
trader in securities, futures, derivatives indexes and exchange
traded funds.


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


MIVAN KIER: Declared Insolvent by Bucharest Court
-------------------------------------------------
Ziarul Financiar reports that the Bucharest Court of Law has
declared Mivan Kier Joint Venture Limited insolvent.

According to the report, at the end of 2008, Mivan Kier's total
debts stood at EUR20 million.  The report relates Finance Ministry
data show the company, which employs 281 people, generated
turnover of EUR128 million last year, while net income hit EUR15
million.

Citing data from the Bucharest Court of Law, the report discloses
the administrator is BDO Conti Insolvency firm.  The deadline for
the registration of debt claim approval requests is of Oct. 19.

Established in 1998 Mivan Kier -- http://www.mivankier.ro/-- is a
Romania-based construction company. It specializes in building and
general contracting as well as civil engineering work.  It is a
joint venture company between two leading international
construction company Mivan Group, a specialist construction
company based in Northern Ireland and Kier International, a  UK
building and civil engineering contractor.


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


DOMEK LLC: Creditors Must File Claims by September 17
-----------------------------------------------------
Creditors of LLC Domek (TIN 7453053758, PSRN 1027403888654)
(Construction) have until September 17, 2009, to submit proofs of
claims to:

         Ye.Bogdanov
         Insolvency Manager
         Chkalova Str. 21
         390029 Ryazan
         Russia

The Arbitration Court of Cheyabinskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?76–24072/2008–52-150.

The Debtor can be reached at:

         LLC Domek
         Komsomolskiy prospect 2-613
         454080 Chelyabinsk
         Russia


LGOVSKIY VALVE: Creditors Must File Claims by September 17
----------------------------------------------------------
Creditors of OJSC Lgovskiy Valve Plant (TIN 613002597, RVC
461301001) have until September 17, 2009, to submit proofs of
claims to:

         V. Guslyakov
         Insolvency Manager
         Timonovskaya Str. 35
         241028 Bryansk
         Russia

The Arbitration Court of Kurskaya commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ?35–7185-2008 S-19.

The Debtor can be reached at:

         OJSC Lgovskiy Valve Plant
         Liteynaya Str. 28
         Lgov
         307300 Kurskaya
         Russia


REAL-T LLC: Creditors Must File Claims by September 17
------------------------------------------------------
Creditors of LLC Real-T (TIN 7203194876, ???? 1077203029056)
(Construction)have until September 17, 2009, to submit proofs of
claims to:

         S. Abyshev
         Insolvency Manager
         Melnikayte Str. 106-253
         Tumen
         Russia

The Arbitration Court of Yamalo-Nenetskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?70–9248/2008.

The Debtor can be reached at:

         LLC Real-T
         Building 2
         50 let Oktyabrya Str. 62A
         Tumen
         Russia


SARATOV DRILLING: Creditors Must File Claims by September 17
------------------------------------------------------------
Creditors of LLC Saratov Drilling Company (TIN 6450921891, PSRN
1066450123519) have until September 17, 2009, to submit proofs of
claims to:

         A. Chernov
         Insolvency Manager
         Post User Box 1927
         400087 Volgograd
         Russia

The Arbitration Court of Saratovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?57- 6592/2009.

The Debtor can be reached at:

         LLC Saratov Drilling Company
         Moskovskay Str. 43
         Saratov
         Russia


SEVERNUE LESOZAGOTOVKI: Creditors Must File Claims by September 17
------------------------------------------------------------------
Creditors of LLC Severnue Lesozagotovki (TIN 3509006829, PSRN
1033500646893) (Lumbering) have until September 17, 2009, to
submit proofs of claims to:

         L. Likhanova
         Insolvency Manager
         Post User Box 1736
         167011 Syktyvkar
         Russia

The Arbitration Court of Vologodskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?13–5685/2009.

The Debtor can be reached at:

         LLC Severnue Lesozagotovki
         Zheleznodorozhnaya Str. 83/12/53
         Vokhtoga
         Gruazovetskiy
         Russia


=============================
S L O V A K   R E P U B L I C
=============================


SKYEUROPE AIRLINES: Bratislava Court Opens Bankruptcy Proceedings
-----------------------------------------------------------------
The district court of Bratislava has opened bankruptcy proceedings
against SkyEurope Airlines, a.s..

The opening of bankruptcy proceedings will be effective as of
September 10, 2009.

As reported in The Troubled Company Reporter-Europe, Reuters,
citing the Vienna bourse Web site, disclosed on Aug. 31 Slovak
court-appointed restructuring trustee of SkyEurope Airlines
commenced bankruptcy proceedings for the carrier, the operating
subsidiary of SkyEurope Holding AG, due to the lack of sufficient
interim funding to finance ongoing operations.

On June 24, 2009, the Troubled Company Reporter-Europe, citing the
Financial Times, reported that SkyEurope said it had been granted
protection from its creditors by the district court in Bratislava.
The FT disclosed the low-cost airline was forced to seek court-
administered protection from its creditors following several years
of heavy losses.

SkyEurope Airlines -- http://www.skyeurope.com/-- was a low-cost
airline headquartered in Bratislava.  The airline operated short-
haul scheduled and charter passenger services.


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


FORD MOTOR: China's Geely Automovite Mulls Volvo Bid
----------------------------------------------------
John Reed at The Financial Times reports that China's Geely
Automobile is interested in acquiring Volvo, Ford Motor Co.'s
Swedish car brand.

The FT relates Gui Shengyue, Geely's chief executive, said in
Hongk Kong the carkmaker may work with Chinese state investment
companies on a bid.  According to the FT, Geely said it wanted to
buy all of Volvo, which Ford wants to sell in its entirety.

Citing two people close to Geely, the FT discloses the company
made an offer for Volvo in August and is talking to banks and
other government entities about financing.

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.

Fitch Ratings said via Business Wire on August 26 that it has
revised the Rating Outlook on Ford Motor Company and Ford Motor
Credit Company to Stable from Negative.  In addition, the Issuer
Default Rating of Ford is affirmed at 'CCC'.


GENERAL MOTORS: Beijing Automotive Joins Koenigsegg's Saab Bid
--------------------------------------------------------------
Niklas Magnusson and Toby Alder at Bloomberg News report that
Chinese carmaker Beijing Automotive Industry Holdings Co. Ltd.
joined Koenigsegg Group's offer to buy Saab Automobile from
General Motors Co.

Bloomberg relates Koenigsegg Group, set up by Swedish sports-car
maker Koenigsegg Automotive AB, said in a statement yesterday
Beijing Automotive will take a minority stake in the team bidding
for Saab and help the unprofitable GM division find opportunities
to expand in China.

According to Bloomberg, Christian von Koenigsegg, the sports-car
company's founder, said Beijing Automotive, a former suitor for
GM's Opel and Vauxhall units, may share technology with Saab and
offer some plant capacity.

The stake sale to Beijing Automotive means the group has bridged
the private-financing gap, Mr. von Koenigsegg, as cited by
Bloomberg said, declining to comment on the Chinese company's
planned holding or amount it's paying.

On Sept. 8, 2009, the Troubled Company Reporter-Europe, citing The
Financial Times, reported that a request from Mr. von Koenigsegg
for an additional government loan was rejected by Sweden's center-
right administration.  The FT said even without further aid, the
acquisition is still dependent on a EUR400 million-EUR500 million
loan from the EU-backed European Investment Bank, guaranteed by
Sweden.

                      Creditor Protection

The Troubled Company Reporter Europe, citing Bloomberg News,
reported on Feb. 23, 2009, Saab filed for protection from
creditors after parent GM said it will cut ties with the Swedish
carmaker following two decades of losses.  The Trollhaettan,
Sweden-based company filed for reorganization with a Swedish
district court to separate itself from GM and bring resources back
to Sweden.

On June 25, 2009, Troubled Company Reporter, citing The Wall
Street Journal, reported creditors of Saab approved the
automakers' proposal for settling its debts by paying a quarter of
what it originally owed.  Saab proposed to settle its debts by
paying 25% of about US$1.34 billion it owed to more than 600
creditors, including auto suppliers and the Swedish government.
The vast majority of the debt, almost SEK10 billion, was owed to
GM.

                     About Saab Automobile

Saab Automobile AB -- http://www.saab.com-- is a wholly owned
subsidiary of General Motors.  With an annual production of up to
126,000 cars, Saab's current models include the 9-3 (available as
a convertible or sport sedan), the luxury 9-5 sedan (also
available in a sport wagon), and the seven-passenger 9-7X SUV.


SAAB AUTOMOBILE: Beijing Automotive Joins Koenigsegg Bid
--------------------------------------------------------
Niklas Magnusson and Toby Alder at Bloomberg News report that
Chinese carmaker Beijing Automotive Industry Holdings Co. Ltd.
joined Koenigsegg Group's offer to buy Saab Automobile from
General Motors Co.

Bloomberg relates Koenigsegg Group, set up by Swedish sports-car
maker Koenigsegg Automotive AB, said in a statement yesterday
Beijing Automotive will take a minority stake in the team bidding
for Saab and help the unprofitable GM division find opportunities
to expand in China.

According to Bloomberg, Christian von Koenigsegg, the sports-car
company's founder, said Beijing Automotive, a former suitor for
GM's Opel and Vauxhall units, may share technology with Saab and
offer some plant capacity.

The stake sale to Beijing Automotive means the group has bridged
the private-financing gap, Mr. von Koenigsegg, as cited by
Bloomberg said, declining to comment on the Chinese company's
planned holding or amount it's paying.

On Sept. 8, 2009, the Troubled Company Reporter-Europe, citing The
Financial Times, reported that a request from Mr. von Koenigsegg
for an additional government loan was rejected by Sweden's center-
right administration.  The FT said even without further aid, the
acquisition is still dependent on a EUR400 million-EUR500 million
loan from the EU-backed European Investment Bank, guaranteed by
Sweden.

                       Creditor Protection

The Troubled Company Reporter Europe, citing Bloomberg News,
reported on Feb. 23, 2009, Saab filed for protection from
creditors after parent GM said it will cut ties with the Swedish
carmaker following two decades of losses.  The Trollhaettan,
Sweden-based company filed for reorganization with a Swedish
district court to separate itself from GM and bring resources back
to Sweden.

On June 25, 2009, Troubled Company Reporter, citing The Wall
Street Journal, reported creditors of Saab approved the
automakers' proposal for settling its debts by paying a quarter of
what it originally owed.  Saab proposed to settle its debts by
paying 25% of about US$1.34 billion it owed to more than 600
creditors, including auto suppliers and the Swedish government.
The vast majority of the debt, almost SEK10 billion, was owed to
GM.

                        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)

                      About Saab Automobile

Saab Automobile AB -- http://www.saab.com-- is a wholly owned
subsidiary of General Motors.  With an annual production of up to
126,000 cars, Saab's current models include the 9-3 (available as
a convertible or sport sedan), the luxury 9-5 sedan (also
available in a sport wagon), and the seven-passenger 9-7X SUV.


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


BERNARD MADOFF: Geneva Funds of Hedge Funds Fail to Fix Losses
--------------------------------------------------------------
Warren Giles at Bloomberg reports that Geneva-based hedge funds
have failed to repair the damage caused by market losses and
Bernard Madoff as investors withdrew money four times faster than
the global average in July.  Mr. Giles notes that while the
strategy is designed to diversify risk and banks are responsible
for vetting fund managers, at least six Geneva-based institutions
reported Madoff-related losses.  They include Union Bancaire
Privee, Banco Santander SA's Optimal Investment Services,
Genevalor Benbassat & Cie., Hyposwiss private bank, Banque
Benedict Hentsch & Cie., and Notz, Stucki & Cie.

Withdrawals climbed to US$2 billion from US$500 million in June,
according to data compiled by Eurekahedge Pte., which collects
data on hedge funds worldwide.  Assets invested in Geneva-based
funds of hedge funds have slumped 74 percent to US$14.2 billion
since the end of 2007.

                        About Bernard Madoff

Bernard L. Madoff Investment Securities LLC was a market maker in
U.S. stocks, including all of the S&P 500 and more than 350 Nasdaq
stocks. The firm moved large blocks of stock for institutional
clients by splitting up orders or arranging off-exchange
transactions between parties. It also performed clearing and
settlement services. Clients included brokerages, banks, and
other financial institutions. In addition, Madoff Securities
managed assets for high-net-worth individuals, hedge funds, and
other institutional investors.

The firm is being liquidated in the aftermath of a fraud scandal
involving founder Bernard L. Madoff.

As reported by the Troubled Company Reporter on December 15, 2008,
the Securities and Exchange Commission charged Mr. Madoff and his
investment firm with securities fraud for a multi-billion dollar
Ponzi scheme that he perpetrated on advisory clients of his firm.
The estimated losses from Mr. Madoff's fraud were allegedly at
least US$50 billion.

Also on December 15, 2008, the Honorable Louis A. Stanton of the
U.S. District Court for the Southern District of New York granted
the application of the Securities Investor Protection Corporation
for a decree adjudicating that the customers of BLMIS are in need
of the protection afforded by the Securities Investor Protection
Act of 1970. Irving H. Picard, Esq., was appointed as trustee for
the liquidation of BLMIS, and Baker & Hostetler LLP was appointed
as counsel.

As reported by the TCR, Judge Denny Chin of the U.S. District
Court for the Southern District of New York on June 29, 2009,
sentenced Mr. Madoff to 150 years of life imprisonment for
defrauding investors.


CASANOVA REINIGUNGEN: Claims Filing Deadline is October 9
---------------------------------------------------------
Creditors of Casanova Reinigungen GmbH are requested to file their
proofs of claim by October 9, 2009, to:

         Philomena Casanova
         Neuguetstrasse 10
         8630 Ruoti ZH
         Switzerland

The company is currently undergoing liquidation in Rueti ZH.  The
decision about liquidation was accepted at a shareholders' meeting
held on June 29, 2009.


INTER-KART INDOOR: Claims Filing Deadline is September 15
---------------------------------------------------------
Creditors of Inter-Kart Indoor GmbH are requested to file their
proofs of claim by September 15, 2009, to:

         Stanislaus Lauber
         Liquidator
         Mail Box 709
         3900 Brig-Glis
         Switzerland

The company is currently undergoing liquidation in Steg.  The
decision about liquidation was accepted at a shareholders' meeting
held on June 24, 2009.


KUNDENMALER FORNY: Claims Filing Deadline is September 15
---------------------------------------------------------
Creditors of Kundenmaler Forny GmbH are requested to file their
proofs of claim by September 15, 2009, to:

         Stanislaus Lauber
         Liquidator
         Mail box: 709
         3900 Brig-Glis
         Switzerland

The company is currently undergoing liquidation in Steg.  The
decision about liquidation was accepted at a shareholders' meeting
held on July 20, 2009.


MIMOSYS AG: Claims Filing Deadline is October 6
-----------------------------------------------
Creditors of MIMOSYS AG are requested to file their proofs of
claim by October 6, 2009, to:

         Jason Brown
         Liquidator
         via San Giorgio 10
         6976 Castagnola
         Switzerland

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


MOVIE MILE: Claims Filing Deadline is November 2
------------------------------------------------
Creditors of Movie Mile GmbH are requested to file their proofs of
claim by November 2, 2009, to:

         Astrid Flueckiger
         Buechelrarin 10
         8134 Adliswil
         Switzerland

The company is currently undergoing liquidation in Adliswil.  The
decision about liquidation was accepted at a shareholders' meeting
held on July 16, 2009.


OBRA AG: Claims Filing Deadline is November 2
---------------------------------------------
Creditors of Obra AG are requested to file their proofs of claim
by November 2, 2009, to:

         Rosemarie Braendle
         Fuchsiastrasse 7
         8048 Zurich
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on June 16, 2009.


PMD REAL: Claims Filing Deadline is September 28
------------------------------------------------
Creditors of PMD Real Estate AG are requested to file their proofs
of claim by September 28, 2009, to:

         Dr. Martin Duenner
         Liquidator
         Dufourstrasse 58-60
         8702 Zollikon
         Switzerland

The company is currently undergoing liquidation in Zollikon.  The
decision about liquidation was accepted at an extraordinary
general meeting held on February 27, 2009.


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

         Walter Zimmermann, liquidator
         Brunnackerweg 12
         5610 Wohlen
         Switzerland

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


SME TRADING: Claims Filing Deadline is September 30
---------------------------------------------------
Creditors of SME Trading AG are requested to file their proofs of
claim by September 30, 2009, to:

         Romag Immobilien Treuhand
         Mail box: 463
         9450 Altstatten
         Switzerland

The company is currently undergoing liquidation in Au SG.  The
decision about liquidation was accepted at a general meeting held
on July 3, 2009.


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


AGROSEL-LTD LLC: Creditors Must File Claims by September 12
-----------------------------------------------------------
Creditors of LLC Agrosel-Ltd. (code EDRPOU 34510911) have until
September 12, 2009, to submit proofs of claim to:

         O. Tomashevsky
         Insolvency Manager
         Office 72
         Rabochaya Str. 7
         Nikolayev
         Ukraine

The Economic Court of Nikolayev commenced bankruptcy proceedings
against the company on August 4, 2009.  The case is docketed under
Case No. 5/216/09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Agrosel-Ltd.
         Veselinovskaya Str. 51
         Nikolayev
         Ukraine


DZHANKOY SERVICE: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------------
The Economic Court of AR Krym commenced bankruptcy supervision
procedure on Joint Enterprise Dzhankoy Service.

The Insolvency Manager is:

         A. Malikov
         International Str. 42
         Dzhankoy
         AR Krym
         Ukraine

The Court is located at:

         The Economic Court of AR Krym
         R. Luxembourg/Rechnaya Str. 29/11
         95003 Simferopol
         Ukraine

The Debtor can be reached at:

         Joint Enterprise Dzhankoy Service
         Lenin Str. 8
         Dzhankoy
         96100 AR Krym
         Ukraine


ENGINEERING TECHNOLOGIES: Creditors Must File Claims by Sept. 12
----------------------------------------------------------------
Creditors of LLC Engineering Technologies Center (code EDRPOU
31455785) have until September 12, 2009, to submit proofs of claim
to:

         S. Gritsay
         Insolvency Manager
         Office 50
         Heroes of Sevastopol Str. 12
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on July 10, 2009.  The case is docketed under
Case No. 50/461.

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 Engineering Technologies Center
         Melnikov Str. 12
         04050 Kiev
         Ukraine


NIKO-PLUS LLC: Court Starts Bankruptcy Supervision Procedure
------------------------------------------------------------
The Economic Court of Nikolayev commenced bankruptcy supervision
procedure on LLC Production and Trading Firm Niko-Plus (code
EDRPOU 32507749).

The Insolvency Manager is:

         M. Fomenko
         Office 32
         Buzhsky Blvd. Str. 1
         54015 Nikolayev
         Ukraine

The Court is located at:

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

The Debtor can be reached at:

         LLC Production and Trading Firm Niko-Plus
         Office 10
         Potemkinskaya Str. 16
         Nikolayev
         Ukraine


TECH-BAS LLC: Creditors Must File Claims by September 12
--------------------------------------------------------
Creditors of LLC Tech-Bas (code EDRPOU 34645045) have until
September 12, 2009, to submit proofs of claim to:

         E. Kondra
         Insolvency Manager
         Post Office Box 457
         03150 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on July 21, 2009.  The case is docketed under
Case No. 44/392-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 Tech-Bas
         Zhmerinskaya Str. 5
         03148 Kiev
         Ukraine


TRETIY FACTOR: Creditors Must File Claims by September 12
---------------------------------------------------------
Creditors of LLC Tretiy Factor (code EDRPOU 33875308) have until
September 12, 2009, to submit proofs of claim to O. Melnichuk, the
company's insolvency manager.

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company on July 30, 2009.  The case is docketed under
Case No. 21/59b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Tretiy Factor
         Gagarin Str. 24
         Alchevsk
         94200 Lugansk
         Ukraine


VIRIDIUM LLC: Creditors Must File Claims by September 12
--------------------------------------------------------
Creditors of LLC Viridium (code EDRPOU 36271106) have until
September 12, 2009, to submit proofs of claim to:

         O. Tomashevsky
         Insolvency Manager
         Office 72
         Rabochaya Str. 7
         Nikolayev
         Ukraine

The Economic Court of Nikolayev commenced bankruptcy proceedings
against the company on August 4, 2009.  The case is docketed under
Case No. 5/217/09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Viridium
         Artilleriyskaya Str. 19/1
         Nikolayev
         Ukraine


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


AMERICAN INT'L: Asset Sales Rise to US$9.8 Billion on Pacific Deal
----------------------------------------------------------------
As reported by the Troubled Company Reporter on September 7,
American International Group Inc. has reached an agreement with
Bridge Partners LP, a company owned by Pacific Century Group, to
sell a portion of AIG Investments, its investment advisory and
asset management businesses, for an estimated US$500 million.  AIG
Investments' assets include private-equity funds, hedge funds of
funds, listed equities, and fixed income.

According to Zachary R. Mider and Hugh Son at Bloomberg News, AIG
has disclosed agreements to divest assets for about US$9.8 billion
since it was bailed out by the U.S. government in September of
2008:

                                                       Price
   Date                     Unit             Buyer  (in millions)
   ----                     ----             ----     --------
9/29/08     London Airport stake     Credit Suisse        n/a
11/26/08  Stake in Brazil venture          Unibanco        820
12/1/08             Private Bank             Aabar        308
12/19/08    German insurance unit     Augur Capital        n/a
12/22/08           Hartford Steam         Munich Re        815
1/13/09      Canadian life units  Bank of Montreal        263
1/19/09     Commodity index unit            UBS AG         15
1/23/09        Philippines units East-West Banking         49
  2/5/09               Thai units   Bank of Ayudhya         45
3/26/09   Taiwan securities unit   Bank of E. Asia         n/a
4/16/09   21st Century Insurance  Zurich Financial      2,000*
5/11/09    Japanese headquarters       Nippon Life      1,200
  6/2/09   Argentina finance unit  Banco de Galicia        n/a
  6/4/09   Transatlantic Holdings   public offering      1,136
  6/9/09    New York headquarters             Kumho        n/a
6/19/09           ForEx Platform       BNP Paribas        n/a
6/24/09          Mexican finance Afirme, Consorcio        n/a
6/29/09             Russian bank        Banque PSA        n/a
6/30/09  Taiwan credit card unit       Far Eastern        n/a
7/28/09   Life insurance finance          Wintrust        680
7/29/09  Polish consumer finance   Banco Santander        n/a
8/11/09            Energy assets   multiple buyers      1,900
8/12/09        Hong Kong finance   China Construct.        70
8/12/09   India information tech.          Mphasis        n/a
  9/5/09          AIG Investments   Pacific Century        500
                                                         ------
         TOTAL                                         US$9,801

                 About American International

Based in New York, American International Group, Inc., is the
leading international insurance organization with operation in
more than 130 countries and jurisdictions.  AIG companies serve
commercial, institutional and individual customers through the
most extensive worldwide property-casualty and life insurance
networks of any insurer.  In addition, AIG companies are leading
providers of retirement services, financial services and asset
management around the world.  AIG's common stock is listed on the
New York Stock Exchange, as well as the stock exchanges in Ireland
and Tokyo.

In September 2008, AIG experienced a liquidity crunch when its
credit ratings were downgraded below "AA" levels by Standard &
Poor's, Moody's Investors Service and Fitch Ratings.  On
September 16, 2008, the Federal Reserve Bank created an
US$85 billion credit facility to enable AIG to meet increased
collateral obligations consequent to the ratings downgrade, in
exchange for the issuance of a stock warrant to the Fed for 79.9%
of the equity of AIG.  The credit facility was eventually
increased to as much as US$182.5 billion.  AIG has sold a number
of its subsidiaries and other assets to pay down loans received,
and continues to seek buyers of its assets.

The Troubled Company Reporter reported on March 4, 2009, that
Moody's Investors Service confirmed the A3 senior unsecured debt
and Prime-1 short-term debt ratings of American International
Group.  AIG's subordinated debt rating has been downgraded to Ba2
from Baa1.  The rating outlook for AIG is negative.  This rating
action follows AIG's announcement of net losses of US$62 billion
for the fourth quarter and US$99 billion for the full year of
2008, along with a revised restructuring plan supported by the
U.S. Treasury and the Federal Reserve.  This concludes a review
for possible downgrade that was initiated on September 15, 2008.


LAND OF LEATHER: Unsecured Creditors Face 9% Recovery on Claims
---------------------------------------------------------------
Jonathan Sibun at The Daily Telegraph reports that creditors to
Land of Leather, which fell into administration in January this
year following a cutback in discretionary consumer spending, are
expected to get just 9pc for every GBP1 they are owed by the
furniture retailer.

Citing administrators Deloitte, the Daily Telegraph discloses
unsecured creditors, who are owed more than GBP37 million, will be
paid a dividend of up to 9pc.  According to the Daily Telegraph,
the administrator warned that the final level of unsecured claims
could ultimately be materially impacted by litigation brought
against Land of Leather in relation to alleged toxic chemicals in
sofas supplied in 2007.  The Daily Telegraph notes Deloitte said
the size of the dividend was also dependent on the outcome of
sales generated by outstanding customer orders, its success in
recovering outstanding debts and negotiations with landlords.

The Daily Telegraph relates the administrator said the timing of
any payout to creditors remained "uncertain".

Land of Leather operated 108 stores across Britain and Ireland.
Deloitte has since closed down the stores, leading to nearly 800
job losses, the Daily Telegraph recalls.


NATIONAL EXPRESS: Stagecoach Shuns Alternative Sale Plan
--------------------------------------------------------
Robert Wright at The Financial Times reports that Stagecoach has
insisted it will acquire key parts of National Express Group plc
only in conjunction with the existing private equity offer for the
group, narrowing the bus and train operator's options.

Stagecoach, the FT says, promised not to launch its own bid for
National Express as a whole.

According to the FT, at least one major National Express
shareholder is pushing for the board to examine the possibility of
selling off assets piece by piece, but Stagecoach on Tuesday
closed the door on participating in any such deal.

"Our discussions are with the consortium," the FT quoted
Stagecoach as saying.  "We announced last week that in the event
of a successful offer by the consortium we have an agreement of
principles regarding the possible acquisition of the UK bus and UK
rail operations from the consortium."

On Sept. 7, 2009, the Troubled Company Reporter-Europe, citing the
FT, reported Spain's Cosmen family and CVC Capital Partners
increased its cash offer for National Express by 11%.  The FT
disclosed the higher cash offer of 500p a share values the equity
at GBP765 million.  The company rejected the Cosmen-led
consortium's 450p a share offer.  The FT said the offer is now
subject to due diligence and arranging the re-financing of
National Express's debt.

                          Going Concern

On Aug. 4, 2009, the Troubled Company Reporter-Europe, citing
Telegraph.co.uk, said National Express made a pre-tax loss of
GBP48.1 million in the first six months of 2009, down from a
profit of GBP52.4 million last year, after taking a GBP54.7
million hit from its forced exit from the East Coast mainline
franchise, which is being taken back into government hands.
According Telegraph.co.uk, the accounts declared that while the
directors are confident of renegotiating covenant obligations with
lenders, "covenant compliance remains dependent on actions which
are yet to be delivered".  In light of this the accounts warned
that "underlying implementation risks represent a material
uncertainty that may cast significant doubt upon the group's
ability to continue as a going concern".

National Express Group PLC -- http://www.nationalexpressgroup.com/
-- is the holding company of the National Express Group of
companies.  Its subsidiary companies provide mass passenger
transport services in the United Kingdom and overseas.  The
Company's segments comprise: UK Bus; UK Coach; UK Trains; North
American Bus; European Coach and Bus, and Central functions.  Its
subsidiaries include Tayside Public Transport Co. Limited, Durham
School Services LP, Stock Transportation Limited, Dabliu
Consulting SLU, Tury Express SA, General Tecnica Industrial SLU
and Continental Auto SLU.  In June 2009, the Company announced the
completion of the sale of Travel London, its London bus business,
to NedRailways Limited, a subsidiary of NS Dutch Railways.


NORTHERN ROCK: Ron Sandler to Become Executive Chair at Pearl
-------------------------------------------------------------
Miles Costello at Times Online reports that Ron Sandler, the head
of the state-owned mortgage lender, Northern Rock plc, is being
lined up to be executive chairman at Pearl, a life funds vehicle
set up by Hugh Osmond.

Times Online, citing insiders, states Mr. Sandler's role at Pearl
will be part-time and he will remain at the helm of Northern Rock.

Times Online says the appointment of Mr. Sandler is likely to be
finalized over coming weeks and confirmed towards the end of the
month.

                        Pearl Restructuring

Times Online relates Pearl has just completed a restructuring deal
with Liberty Acquisitions, a vehicle set up by the secretive hedge
fund billionaire, Nicolas Berggruen.  Liberty injected more than
GBP500 million into Pearl in exchange for a 60% stake, Times
Online discloses.  At the same time, a debt-for-equity swap with
its bank lenders saw them take a 10% stake and left Mr. Osmond
heavily diluted, Times Online recalls.

                        About Pearl Group

Pearl Group Ltd. -- http://www.pearlgrouplimited.co.uk/-- is a
manager of closed life funds owned by Hugh Osmond's Sun Capital
Partners Ltd. and TDR Capital LLP.  Its companies include Pearl,
London life, NPI, Phoenix, Scottish Mutual International, Ignis
Asset Management and Axial.

                       About Northern Rock

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

                           *     *     *

On Aug. 21, 2009, the Troubled Company Reporter-Europe, reported
Fitch Ratings downgraded Northern Rock's hybrid debt securities to
'C'.  The ratings of NR's covered bonds are unaffected by this
action.  The rating action follows an announcement by the bank
that it has decided to defer payment on all of its hybrid (tier 1
or upper tier 2) debt coupons.

As reported in the Troubled Company Reporter-Europe on Aug. 21,
2009, Standard & Poor's Ratings Services said that it lowered its
ratings on the seven rated hybrid capital securities issued by
Northern Rock PLC (A/Watch Neg/A-1) to 'CC' from 'CCC'.  At the
same time, the ratings on Northern Rock's lower Tier 2 instruments
were lowered to 'CCC' from 'B-'.  The counterparty credit ratings
on Northern Rock PLC are unaffected by this action.  The rating
action reflects S&P's view of increased nonpayment risk on these
instruments and follows Northern Rock's announcement.  Northern
Rock said that it will honor its previously stated intention to
pay the next coupon due on two of its hybrid securities, but,
referring to its contractual entitlement, it thereafter intends to
cease coupon payments on all its hybrid securities until further
notice.  In S&P's view, Northern Rock's decision to cease the
hybrid coupon payments reflects the high degree of stress that the
bank is under.


PEARL GROUP: Northern Rock's Ron Sandler to Become Executive Chair
------------------------------------------------------------------
Miles Costello at Times Online reports that Ron Sandler, the head
of the state-owned mortgage lender, Northern Rock plc, is being
lined up to be executive chairman at Pearl, a life funds vehicle
set up by Hugh Osmond.

Times Online, citing insiders, states Mr. Sandler's role at Pearl
will be part-time and he will remain at the helm of Northern Rock.

Times Online says the appointment of Mr. Sandler is likely to be
finalized over coming weeks and confirmed towards the end of the
month.

                        Pearl Restructuring

Times Online relates Pearl has just completed a restructuring deal
with Liberty Acquisitions, a vehicle set up by the secretive hedge
fund billionaire, Nicolas Berggruen.  Liberty injected more than
GBP500 million into Pearl in exchange for a 60% stake, Times
Online discloses.  At the same time, a debt-for-equity swap with
its bank lenders saw them take a 10% stake and left Mr. Osmond
heavily diluted, Times Online recalls.

                        About Northern Rock

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

                       About Pearl Group

Pearl Group Ltd. -- http://www.pearlgrouplimited.co.uk/-- is a
manager of closed life funds owned by Hugh Osmond's Sun Capital
Partners Ltd. and TDR Capital LLP.  Its companies include Pearl,
London life, NPI, Phoenix, Scottish Mutual International, Ignis
Asset Management and Axial.


ROYAL BANK: Mulls Sale of Aircraft Leasing Operation
----------------------------------------------------
Jane Croft at The Financial Times reports that Royal Bank of
Scotland Group plc has hired Goldman Sachs as adviser to explore
options for its aircraft leasing operation.

According to the FT, the bank is hoping to sell the aircraft-
leasing business.  It was placed into a non-core unit earlier this
year alongside GBP230 billion (US$380 billion) of risky loans,
which will be sold off over time, the FT discloses.

RBS, the FT says, may take time to sell the aircraft leasing unit
because of the global downturn.

                               Loss

On Aug. 10, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported RBS posted a net loss of GBP1.04 billion
in the first half of 2009, compared with GBP827 million a year
earlier after setting aside GBP7.52 billion (US$12.62 billion) to
cover bad loans and declining assets.  Bloomberg said about 70% of
RBS's losses came from its so-called non-core division, which
includes assets the bank plans to sell or discontinue.  According
to Bloomberg, the bulk of the division is comprised of parts of
the global banking and markets businesses, which include propriety
trading and higher risk assets.

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

                            About RBS

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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Sept. 10-11, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Complex Financial Restructuring Program
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Sept. 10-12, 2009
AMERICAN BANKRUPTCY INSTITUTE
    17th Annual Southwest Bankruptcy Conference
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Oct. 2, 2009
AMERICAN BANKRUPTCY INSTITUTE
    ABI/GULC "Views from the Bench"
       Georgetown University Law Center, Washington, D.C.
          Contact: http://www.abiworld.org/

Oct. 7-9, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Desert Ridge, Phoenix, Arizona
          Contact: 312-578-6900; http://www.turnaround.org/

Oct. 20, 2009
AMERICAN BANKRUPTCY INSTITUTE
    NCBJ/ABI Educational Program
       Paris Las Vegas, Las Vegas, Nev.
          Contact: http://www.abiworld.org/

Dec. 3-5, 2009
AMERICAN BANKRUPTCY INSTITUTE
    21st Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Michigan
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Ocean Edge Resort, Brewster, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Ritz-Carlton Amelia Island, Amelia, Fla.
          Contact: http://www.abiworld.org/

Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 6-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


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